{"id":827310,"date":"2025-06-09T07:57:31","date_gmt":"2025-06-09T05:57:31","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=827310"},"modified":"2025-06-09T09:57:04","modified_gmt":"2025-06-09T07:57:04","slug":"sa-rugby-union-technically-insolvent-and-construction-mafias-hit-r550-million-project","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/5-things\/827310\/sa-rugby-union-technically-insolvent-and-construction-mafias-hit-r550-million-project\/","title":{"rendered":"SA Rugby Union technically insolvent, and construction mafias hit R550 million project"},"content":{"rendered":"\n

The rand remained stable<\/a> against a stronger dollar on Friday after the world’s largest economy reported stronger-than-expected employment data. <\/p>\n\n\n\n

The rand traded at 17.78 against the dollar, showing little change from Thursday’s closing level. <\/p>\n\n\n\n

It initially gained value early in the day when the South African Reserve Bank announced an increase in foreign reserves for the previous month. <\/p>\n\n\n\n

The dollar was approximately 0.5% stronger against a basket of currencies following a report from the U.S. Labour Department, which showed that non-farm payrolls rose by 139,000 in May, surpassing economists’ estimates of a 130,000 increase, as reported by Reuters. <\/p>\n\n\n\n

As a risk-sensitive currency, the rand often reacts to global factors such as U.S. economic policies and data, in addition to local influences. <\/p>\n\n\n\n

This week, domestic investors will be paying close attention to manufacturing and mining reports to assess the health of Africa’s most industrialised economy.<\/p>\n\n\n\n

On Monday, 9 June, the rand was trading at R17.77 to the dollar, R24.08 to the pound and R20.28 to the euro. Oil was trading slightly lower at $66.41 a barrel.<\/p>\n\n\n\n

Here are five other important things happening in and affecting South Africa today:<\/p>\n\n\n\n

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SARU is technically insolvent: <\/strong>The South African Rugby Union (Saru) is technically insolvent after a nearly R100 million loss in 2024, largely due to a failed equity deal with Ackerley Sports Group. However, 2025 has started strong, improving the outlook. [Business Day<\/a><\/strong><\/strong>]<\/p>\n\n\n\n

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Construction mafias<\/strong> hit major project: <\/strong>A nearly R550 million construction project to rehabilitate the Golden Highway in Gauteng has been halted following threats from construction mafias. The company that received the R548,612,770 tender in early 2025 reported that its workers have been shot at and assaulted. [MyBroadband<\/a><\/strong><\/strong>]<\/p>\n\n\n\n

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Tenders to politically connected people not a problem<\/strong>: The Auditor-General reported that the City of Johannesburg awarded almost R1 billion in questionable family-linked tenders. However, city spokesperson Nthatisi Modingoane confirmed that the metro government sees no issue and will not conduct an investigation. [Daily Maverick<\/a><\/strong>]<\/p>\n\n\n\n

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South Africa’s debt problem:<\/strong> South Africa is facing a fiscal crisis as the country’s debt servicing costs continue to rise. This is limiting spending in other areas that could promote economic growth and enhance the lives of South Africans. [Daily Investor<\/a><\/strong><\/strong>]<\/p>\n\n\n\n

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900,000<\/strong> vaccines for disease hitting beef:<\/strong>\u00a0The Minister of Agriculture has announced the distribution of 900,000 vaccines this week to combat the foot-and-mouth disease affecting South Africa’s beef supply. Infected areas will be quarantined, while larger outbreak zones will be designated as disaster management areas. Red meat producers will also set up a centralised operational centre. [News24<\/a><\/strong>]<\/p>\n","protected":false},"excerpt":{"rendered":"

Here are five important things happening in South Africa on Monday, 9 June 2025.<\/p>\n","protected":false},"author":92,"featured_media":827322,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20398],"tags":[18993,853],"class_list":["post-827310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-5-things","tag-5-important-things-happening-in-south-africa-today","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/827310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=827310"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/827310\/revisions"}],"predecessor-version":[{"id":827369,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/827310\/revisions\/827369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/827322"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=827310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=827310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=827310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}