R9 billion upgrades for major South African international airport, and Ramaphosa conducts minister performance reviews
The rand rose on Wednesday as investors digested key US labour market data and looked ahead to Friday’s inflation report for clues on the Fed’s policy path.
The rand traded at 15.90 against the dollar, 0.4% stronger than its previous close.
The US dollar was flat against a basket of currencies after data showed US job growth accelerated in January and the unemployment rate fell to 4.3%.
Investors now await US inflation data on Friday for clues on the growth path heading into the new year.
On the domestic calendar this week, an annual mining conference in Cape Town, which began on Monday, continues until Friday, bringing together some of the world’s top mining investors and government officials to discuss the industry’s outlook.
South Africa’s statistics agency is expected to publish December mining and manufacturing figures on Thursday.
On the Johannesburg Stock Exchange, the Top-40 index, was last up 0.9% in early trade.
As of Thursday, 12 February, the rand is trading at R15.88 to the dollar, R21.62 to the pound, and R18.83 to the euro. Gold is currently valued at $5,071.75 per ounce, while oil prices have risen to $69.48 per barrel.
5 important things happening in South Africa today
Big Changes to Cape Town Airport: Cape Town International Airport is set to undergo significant renovations over the next three years, impacting passengers. Airports Company South Africa (ACSA) announced a R9 billion investment that includes R2.4 billion for a new domestic terminal, expansion of the international terminal, security upgrades, and a R6.1 billion new main runway. [Newsday]
Ramaphosa grades ministers: President Cyril Ramaphosa has reviewed the performance of all ministers in the government of national unity ahead of today’s state of the nation address, as the coalition prepares for local government elections later this year. [BusinessDay]
SARS freezing bank accounts: South Africans relocating abroad face complex bureaucratic challenges, including the freezing of their bank accounts. This situation, driven by the National Treasury, SARS, and SARB, is preventing many from accessing funds needed for living expenses or salaries. [BussinessTech]
R400 billion water crisis: Water and sanitation minister Pemmy Majodina has urged mining companies to collaborate with the government to tackle South Africa’s escalating R400 billion water crisis. She emphasised that some of the nation’s largest water consumers should take action to assist municipalities that are struggling. [TimesLive]
Warning from IMF: The IMF reports that South Africa’s economic outlook is largely negative, citing weaker global growth due to geopolitical tensions, rising trade barriers, and policy uncertainty. Its Article IV consultation report warns that these issues may reduce demand for South African exports and increase commodity price volatility. [BusinessTech]
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