New law gazetted to save jobs, and US looking to welcome more South African ‘refugees’
The rand strengthened against a weakening dollar on Friday, supported by rising gold prices. Gold prices increased due to a decline in the dollar, which was last trading down by about 0.4% against a basket of currencies.
This drop was driven by concerns over the United States’ fiscal health, prompting investors to turn to gold, a safe-haven asset.
The rand was trading at 17.58 against the dollar, approximately 0.2% stronger than its previous close.
Investors will closely monitor domestic inflation figures, which will be released next Wednesday, for insights into the health of Africa’s most industrialised economy.
On Monday, 18 August, the rand was trading at R17.56 to the dollar, R23.82 to the pound and R20.56 to the euro. Oil was trading slightly lower at $65.83 a barrel.
Here are five other important things happening in and affecting South Africa today:
New law to save jobs in South Africa: Trade, industry & competition minister Parks Tau has gazetted into law an exemption allowing retailers and food producers to buy local sugar without breaching competition rules. This change aims to save jobs in South Africa’s struggling sugar industry, which has lost about 65,000 jobs over the past five years. [Business Day]
US looking to welcome more South Africans: The Trump administration is considering a refugee admissions cap of about 40,000 for the coming year, primarily for white South Africans, according to two U.S. officials briefed on the matter and an internal refugee program email. [CNBC Africa]
Starlink supports BEE: SpaceX, owner of Starlink, supports the requirement for communications licence holders to achieve level 4 B-BBEE status, but finds the 30% ownership rule unfair. In its formal submission to the government, the company advocated for an alternative to that rule. [News24]
R4 billion EU hit for citrus farmers: Since 2023, citrus growers in South Africa have spent nearly R4 billion annually to meet new EU import restrictions. Cold storage upgrades and increased inspection requirements have hit smaller farmers hard, who represent over a third of the country’s citrus exports. South Africa, the world’s second-largest citrus exporter, relies on the EU for about 40% of its exports, totalling around 64-68 million 15kg cartons each year. [Daily Maverick]
Traffic fine scam: Online payments platform PayCity has warned users of various phishing scams through which fraudsters send fake traffic fine notifications impersonating the company. [MyBroadband]
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