Iconic South African water park collapsing, and court says bid to stop new BEE laws too late
The South African rand showed little movement on Thursday following the release of domestic producer inflation figures that exceeded expectations.
The rand traded at 17.67 against the dollar, which was close to Wednesday’s closing level.
Data from South Africa’s statistics agency revealed that producer inflation rose to 1.5% year-on-year in July, up from 0.6% in June and surpassing the 1.4% forecasted by economists surveyed by Reuters.
The US dollar weakened by about 0.2% against a basket of currencies as markets awaited crucial inflation data from the world’s largest economy for further insights into the Federal Reserve’s interest rate direction.
On Friday, 29 August, the rand was trading at R17.71 to the dollar, R23.91 to the pound and R20.66 to the euro. Oil was trading slightly lower at $68.24 a barrel.
Here are five other important things happening in and affecting South Africa today:
UShaka Marine World decline: uShaka Marine World’s annual report revealed significant financial struggles, with average annual operating revenue at R202 million and operating expenses at R264 million. The report stated that the park cannot achieve financial sustainability without major intervention or ongoing support from the municipality. As a result, the park underspent on repairs and maintenance, which could lead to larger issues in the future when infrastructure needs replacing. [Newsday]
Too late to stop BEE laws: The Gauteng High Court in Pretoria stated that the application brought by the business groups to stop the new sectoral employment equity targets could not be granted as “the proverbial horse has bolted.” This is because the minister, Nomakhosazana Meth, had already exercised her statutory powers in April, and an interdict would not be the appropriate legal remedy. [News24]
Ford cutting hundreds of jobs: Automaker Ford South Africa has given official notice of its intention to retrench employees as part of a “realignment” to match market demand. The group has given notice that 470 positions will be impacted, affecting workers at the Silverton plant in Pretoria and the Struandale engine plant in Gqeberha. [BusinessTech]
South Africa the biggest loser: South Africa is one of the biggest losers as Africa suffers from $50 billion a year in illicit financial outflows. The AU’s High-Level Panel on Illicit Financial Flows (AU HLP) Mbeki II report has warned of a worsening crisis, highlighting that South Africa is one of four countries regressing in terms of financial secrecy rules. [Business Day]
Hawks raid TikToker’s house: Comedian Anton Taylor posted a satirical TikTok video about bribing suspended police minister Senzo Mchunu. Mchunu found it offensive and pressed charges, leading to a Hawks raid on Taylor’s home in June. [News24]
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