Prosecutors have ordered Pravin Gordhan, the South African finance minister, to appear in court over allegations he broke public finance rules by granting a colleague early retirement – news that sent the rand and share prices reeling. Analysts said the Gordhan summons increased the political risk of doing business in the country. “This will further erode confidence in the political and economic management of South Africa,” said Daniel Silke, director of the Political Futures consultancy. “It will potentially affect our chances of sustaining the current rating agency levels.”President Zuma hires South Africa's third finance chief in a week Read moreIn line with the weaker rand, South African bank stocks fell nearly 5% to a four-week low. Government and dollar bonds also fell sharply, while the cost of insuring exposure to South African debt leapt to three-month highs.

Source: The Guardian October 11, 2016 13:52 UTC