5 important things happening in South Africa today

 ·9 May 2024

Here’s what is happening in and affecting South Africa today:

  • Good news for SA auto industry: In 2023, South Africa’s auto trade balance improved to R21.1 billion, up 7.6% from R19.6 billion in 2022, driven by record vehicle exports. Norman Lamprecht from Naamsa highlighted that since 2008, exports have been crucial for the industry’s trade balance. The sector, being the largest in the country’s manufacturing, contributed 21.9% to domestic manufacturing output and 5.3% to the GDP, with manufacturing and retail accounting for 3.2% and 2.1% respectively. [Moneyweb]

  • SAB investments yielding results: South African Breweries (SAB), the local division of the worldwide brewing leader AB InBev, has found success with strategies such as the local production of its Corona brand at the Roslyn site and ongoing investment in its leading brands. These initiatives have not only enhanced the company’s profit margins but also expanded its market share in the beer and non-beer segments. Furthermore, SAB has indicated the possibility of announcing additional investments before the end of the year. [News24]

  • FlySafair competitors continue to cry foul:  Airlink and Global Airways are set to argue at a hearing that foreign investors/shareholders predominantly own FlySafair, breaching South African laws and licensing conditions which requires that holders of aviation licences in South Africa have a minimum of 75% local shareholding. Airlink and Global Airways argue that Safair no longer complies with the Air Services Licensing Act because the airline’s voting rights are not held by individuals based in South Africa.  [Daily Maverick]

  • More missing in George building collapse than presumed: It has been discovered that 81 individuals were in the collapse of a construction site in George, and not the previously thought 75 individuals. As of 06:30 on Thursday, a total of 37 people have been rescued, unfortunately, eight of them have passed away. Sixteen individuals are in critical condition, while six others have life-threatening injuries. Currently, rescue workers are still searching for 44 people. The rescue operation has now passed the 64-hour mark. [News24]

  • Markets: The rand weakened against the dollar on Wednesday on the view that the U.S. will delay cutting interest rates, with investors skeptical of the upcoming elections. On Thursday (9 May), the rand was trading at R18.57 to the dollar, R23.20 to the pound, and R20 to the euro. Oil is trading at $83.95 a barrel. [Reuters]
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