Bad news for South Africans living abroad, and Ster-Kinekor closes cinemas in shopping malls
The rand remained steady in early trading on Friday, as investors expressed concerns about a correction in global stock markets following strong gains.
The rand was trading at 17.37 against the dollar, showing little change from its previous close of 17.38.
Analysts observed that the rand is currently on the defensive, largely due to the corrections happening in the world’s largest stock markets after months of upward movement, which is worrying investors.
This week, traders focusing on domestic data will be looking at employment figures, as well as mining and manufacturing statistics, for further insights into the health of Africa’s largest economy.
However, the most significant event will be the National Treasury’s medium-term budget statement for 2025, which is scheduled for release on Wednesday.
Several economists expect a somewhat improved fiscal outlook, with the Treasury making progress in stabilising the government’s finances.
On Monday, 10 November, the rand was trading at R17.28 to the dollar, R22.72 to the pound and 19.97 to the euro. Oil was trading slightly lower at $64.08 a barrel.
5 important things happening in South Africa today
Bad news for South Africans living abroad: South African emigrants earning rent and dividends locally now need clearance from the South African Revenue Service (SARS) every time they transfer funds to foreign bank accounts. The new regulations have no annual limit, requiring clearance even for small amounts, and funds can be frozen for 21 days or longer if there are questions. [News24]
Ster-Kinekor closes cinemas in shopping malls: Ster-Kinekor has closed several cinemas in South Africa, including its flagship at Gateway Mall in Durban. Nu Metro has taken over these locations, reopening Gateway on 3 October 2025, alongside Cavendish Square and Bedford Square, which Ster-Kinekor also closed recently. [MyBroadband]
JSE in deep trouble: The competition watchdog has initiated an investigation into the Johannesburg Stock Exchange (JSE) following a complaint from its rival, A2X. A significant aspect of the complaint involves the JSE’s alleged refusal to make its systems compatible with A2X’s. The Competition Commission is now seeking to impose a substantial fine on the JSE. [Business Day]
A price for no load shedding: Eskom has spent R6 billion on diesel in the 2025/2026 financial year to date, a feat that the company insists is a significant achievement. According to the MD of EE Business Intelligence, Chris Yelland, OCGTs serve a vital function for the grid, but they should not make up a significant part of the total load factor. [Newsday]
Trump officially snubs South Africa: Donald Trump has said the US will not attend the G20 summit in South Africa over widely discredited claims that white people are being persecuted in the country. [BBC]
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