Big airport changes, and blow to R197 billion industry in South Africa
After important US inflation data and several local economic reports were released on Friday (28 February), South Africa’s rand remained relatively stable.
The rand was trading at 18.465 against the dollar, close to its previous closing value.
Recent trading of the South African currency has been volatile due to ongoing local budget disputes and uncertainty regarding US President Donald Trump’s tariff proposals.
On Monday (3 March), the rand was trading at R18.63 to the dollar, R23.49 to the pound and R19.41 to the euro. Oil is trading lower at $73.22 a barrel.
Here are five other news stories making waves in South Africa today:
Changes for airports: Airports Company SA (ACSA) has court-ordered the ‘aged’ baggage screening equipment to be changed at OR Tambo and King Shaka airports. According to the tender, providing the service to all SA airports will cost R3.15 billion. [Business Day]
Blow to R197 billion industry: Over 15,000 tuck shops fail to secure registration in Gauteng. 17,600 spaza shops and food handling facilities had applied to register their businesses in the province, but just over 4,000 have been successfully approved. Research from Trade Intelligence has noted that the spaza shop industry is worth around R197 billion and is responsible for an estimated 3 million jobs. [EWN]
Good news for car prices: New vehicle inflation has been at its lowest level in three years, while used vehicle price inflation has now been in negative territory after a year-long slide. [Moneyweb]
SIU hits former lottery board member: The SIU has successfully obtained an interim interdict from the Special Tribunal to preserve R10 million in proceeds from the sale of a mansion in Pretoria that was bought with lottery money, which is linked to an ongoing investigation into alleged corruption and maladministration involving a former National Lotteries Commission (NLC) board member. [Mail & Guardian]
Koeberg unit shut down: Power utility Eskom has announced that Koeberg Unit 2 experienced an unplanned trip on Sunday. While load shedding remains suspended, it warned that the grid remains strained. [BusinessTech]
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