South Africa in hot water, and relief for prepaid electricity users with FNB accounts
The rand strengthened on Thursday after the country’s trade ministry announced that it remains compliant with both domestic and international obligations regarding forced labour.
This statement came amid proposed tariffs from Washington on imports from around 60 countries, including South Africa.
The rand was trading at 16.28 against the dollar, marking an increase of approximately 0.4% from the previous close.
The tariffs are a result of a Section 301 investigation into unfair trade practices, as the Trump administration seeks to reinstate emergency tariffs that the Supreme Court struck down in February.
Like other risk-sensitive currencies, the rand typically follows global trends in the absence of significant domestic data.
On Thursday, the US dollar remained flat against a basket of currencies. Oil prices fell by about 3% following a ceasefire agreement between Israel and Lebanon.
This raised hopes for a broader resolution to the US-Israeli conflict with Iran that could lead to the reopening of the Strait of Hormuz.
On the Johannesburg Stock Exchange, the Top-40 index was down by 0.6%.
On Friday, 5 June, the rand was trading at R16.33 to the dollar, R21.92 to the pound, and R18.96 to the euro. Gold is trading lower at $4,440.84 an ounce, while oil prices were at $95.40 a barrel.
5 important things happening in South Africa today
South Africa in hot water: President Cyril Ramaphosa announced plans to send envoys across Africa and around the world to foster cooperation on migration following heightened anti-illegal-immigration protests in South Africa. He stressed that South Africans are not xenophobic but expect leaders to address the challenges posed by migration. [Business Day]
Relief for prepaid electricity users with FNB accounts: FNB will give back 25% in eBucks to customers who buy prepaid electricity vouchers with these loyalty points. FNB eBucks CEO Pieter Woodhatch said the campaign aims to alleviate pressure on customers from rising electricity prices and the cost of living.[MyBroadband]
Top hospital being investigated: The DA called for an investigation into the high mortality rate for heart surgery at the Charlotte Maxeke Johannesburg Academic Hospital. The mortality rate for heart surgery at the hospital in 2025 was 14%. There were 23 deaths out of 166 surgeries. [Newsday]
End of an era for Old Mutual: Old Mutual has officially said goodbye to Trevor Manuel, the former finance minister who was its board chairman for the past eight years. [Daily Investor]
Pick n Pay pauses retrenchments: The Minister of Employment and Labour, Nomakhosazana Meth, has intervened in Pick n Pay’s planned retrenchment process affecting 22,000 employees, with the current CCMA process halted. [BusinessTech]
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