Thursday, 13 December, 2018

Rand tumbles most among peers as Zuma seeks to dodge exit calls

FILE President Jacob Zuma addresses delegates at the ANC's 54th national conference at Nasrec on 16 December 2017 Euro South African Rand (EUR/ZAR) Rockets Higher as Eurozone Confidence Figures Impress
Orlando Vargas | 13 January, 2018, 05:49

The new ANC national executive committee met for the first time on Wednesday in East London, where the party's annual 8 January celebrations will be held.

South Africa's rand weakened as much as 1.7 percent on Wednesday to its worst performance in almost three weeks after the ruling African National Congress said an early exit for President Jacob Zuma had not been discussed at a party meeting.

At 0640 GMT the rand had weakened 0.16 percent to 12.4000 per dollar compared to a close of 12.3800 overnight in NY.

Here's what happened: Shortly before 6:00 am NY time, false reports suggested South African President Jacob Zuma had unexpectedly resigned.

NEC sources told News24 that Ramaphosa and Zuma were in talks discussing Zuma's exit as head of state.

Since Ramaphosa's narrow party election win in December the currency has gained 8 percent, driven by hopes he would persuade Zuma to step down from the presidency.

Trump calls Norway a 'great customer' in welcoming the PM
I would say that is the biggest scandal in American history, but I believe the uranium one scandal is even bigger than this. It's unclear whether Trump would get away with refusing to comply with a subpoena from Mueller.


Detective Pikachu Finally Comes West This March
The Detective Pikachu amiibo figure will be available at a suggested retail price of $29.99. For the first time in a video game, this Pikachu can communicate with the player.


Power outage at CES lasts more than one hour
The biggest electronics show in the world will include some really large products this year - cars. A large trend in this year's show will be the interconnectivty of home devices.


Deputy secretary general Jessie Duarte has run out of clothes.

The ANC's public support has declined under Zuma's leadership as voters have become increasingly disillusioned with a raft of corruption scandals, weak economic growth and an unemployment rate that has risen to almost 28 percent.

There was speculation now that South Africa could face more trouble with investment agencies should Zuma stay on as president of the country.

Magashule said the president and the president of the ANC are "meeting and engaging".

"Yet‚ despite all of Zuma's indiscretions‚ Ramaphosa has failed to recall him showing that the ANC will not self-correct and that we can only expect more of the same‚" Van Damme asserted.

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