Warning to lawyers in South Africa, and why households will pay more for food

The rand weakened against a stronger dollar in early trading on Wednesday, ahead of the release of a domestic inflation expectations survey.

Attention also remained on U.S. jobs data and trade negotiations. The rand was priced at 17.6250 against the dollar, representing a decline of about 0.2% from Tuesday’s close.

The dollar gained about 0.2% against a basket of currencies as investors prepared for the U.S. ADP employment data.

The release of nonfarm payroll figures on Thursday is anticipated to offer more clarity on labour market conditions.

On Thursday, 3 July, the rand was trading at R17.58 to the dollar, R23.98 to the pound and R20.74 to the euro. Oil was trading slightly lower at $68.56 a barrel.

Here are five other important things happening in and affecting South Africa today:

Warning to lawyers: Lawyers in South Africa are under scrutiny after the Gauteng High Court referred a team for including non-existent case citations in legal filings. Acting Judge DJ Smit warned that lawyers must verify AI research accuracy to avoid professional misconduct. [News24]

Food prices at risk: The fuel levy increase of 16c for petrol and 15c for diesel will raise costs to R4.15/l and R4.02/l. The National Agricultural Marketing Council warned that this will negatively impact the agriculture sector by increasing input and transportation costs, affecting the food value chain. Food prices are likely to increase. [Engineering News]

Six companies in trouble with the JSE: Six JSE-listed companies failed to submit their annual reports by the exchange’s extended deadline and are now under threat of suspension and possible removal. These companies are African Dawn Capital, Brikor, Efora Energy, Copper 360, Visual International Holdings, and Sable Exploration and Mining. [Daily Investor]

South African jobs at risk: The Minerals Council SA has opposed the cabinet’s proposal to impose export quotas on legally mined chrome. Their research shows that such measures would harm chrome producers and negatively affect the industry’s contributions to South Africa’s economy and job growth. [Business Day]

Climate cash questions: An investigation revealed that management consultants and big accounting firms tied to donor countries are receiving most of the grant funding intended for South Africa’s just energy transition projects. [Mail & Guardian]