{"id":850384,"date":"2026-02-10T07:57:02","date_gmt":"2026-02-10T05:57:02","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=850384"},"modified":"2026-04-02T09:39:17","modified_gmt":"2026-04-02T07:39:17","slug":"iconic-hotel-brand-exits-major-south-african-city-and-its-not-looking-good-for-the-post-office","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/5-things\/850384\/iconic-hotel-brand-exits-major-south-african-city-and-its-not-looking-good-for-the-post-office\/","title":{"rendered":"Iconic hotel brand exits major South African city, and it&#8217;s not looking good for the Post Office"},"content":{"rendered":"\n<p>The rand opened the week stronger on Monday, largely fueled by a renewed increase in its key export, gold. It was trading at 15.9150 against the dollar, marking about a 0.8% increase from Friday&#8217;s close.<\/p>\n\n\n\n<p>Analysts remarked, &#8220;Gold and platinum prices have recovered from their lows, offering some comfort that the ZAR would enjoy some renewed commodity price benefits through the week ahead.&#8221;<\/p>\n\n\n\n<p> The US dollar was last recorded 0.7% weaker against a basket of currencies. Gold was priced just above the $5,000-per-ounce mark as investors anticipated upcoming jobs and inflation data to evaluate the direction of US interest rates. <\/p>\n\n\n\n<p>On the domestic scene, government officials and prominent mining investors convened for an annual mining conference in Cape Town, running until Thursday. <\/p>\n\n\n\n<p>South Africa&#8217;s statistics agency is also set to release December mining and manufacturing figures on Thursday. <\/p>\n\n\n\n<p>Analysts noted, &#8220;For now, South Africa&#8217;s terms of trade remain favourable, and the outlook for the ZAR is similarly favourable, especially if foreign investors continue to position for a reduced risk profile.&#8221;<\/p>\n\n\n\n<p>As of Tuesday, 10 February, the rand is trading at R15.90 to the dollar, R21.75 to the pound, and R18.93 to the euro. Gold is currently valued at $5,034.62 per ounce, while oil prices have risen to $68.90 per barrel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5 important things happening in South Africa today<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/Post-Office.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/Post-Office-1024x576.jpg\" alt=\"\" class=\"wp-image-794308\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/Post-Office-1024x576.jpg 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/Post-Office-300x169.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/Post-Office-768x432.jpg 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/Post-Office.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Goodbye Hilton Durban hotel:<\/strong> Global hotel group Hilton has severed its relationship with the owners of the prominent Hilton Durban hotel, which is located next to the Inkosi Albert Luthuli International Convention Centre (Durban ICC) in the city. [<a href=\"https:\/\/www.moneyweb.co.za\/news\/companies-and-deals\/iconic-hilton-durban-shuts-after-hotel-group-yanks-agreement\/\">Moneyweb<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Post office in Business Rescue:<\/strong> The South African Post Office&#8217;s business rescue plan is in jeopardy due to the lack of a promised R3.8 billion government bailout. Business Rescue Practitioners Anoosh Rooplal and Juanito Damons are considering exiting business rescue and returning the company to the government, with a new board, amid ongoing financial struggles. [<a href=\"https:\/\/newsday.co.za\/south-africa\/17239\/government-pulls-r3-8-billion-lifeline-for-south-african-post-office\/\">Newsday<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>DSTV owner faces massive cuts: <\/strong>France&#8217;s Canal+ Group plans to reduce costs by over R7.5 billion (\u20ac400 million) annually from its newly acquired MultiChoice unit by FY30 (early 2030). [<a href=\"https:\/\/www.news24.com\/business\/companies\/showmax-not-a-commercial-success-says-canal-as-it-pushes-r75bn-savings-drive-20260129-1100\">News24<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Bidvest<\/strong> <strong>Bank deal collapses: <\/strong>Access Bank, one of Nigeria\u2019s leading banks, has seen its attempt to acquire Bidvest Bank fall through, hindering its expansion ambitions in South Africa, where it currently has a small market presence. Following the unsuccessful deal, Bidvest Group announced on Monday that it has restarted negotiations regarding the sale of Bidvest Bank. [<a href=\"https:\/\/businesstech.co.za\/news\/business\/850320\/sale-of-major-south-african-bank-for-r2-8-billion-collapses\/\" target=\"_blank\" rel=\"noreferrer noopener\">BusinessTech<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>New electric cars entering South Africa:<\/strong> Chery Group&#8217;s subbrand, iCaur, is set to introduce its first two models in South Africa in May 2026, with anticipated starting prices around R550,000. The name iCar was first used by Chery in 2007 for a petrol pickup truck, and it later represented the brand&#8217;s digital ecosystem and network for selling new energy vehicles. [<a href=\"https:\/\/mybroadband.co.za\/news\/motoring\/628121-south-africas-first-electric-suv-under-r600000.html\">MyBroadband<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are five important things happening in South Africa on Tuesday, 10 February 2026.<\/p>\n","protected":false},"author":127,"featured_media":204314,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20398],"tags":[18993,853],"class_list":["post-850384","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\/850384","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\/127"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=850384"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/850384\/revisions"}],"predecessor-version":[{"id":855790,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/850384\/revisions\/855790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/204314"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=850384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=850384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=850384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}