Toyota CEO’s sends a message to government, and legal battle brewing in R4.2 billion Pretoria estate
The rand strengthened slightly on Friday, mainly due to higher gold prices. This movement followed the release of a PMI that indicated improved private sector activity in September, even as it highlighted a bleak outlook for the coming year.
The rand traded at 17.23 against the dollar, reflecting an increase of approximately 0.3% from Thursday’s close. The dollar remained stable against a basket of currencies, as investors considered the potential impact of a US government shutdown.
The rise in gold prices also enhanced the attractiveness of South Africa’s currency, which is supported by its status as a major gold producer.
According to a S&P Global PMI published on Friday, business conditions in South Africa’s private sector improved for the fifth consecutive month in September, driven by increases in output and new orders.
However, the report also revealed that business expectations for the upcoming year fell to their lowest level since July 2021, with concerns over economic and political uncertainty contributing to a decline in sentiment.
On Monday, 6 October, the rand was trading at R17.30 to the dollar, R23.25 to the pound and R20.28 to the Euro. Oil was trading slightly lower at $64.47 a barrel.
Here are five important things happening in and affecting South Africa today:
Toyota CEO’s message to the government: Toyota South Africa CEO Andrew Kirby has called on the government to consider revising the tax on local vehicles to lower prices and enhance competitiveness against affordable Chinese brands. He also emphasised the need for the country’s automotive industry to swiftly transition to new energy vehicle (NEV) production to avoid negative consequences. [MyBroadband]
Trouble brewing in R4.2 billion Pretoria estate: A legal dispute is occurring over short-term letting in the R4.2 billion Blyde Riverwalk Estate, Pretoria, developed by Balwin Properties. The issue began during the Covid-19 lockdown when owners started renting units as holiday accommodations, leading to complaints from permanent residents about unruly behaviour. [Moneyweb]
South Africans dumping TV licences: The SABC has depleted most of its remaining cash and reported a loss of R253 million. Additionally, it was unable to collect approximately 85% of the TV licence fees it billed for in the previous financial year. CEO Nomsa Chabeli stated that the organisation is experiencing difficulties due to delays in implementing changes to its funding model. [News24]
Threat to new parental leave laws: Parliament is reviewing the law to address a potential financial burden on the Unemployment Insurance Fund (UIF) resulting from a Constitutional Court order allowing parents to share statutory maternity leave equally. [Business Day]
South African estate ranked among the best in the world: The Val de Vie luxury residential estate, situated near Paarl and Franschhoek in the Western Cape, has received several awards, ranking it as a top estate not only in South Africa but also globally. [Newsday]
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