By Linda van Tilburg
- Emerging-market stocks climbed to the highest level in more than two years and most other currencies have strengthened as Democrat Joe Biden is moving closer to victory in the US presidential election. “Trump’s defeat is good for emerging markets and investors will start re-allocating cash to EM in a big way,” said Charles Robertson, a London-based analyst at Renaissance Capital. The Rand has made major gains on the dollar remaining below R16 to the greenback, a level it has not seen since March this year. The currency was trading around R15.80 cents to the dollar for most of Thursday and even dipped to R15.77. Globally, investors rushed back into technology and health-care firms on bets that the US election will trigger no major tax hikes or regulatory changes that would derail the sectors.
- The Government wants to enforce a 30% local content quota for Internet streaming services and is also proposing a crackdown on tech giants, Netflix and YouTube, that is according to My Broadband. The Minister of Communication and Digital Technologies, Stella Ndabeni-Abrahams has confirmed this in a response to written questions in parliament, and said it would be a requirement as part of changes proposed in a draft White Paper. She said South African content and languages should be promoted in on-demand content services for local audiences. The White Paper also proposes new licence requirements for Netflix, Amazon Prime Video and Apple TV+.
- A drive to shift South Africa’s electricity production to renewable energy is threatening as many as 120,000 jobs at coal mines and power plants that use the fuel. That is according to Muhammed Patel, an economist at Trade & Industrial Policy Strategies. Patel said the transition could also threaten economic activity in four municipalities with a population of more than 2.3 million people that rely on coal-related activities. He said as these municipalities are so highly reliant on the coal value chain activities, this is going to leave a huge gap.
- Former South African Airways chairperson, Dudu Myeni has admitted at the Zondo Commission that she did not complete her Bachelors degree and she also revealed the name of a witness, Mr X that chairperson Raymond Zondo had ordered, should be withheld. The question about her degree was the only question that Myeni, who is being cross-examined at the commission agreed to answer.
- AstraZeneca Plc’s coronavirus shot could be ready for large-scale vaccinations as early as this year, Chief Executive Officer Pascal Soriot said, dismissing reports of delays and production snags. A recent resurgence of the virus has allowed scientists to gather the clinical data they need, according to Soriot. Astra and the University of Oxford are keeping the vaccine in a frozen bulk state to preserve its shelf life while they await final test results. He said he hoped, “large-scale vaccinations would be possible starting in January next year or even in December “.
