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JOHANNESBURG, June 12 (Reuters) - The South African rand extended gains on Monday, building from the previous week, as investor sentiment towards Africa's most industrialised economy improved. At 1517 GMT, the rand traded at 18.5600 to the dollar, about 0.87% stronger than its closing level on Friday. South Africa's President Cyril Ramaphosa is expected this week to travel to Russia and Ukraine for an Africa-led peace mission in an attempt to end the ongoing war. South Africa's sovereign dollar-denominated bonds also continued their June rally, with the 2044 maturity up and rising 1.153 cents at 1526 GMT to 73.017 cents in the dollar, according to Tradeweb data. South Africa's benchmark 2030 government bond was stronger, with the yield down 5.5 basis points to 10.765%.

Persons: Vladimir Putin's, Kieran Siney, Cyril Ramaphosa, Casparus Treurnicht, Razia Khan, Nellie Peyton, Tannur Anders, Rachel Savage, Bhargav, Alexander Winning, Toby Chopra Organizations: Analytics, Gryphon Asset Management, Standard Chartered, Johannesburg Stock Exchange, U.S . Federal Reserve, European Central Bank, Bank of Japan, Thomson Locations: JOHANNESBURG, Johannesburg, South Africa, Russia, Ukraine, Africa

☆ Brazil's central bank chief opposes creation of common currency
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, June 2 (Reuters) - Brazil's central bank chief Roberto Campos Neto expressed his opposition on Friday to the creation of a common currency, stating that in the era of digitalization it is unnecessary to have a shared currency for its purported benefits. Campos Neto emphasized the potential power of digital solutions in providing effective alternatives. Specifically addressing the proposal of a common currency between Brazil and Argentina, which has also been previously mentioned by the government, he reiterated his opposition. "We should have a 'digital' minister, someone should be thinking about digital solutions," he added. He defended that Brazil's CBDB is much easier to regulate than other forms of CBDCs since tokenized bank deposits will be subject to the same regulations that govern traditional deposits.

Persons: Roberto Campos Neto, Luiz Inacio Lula da, Campos Neto, Marcela Ayres, Chizu Organizations: Valor Capital, Thomson Locations: BRASILIA, Brazil, Argentina

☆ Morning Bid: Jubilant markets eye jobs in June jump
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Elizabeth FrantzA look at the day ahead in U.S. and global markets from Mike DolanWith the U.S. debt ceiling removed, world markets see the sky again - encouraged that robust U.S. labor markets continue to defy recession fears as interest rates near peaks. And judged by all the other labor market soundings this week, there are few signs yet of any significant disturbance to the still-robust employment picture. Wall St's "fear index" - the VIX (.VIX) gauge of implied equity volatility - hit its lowest level since November 2021 early on Friday. To the extent the dollar was bid by debt-ceiling stress and thoughts of another June Fed hike, then it's fallen back again too. Elsewhere, oil markets are closely watching the weekend OPEC ministers meeting - although further production cuts are not expected.

Persons: Elizabeth Frantz, Mike Dolan, Hong Kong's, Hang, Lululemon, Sharon Singleton Organizations: REUTERS, Senate, Federal Reserve, Nasdaq, Fed, The United, Broadcom, Thomson, Reuters Locations: Arlington , Virginia, U.S, China, Hong Kong, The United Nations, South Africa

☆ OPEC+ prepares for weekend meeting after Saudi warns speculators to 'watch out'
▼ + stars: | 2023-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. After convening remotely throughout the Covid-19 pandemic, OPEC+ has returned to in-person meetings and will gather in Vienna on June 4. The OPEC ministers gather for a separate meeting unlikely to address output on June 3. Ministers face an oil market rattled by supply volatility, demand uncertainty, and a prospective recession, which could throttle transport fuel consumption. Two OPEC+ delegates, who did not want to be named due to the market sensitivity of the meeting, told CNBC that further output cuts were unlikely this weekend.

Persons: Saudi Arabia —, Prince Abdulaziz bin Salman, …, Alexander Novak, Prince Faisal bin Farhan al, Saud, Sergey Lavrov Organizations: Ministers, Russia, CNBC, Saudi Foreign, Brent Locations: Saudi Arabia, Russia, OPEC, Vienna, Saudi, Moscow, Riyadh, Cape Town, China, London, Washington

☆ BRICS meet with 'friends' seeking closer ties amid push to expand bloc
▼ + stars: | 2023-06-02 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

[1/2] Foreign ministers of BRICS nations pose for a family photo with representatives from Africa and the global South during a summit in Cape Town, South Africa, June 2, 2023. BRICS, which now consists of Brazil, Russia, India, China and South Africa, is considering expanding its membership, and a growing number of countries, mostly from the global South, have expressed interest in joining. Developed countries have never met their commitments to the developing world and are trying to shift all responsibility to the global South," Pandor said. Indian Foreign Minister Subrahmanyam Jaishankar said Thursday's talks had included deliberations on the guiding principles, standards, criteria and procedures of what an expanded BRICS bloc would look like. As an ICC member, South Africa would face pressure to arrest Putin were he to travel to the summit.

Persons: Naledi Pandor, Pandor, Mauro Vieira, Subrahmanyam Jaishankar, Thursday's, Africa's Pandor, Vladimir Putin, Putin, Carien du, Krishn Kaushik, Joe Bavier, Mark Heinrich Our Organizations: Russian Foreign Ministry, REUTERS, South Africa's, United Arab, Democratic, Cape Town, International Criminal Court, ICC, Thomson Locations: Africa, Cape Town , South Africa, REUTERS CAPE, Saudi Arabia, Iran, Brazil, Russia, India, China, South Africa, Ukraine, United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan, Egypt, Argentina, Bangladesh, Guinea, Bissau, Indonesia, Johannesburg, Pretoria, Carien du Plessis

☆ Russia's foreign minister accuses the West of 'financial blackmail' as BRICS eye adding Saudi Arabia, Iran to economic bloc
▼ + stars: | 2023-06-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's foreign minister slammed the West for its use of "financial blackmail." Saudi Arabia and Iran have requested joining the BRICS economic bloc, South Africa said. Meanwhile, South Africa's ambassador to BRICS also discussed potentially adding Saudi Arabia and Iran to the bloc of developing countries, as both outsider nations have officially requested membership. Lavrov held talks with Saudi Arabia's foreign minister on the sidelines of the BRICS meeting on Thursday, according to the AP. It's also shifted oil exports to China and India at steep discounts after the European Union banned Russian crude imports.

Persons: —, Sergey Lavrov, BRICS, Lavrov, It's Organizations: Service, South Africa —, AP, Saudi, European Union, Carnegie Russia Eurasia Center Locations: Russia, Ukraine, Saudi Arabia, Iran, South Africa, Brazil, India, China, South, Moscow

☆ Podcast: Default avoided, NATO’s Ukraine divisions and poetry in space
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

What you need to know, from our daily Reuters World News podcast:The U.S. has passed a deal to lift its debt ceiling – avoiding a catastrophic default. The divisions in NATO on how fast Ukraine should join. Plus, a poetry odyssey to outer space and a Pink Floyd controversy in Germany. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

Persons: Putin, Floyd, Europa Organizations: Apple, Google, Reuters, NATO, Thomson, NASA Locations: Ukraine, Germany

☆ Putin is terrified of being assassinated and is refusing to travel abroad after a drone attack near his luxury home: reports
▼ + stars: | 2023-06-01 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

The report said Putin was so scared of being assassinated that he was refusing to travel abroad. Dmitry Medvedev, a Kremlin official and former Russian president, said a drone attack on the Kremlin in May was a Ukrainian attempt to assassinate Putin, which Ukraine denied. Ingram's comments echo those of a former Kremlin security official, Gleb Karakulov, who fled Russia in April in opposition to the war in Ukraine. Ingram said Putin's isolation meant he was only being presented with distorted information by a group of close aides, warping his decision-making. Ingram said Putin would like to portray himself as an "international statesman" who asserts himself on the global stage.

Persons: Vladimir Putin's, Putin, —, Vladimir Putin, Verstka, Wagner, Yevgeny Prigozhin, Dmitry Medvedev, Philip Ingram, Ingram, MIKHAIL KLIMENTYEV, Gleb Karakulov, RFERL, wouldn't Organizations: Service, International Criminal Court, Moscow Times, Kremlin, British Military, SPUTNIK, Getty, ICC, Reuters Locations: Moscow, Russian, Ukraine, Hague, Novo, Ukrainian, Russia, Saint Petersburg, London, COVID, India, South Africa, China

LONDON, June 1 (Reuters) - Even if the U.S. dollar's singular dominance as global currency of choice is in fact ebbing, it may not automatically lead to a weaker dollar exchange rate - and could periodically mean the opposite. The big advantage of large dollar reserve holdings alongside wide commercial usage and trade in dollars overseas was clear. But the issue is typically read in markets as a reason to bet on a weakening dollar exchange rate - or even to pump alternatives such as gold or crypto tokens. Of course, that was a global economy riven with fixed dollar exchange rate pegs that supercharged the transmission of Fed policy, most of which have since been dismantled. That may be a world many countries prefer if they are sure of viable alternatives - but may not mean a weaker dollar.

Persons: chomping, Alan Greenspan's, Janet Yellen, Yellen, Mike Dolan, Kirsten Donovan Organizations: Federal, OASIS, Fed, Reuters Graphics Reuters, Reuters, Twitter, Thomson Locations: U.S, United States, Washington, China, Ukraine, Brazil, Russia, India, South Africa, Iran, Venezuela, outflows

☆ BRICS ministers put on show of strength as Putin arrest warrant looms large
▼ + stars: | 2023-06-01 | by ( Wendell Roelf | ) www.reuters.com time to read: +4 min

"The answer is the president (Cyril Ramaphosa) will indicate what the final position of South Africa is. At a news conference later, the ministers side-stepped a barrage of questions about the Putin issue. The ICC accused Putin in March of the war crime of forcibly deporting children from Russian-occupied territory in Ukraine. South Africa had invited Putin in January. The BRICS bloc "was inclusive ... in sharp contrast to some countries' small circle, and so I believe the enlargement of BRICS will be beneficial to the BRICS countries," he said.

Persons: Putin, Naledi Pandor, Vladimir Putin, Pandor, Cyril Ramaphosa, Subrahmanyam Jaishankar, Ma Zhaoxu, Hossein Amir, Prince Faisal bin Farhan Al Saud, Carien du Plessis, Anait, Bhargav Acharya, Nellie Peyton, Alexander Winning, Estelle Shirbon, Joe Bavier, John Stonestreet, Ros Russell, Andrew Heavens Organizations: West, International Criminal Court, ICC, United Nations Security Council, New Development Bank, China's, BRICS, Iran's, Saudi, United, Thomson Locations: Cape Town, Africa, South Africa, Johannesburg, Brazil, Russia, India, China, Ukraine, Moscow, Beijing, Venezuela, Argentina, Algeria, United Arab Emirates

☆ BRICS ministers meet in push to establish group as counterweight to West
▼ + stars: | 2023-06-01 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

South African authorities confirmed that foreign ministers from Brazil, Russia, India, and South Africa are attending Thursday's meeting in Cape Town. Amid the growing geopolitical polarisation resulting from the war in Ukraine, BRICS leaders have said they are open to admitting new members, including oil producing countries. South Africa, though the bloc's smallest member, is among its biggest champions. As an ICC member South Africa would face pressure to arrest Putin, were he to attend the meeting in Johannesburg. "Obviously, the best solution for South Africa is if Putin decided not to come."

Persons: Vladimir Putin, Putin, van Staden, William Gumede, Nic Borain, Wendell Roelf, Carien du, Joe Bavier, Grant McCool Organizations: BRICS, Criminal Court, South African Institute of International Affairs, New Development Bank, South, United, ICC, Independent, Thomson Locations: Ukraine, August CAPE, South Africa, Johannesburg, Moscow, Brazil, Russia, India, Cape Town, China, Beijing, South African, Venezuela, Argentina, Iran, Algeria, Saudi Arabia, United Arab Emirates, African, . South Africa, Africa, Pretoria, Carien du Plessis

NEW YORK/LONDON, June 1 (Reuters) - A bill backed by debt justice campaigners and civil society groups advocating on behalf of economically distressed countries could alter past and future sovereign debt restructurings covered by New York state law - and Wall Street is watching. Senate Bill S4747, the NY Taxpayer and International Debt Crises Protection Act, "relates to New York state's support of international debt relief initiatives for certain developing countries." The initiative has so far failed to accelerate debt relief talks, while private creditors are not even formally included in this initiative. It would "bring badly needed improvements to the framework for resolving unsustainable sovereign debt burdens," according to Nobel Prize-winning U.S. economist Joseph Stiglitz. If this bill passes, "I would recommend issuers not go through New York law, (but) through London or any other jurisdiction," said Rodrigo Olivares-Caminal, professor of banking and finance law at Queen Mary University of London.

Persons: Bill S4747, Alexander Flood, Patricia Fahy, Kathy Hochul, Joseph Stiglitz, Rishikesh Ram Bhandary, THE BILL, Rodrigo Olivares, Caminal, Rodrigo Campos, Jorgelina, Karin Strohecker, Aurora Ellis Organizations: NY Taxpayer, Senate, Institute of International Finance, Paris Club, China, WHO, Economic, Initiative, Boston, Global, Policy, THE, Queen Mary University of London, Thomson Locations: New York, United States, Ukraine, Sri Lanka, Zambia, Rishikesh, London, Paris, Brazil, Argentina, Rosario

☆ South Africa mulls options on ICC arrest warrant for potential visitor Putin
▼ + stars: | 2023-05-31 | by ( Carien Du Plessis | ) www.reuters.com time to read: +3 min

However, South Africa had on Jan. 25 already invited Putin to the Aug. 22-24 meeting in Johannesburg of BRICS leaders of emerging economies, comprising Brazil, Russia, India, China and South Africa. "Because of our legal obligations, we have to arrest President Putin, but we can't do that," Mbeki said. South Africa on Monday issued diplomatic immunity to all leaders attending the meeting and a gathering of BRICS foreign ministers in Cape Town this week. The international relations department said this was standard procedure, however, for all international conferences in South Africa. The governing African National Congress decided in December that South Africa should abandon the process and try to effect changes to the ICC from within.

Persons: Vladimir Putin, Putin, Zane Dangor, Thabo Mbeki, Mbeki, Obed Bapela, Britain's, Bapela, Clayson Monyela, Omar al, Bashir, Carien du Plessis, Olivia Kumwenda, Alexandra Zavis, Grant McCool Organizations: Criminal Court, ICC, South, Kremlin, Britain's BBC, African National Congress, Thomson Locations: JOHANNESBURG, South Africa, Ukraine, Moscow, Johannesburg, Brazil, Russia, India, China, Africa, Pretoria, Cape Town, African

☆ Kremlin says Russia will take part in BRICS summit at 'proper level'
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, May 30 (Reuters) - The Kremlin said on Tuesday that Russia would take part at the "proper level" in a planned summit in South Africa of the BRICS nations, responding to a question on whether President Vladimir Putin would attend the gathering. South Africa, a member of the International Criminal Court (ICC), would theoretically be required to arrest Putin under a warrant issued by the court for his arrest for alleged war crimes. However it has invited Putin to the Aug. 22-24 summit of the BRICS grouping of emerging economies, which comprises Brazil, Russia, India, China and South Africa. And Russia will take part in this summit at the proper level," Kremlin spokesman Dmitry Peskov told a regular news briefing. The ICC issued an arrest warrant in March for Putin, accusing him of the war crime of forcibly deporting children from Russian-occupied territory in Ukraine.

☆ Kenya and Russia to sign trade pact, President Ruto says
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

[1/3] Speaker of the National Assembly of Kenya Moses Wetangula shakes hands with Russian Foreign Minister Sergei Lavrov during a meeting in Nairobi, Kenya May 29, 2023. Russian Foreign Ministry/Handout via REUTERSNAIROBI, May 29 (Reuters) - Kenya will sign a trade pact with Russia aimed at boosting cooperation between businesses, President William Ruto's office said on Monday, after hosting Russian Foreign Minister Sergei Lavrov in Nairobi. Kenya's presidency said in a statement that bilateral trade with Russia was still low despite the potential and the pact would give business the "necessary impetus". Russia says its invasion of Ukraine, launched on Feb. 24, 2022, is aimed at protecting its own security against Ukraine's pro-Western leadership. Lavrov has visited the African continent at least three times this year, while Ukraine's foreign minister Dmytro Kuleba travelled to countries including Ethiopia, Rwanda and Mozambique last week.

☆ Saudi is a BRIC in crumbling East-West money wall
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, May 29 (Reuters Breakingviews) - Middle East money is the answer to plugging the growing financial gaps created in Asia by Western investment restrictions, or at least that’s the very wishful thinking of the regions’ financiers and governments. Even if the NDB might have teamed up with Saudi regardless of sanctions on Russia, any deal will be high on symbolism. It makes sense for petrodollar countries to look East given Asia’s growing oil demand. Bankers also want Middle East companies to come and list in Hong Kong as those from elsewhere stay away and economists believe Middle East funds will step up investments into China as global funds retreat. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Why China and Japan are praying the US won’t default
▼ + stars: | 2023-05-25 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China and Japan are the largest foreign investors in American government debt. China was the largest foreign creditor to the United States for more than a decade. The falling value of Treasuries would lead to a drop in Japan and China’s foreign reserves. “If the United States defaults on its debt, it will not only discredit the United States, but also bring real financial losses to China,” it said. Analysts say Beijing has shown little willingness to fully integrate with global financial markets.

☆ Russia is seeking allies to shift trade away from the greenback and quicken the pace of de-dollarization, deputy prime minister says
▼ + stars: | 2023-05-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia is seeking partners to quicken the pace of de-dollarization, Russia's deputy prime minister Alexey Overchuk said. The nation could create an independent financial system with Islamic countries. We are talking about processes of de-dollarization and the creation of an independent financial system," Overchuk said at an economic forum on Friday, per a report from Russian news agency Tass. Ties between Russia and Islamic countries also have a "positive future," Overchuk said, given Russia's alignment on issues like energy, food, and de-globalization. The shift away from the US dollar is already beginning to take place, Russia's foreign minister Sergey Lavrov said, though experts have argued de-dollarization fears are largely overblown.

"Global debt is now $45 trillion higher than its pre-pandemic level and is expected to continue increasing rapidly," said the IIF in its quarterly Global Debt Monitor. The report partly focused on the effects of last year's rapid rise in rates in some bank balance sheets. The IIF voiced its concern that tighter lending practices among smaller banks would hurt some businesses and households harder. "Shadow banks now account for more than 14% of financial markets, with the majority of growth stemming from a rapid expansion of U.S. investment funds and private debt markets." "With the interest rate differential between EMs and mature markets diminishing, EM local currency debt is less appealing for foreign investors," the IIF said.

☆ The dollar will remain dominant because most countries 'don't want to own their own currency,' Chamath Palihapitiya says
▼ + stars: | 2023-05-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Most countries "don't want to own their own currencies," Chamath Palihapitiya said. For this reason, even if the dollar would weaken, it would still remain the dominant currency. Again, you have to remember a lot of these foreign governments — 187 or whatever the number is — countries outside the United States, rely on the US dollar," Palihapitiya said. At the same time, some countries have raised the idea of using local currencies over the dollar, such as Indonesia and India. Meanwhile, a weaker dollar could manifest sooner if the ongoing debt ceiling crisis failed to resolve before the US defaulted, which could happen as soon as June 1.

☆ Analysis: Jet-setting Lula risks losing focus on Brazil issues, allies say
▼ + stars: | 2023-05-17 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +5 min

BRASILIA, May 17 (Reuters) - Brazilian President Luiz Inacio Lula da Silva's focus on foreign policy and a relentless schedule of trips abroad risks distracting him from tackling thorny domestic issues, two senior allies of the leftist president told Reuters. But so far, less than six months into his third term, he has made twice as many foreign trips as he did at the start of his first presidency in 2003. By comparison, fellow leftist President Andres Manuel Lopez Obrador of Mexico, who skipped the coronation, has made five foreign trips since taking office in 2018. "You have to focus on decisive issues," the aide said, citing a need for higher economic growth and job creation. Marco Feliciano, a pro-Bolsonaro lawmaker in the lower house, said "international trips are part of the presidential agenda, but not at the beginning of the government ...

"Global debt is now $45 trillion higher than its pre-pandemic level and is expected to continue increasing rapidly," said the IIF in its quarterly Global Debt Monitor. The report partly focused on the effects of last year's rapid rise in rates in some bank balance sheets. "Shadow banks now account for more than 14% of financial markets, with the majority of growth stemming from a rapid expansion of U.S. investment funds and private debt markets." But for others access to markets has been harder or non-existent on either tighter spreads as rates rose in developed markets or fast-rising borrowing costs. "With the interest rate differential between EMs and mature markets diminishing, EM local currency debt is less appealing for foreign investors," the IIF said.

The discord between Russia and the other Arctic Council members means that an effective response to these changes is far less likely. Recently, it has taken steps to expand cooperation in the Arctic with non-Arctic states. On April 24, Russia and China signed a memorandum establishing cooperation between the countries' coast guards in the Arctic. "We need to safeguard the Arctic Council as the most important international forum for Arctic cooperation and make sure it survives," Norwegian Deputy Foreign Minister Eivind Vad Petersson told Reuters. "I don't see an Arctic Council without Russia in the future," said Larsen, a Greenland lawmaker at the Danish Parliament and the Chair of Arctic Parliamentarians, a body including MPs from across the Arctic countries.

☆ De-dollarization fears are overblown, but rising debt and US brinkmanship are top threats to the greenback, Bank of America says
▼ + stars: | 2023-05-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

De-dollarization fears are overblown, and the greenback remains strong globally, BofA said. But the main risks to the dollar are rising US debt and "fiscal brinkmanship," according to a note. "Therefore, the key threats to the USD's dominant role seem largely domestic, as opposed to competition from other currencies." "Therefore, the key threats to the USD's dominant role seem largely domestic, as opposed to competition from other currencies." Amid the looming risk of default, BofA said there are no real alternative currencies, even as others have also pointed to a rise in non-dollar arrangements as evidence of de-dollarization.

☆ India's ties with Russia remain steady. But Moscow's tighter embrace of China makes it wary
▼ + stars: | 2023-05-03 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

(PRAKASH SINGH/AFP via Getty Images) Prakash Singh | Afp | Getty ImagesIndia's relationship with Russia remains steadfast as both sides seek to deepen their economic ties. Russia also wants to "intensify" free trade discussions with India, Deputy Prime Minister Denis Manturov said during a visit to Delhi. watch nowIt's becoming "more difficult with every passing day because of the closeness that we are witnessing between Beijing and Moscow," Pant noted. This defense cooperation is vital given India's tensions along the Himalayan border with an increasingly assertive China, said ORF's Pant. Now, the country cannot expect Russia to play "the same strategic role for India as it used to prior to the Ukraine war.

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