{"id":860689,"date":"2026-05-19T07:16:54","date_gmt":"2026-05-19T05:16:54","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=860689"},"modified":"2026-05-19T07:16:54","modified_gmt":"2026-05-19T05:16:54","slug":"major-bank-officially-exits-south-africa-after-30-years-and-storm-brewing-for-pick-n-pay","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/5-things\/860689\/major-bank-officially-exits-south-africa-after-30-years-and-storm-brewing-for-pick-n-pay\/","title":{"rendered":"Major bank officially exits South Africa after 30 years, and storm brewing for Pick n Pay"},"content":{"rendered":"\n

The rand strengthened against a weaker dollar on Monday as domestic investors awaited inflation data that is expected to reflect the pressures stemming from the war in the Middle East. <\/p>\n\n\n\n

The rand traded at 16.6050 against the dollar, which is an increase of about 0.6% from its previous close. <\/p>\n\n\n\n

Stats SA will release April inflation data on Wednesday, and analysts polled by Reuters anticipate that it will rise to 3.9% year-on-year, up from 3.1% in March.<\/p>\n\n\n\n

ETM Analytics expects domestic inflation to reach 5% if oil prices remain high and the local currency continues to depreciate. As a net fuel importer, South Africa is significantly affected by rising global energy prices.<\/p>\n\n\n\n

Analysts believe the March figures are unlikely to show weakness, as they predate the full impact of the Iran war, which began at the end of February. <\/p>\n\n\n\n

On the Johannesburg Stock Exchange, the Top-40 index was down 0.2% in early trading. South Africa’s benchmark 2035 government bond also weakened, with the yield rising 6.5 basis points to 8.88%.<\/p>\n\n\n\n

On Tuesday, 19 May, the rand was trading at R16.65 to the dollar, R22.34 to the pound, and R19.38 to the euro. Gold is trading lower at $4,541.05 an ounce, while oil prices were at $109.80 a barrel.<\/p>\n\n\n\n

5 important things happening in South Africa today<\/h2>\n\n\n\n
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International bank officially exits South Africa:<\/strong>\u00a0The Reserve Bank\u2019s Financial Surveillance Department has cancelled HSBC Bank\u2019s Johannesburg branch\u2019s appointment as an authorised dealer in foreign exchange. This cancellation took effect immediately, marking the end of one of the bank\u2019s last ties to South Africa as it exits the local market after 30 years. [Daily Investor<\/a>]<\/p>\n\n\n\n

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Big storm brewing for Pick n Pay:<\/strong>\u00a0Saccawu, Pick n Pay\u2019s main trade union, has warned that it is preparing for \u201cthe mother of all battles whereupon workers will protect their livelihood and wellbeing, which the company wants to trample upon and erode as if it was nothing.\u201d [Currency News<\/a>]<\/p>\n\n\n\n

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WeBuyCars feels the pain:<\/strong>\u00a0WeBuyCars has published its interim results for the six months ended 31 March 2026, reporting a 77% decrease in cash generated from operating activities and a 1.5% decline in after-tax profit. [MyBroadband<\/a>]<\/p>\n\n\n\n

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Eskom issues final notice to Johannesburg:<\/strong>\u00a0Eskom has warned of potential electricity supply interruptions in Johannesburg from 8 July due to the municipality’s failure to adhere to a settlement agreement regarding outstanding debts and current electricity payments. [Engineering News<\/a>]<\/p>\n\n\n\n

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Government doubles down on NHI:<\/strong>\u00a0The Constitutional Court has dismissed a key piece of legislation that would have controlled where medical practitioners and nurses could work. The Health Department clarified that the judgment does not impact the NHI. The Department added that it would continue preparing for the NHI to achieve universal healthcare coverage in South Africa. [Daily Maverick<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"

Here are five important things happening in and affecting South Africa on Tuesday, 19 May 2026.<\/p>\n","protected":false},"author":92,"featured_media":860690,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20398],"tags":[18993,853],"class_list":["post-860689","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\/860689","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=860689"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/860689\/revisions"}],"predecessor-version":[{"id":860691,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/860689\/revisions\/860691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/860690"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=860689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=860689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=860689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}