Major change for BMW South Africa, and Telkom CEO gets big payday
The rand declined in early trading on Thursday following a week of gains, impacted by a rise in the dollar and a decrease in the global gold price.
The rand was trading at 17.58 against the dollar, reflecting a 0.4% drop from Wednesday’s closing level.
The dollar had increased by 0.1% against a basket of global currencies, while spot gold prices fell by 0.3%.
The rand had experienced a boost due to investor optimism that the country’s budget would be approved after months of delays and revisions.
On Wednesday, South Africa’s parliament passed the final major budget bill after the two leading parties in the governing coalition reached an agreement following extensive disagreements.
As there are no significant domestic data releases expected for the remainder of the week, the rand may primarily respond to global market influences.
On Friday, 23 July, the rand was trading at R17.65 to the dollar, R23.81 to the pound and R20.72 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:
Major change for BMW South Africa: BMW SA will begin exporting X3s to Canada this year. This new market opportunity has arisen due to strained trade relations between the US and Canada, rather than the 30% tariffs on South African goods imposed by the Trump administration. Canada has historically sourced its X3s from the US, but the current tensions have led to new orders from BMW SA. [News24]
Telkom CEO gets big payday: Telkom has released its integrated report for the year ended 31 March 2025, revealing that CEO Serame Taukobong received remuneration totalling R33 million for the year. [Mybroadband]
Ramaphosa engaging with US: President Cyril Ramaphosa stated that discussions with the US are ongoing, expressing hope for positive outcomes amid tariff threats affecting South Africa’s key exports. He emphasised the urgency of the negotiations. “We are exchanging a whole lot of ideas and proposals, and I am hoping those negotiations will bear fruit in the coming days. Time, obviously, is of the essence in so far as this is concerned,” Ramaphosa said. [Engineering News]
Steinhoff saga put to bed: After years of investigations into Steinhoff’s collapse, the South African Reserve Bank (SARB) has reached a final settlement with its successor, Ibex. This settlement follows Ibex’s forfeiture of R6.3 billion, along with interest, to the state. As a result, the SARB has dropped all enforcement actions against the company. [Daily Investor]
Government preparing for social unrest: The South African government has flagged rising concerns over the risk of social unrest in the country, and it’s putting plans in place in case that concern becomes a reality. This was highlighted in the National Security Strategy (NSS) for 2024–2028, which was presented by the minister in the presidency, Khumbudzo Ntshavheni. [BusinessTech]
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