US firm going after one of Motsepe’s companies for R3.4 billion, and more bank branches for Smart ID and passports
The South African rand weakened on Monday, as better-than-expected domestic manufacturing data was unable to alleviate trade concerns.
The country is currently working to secure a lower tariff rate on its exports to the United States. US imports from South Africa face a 30% duty, the highest rate among sub-Saharan African countries.
However, President Cyril Ramaphosa’s office announced last week that he had spoken with US President Donald Trump, and the two countries’ trade negotiating teams would engage in more detailed discussions.
The rand traded at 17.78 against the dollar, about 0.2% weaker than Friday’s close. South Africa’s manufacturing output rose by 1.9% year-on-year in June, following a revised increase of 0.7% in May.
Analysts polled by Reuters and Nedbank economists had anticipated production to rise by 1% and 0.8%, respectively.
On Tuesday, 12 August, the rand was trading at R17.74 to the dollar, R23.84 to the pound and R20.63 to the euro. Oil was trading slightly lower at $66.89 a barrel.
Here are five other important things happening in and affecting South Africa today:
Motsepe’s R3.4 billion lawsuit: Billionaire Patrice Motsepe’s African Rainbow Capital (ARC) has approached the Johannesburg high court in response to a R3.4 billion lawsuit from the US-based Pula Group, for allegedly breaching a 2019 agreement regarding a mining project in Tanzania. [Business Day]
New bank branches for Smart ID and passports: Capitec will begin rolling out Smart ID and passport services at 10 branches in October, expanding to 100 by early 2026. Initially, these services will be available only in-branch, but the bank plans to add them to its app and offer home delivery in the future. [BusinessTech]
South Africa a mafia state: Political analyst Professor Andre Duvenhage from North West University said that South Africa qualifies as a mafia state due to the country’s increasing issues with corruption, kidnappings, political killings, and extortion. [Daily Investor]
A warning for electricity users in Johannesburg: City Power warns that individuals who refuse meter audits or tamper with their meters will face fines of over R14,000 for single-phase connections and R14,000 to over R30,000 for three-phase connections, in addition to reconnection fees. [The Citizen]
E-tags of the rise: Since Gauteng’s e-toll gantry system was shut down, e-tag adoption has risen noticeably. Sanral highlighted that this is because e-tags provide the easiest way for contactless payments and have made this feature available on all lanes at regular toll plazas. [TopAuto]
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