R1.2 billion in pension savings down the drain, and new nuclear power station one step closer for South Africa
The rand remained stable on Friday as investors awaited more information about President Cyril Ramaphosa’s recent telephone conversation with his US counterpart, President Donald Trump, regarding bilateral trade.
The rand was trading at 17.72 against the dollar, showing little change from Thursday’s closing value.
Currently, US imports from South Africa face a 30% tariff, the highest rate among Sub-Saharan African countries.
However, Ramaphosa’s office announced on Thursday that he had spoken with Trump, and that the trade negotiating teams of both countries would engage in more detailed discussions.
On Monday, 11 August, the rand was trading at R17.72 to the dollar, R23.82 to the pound and R20.67 to the euro. Oil was trading slightly lower at $66.38 a barrel.
Here are five other important things happening in and affecting South Africa today:
Government Pensions Agency’s R1.2 billion disaster: The Government Pensions Administration Agency (GPAA) has paid millions to Shula Developers and Dikeamo Architects for work on offices it doesn’t have access to, raising the Brooklyn Bridge office lease cost to over R1.2 billion. Attacq, the property owner, confirmed the building is not for sale and has valid leases. [News24]
New nuclear power station: Eskom has been granted an Environmental Authorisation to construct and operate a 4000MW nuclear power station in Duynefontein, a few kilometres from the Koeberg plant in the Western Cape. [Newsday]
DStv under siege: DStv is facing a resurgence of piracy, and MultiChoice is investing millions to combat copyright infringement globally. SuperSport, a key asset, provides access to major sporting events. However, MultiChoice chairman Elias Masilela warns that illegal streaming is causing revenue losses of 25% to 35% annually in the industry. [MyBroadband]
Change to unemployment data: Stats SA plans to roll out an updated quarterly labour force survey (QLFS) questionnaire in the third quarter of 2025 to capture “more nuanced labour market trends” and reflect evolving employment relationships, aligning the key survey with the “latest international standards”. [Business Day]
US tariffs to have minimal impact: South Africa’s central bank believes the US tariffs will only have a modest impact on the country’s economic growth while leaving its inflation levels broadly unchanged. [CNBC Africa]
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