The diplomatic fallout between South Africa and the US couldn’t have come at a worse possible time.
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IT industry leaders in South Africa have expressed serious concern about the collapse in the value of the rand this week.
The rand hit an all-time low against the dollar on Friday, extending steep losses from the previous day.
Deputy President Paul Mashatile is set to meet captains of industry amid an energy crisis that’s stifling economic growth and souring investor sentiment.
The rand fell past R19/US$ for the first time in three years as investors fretted over the country’s struggles with energy shortages.
The rand plunged to a three-year low on Wednesday as fears grew of load shedding worsening during winter.
Prosus is exploring potential divestments from fintech company PayU, according to people familiar with the matter.
Apple’s stock surged nearly almost 5% on Friday, hitting a nine-month high.
Microsoft beat estimates for quarterly revenue and profit, with the company saying that artificial intelligence products are helping stimulate sales.
Naspers-owned Prosus has continued its selloff of China’s Tencent, bringing its stake in the Chinese internet giant to under 26%.