Reuters exclusive sheds light on fate of South Africa’s Manuel

Reuters had an exclusive package of stories on April 27 about the fate of South African Finance Minister Trevor Manuel; the package contributed to a rebound by the rand after the currency dropped offshore amid a flurry of speculation that Manuel might leave his post, signalling a move to the left by the government in the wake of elections. Within hours of the drop, Reuters produced an interview with a top official of the ruling party, Treasurer General Mathews Phosa, who said Manuel would retain a cabinet-level role and that a final decision on his post would be made within two weeks. Reuters also ran a detailed analysis arguing that global investors would not object to a lateral move by Manuel, as well as a summary of Manuel’s career and his importance to the markets. Competitors did not match the interview that day; at least one of them picked up the Reuters story a day later, when it ran in Business Day, South Africa’s leading business daily.