Deal Tension
South Africa is racing against time to finalize a trade deal with the United States.
If no agreement is reached by August 1, the U.S. could impose 30% tariffs on South African exports. In return, the U.S. wants LNG access and poultry imports. The rand is holding around R17.86 to the dollar as markets wait.
Treasury Targets $500m in Forex
South Africa’s National Treasury is now seeking at least $500 million in foreign currency funding following the recent budget impasse resolution. ESG bonds and structured notes are on the table, with a deadline of August 6 looming.
Bain & Co Shuts Local Consulting Arm
Bain & Company is exiting its South African consulting business due to lingering fallout from the SARS state capture scandal.
Its Johannesburg office will now operate only as a global service hub.
PFL MMA Debut in Africa
The Professional Fighters League held its first-ever African MMA event in Cape Town, in the Western Cape in South Africa.
Local fighter Nkosi Ndebele scored a knockout in round one, and Dutch star Costello van Steenis submitted Johnny Eblen in the main event.
Ivory Coast’s Power Dilemma
In West Africa, Ivory Coast President Alassane Ouattara has announced he’ll run for a fourth term this October.
Critics say this breaks his previous pledge to hand over power to younger leaders—raising fears of democratic backsliding in the world’s top cocoa-producing nation.
Rising Hunger in Africa?
While global hunger is showing signs of decline, a new United Nations report highlights a troubling trend in Africa, where hunger continues to rise. According to the report, an estimated 512 million people worldwide will remain undernourished by the end of the decade, 60% of them in Africa.
