{"id":15319,"date":"2012-10-06T05:33:17","date_gmt":"2012-10-06T03:33:17","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/s-africa-rand-drops-to-3-12-year-low-as-amplats-fires-strikers\/"},"modified":"2012-10-06T05:33:17","modified_gmt":"2012-10-06T03:33:17","slug":"s-africa-rand-drops-to-3-12-year-low-as-amplats-fires-strikers","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africa-rand-drops-to-3-12-year-low-as-amplats-fires-strikers\/","title":{"rendered":"S.Africa rand drops to 3-1\/2 year low as Amplats fires strikers"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Market fears government not in control as strikes spread<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Long-dated bonds hit by long-term inflation worries<\/p>\n<p><span><\/span><\/p>\n<p>By Vuyani Ndaba<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, Oct 5 (Reuters) &#8211; South Africa&#8217;s rand tumbled<br \/>\nagainst the dollar on Friday to near a 3-1\/2 year low and bonds<br \/>\nweakened after Anglo American Platinum said it had<br \/>\ndismissed around 12,000 workers who went on an illegal strike.<\/p>\n<p><span><\/span><\/p>\n<p>The rand weakened almost 2 percent to 8.6727<br \/>\nagainst the dollar at 1404 GMT, near the 8.71 level last seen in<br \/>\nMay 2009, as labour unrest intensified across major industries<br \/>\nin Africa&#8217;s biggest economy.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;It would appear the news that the 12,000 strikers had been<br \/>\nfired had not been well received by the markets,&#8221; William Van<br \/>\nRijn, a trader at Nedbank, said.<\/p>\n<p><span><\/span><\/p>\n<p>More than 75,000 miners, or 15 percent of the workforce have<br \/>\ngone out on wildcat strikes, which were spreading beyond the<br \/>\nmining sector. A strike by more than 20,000<br \/>\ntruckers has caused some petrol stations to run dry and delayed<br \/>\nproduct deliveries nationwide.<\/p>\n<p><span><\/span><\/p>\n<p>Investors feared the government was not in control of the<br \/>\nsituation as selling swept across the foreign exchange and fixed<br \/>\nincome markets, with some traders already touting 9.00 rand<br \/>\nagainst the dollar.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We&#8217;ve got no leadership in this country to arrest the<br \/>\nstrikes. The market is going to make them pay.&#8221; Ian Scott, a<br \/>\nportfolio manager at Stanlib, said.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Market fears government not in control as strikes spread * Long-dated bonds hit by long-term inflation worries By Vuyani Ndaba JOHANNESBURG, Oct 5 (Reuters) &#8211; South Africa&#8217;s rand tumbled against the dollar on Friday to near a 3-1\/2 year low and bonds weakened after Anglo American Platinum said it had dismissed around 12,000 workers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15319","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15319"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15319\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}