Trade report 21/05/2013
The National Union of Mineworkers (NUM) demand for large wage hikes in the coal and gold industries on Monday helped push the rand to a four year low against the dollar. "The market is nervous after breaking through R9.36/$, and the trend is continuing weaker," a local trader said. Mining investors were rattled after news broke on Sunday that NUM made a submission to the Chamber of Mines for pay rises of up to 60%.
On Monday US congressional investigators accused Apple of exploiting tax loopholes and in doing so avoided paying billions in taxes. A 40-page report on Apple’s international tax structure was released by the US Senate permanent subcommittee ahead of a hearing where the US technology group will be scrutinized. The Senate report stated that Apple’s use of loopholes for international profits allowed it to save US tax on $44bn in the past four years.
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