Four of South Africa’s biggest food producers in trouble, and hijackers hit taxpayers for up to R100,000
The rand gained strength on Wednesday, supported by positive purchasing managers’ index (PMI) data for the local manufacturing sector and a weaker US dollar.
The rand traded at 17.1850 against the dollar, which marked an increase of approximately 0.4% from Tuesday’s close, reaching its strongest level in a year.
According to the Absa PMI, South African manufacturing sentiment improved in September, fueled by robust domestic demand.
Absa noted that the recovery was driven by the domestic market, as global demand remained under pressure due to steep US tariffs, a challenging trading environment, and ongoing issues at South African ports.
The US dollar was last reported to be about 0.3% weaker against a basket of currencies, as a potential US government shutdown unsettled markets and raised concerns about delays in key job data, which is crucial for Federal Reserve policy decisions.
On Thursday, 2 October, the rand was trading at R17.21 to the dollar, R23.19 to the pound and R20.19 to the Euro. Oil was trading slightly lower at $65.76 a barrel.
Here are five important things happening in and affecting South Africa today:
Chicken producers in trouble: The Competition Commission is conducting an antitrust inquiry into South Africa’s biggest poultry producers, in a sector valued at over R70 billion annually. Major producers Astral, Rainbow Chicken, Country Bird, and Sovereign, which account for nearly 63% of the country’s chicken production, will have to justify their business practices. [Business Day]
Hijackers hit taxpayers: The OTO is investigating profile hijackings after receiving multiple reports of unauthorised access to taxpayer eFiling profiles, where cyber-fraudsters change details and redirect tax refunds to their accounts. The ombud noted the issue is most prevalent among tax practitioners, followed by individual taxpayers. While most cases involve fraud below R10,000, there are significant instances exceeding R100,000. [BusinessTech]
Eskom’s R300 billion threat: Eskom’s CFO, Calib Cassim, warned that municipal arrear debt owed to Eskom may exceed R300 billion by 2030. He again emphasises the failure of the current National Treasury initiatives to address this crisis. [Engineering News]
Why Ford is cutting South African jobs: Ford SA plans to cut nearly 500 jobs as European tax changes and weak demand for its plug-in hybrid Ranger dent export orders. Local production remains steady, but global shifts are forcing the automaker to scale back operations. [Daily Maverick]
Rooftop solar beats Koeberg: The Council for Scientific and Industrial Research (CSIR) reports that private rooftop solar power met 5% of South Africa’s electricity demand in the first half of 2025, surpassing the contribution from nuclear power. Private solar generated 5.4 terawatt-hours (TWh), compared to 4.7 TWh from the Koeberg nuclear station. [Mybroadband]
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