Finance Minister Enoch Godongwana has been leading a process within the government to ensure that South Africa is removed from the grey list.
Image: Picture: Ayanda Ndamane
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Rand strengthens as South Africa exits Grey List
The South African rand strengthened on Friday after the global financial crime watchdog, the Financial Action Task Force (FATF), removed the country from its list of nations under increased monitoring. The rand traded at R17.25 to the dollar, about 0.5% firmer than Thursday’s close. As of Monday, 27 October, the rand was trading at R17.34 to the dollar, R23.10 to the pound, and R20.13 to the euro. Brent crude oil was slightly lower at $65.71 per barrel. Economist Dawie Roodt said the news has come as a welcome shot in the arm for the economy. He said it has brightened the outlook for investors. "It means that from now on it will be much easier to do business internationally. "I know this because we move money around internationally, and it has been extremely difficult to do business or even open a bank account while we were on the grey list. Now things are going to be much easier. That means transaction costs will be lower, making it easier for South Africans to move money internationally," he added.
DoT proposes a new 300km/h high-speed railway between Joburg and Durban
The Department of Transport (DoT) has reignited plans for a long-distance high-speed rail line, proposing a route between Johannesburg and Durban and launching a wider call for private-sector involvement across passenger rail services. Transport Minister Barbara Creecy on Sunday opened a “request for information” (RFI) process inviting ideas and investment from private partners for a “new-generation” regional rail network, which includes a possible 300 km/h high-speed corridor between Johannesburg and Durban.
Asian stocks soar to record peak on trade deal optimism
Asian stocks surged while gold and bonds retreated on Monday as signs of easing trade tensions between China and the U.S. buoyed risk appetite, in a strong start to a week that will be headlined by central bank meetings and megacap earnings. Top Chinese and U.S. economic officials hashed out on Sunday the framework of a trade deal for U.S. President Donald Trump and his Chinese counterpart Xi Jinping to decide on later this week in their eagerly anticipated meeting in South Korea. A trade deal would pause steeper American tariffs and Chinese rare earths export controls, helping soothe investor nerves that were frayed due to escalating trade tensions between the world's top two economies. That sent stocks sharply higher, with South Korea's KOSPI, Taiwan stocks, and Japan's Nikkei, adding more than 2% each and crossing landmarks to record highs. MSCI's broadest index of Asia-Pacific shares rose 1.3% to a record peak.