5 important things happening in South Africa today

 ·5 Feb 2024

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

  • SA’s port woes cut into billions of fruit industry profits:  According to fruit producer organisation Hortgro, inefficiencies at the Cape Town Port are expected to cost South Africa’s fruit farmers and exporters another R2 billion in lost profits. Transnet has launched initiatives to help with the current peak trading season and estimates a 14% decline in fruit exports – while Hortgro says this figure is worse. [News24]

  • Mango BRP to go ahead with sale: The administrator appointed to oversee the financial restructuring of low-cost airline Mango said it will continue selling the airline. This decision was made after the public enterprises minister, Pravin Gordhan, failed to meet the deadline set by the high court to decide on the proposed sale, as required by the Public Finance Management Act. [BusinessDay]

  • Treasury launches probe into ‘corruption and mismanagement’ at SOE: The National Treasury is set to carry out two investigations into the Independent Development Trust – a state-owned entity responsible for social infrastructure. One of these investigations is related to the allegedly irregular lease of the IDT’s head office, which was reportedly awarded to a company connected to politicians.   [News24]

  • Experts warn of trouble ahead for the rand: The month of February, when South Africa releases its annual budget, can be a terrible month for the rand – and many investors expect that this year will be no different as data has shown that the rand has endured an average 2.9% loss in February over the past five years. [BusinessTech]

  • Markets:  South Africa’s rand dropped sharply against the dollar over the weekend as a U.S. jobs report boosted the dollar. On Monday (5 February), the rand was trading at R18.94 to the dollar, R23.87 to the pound, and R20.41 to the euro. Oil is trading at $77.71 a barrel. [Reuters]

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