Currency Manipulation?

South Africa’s increasingly weak currency is again in the spotlight as the Competition Commission starts a probe into alleged currency manipulation.

South Africa’s increasingly weak currency is again in the spotlight as the Competition Commission starts a probe into alleged currency manipulation.

Now the commission is looking into whether JPMorgan Chase, Barclays Bank, Royal Bank of Scotland, Citigroup, Swiss-based UBS and Bank of America manipulated the rand and caused it to plummet.

These international institutions were fined a total of $5.6 billion for currency manipulation by UK and US regulators some time ago.

Manipulation does happen, he says, and currencies are manipulated to keep governments in check and protect the interests of countries such as the US, which dominates global trade as the bulk of international interactions are done in dollars.

Another way of shorting is to sell to the lowest bidder, and keep selling so the item – currency, futures or stock – is pushed lower, which allows traders to buy back in at the lower price and, hopefully, make a profit.

Mohammed Nalla, head of strategic research at Nedbank Capital, argues, however, that there is no market manipulation, and that it is not possible to short sell a liquid currency.

 

 

 

___________________
 source:http://www.iol.co.za/business/markets/currencies/whats-going-on-with-the-rand-1976799accessed28 January 2016Nicola Mawson

What did Cameron do when visiting Apartheid South Africa?

Just months after he was elected leader of the Tory opposition Cameron admitted his party had got it wrong on apartheid, but glossed over his own trip to South Africa as a young 23-year-old fast-rising Tory researcher in 1989.

David Cameron is facing demands for him to apologise for a sanction-busting trip to apartheid South Africa in a week when he welcomed African National Congress political prisoners to Downing Street.

Just months after he was elected leader of the Tory opposition Cameron admitted his party had got it wrong on apartheid, but glossed over his own trip to South Africa as a young 23-year-old fast-rising Tory researcher in 1989.

Critics say it was a mission to remove South Africas nuclear weapons before apartheid ended and Nelson Mandelas black-majority ANC took power.

Webbe, a councillor in Islington where the ANCs London office were bombed in 1982, allegedly by South African security agents, said: From its opposition to sanctions to its demonisation of the ANC and Mandela himself, the Tories ought to apologise for their past ideological attack on freedom, justice and equality.

In 1989 Cameron accepted an all-expenses paid trip to South Africa which his office later described as a fact finding mission to see for himself the effects of racial segregation.