Police officer made R1.5 million in cash bribes in one day, and Sun City owner getting rid of workers in South Africa
The South African rand remained stable in early trading on Monday, as investors anticipated a series of economic reports this week.
These reports include gross domestic product (GDP), current account data, and figures on mining and manufacturing, which will provide insights into the health of the economy.
The rand was trading at 15.9675 against the dollar, showing little change from its previous close, and the market mostly overlooked the latest reserves data.
According to central bank data released on Monday, South Africa’s net foreign reserves increased to $73.69 billion at the end of August, up from $71.76 billion in July.
Attention will shift to the second-quarter GDP data set to be released on Tuesday, followed by the current account, mining, and manufacturing figures on Thursday.
The US dollar remained steady against a basket of currencies, despite an increase in expectations for interest rate hikes in the US.
Tensions in the Middle East have raised inflation risks, potentially prompting global central banks to tighten monetary policy in coordination.
In the local bond market, South Africa’s benchmark government bond maturing in 2035 weakened slightly in early trading, with the yield rising by 1 basis point to 8.53%. [Reuters]
On Tuesday, 8 September 2026, the rand was trading at R15.95 to the dollar, R21.56 to the pound, and R18.52 to the euro. Gold is trading at $4,427.35, while oil prices were at $97.72 a barrel.
5 important things happening today
Police officer made R1.5 million in cash bribes: A Johannesburg Metro Police Department (JMPD) official is accused of taking R1.5 million in cash bribes in one day. This was revealed by Gauteng Premier Panyaza Lesufi in response to a parliamentary question about traffic officer bribery in the province. [Newsday]
Sun City-owner begins retrenching workers: Sun International, the owner of South Africa’s renowned Sun City resort, has launched formal Section 189A consultations. The group did not specify how many jobs would be impacted, but said these proceedings will support its lower-cost, more centralised operating model. [Daily Investor]
Changes for DStv in South Africa: On top of an overhaul of its packages and pricing in South Africa, DStv will be getting a revamped branding as part of its new era under French media giant Canal+. This includes more channels and adjusted pricing. [BusinessTech]
Eskom not letting solar users go: After years of above-inflation price increases and load-shedding drove customers away, Eskom’s solution is to keep charging people even if they stop buying its electricity. [MyBroadband]
China is giving South Africa a lifeline: China’s removal of tariffs on certain African goods is reducing export costs for countries like South Africa, Kenya, and Nigeria. Products such as apples, coffee, and cocoa are benefiting from this new regime. [Business Day]
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