logo
South African rand edges higher before mining data

South African rand edges higher before mining data

Reuters2 days ago

JOHANNESBURG, June 12 (Reuters) - The South African rand edged higher in early trade on Thursday, ahead of the release of local mining output figures.
At 0645 GMT the rand traded at 17.7150 against the dollar , up 0.2% on Wednesday's close.
Statistics South Africa will publish April mining production numbers (ZAMNG=ECI), opens new tab, (ZAGLD=ECI), opens new tab at 0930 GMT.
Production fell 2.8% year-on-year in March, and economists forecast a larger decline this time.
Analysts polled by Reuters expect a 4.3% decline.
South Africa's benchmark 2035 government bond was slightly weaker in early deals, as the yield rose 1 basis point to 10.11%.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The ‘experts' you've never heard of inspiring Rachel Reeves's disastrous economic policy
The ‘experts' you've never heard of inspiring Rachel Reeves's disastrous economic policy

Telegraph

time6 hours ago

  • Telegraph

The ‘experts' you've never heard of inspiring Rachel Reeves's disastrous economic policy

A little like the Chagos Islands giveaway and, more recently, the apparent Gibraltar sell out, it's almost impossible to work out the motivations behind each and every idiotic decision this Labour Government takes. There's a palpable sense of incredulity spreading across Britain as the Prime Minister and Chancellor continue to insist that everything is going swimmingly despite most key markers showing precisely the opposite is true. Take the economy. In Wednesday's Spending Review, Rachel Reeves boasted that she had 'wasted no time' removing the barriers to growth. Less than 24 hours later, the Office for National Statistics (ONS) revealed that UK GDP had shrunk by 0.3 per cent in April. Labour continues to splurge taxpayers' hard-earned cash despite the national debt sitting at around 96 per cent of GDP, the budget deficit more doubling in the past seven years, and public spending being on a par with the profligate Labour government of the 1970s, which almost bankrupted the country. Back then, taxes as a share of GDP were around 33 per cent. Forecasts suggest that, by 2027, they could reach 37.7 per cent. Unemployment is at its highest level in four years, UK payrolls have lost 276,000 employees since the autumn Budget, and a millionaire is reportedly leaving the UK every 45 minutes under Labour. Still, no one in the Cabinet appears able to rule out further tax rises, with Paul Johnson, the outgoing chief of the Institute for Fiscal Studies (IFS) concluding that 'council tax bills look set to rise at their fastest rate over any parliament since 2001-05.' Who is advising Reeves on tax policy, and her relentless assault on our wallets? Readers may not have heard of Arun Advani and Andy Summers, but these little known academics may have been the inspiration for Labour's seemingly never-ending tax grab. They run the Centre for the Analysis of Taxation (CenTax), which some credit for Labour's farm tax. Advani, who is associate professor in the economics department at the University of Warwick, called for inheritance tax 'loopholes' on farms to be scrapped in two reports for the Institute for Fiscal Studies, as well as writing a further report for CenTax making the same arguments for changes to both Agricultural Property Relief (APR) and Business Property Relief (BPR) last October. After Advani boasted at the Labour Party Conference that he was 'optimistic' because the Labour government is 'genuinely listening' to his ideas, Reeves announced in the Budget that the availability of 100 per cent relief for agricultural and business property would be capped at £1 million. So far, so predictable, you may argue. What's the harm in tapping up Left-wing think tanks for radical tax ideas? Do Conservative governments not rely on the research of free market institutes? Well, some have alleged the Treasury relied solely on CenTax's projection that the changes would raise £520 million, without doing its own calculations. As it conceded in response to a Freedom of Information request: 'H M Treasury does not hold a disaggregated cost projection for the revenue raised from the measure announced at Autumn Budget 2024 to restrict these reliefs. This is a combined policy across the reliefs, rather than separate policies for each relief.' Even more problematically, the £520 million figure has been challenged. The OBR itself said it was uncertain how much would be raised as a result of behavioural responses, whilst CBI Economics calculates that the new tax on both family firms and farms will actually cost the Treasury £1.9 billion over the next five years. Advani claimed that only around 500 farms would be affected by the tax. As the Adam Smith Institute points out, however, 'the government's much-quoted '500' a year is really 15,000 a generation.' The true number of farms could be more than 40,000. Separate research, commissioned by Ashbridge Partners, found that one in 10 farmers surveyed said they will face an IHT bill of more than £1 million due to the inheritance tax hike, with 31 per cent expecting to pay more than £500,000. Why didn't Labour listen? Treasury minister James Murray, who referenced back in 2022 how many Zoom meetings he'd held with Dr Summers, even hosted CenTax's official launch in Parliament last November when he declared his desire 'to make sure that collaboration between CenTax, Treasury and HMRC continues for many years into the future.' Advani and Summers also influenced Labour's pledge to scrap non dom status with Treasury ministers again seeming to unquestioningly swallow their claim that it would raise £3.2 billion, a figure repeatedly cited by the Government. The trouble is, that number was also based on some misguided premises, perhaps including Advani and Summers' quite ludicrous prediction that out of 70,000 non-doms, only 77 would leave. As other economists later pointed out, the projection did not take into account the impact of abolishing non-dom inheritance tax protections. Even the OBR assumed that the changes would likely lead to a loss of 25 per cent of non-doms with trusts, which could cost the UK more than £12 billion during the course of the parliament. Still the Government swallowed the £3.2 billion figure hook line and sinker despite some now estimating that 10 per cent of non-doms may have already left the UK. A report by the CEBR predicts the ongoing exodus could reach 40 per cent – costing the Treasury a self-defeating £7.1 billion over this parliament. This combined with the £1.9 billion revenue lost as a result of the farm and family firm tax could mean the Government is down £9 billion thanks to listening to these nitwits. CenTax also wrongly predicted that increasing the tax rate on carried interest to 45 per cent would raise additional revenue of £0.8 billion per year. Labour settled on 32 per cent – but a January 2025 estimate by the OBR suggests that only £100 million will be raised and since then Reeves has watered it down. Labour claim to be a 'party of business'. So why are they seemingly listening to two economists who are laying the intellectual groundwork for an expansion in taxation that could come to look like Corbynism on steroids.

Inter Milan set to early repay bond as plans new debt deal
Inter Milan set to early repay bond as plans new debt deal

Reuters

time7 hours ago

  • Reuters

Inter Milan set to early repay bond as plans new debt deal

MILAN, June 13 (Reuters) - Champions League finalist Inter Milan is set to repay early a 415 million euro ($479.57 million) high-yield bond this month as the Italian soccer club prepares to secure funds from a new debt deal, it said in a statement on Friday. Inter Milan paid a 6.75% coupon to place a five-year bond in 2022 to refinance Italy's top-flight soccer club's debt. The debt facility was issued by the Serie A club's media company, which manages the broadcast and sponsorship business of Inter Milan. The company plans to redeem the bond on June 26, subject to securing funds from a debt financing transaction by the business day before the redemption date, it said in a statement. Companies typically repay debt early to secure better financial conditions. Controlled by U.S. investment fund Oaktree (OAK_pa.N), opens new tab, Inter Milan was reportedly tapping private debt investors to refinance the debt facility. Oaktree took over the club last year after a missed 395 million euro payment from the then majority shareholder, Chinese conglomerate Suning ( opens new tab. ($1 = 0.8654 euros) (This story has been refiled to fix typos in paragraphs 1 and 5)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store