New rules for drones in South Africa, and Eskom completes most expensive coal power station in the history of mankind
The commodity-backed South African rand strengthened on Monday, driven by rising gold prices, while traders anticipated a series of local economic reports that could provide insights into the health of Africa’s largest economy.
The rand was trading at 17.28 against the dollar, reflecting an increase of approximately 0.3% from Friday’s close.
Gold prices surged above the significant level of $3,800 per ounce for the first time on Monday.
This came as investors sought the security of this asset amid expectations of a US interest rate cut later this year. Meanwhile, the dollar was about 0.2% weaker against a basket of currencies.
On the domestic front, today’s economic calendar includes a report from the central bank on economic trends for the second quarter and data from the statistics agency regarding formal sector employment.
On Tuesday, 30 September, the rand was trading at R17.26 to the dollar, R23.19 to the pound and R20.24 to the Euro. Oil was trading slightly lower at $67.53 a barrel.
Here are five important things happening in and affecting South Africa today:
New rules proposed drones: The Department of Transport wants all drones sold or distributed in South Africa to be registered in a new electronic system, responding to requests from the drone industry. This initiative is part of the draft Airfreight Strategy for South Africa 2025, released for public comment on 26 September, which outlines strategic interventions for the airfreight sector. [News24]
Eskom completes the most expensive coal power station ever built: Eskom has announced that Kusile Power Station’s Unit 6 generator has entered commercial operation, adding roughly 800MW of generating capacity to the grid. When all costs associated with the construction of Eskom’s Kusile Power Station are considered, experts note that it is likely the most expensive project of its kind ever undertaken. [MyBroadband]
Shocking cost of Tembisa hospital corruption: The Special Investigating Unit (SIU) has revealed what it describes as a “devastating plunder of the public purse” at Tembisa Hospital, exposing three coordinated syndicates responsible for siphoning off over R2 billion intended for healthcare services. [Newsday]
Godongwana questions healthcare access for foreigners: Finance Minister Enoch Godongwana has raised concerns about the affordability of metros providing free health services to undocumented foreign nationals. He stated that the constitution has placed the country in a challenging position, considering the financial struggles many metros are facing. [EWN]
Businesses to save Johannesburg: Business leaders, part of the Business for South Africa (B4SA) group, are considering investing in plans to tackle the biggest issues affecting Johannesburg’s ailing CBD. B4SA stated that the business sector as a whole needs the country’s economic hub to thrive, in order for the economy to recover. [Primedia Plus]
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