Sprinkle the dry yeast over the warm water in a large bowl and stir until the yeast is dissolved. Let stand for 5 min.
Add salt, sugar, milk, butter, eggs and orange rind to the yeast and mix until batter is smooth.
Gradually add the flour to the batter and continue to mix thoroughly until the batter is smooth and shiny.
Cover the bowl with a clean, damp kitchen towel and let rise in a warm place until the batter has doubled in volume, approximately 1 hour.
Generously grease a ring mold or pan.
Beat the risen dough for 2 minutes and then transfer the dough to the baking pan.
Let the batter rise, uncovered in a warm place until it has doubled in volume, again. Approximately 30 to 35 minutes.
Batter should now reach the top of the mold or pan.
Preheat oven to 425° F. degrees and bake for 25 to 30 minutes, or until a cake tester comes out clean. if necessary, run a knife around the edge of the mold or pan and invert the cake on a rack to cool for at least 15 minutes.
Prepare the syrup while the cake is cooling.
In a small saucepan, combine the water and sugar. Simmer until the sugar is completely dissolved, approximately 10 minutes.
Remove the pan from the heat and cool slightly, then add the rum and stir.
Place the cooled cake on a plate and poke holes all over the cake with a skewer or toothpick, then pour the syrup slowly and evenly all over the cake.
Let stand.
Use a large spoon to baste the cake every 10- minutes with the syrup that collects on the plate.
Repeat the process until almost all of the syrup is absorbed, then serve.