Court battle over iconic ‘R10 billion’ shopping mall, and the important tax motorists are starting to dodge
The rand remained stable during early trading on Monday, with the primary focus this week on inflation data that could influence the central bank’s interest rate decisions.
The rand was trading at 17.71 against the dollar, which is relatively unchanged from Friday’s closing value.
Statistics South Africa is set to release the June inflation data on Wednesday, with analysts surveyed by Reuters anticipating a modest increase to 3% year-on-year, up from 2.8% in May.
Analysts pointed out that a lower inflation figure could pave the way for one last interest rate cut this year, while a higher number would likely delay that possibility.
On Tuesday, 22 July, the rand was trading at R17.71 to the dollar, R23.76 to the pound and R20.60 to the euro. Oil was trading slightly lower at $69.36 a barrel.
Here are five other important things happening in and affecting South Africa today:
Court battle over R10 billion shopping mall: The Johannesburg valuation appeal board has been ordered to reconsider its R10 billion valuation of Sandton City, an iconic shopping mall, after the owners, Liberty and Pareto, disputed it. The high court ordered a new board to handle the case, highlighting concerns about bias in valuation disputes for premium properties. [Business Day]
More taxpayers dodging petrol tax: The South African government is losing at least R120 million in tax revenue from fuel sales due to South African motorists transitioning to electric and hybrid vehicles. [MyBroadband]
Ramaphosa fires minister: President Cyril Ramaphosa has removed Minister of Higher Education Nobuhle Nkabane from her post. The president’s office communicated the decision, which ends Nkabane’s brief and controversial tenure in the portfolio.[BusinessTech]
The cost to stop South Africa’s decline: According to the African Development Bank, South Africa needs to invest R5.8 trillion by 2030 to address its infrastructure decline and improve service delivery. This amounts to approximately R725 billion annually, primarily relying on private sector funding due to the public sector’s significant financial challenges. This information comes from the African Development Bank’s latest Country Focus Report. [Daily Investor]
FlySafair strike heads to CCMA: FlySafair and trade union Solidarity will meet on Wednesday with the CCMA to address ongoing disputes between the airline and its pilots. FlySafair has cut daily flights by about 30% to ensure pilot availability, stating that more pilots are working than striking. [News24]
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