South Africa Roundup: Hippo chases tourist vehicle, Rand depreciation, cricket

Rand depreciation

The South African rand has recently shown a decline against the U.S. dollar, settling at 17.81 on December 10, 2023. According to CNBC Africa, market participants are keenly awaiting pivotal economic indicators, featuring forthcoming releases of October's mining production and manufacturing output. These reports, due at 0930 GMT and 1100 GMT respectively, are expected to provide critical insights into the current economic landscape. Moreover, the upcoming November Business Confidence Index will shed light on private sector morale, indicating how businesses perceive their operational environment amidst fluctuating economic conditions. Notably, the stability of South Africa’s 2030 government bond yield, currently at 8.895%, exemplifies a certain level of investor confidence in the nation's long-term financial stability.

Hippo chases tourist vehicle

During a leisure safari in Manyoni Private Game Reserve, tourists encountered a thrilling yet perilous situation when a hippo charged at their vehicle. This incident underscores the unpredictable nature of wildlife and the necessity for experienced guidance during such encounters. Tourist Katherine Gilson and companions, who initially revelled in safari sights, including a cheetah with her cubs, found themselves swiftly reacting to danger. Guided by their expert, Sandiso, they rapidly reversed the vehicle, successfully averting a potential disaster as the hippo finally retreated without causing harm, India Today reports. This experience poignantly highlights the duality of wildlife tourism: the allure of natural encounters coupled with inherent risks.

Cricket

Cricket South Africa has revealed the Proteas Women's squad designed for their imminent one-off Test against England at Mangaung Oval, Bloemfontein. ICC-Cricket reports that the team, comprising 15 skilled players, sees Tumi Sekhukhune stepping in for Ayabonga Khaka, alongside returning Test players Lara Goodall, Ayanda Hlubi, and Chloé Tryon. Historically, this marks the eighth Test meeting between the two teams; however, South Africa has yet to secure a victory, trailing with England's two wins and five draws. Head coach Mandla Mashimbyi accentuated the significance of red-ball cricket, positing it as a foundational aspect for players to enhance their tactical and technical understanding of the game. Key squad members include Laura Wolvaardt and Anneke Bosch, who are pivotal to the team's strategic framework.

 G20 presidency

South Africa commenced its G20 presidency on December 1, with the inaugural Sherpas Meeting taking place in Johannesburg. Minister of International Relations and Cooperation, Raymond Lamola, articulated the presidency's core tenets: "Solidarity, Equality, and Sustainability." The agenda prioritises crucial matters including disaster resilience, debt alleviation in low-income countries, and a just transition to renewable energy sources, Xinhua News reports. To effectively address these challenges, three temporary task forces have been established, focusing on inclusive economic growth, mitigating inequality, and enhancing food security. Lamola reiterated the necessity for robust multilateral cooperation, advocating alignment of G20 initiatives with the African Union's Agenda 2063. The ongoing discussions from the Sherpas Meeting, which concludes on December 10, are set to pave the way for subsequent Finance and Central Bank Deputies Meetings.

 Business Confidence

A recent survey indicated a significant upswing in South African business confidence, marking the most substantial year-on-year increase in nearly two years. The Business Confidence Index (BCI) climbed to 118.1 in November from 114.2 in October, largely propelled by a surge in tourist arrivals, rising precious metal prices, and strong new vehicle sales. According to U.S News, this newfound optimism towards the coalition government's economic direction also plays a pivotal role in the increase. Nevertheless, this optimistic sentiment contrasts sharply with the unexpected contraction of the country's GDP in the third quarter, attributed to a drought severely impacting agricultural output. Despite this setback, economists anticipate modest growth in the forthcoming quarters, reflecting a cautious but hopeful recovery trajectory for the South African economy.