Speed cameras down in major city, and United States sends a message to South Africa
South Africa’s currency has remained stable since Friday as the world continues to monitor the conflict between Iran and the US.
While developments in the Iran war have been overshadowed by shots at the White House Correspondents’ Dinner, the war in Iran has seen several developments.
The Iranian Foreign Ministry said that its officials have left Pakistan for Russia to meet with President Vladimir Putin in St Petersburg.
Iranian officials were supposed to meet with an envoy from US President Trump, but pulled out of the talks. US President Trump has said that Iran must contact the US to continue with talks.
The Strait of Hormuz remains tense amid growing concerns over global economic stability and energy supplies. Around 20% of the global oil supply flows through the strait.
The Israeli military has also reportedly continued in southern Lebanon despite a three-week ceasefire, with Iran a key ally of Lebanon’s Hezbollah.
In South Africa, domestic investors’ focus next week will be on the business cycle leading indicator, producer inflation numbers, money supply and private sector credit data, trade balance and budget balance figures.
As of Tuesday, 28 April, the rand is trading at R16.56 to the dollar, R22.41 to the pound, and R19.40 to the euro. Gold is currently valued at $4,659.56 per ounce, while oil prices are at $109.50 per barrel.
5 important things happening in South Africa today
Speed cameras down: Johannesburg is losing R17-million in revenue after he cuty’s contractor removed its traffic camera infrastructure in the city when their contract expired. JMPD said it’s working to appoint a new service provider. [Sunday World]
US message to South Africa: On Monday, Secretary of State Marco Rubio acknowledged the 32nd anniversary of South Africa’s first democratic elections, marking the first US outreach to Pretoria in months amid diplomatic tensions. He extended warm greetings and emphasised openness to constructive engagement where “interests align”. [Business Day]
New AI draft policy withdrawn: South Africa has withdrawn its first draft national AI policy after revelations that it contained fictitious sources in its reference list, which appeared to have been AI-generated. [Daily Investor]
Eskom 1,500% increase in revenue for electricity: Power utility Eskom is making 1,500% more money from selling the same amount of electricity in its last financial year than it did in 2000. [MyBroadband]
R19 billion down the drain: Auditor-General Tsakani Maluleke’s latest report on SA’s entire water value chain noted that infrastructure and governance collapse have cost taxpayers R18.98-billion in the 2023/24 financial year alone. [Daily Maverick]
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