MONEY LIVE | Rand jumps to strongest level in weeks as Powell soothes policy fears | Fin24

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MONEY LIVE | Rand jumps to strongest level in weeks as Powell soothes policy fears.

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The dollar slid to its weakest since mid-November against major peers on Wednesday, after Federal Reserve Chair Jerome Powell said it may take several months to make a decision on running down the central bank's $9 trillion balance sheet.

Powell's comments were less hawkish than those of some of his colleagues, allaying market fears for a sudden withdrawal of monetary support. Grant Hardy, head of group financial services, will succeed him. Hardy is a chartered accountant who completed his articles with Deloitte. He joined Capitec in 2015.US stocks mostly rose Tuesday as US Federal Reserve chief Jerome Powell vowed to be tough on inflation on the eve of the latest US inflation data.

In remarks at his Senate confirmation hearing for a second term as Fed chairman, Powell indicated that if inflation refused to go down then the central bank would be ready to increase rates as needed. Several global central banks have already started hiking borrowing costs, including the Bank of England.

"I'm not sure the inflation data tomorrow is going to put investors' minds at ease, with CPI (consumer price index) seen hitting a multi-decade high above 7 percent," said market analyst Craig Erlam at Oanda. "We remain committed to an expedited and fair spectrum auction process.... we have provided guidance to Icasa in our written submissions to its 2021 Information Memorandum (IM) consultations, and continue to engage stakeholders as we work toward a successful auction," he said.Mteto Nyati, CEO of technology solutions provider Altron, will be stepping down from his position at the end of June following the end of his five-year term, the company announced on Tuesday.

"Prosus, a Naspers spinoff, has invested in online classifieds, food delivery, payments and fintech, and education technology sectors in markets such as India, Russia, and Brazil.Prosus's share price has lost more than a fifth of its value over the past year after the Chinese government cracked down on the country’s education tech sector and threatened further clampdowns.

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