Millionaire hotspot town at a tipping point, and good news about DStv
The rand remained stable on Tuesday, maintaining a two-week period of consistent performance against the dollar as investors awaited new local developments.
The rand traded at 17.3275 against the dollar, slightly down from Monday’s closing level of 17.3325.
According to central bank data released on Tuesday, a business cycle indicator measuring the outlook for the South African economy increased by 0.9% month-on-month in July.
However, this data had little impact on the rand’s value. Analysts noted that there are currently very few factors influencing the rand, as dollar movements are being largely disregarded, resulting in the rand trading within a narrow range.
On Thursday, 25 September, the rand was trading at R17.32 to the dollar, R23.32 to the pound and R20.36 to the Euro. Oil was trading slightly lower at $69.03 a barrel.
Here are five important things happening in and affecting South Africa today:
Knysna at a tipping point: Local groups in Knysna, including the business chamber and residents’ association, oppose the dissolution of the council despite ongoing service delivery issues. Jan van der Westhuizen from the Greater Knysna Business Chamber suggests that only specific financial or infrastructure functions should be placed under administration. He highlighted that governance instability and ageing infrastructure have harmed public confidence. A select committee will reconvene on Friday to decide on the council’s potential dissolution. [EWN]
Good newsa about DStv: Canal+ CEO and new MultiChoice chairman Maxime Saada stated that DStv subscribers can expect top-notch content and service following MultiChoice’s acquisition. This includes licensing American content and investing in local entertainment and sports. [MyBroadband]
Trade being used as a ‘weapon’: South African President Cyril Ramaphosa said on Tuesday his country is in talks with a U.S. trade representative to reduce tariffs levied by U.S. President Donald Trump after telling world leaders that “trade is now being used as a weapon.” [Newsday]
Storm coming for KZN homeowners: KwaZulu-Natal residents and disaster management teams are on alert for heavy rains and thunderstorms. The South African Weather Service issued a Yellow Level 4 warning for disruptive rains in eThekwini and other areas, particularly in coastal regions and the midlands. [eNCA]
Good news about food prices: According to the Bureau for Food and Agricultural Policy (BFAP) in its latest Food Inflation Brief, after four consecutive months of acceleration, South African food inflation slowed to 5.2% year-on-year in August after four months of growth, with a slight month-on-month deflation of -0.1%. [Engineering News]
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