Woolworths cleaner now making R165,000 a week, and Netflix could be forced to air SABC content
The South African rand weakened on Thursday due to a stronger dollar and rising oil prices, which put pressure on the currency.
The rand was trading at 16.1750 against the dollar, approximately 0.8% weaker than its previous closing value.
The US dollar edged higher against a basket of currencies, while oil prices increased by around 4%.
Like other risk-sensitive currencies, the rand has been influenced by global market sentiment, particularly since the start of the US–Iran war on February 28, as well as domestic economic developments.
Data from Statistics South Africa indicated that mining output fell by 7.5% year-on-year in July, while manufacturing output increased by 1.1%.
Analysts surveyed by Reuters had anticipated a smaller decline in mining output of 2.8% and a drop in manufacturing output of 1.6%.
Additionally, South Africa’s central bank reported that the country recorded a current account deficit in the second quarter.
This follows a strong surplus in the first three months of this year, largely due to sharply higher import costs resulting from the Iran war.
On the Johannesburg Stock Exchange, the Top-40 index was down by 1.6%. South Africa’s benchmark 2035 government bond also weakened, with the yield rising by 3 basis points to 8.705%. [Reuters]
On Friday, 11 September 2026, the rand was trading at R16.18 to the dollar, R21.86 to the pound, and R18.79 to the euro. Gold is trading at $4,334.32, while oil prices were at $106.70 a barrel.
5 important things happening today
From Woolworths cleaner to successful business owner: Mbali Khubekha, a former midnight-shift cleaner at Woolworths, started a traditional-food restaurant business and now earns R165,000 a week. This is one of the stories which informal economy expert GG Alcock shared in his new book, KasiNomics Unleashed. [Daily Investor]
Netflix could be forced to add SABC content: Webber Wentzel noted that ICASA’s market inquiry into OTT services may lead to significant changes for platforms like Netflix, potentially bringing them under South Africa’s communications licensing framework and imposing must-carry obligations. [MyBroadband]
Strict BEE laws in South Africa declared invalid: The High Court has ruled that Black Economic Empowerment (BEE) compliance rules in South Africa’s property sector are unconstitutional and invalid, setting them aside. [BusinessTech]
Transnet turns a profit: South Africa’s biggest transport company, Transnet, returned to profitability for the first time since 2022, with profits swinging from a R1.9 billion net loss in the previous financial year to a R4.6 billion gain this time around. [TopAuto]
Bankrupt company owned by government pension fund paid lawyers R123.9 million: Daybreak Foods, which is in severe distress due to corruption and mismanagement, has paid one law firm R123.9 million over two years. [Newsday]
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