Big BEE battle in South Africa, and good news for healthcare workers

South Africa’s rand strengthened in early trading on Thursday (10 April), recovering some of its recent losses as investors took a moment to reassess the market.

This shift followed U.S. President Donald Trump’s announcement of an immediate 90-day pause on tariffs for many countries.

The rand was trading at 19.25 against the U.S. dollar, an increase of about 0.4% from its previous close.

Trump indicated that he would temporarily reduce tariffs on dozens of countries, including South Africa, while maintaining a 10% blanket duty on nearly all U.S. imports.

Additionally, local political dynamics have impacted the risk-sensitive rand after a contentious budget vote last week raised concerns about the stability of the ruling coalition.

On Friday, 11 April 2025, the rand was trading at R19.38 to the dollar, R25.25 to the pound and R21.96 to the euro. Oil is trading lower at $63.13 a barrel.

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

BEE battle: Bowmans, Webber Wentzel, and Werksmans are challenging the Legal Sector Code, claiming its impractical targets cannot be met within five years. They plan to join Norton Rose Fulbright SA in a Gauteng High Court case. The new code doubles black ownership requirements, risking a drop in their B-BBEE ratings from Level 1 to Level 6 or 7. This change could hinder their ability to secure state contracts and compete effectively in the private sector. [News24]

Good news for healthcare workers: Health Minister Aaron Motsoaledi has announced that his department has approved provisions for 1,650 new healthcare positions, allocating over R1.78 billion for the positions. This includes 1,200 jobs for doctors, 200 for nurses, and 250 for other healthcare professionals. [Moneyweb]

GNU update: Members of the Government of National Unity (GNU) have noted progress in resolving budget disagreements. ANC Secretary-General Fikile Mbalula stated that the party will meet with the DA on Saturday to discuss their differences. The GNU partners have been clashing over issues, including the proposed VAT increase. [eNCA]

Big shift for FirstRand: FirstRand plans to enhance its corporate banking by offering integrated services to large clients through its RMB and First National Bank brands, led by Muneer Ismail, former CEO of HSBC and Deutsche Bank. The group also seeks to strengthen RMB’s operations with a proposed deal with UK-based HSBC, announced in September, marking a first for South Africa. [Business Day]

Price pain for movie lovers: Movie ticket prices in South Africa have risen by 92% to 275% over the past decade. Ster-Kinekor and Nu-Metro, the two main cinema chains, are struggling to compete with the rapid growth of video streaming services. [MyBroadband]