{"id":861324,"date":"2026-05-24T08:20:48","date_gmt":"2026-05-24T06:20:48","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=861324"},"modified":"2026-05-24T08:33:10","modified_gmt":"2026-05-24T06:33:10","slug":"ramaphosa-signs-major-new-law-and-concerns-over-uber-and-bolt-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/5-things\/861324\/ramaphosa-signs-major-new-law-and-concerns-over-uber-and-bolt-in-south-africa\/","title":{"rendered":"Ramaphosa signs major new law, and concerns over Uber and Bolt in South Africa"},"content":{"rendered":"\n

The rand has remained largely stable since Thursday, with investors waiting for the South African Reserve Bank’s (SARB’s) next interest rate decision.<\/p>\n\n\n\n

While the SARB was widely expected to cut interest rates at the start of the year, the war in Iran and its effects on inflation have now increased the likelihood of hikes next week. <\/p>\n\n\n\n

The SARB’s Monetary Policy Committee meeting is scheduled for Thursday, with economists expecting a 25-basis-point rate hike, and the vote expected to be split.<\/p>\n\n\n\n

\u201cThe SARB may hike interest rates \u200bat the upcoming MPC meeting to reduce the likelihood of second-round \u200binflation pressure,\u201d said Elna Moolman from Standard Bank. <\/p>\n\n\n\n

Inflation data released last week showed that inflation hit its highest level since August 2024, climbing to 4.0%, which is at the top of the SARB’s new tolerance band. <\/p>\n\n\n\n

Given the SARB’s goal of keeping inflation around 3.0%, a hike is widely expected, but some believe monetary policy is still restrictive at current levels. <\/p>\n\n\n\n

Investors will also monitor a series of economic indicators due next week, including the leading business cycle index, producer inflation, and figures for money supply, private sector credit, trade balance, and budget balance. <\/p>\n\n\n\n

On Sunday, 24 May, the rand was trading at R16.46 to the dollar, R22.09 to the pound, and R19.11 to the euro. Gold is trading lower at $4,508.93 an ounce, while oil prices were at $104.24 a barrel. [Reuters<\/a>]<\/p>\n\n\n\n

5 important things happening in South Africa today <\/h2>\n\n\n
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Ramaphosa signs new law into effect<\/strong>: President Cyril Ramaphosa has si<\/span>gned certain sections of the Companies Amendment Act into law. The legislation, which was signed by the President in 2024, will make several changes to key financial reporting, including information on the earnings of the highest- and lowest-paid employees at state and listed firms. [Government Gazette<\/a>]<\/p>\n\n\n\n

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Uber and Bolt violence:<\/strong> Ride-hailing service Bolt has highlighted concerns over criminals targeting e-hailing drivers following social media reports showing recent violent incidents targeting Bolt and Uber drivers. Bo<\/span>lt South Africa\u2019s senior operations manager, Simo Kalajdzic, said that the company is working on further safety initiatives. [MyBroadband<\/a>]<\/p>\n\n\n\n

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Sexwale scared of ANC presidency<\/strong>: Former Gauteng Premier and wealthy businessman Tokyo Sexwale says that while he could serve as the ANC President when Ramaphosa leaves, he is not interested in the personal power or glory of the role. He believes the role is dangerous, and will instead offer support to the ANC’s next President [Daily Investor<\/a>]<\/p>\n\n\n\n

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Huge blow regarding electricity prices<\/strong>: South Africa\u2019s four largest metros are set to implement massive tariff increases, mostly in line with Eskom\u2019s 9.01% hike in bulk electricity prices. The new tariffs are set to take effect from 1 July 2026 and remain in effect until 30 June 2027. [MyBroadband<\/a>]<\/p>\n\n\n\n

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Warning for airport travellers<\/strong>: Airport authorities in South Africa and other countries can confiscate power banks if they do not comply with strict regulations. Power banks must be of a certain wattage and are only allowed in carry-on luggage, as they pose a fire hazard. [TopAuto<\/a>]<\/p>\n\n\n\n

\n","protected":false},"excerpt":{"rendered":"

Here are five important things happening in and affecting South Africa on Sunday, 24 May 2026.<\/p>\n","protected":false},"author":95,"featured_media":860629,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20398],"tags":[16632],"class_list":["post-861324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-5-things","tag-5-things"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/861324","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\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=861324"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/861324\/revisions"}],"predecessor-version":[{"id":861327,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/861324\/revisions\/861327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/860629"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=861324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=861324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=861324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}