D-day for US tariffs is here, and serious security flaw revealed at South African bank
The South African rand gained against a weaker dollar on Wednesday, as traders reflected on last week’s disappointing US jobs data and awaited updates on tariffs ahead of Washington’s deadline.
The rand was trading at 17.80 against the dollar, which represents an increase of approximately 0.5% from Tuesday’s close.
This week, a key focus for South Africa is its potential to negotiate a better trade agreement, as it currently faces a 30% duty on goods exported to the US, the highest rate among Sub-Saharan African countries.
On Thursday, 7 August, the rand was trading at R17.75 to the dollar, R23.73 to the pound and R20.72 to the euro. Oil was trading slightly lower at $67.51 a barrel.
Here are five other important things happening in and affecting South Africa today:
US tariff D-day: US tariffs of 30% on South African goods start this Thursday. They will affect some exports while exempting critical minerals, copper, and pharmaceuticals. The automobile and agriculture sectors are expected to be hit hard. The government said it was setting up support for exporters and aimed to negotiate with the Trump administration amid deteriorating relations. [eNCA]
Serious security flaw: Independent tests revealed that Discovery Bank has a serious security vulnerability that could allow online purchases to go through without the correct CVV number. [Newsday]
Risks of SA’s proposed alcohol regulations: The head of SA Breweries (SAB), Africa’s largest beer producer, has warned that the Treasury’s proposal for a minimum price for alcohol could negatively impact low-income individuals and drive up black market activity, which would risk the industry and public safety. [Business Day]
Driving licence fail: Three and a half years after its launch, the National Administration Traffic Information System (Natis) online portal only supports motorists’ booking driving licence appointments in two of nine provinces. [MyBroadband]
Transnet CEO terminated: Transnet terminated TNPA CEO Pepi Silinga on July 16 by mutual agreement due to disciplinary charges. Advocate Phyllis Difeto will act as CEO until a permanent replacement is found. [Engineering News]
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