Category Archives: World Business

US Dollar Trails South Africa’s Rand For Eight Weeks

South Africa’s rand raced to its highest in more than eight weeks against the U.S. dollar on Tuesday, as optimism about a global recovery from the COVID-19 pandemic boosted riskier assets, with investors looking past Sino-U.S. trade tensions.

At 0605 GMT, the rand traded at 17.4700 per dollar, 0.91 per cent firmer than its previous close.

The currency was at its strongest since March 27.

“The optimistic recovery narrative is holding within markets, keeping the dollar subdued and seeing the rand remain on a stable footing following last week’s rally,” Bianca Botes, executive director at Peregrine Treasury Solutions, said in a note.

“While there are looming geopolitical risks, it seems as though markets are currently pushing them onto the back burner, and will likely continue to do so until there is a new escalation or increased threat.”

Remember that, President Cyril Ramaphosa announced on Sunday a further easing of the country’s lockdown from June 1, allowing the vast majority of the economy to return to full capacity.

US To Sanction Chinese Firms For Human Rights Abuse

The United States Department of Commerce has said on Friday that it would sanction a Chinese government institute and eight companies for human rights abuses against Uighurs and other minorities in China’s western Xinjiang region.

“These nine parties are complicit in human rights violations and abuses committed in China’s campaign of repression, mass arbitrary detention, forced labor and high-technology surveillance against Uighurs, ethnic Kazakhs, and other members of Muslim minority groups in the Xinjiang Uighur Autonomous Region,” the Commerce Department said in a statement.

The sanctions followed China’s move to impose a national security law to quash the pro-democracy movement in Hong Kong, which US Secretary of State Mike Pompeo called a “disastrous proposal.”

The Chinese Ministry of Public Security’s Institute of Forensic Science and Aksu Huafu Textiles Co. will be sanctioned “for engaging in human rights violations and abuses,” while the Commerce Department penalized seven companies for enabling surveillance in Xinjiang.

All nine entities are now subject to restrictions on exports from the US, the Commerce Department said.

Washington has been increasingly active in its criticism of China’s treatment of ethnic minorities in Xinjiang and in October blacklisted 28 entities involved in rights violation in the region.

The House of Representatives and Senate need to reconcile similar acts approved last year that would seek sanctions on officials over abuses, and restrict exports of surveillance and other equipment seen as assisting in repression in Xinjiang.

Uighur activists and witnesses say China is seeking to forcibly integrate the ethnic group. Beijing argues that it is offering vocational training in a bid to discourage extremism.

Tensions are also growing between the world’s two largest economies after President Donald Trump accused China of misleading the world on the origins of the coronavirus, which first emerged in the Chinese city of Wuhan.

Huawei And China Mobile Build 5G Base Station On Mount Everest

China Mobile and Huawei have jointly taken 5G connectivity to a new height upon the completion of the world’s highest 5G base station on the altitude of 6500 at the summit of Mount Everest.

Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices.

Together with the launch of the Gigabit optical fibre network at the attitude of 6,500 meters, Huawei enables China Mobile to run its dual Gigabit network on Mount Everest.

Huawei revealed on its website that the 5G network on Mount Everest will provide communication services for the 2020 Mount Everest re-measurement.

The new feat is significant as it marks the 60th anniversary of the first successful arrival at Mount Everest from the northern slope, and the 45th anniversary of China’s first official accurate measurement and announcement of Mount Everest.

The ground-breaking establishment on Mount Everest once again proves that 5G technology connect Mankind and the Earth harmoniously, Huawei insists.

Huawei says it has offered its end-to-end solutions in the construction of China Mobile’s Everest dual Gigabit network, where base stations were built in Mount Everest Base Camp at the attitude of 5,300 meters, the Transition Camp at 5,800 meters, and the Forward Camp at 6,500 meters.

“Huawei’s 5G AAU and SPN technologies are applied at these base stations, where network maintenance and optimization are done by a dozen of network specialists who station 24/7 in regions at altitudes of 5,300 meters and above to ensure smooth network operations,” the company said.

Huawei’s 5G AAU is highly integrated in a compact size, making it easy for deployment and installation.

It fits particularly well for infrastructure in extreme environment such as Mount Everest.

In this project, a network in the “stand alone plus non-stand alone” (SA+NSA) mode connects five 5G base stations, according to the technology giant.

Meanwhile, the 5G fast and huge-capacity connectivity is achieved by Huawei’s Massive MIMO technology supporting lightning speed and large bandwidth.