BMW hits back at Chinese siege, and millions given to bail out the Post Office

The South African rand strengthened on Thursday, driven by optimism that US President Donald Trump would finalise trade deals with major partners after announcing a preliminary agreement with Britain.

US and Chinese officials are scheduled to meet for trade talks on Saturday, an event that investors hope will help ease the trade war between the world’s two largest economies.

Following these more positive developments, the rand was trading at R18.17 against the dollar, up about 0.6% from Wednesday’s closing level.

After a strong performance recently, Shaun Murison, a senior market analyst at IG, noted that on Thursday, the rand reached its best levels against the dollar since late March.

On Friday, 9 May, the rand was trading at R18.25 to the dollar, R24.15 to the pound and R20.48 to the euro. Oil was trading slightly lower at $63.12 a barrel.

Here are five other important things happening in and affecting South Africa today:

BMW hits back: BMW acknowledges the growing presence of Chinese brands in South Africa but believes it has key advantages in the premium sector. The company emphasised the importance of brand trust, a strong dealer network, and a history of superior performance and luxury. “BMW has built its reputation over decades and is confident in maintaining its leadership in the premium market,” it said. [Business Day]

Lifeline for the Post Office: The Temporary Employer/Employee Relief Scheme (Ters) is providing the South African Post Office (Sapo) with six months of income support totalling R381 million. Khusela Diko, chairperson of the Portfolio Committee on Communications and Digital Technologies, called the approval a “much-needed lifeline” that the state is obligated to provide. [Mybroadband]

Relief for driving licences: According to the Department of Transport, the sole driving licence card printing machine in South Africa is back in service. It has been out of service since February, creating a backlog of over 747,700 outstanding cards. To tackle this backlog, the department will extend hours at the Driving Licence Card Agency. [BusinessTech]

High treason probe continues: The Hawks said they were still interviewing witnesses in their high treason investigation against lobby group AfriForum. The investigation follows accusations of spreading misinformation abroad about South Africa’s Expropriation Act. Hawks head Godfrey Lebeya said that while the Hawks must investigate the case, the outcome of the probe would determine if prosecution is warranted. [EWN]

Gauteng’s failed lifestyle audits: A Gauteng Ethics Report highlighted issues of corruption and failures in ethical governance in the province. It found that 37% of high-ranking officials are considered “high risk” or have failed lifestyle audits. The provincial departments of education and health received the most complaints regarding fraud and maladministration. [News24]