Donald Trump sends a message to Ramaphosa, and new tax on all South African households planned
The rand edged up on Monday as domestic manufacturing sentiment improved for a second month in October, while vehicle sales data pointed to resilient consumer demand.
The rand traded at 16.64 against the dollar, about 0.4% above its previous close
South African manufacturing sentiment improved for a second month in October, but issues such as weak domestic demand and logistics bottlenecks kept the improvement marginal.
Data from South Africa’s auto association, NAAMSA, showed new vehicle sales rose 10.4% year-on-year in October despite persistent cost-of-living pressures affecting consumers
On the Johannesburg Stock Exchange, the Top-40 index was up about 1%. South Africa’s benchmark 2035 government bond was firmer, with its yield down 2.5 basis points to 8.565%. [Reuters]
On Tuesday, 3 November 2026, the rand was trading at R16.62 to the dollar, R22.29 to the pound, and R18.60 to the euro. Gold is trading at $3,922.24, while oil prices are at $105.30 a barrel.
5 important things happening in South Africa today
Trump’s message to Ramaphosa: President Donald Trump sent a letter to President Cyril Ramaphosa with a 60-day notice to terminate South Africa’s beneficiary status under the African Growth and Opportunity Act (AGOA), effective January 1, 2027. He attributed the decision to South Africa’s insufficient progress in fighting corruption and lowering trade barriers, as well as foreign policy actions and alliances that risk undermining the United States’ national security. [Newsday]
New tax proposed: A new tax on all households and a levy on streaming services in South Africa are among the suggested alternative funding sources to replace the failed SABC TV licence. The Department of Communications and Digital Technologies and the consultants BMI TechKnowledge have completed the funding model study and are working towards a revised proposal. [MyBroadband]
WeBuyCars loses over R8 billion: WeBuyCars has fallen out of favour with investors, with the JSE-listed company’s share price down 42.79% year-to-date. This decline represents a loss in market value of R8.62 billion, with shareholders feeling the pain as the company struggles to adapt to the rise of affordable Chinese cars. [Daily Investor]
Level 4 severe weather warning: The South African Weather Service has issued a severe weather warning for Gauteng, Mpumalanga, Limpopo and KwaZulu-Natal, warning of storms hitting the country. The scale of the warnings runs from level 2 in Gauteng to level 4 in Mpumalanga and Limpopo, with level 2 in effect in KZN. [BusinessTech]
Court blow to National Lottery: The High Court in Pretoria on Monday reviewed and set aside Trade, Industry and Competition Minister Parks Tau’s awarding of the national lottery licence to Sizekhava. [Business Day]
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