D-day finally here for Please Call Me idea-man, and South Africa’s plan B if US tariffs hit
The rand remained stable in early trading on Wednesday, as pressure mounts for the country to finalise a trade agreement with the United States before the August 1 deadline.
The rand was trading at 17.86 against the dollar, showing little change from its previous close.
On Tuesday, South Africa’s trade minister reaffirmed the country’s commitment to negotiating a trade deal, just days before a 30% levy on its exports to the US is set to take effect on Friday.
South Africa is still awaiting a response to its proposal, which includes purchasing US liquefied natural gas, simplifying regulations for US poultry imports, and investing $3.3 billion in US industries, including mining.
On Thursday, 30 July, the rand was trading at R17.97 to the dollar, R23.84 to the pound and R20.54 to the euro. Oil was trading slightly lower at $73 a barrel.
Here are five other important things happening in and affecting South Africa today:
D-day for Please Call Me idea-man: After 20 years, Nkosana Makate, the inventor of ‘Please Call Me,’ will find out how much he will be compensated in his long battle with Vodacom. He was hit by a court defeat in July 2002, where the Johannesburg High Court denied his bid for recognition and appeal. On Thursday morning, the court will deliver its ruling. [TimesLive]
US tariff plan B: The government is considering alternative markets and possible Treasury-backed tax incentives for the motor vehicle and agricultural sectors. This two-pronged contingency plan aims to maintain production lines if the US implements a 30% tariff on South African exports on Friday, 1 August.[Business Day]
Interest Rate cut expected: Economists believe the South African Reserve Bank (SARB)’s Monetary Policy Committee (MPC) will make another 25-basis-point repo rate cut when the central bank decides on its benchmark rate on Thursday. [EWN]
Important city under threat: East London faces serious challenges as Mercedes-Benz is reportedly concerned about the future of its production plant in the city due to the impending US tariffs. The Mercedes-Benz plant contributes significantly to the city’s jobs and broader economy, and a potential shutdown or exit could spell disaster for the region. [BusinessTech]
Problem with the e-toll speed cameras idea: A road law expert believes that Gauteng’s e-toll gantries cannot be repurposed for speed limit enforcement due to technical limitations. Government officials assert that the system is not just an expensive white elephant and can still be used for CCTV and average speed monitoring. [MyBroadband]
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