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South Africa: Rand falls as investors pocket end-of-week profits

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South Africa’s rand edged lower on Friday, giving back gains from earlier this week, as investors took profits and awaited the next market catalyst.



At 0630 GMT the rand was 0.32 percent weaker at 14.1800 per dollar after closing at 14.1350 overnight in New York.

The rand rallied to 13.8700 on Wednesday following the U.S. midterm elections, breaking through the 14.00 long term resistance level for the first time in two months, lifted by a return of global risk appetite.

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Investors have since taken the rand rally as a chance to buy the dollar cheap with an eye on volatility likely to come from the on-going trade spat between Beijing and Washington.

“The rand is expected to continue its bumpy ride but, for now, the levels are great to get your hands on some foreign currency,” said Bianca Botes, treasury manager at Peregrine Treasury Solutions.

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The Federal Reserve policy statement last night, where it held interest rates steady and struck an expectedly hawkish tone fed into some dollar gains and put emerging market currencies under pressure.

 Bonds were weaker, with the yield on the benchmark bond due in 2026 up 3.5 basis points at 9.18 percent.

Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.92 percent.

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Samsung to resurface Gear VR device with Galaxy S10

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Samsung spokesperson has expressed that they are ready to resurface a new lineup of Galaxy S10 phones with an improved Gear VR headset. adding that the Gear VR device will contain adapter that will  allow Samsung phones to access the device.



The designed Gear VR can accept several different phone sizes thanks to its spring-loaded catches, it still requires some conscious design effort by Samsung to limit the size and shapes of its phones to fit, and preload a certain amount of software so a Galaxy phone detects that it’s been plugged in.

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However, he admits that the features were improved due to the challenges the users observed on Samsung Note 9, where the user had to contact Samsung to get the adapter and the music of Elton John.

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Meanwhile Samsung  states it hasn’t given up on the brand. Which, to be fair, is also what its partner Oculus disclosed last September, pointing out that $19.9 Oculus Go doesn’t totally compete with the Gear VR, since apps that developers make for either one are 100-percent compatible with the other.

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President Ramaphosa to Sign South African Competition Amendment Bill Into Law

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South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

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The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

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