South African rand edges up before local budget vote
JOHANNESBURG, June 11 (Reuters) - The South African rand was marginally stronger in early trade on Wednesday, as lawmakers were due to vote on the first pieces of budget legislation later in the day.
If the vote passes, it could boost local asset prices as there will be greater certainty over the fiscal trajectory after months of political wrangling.
Disagreements in the coalition government have delayed the budget, but most of those have been resolved following changes made in a third budget version presented by Finance Minister Enoch Godongwana last month.
At 0720 GMT the rand traded at 17.6950 against the dollar , up 0.1% on Tuesday's closing level.
A domestic business confidence index (ZABCI=ECI), opens new tab is set for release at 0930 GMT.
The dollar last traded about 0.2% stronger against a basket of currencies , after the U.S. and China concluded trade talks in London with a "framework agreement" that hinted at a thaw in relations but offered little detail.
U.S. inflation data later on Wednesday could set the tone for markets globally.
South Africa's benchmark 2035 government bond was weaker in early deals, with the yield up 4.5 basis points to 10.115%.
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Daily Mail
33 minutes ago
- Daily Mail
What life is REALLY like in Gibraltar: 'The Rock' is like stepping back into 70s Britain, complete with retro shops and red phone boxes
With red phone boxes on the streets, a retro-looking M&S, full English breakfasts and cheap prices, it's like walking down a British high street in the 1970s. But this isn't a typical British village - it's on the Southern coast of Spain where the sunny weather and local monkey population are the only hints that you're 1,000 miles away from Blightly. The contested British Overseas Territory of Gibraltar is home to a whole range of familiar shops, from Morrisons to Costa Coffee and even a Card Factory, and although it's much closer to Africa than England, locals can tuck into classic delights such as a roast dinner or afternoon tea. Earlier this week, the UK reached a deal with the EU for Gibraltar to have a 'fluid' border with Spain that will allow travellers to cross by land without checks, clearing ts the way to finalise a post-Brexit deal on the territory with the EU. But those flying into Gibraltar from the UK will face one check from Gibraltarian officials and another by the Spanish on behalf of the EU because the land border will allow those arriving by air access to the European Schengen free travel area unchecked. The UK and Gibraltar insisted the changes would not affect the sovereignty of the British overseas territory where the currency is pounds and resident hold British passports, despite being more than 1,000 miles away. It's said that the move could also see airlines start to add flights to Gibraltar from countries other than the UK in a boost to tourism, and visitors should expect a dose of British hospitality rather than traditional Spanish culture. Meg Leigh left her life in Yorkshire to move to Gibraltar four years ago and frequently shares glimpses into her new sunny life abroad, including seaside strolls and meeting the local wild monkeys. Posting on TikTok, she said: 'I wouldn't move back to the UK. Four years on and I own my house, have a job for life and better quality of life. Three years later and as much as I miss my family & friends, I love my life in Gib.' However, she recommended people to find a job before moving because it is 'super expensive'. According to Rightmove, house prices in Gibraltar rose to an average of £491,867 over the last year, with the higher living expenses put down to everything needing to be imported in. But for Brits hoping to visit the peninsula, this may not be an issue - as travellers won't need to worry about changing currency while jewellery shops and perfume shops are all 'duty free'. Hannah, who posts on TikTok under the username @lidbetterlidbetter, said Gibraltar is like 'the UK but actually in the sun'. In a video that has almost two million views on TikTok, she filmed clips of marching bands on the high street, telephone boxes and chain shops. But in the same video, she filmed sandy beaches, dolphin spotting, and the hundreds of monkeys that live up on the Rock - Gibraltar's iconic mountain. 'Welcome to living in the UK but in the sunshine,' Hannah, who is originally from the south of England, said in one video. Filming her surroundings, she said there is a McDonalds but the 'menu is really different', as well as a Burger King and Costa. She said: 'It's mainly perfume shops and jewellery shops. This is because it's all duty free and really cheap.' Hannah said that English is the native language, but many people are bilingual with Spanish and get the two mixed when they speak. She added: 'It's small! But a real sense of community and great school and health systems.' In another clip, she showed her followers Gibraltar's airport, where the runway bisects a main road. She says that cars will queue on either side of the runway until given the all clear - before driving over the runway itself to enter the country. Hannah said: 'One of the craziest things about Gibraltar is probably the whole runway, airport scenario. It's honestly so bizarre.' Chloe Martinez is a musician who was born and raised in Gibraltar - and often shows people what life is really like there. She's also shown the vast array of British brands available - including a Pizza Hut by the main square and a Dominos pizza and Taco Bell in Casemates Square near the bus terminal. In the main shopping centre is a Mango, while the main high street is home to Next, Accessorize, Tommy Hilfiger, Early Learning Centre, Entertainment, Costa Coffee, Boux Avenue and even a Card Factory. Chloe says they even have two Holland and Barretts in Gibraltar despite its tiny size, as well as Clarks Matalan and Hotel Chocolate. There's a 'huge' Marks and Spencer spread over two floors, home to a range of tasty treats. She said: 'It's one of the bigger stores we have in Gib. Everyone goes here because the stuff is so good!' Bizarrely, there's a Spanish supermarket called Eroski that stocks products from Waitrose, while Food and Co sells items from Tesco and Iceland. Similarly, when TikToker Ellis Rayson visited Gibraltar, he was stunned to see that the Morrisons there even had a café - and wasted no time in ordering a full English breakfast. Unlike the UK, he enjoyed stunning views of the nearby harbour, commenting: 'By the way, have a look at this view. It's not quite UK Morrisons I can tell you that for free.' Meg Leigh left her life in Yorkshire for one in Gibraltar and says she'd never go back There are royal mail post boxes around Gibraltar - even decorated with crochet toppers like in the UK Enjoying the novelty of a traditional breakfast abroad, he visited O'Reilly's, an Irish pub and steakhouse. 'It reminds me of being in Canary Wharf in the summer. Really really nice place. I could get used to this,' he said. Ellis ordered another full English, an orange juice and a mojito, which were £2 all day. It came with a slice of toast, two eggs, two hash browns, baked beans, mushrooms, sausages and bacon. 'It looks like a mean brekkie that to be fair!' said Ellis when it arrived. 'Honestly I'm struggling to get my head round this place.' After trying it, he gave his verdict: 'Oh my god, so good.' Breaking down the cost, paid £9.99 for his full English, £4.50 for his orange juice, and £2 for the mojito, costing him £16.49. Chloe has also spoken about the cultural differences between Gibraltar and the UK. She said: ''As Brits from the Mediterranean, we do pass on and maintain British traditions and customs. A lot of our households add a Gibraltarian touch, a Mediterranean touch.' For example on Christmas Day, they will have a classic roast dinner, but then will play traditional board games. Though she speaks Spanish and English, she says she identifies as Gibraltarian and speaks in Llanito, which is the country's dialect and a blend of the two languages. On the cover of her passport, it reads: 'United Kingdom of Great Britain and Northern Ireland', and underneath says 'Gibraltar', listing her as a British Citizen inside. She added: 'No matter what anybody else says or any other country says, Gibraltar belongs to its people.' Another Gibraltarian resident Elaina Stewart @wellnesswithelaina appears to enjoy a relaxed and outdoorsy life after moving there from Scotland. The 27-year-old has a regular 9 to 5 job, but will enjoy walks in the sun after work, all from her apartment which overlooks the Rock and the harbour. She too can still enjoy the best the UK has to offer - such as roast dinners and afternoon tea - all from the sunny peninsula thousands of miles away.
BBC News
44 minutes ago
- BBC News
Key take aways from President Tinubu June 12 message to Nigerians
President Bola Ahmed Tinubu don grant presidential pardon and confer national honours on di Ogoni Nine, wey bin lead to di death of late environmental activist and writer Ken Saro-Wiwa. Di men lead to oppose di operation of Shell oil corporation in di Niger Delta region in di 80s. Di president also confer national honours on MKO Abiola, Alfred Rewane, Anthony Enahoro and odas during im June 12 address to a joint session of the National Assembly in Abuja. Di president for im speech say e dey important to commemorate di sacrifices of di men and women wey bin fought to restore democratic governance to Nigeria. "Furthermore, I also confer posthumous national honours on Ken Saro Wiwa (CON), di leader of di Ogoni Nine and im fellow travellers, Saturday Dobee (OON), Nordu Eawo (OON), Daniel Gbooko (OON), Paul Levera (OON), Felix Nuate (OON), Baribor Bera (OON), Barinem Kiobel (OON), and John Kpuine (OON)." "I shall also be exercising my powers under di prerogative of mercy to grant dis national heroes a full pardon, togeda wit odas wey dia names shall dey announced later in conjunction wit di National Council of State." Tinubu commend President Muhammadu Buhari say e reach back into history to rectify national misdeed by making June 12 Democracy Day. Also say e officially acknowledge say Chief Moshood Kashimawo Olawale Abiola and im running mate, Babagana Kingibe, as winners of June 12, 1993 presidential elections. "Di struggle no ever be di province of any one group or section of di kontri, na pan-Nigerian for im conception and go be even more pan- Nigerian as we strive to perfect am. Oga Tinubu also honour some Nigerians, including human rights lawyer Femi Falana, Nobel Laureate Wole Soyinka, and di Catholic Bishop of Sokoto Diocese, Hassan Kukah, wit national awards. Full list of Nigerians wey President Tinubu confer national honours on Prof Wole Soyinka (GCON) Prof Olatunji Dare (CON) Journalist and journalism teacher; Kunle Ajibade (OON) Nosa Igiebor (OON) Dapo Olorunyomi (OON) Bayo Onanuga (CON) Ayo Obe (OON) Dare Babarinsa (CON) Bishop Matthew Hassan Kukah (CON) Senator Shehu Sani (CON) Governor Uba Sani (CON) Femi Falana, SAN (CON) Prof Shafideen Amuwo (CON) Barrister Luke Aghanenu (OON) Senator Tokunbo Afikuyomi (CON) Labaran Maku (OON) Dr Tunji Alausa (CON) Mr Nick Dazang (OON) Abdul Oroh (OON) Odia Ofeimun (CON) Seye Kehinde (OON) Barrister Felix Morka (CON) Barrister Ledum Mitee (CON) Olawale Osun (CON) Amos Akingba (CON) Prof Segun Gbadegesin (CON) Mobolaji Akinyemi (CFR) Dr Kayode Shonoiki (CON) Prof Julius Ihonvbere (CON) Prof Bayo Williams (CON) Sen Abu Ibrahim (CFR), and Sen Ameh Ebute (CFR) General Alani Akinrinade, GCON Sam Amuka Pemu CON
Reuters
2 hours ago
- Reuters
Rwanda sees economy growing 7.1% in 2025 and 7.5% in 2026
KIGALI, June 12 (Reuters) - Rwanda's economy is forecast to grow 7.1% in 2025, Finance Minister Yusuf Murangwa said on Thursday. The minister added in a budget speech that growth was expected to rise to 7.5% in 2026.
