Here’s what is happening in South Africa this week:
- While South African motorists can expect to see a second major drop in petrol in as many months, analysts have warned that it will do little to ease the burden on the economy, which is in for a rough ride in 2019. [Bloomberg]
- Absa faces an uphill battle convincing investors that it can regain the market share lost to its competitors while it operated under Barclays. The group used to the be top bank in South Africa, but lost out to FirstRand, Standard Bank and even Capitec in almost all markets. [Bloomberg]
- Former president Jacob Zuma is set to become a ‘recording artist’ through an unspecified agreement with the eThekwini municipality to record his favourite struggle songs. The songs will be recorded in April 2019, and will reportedly serve to preserve Zuma’s heritage. [eNCA]
- South Africa’s rand firmed against a weaker dollar in light year-end trade on Friday, helped by data that showed the country swung into a trade surplus in November. On Monday the rand was trading at R14.43 to the dollar, R18.31 to the pound and R16.49 to the euro.
- Telco operator Rain is successfully testing eSIM technology on its network, with plans to commercialise the product in 2019. The tech gives support for a physical SIM card and the inclusion of an eSIM – an embedded SIM card which is built into the device. [MyBroadband]
- The Competition Commission’s inquiry into private healthcare cost almost R200 million to do, with the panel having to tap into a host of analysts and experts to publish its final report. The commission was launched in 2013 and delivered its final report in 2018. [TimesLive]
- South Africa’s rand weakened more than 1% on Wednesday as weak Chinese manufacturing data offset hopes that a trade war between China and the United States was ending. On Thursday the rand was at R14.53 to the dollar, R18.24 to the pound and R16.52 to the euro.