CEO blow for Standard Bank, and GNU on the brink

The South African rand weakened on Friday (28 March) amid ongoing concerns about U.S. President Donald Trump’s tariffs and a stalemate between the ruling coalition’s two largest parties regarding the state budget.

The rand was trading at 18.40 against the dollar, approximately 0.8% lower than its previous close.

The markets are anxious for more clarity from Trump following his announcement of tariffs on automotive imports, set to take effect at midnight on 3 April.

Domestically, the African National Congress and the Democratic Alliance, government partners, have been in conflict for weeks over a proposed VAT hike in the national budget, which has yet to be approved.

On Monday (31 March), the rand was trading at R18.43 to the dollar, R23.84 to the pound and R19.94 to the euro. Oil is trading lower at $73.33 a barrel.

Here are five other news stories making waves in South Africa today:

CEO blow: Standard Bank deputy CEO Kenny Fihla surprised the market in March when he ditched Standard Bank to take up the post of head of Absa. Standard Bank CEO Sim Tshabalala has described Fihla’s exit as a “blow” to the group but backs its talent pipeline to come through. [Business Day]

GNU on the brink: The government of national unity (GNU) is nearing collapse as the ANC rejected the DA’s request for more control over economic policy. During tense budget talks on Friday, the DA warned the ANC that seeking support from outside parties would effectively end the GNU. Negotiations continued on Sunday after the ANC reached out to John Steenhuisen’s party again late on Saturday afternoon. [News24]

ANC smart card: The African National Congress (ANC) launched a smart card for its members this week as part of an organisational “renewal” process. Ramaphosa explained that the card’s purpose would be to reinforce the party’s integrity by preventing gatekeeping and significantly reducing opportunities for abuse that lead to corruption. [MyBroadband]

Vodacom merger hit: In October of last year, the Competition Tribunal issued an order blocking Vodacom’s proposed acquisition of a controlling stake in the fibre network operator Maziv. Five months later, the tribunal shared its full reasoning: the merger would have strengthened Vodacom’s market power and reduced competition in ways that could not be effectively remedied. [Daily Maverick]

Cape Town e-hailing crackdown: E-hailing drivers in Cape Town are facing challenges in obtaining operating licenses. The Western Cape Mobility Department’s Provincial Regulatory Entity (PRE) has received over 14,000 applications but only approved 3,354 licenses on a first-come, first-served basis. As the quota has been reached, the City of Cape Town announced it will not accept any more applications. [EWN]