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Saudi Arabia plans a $100 billion AI project to establish a tech hub to compete with the UAE. Bloomberg’s Christine Burke reports.
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Rand strengthens slightly after morning slump on JSE. Sasol and Implats among top losers. JSE closes down 3.3% due to Trump’s tariff announcement. All-Share Index drops over 4.5% but recovers slightly. Trump plans minimum 10% tariff on US imports, higher duties on key trading partners.
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US President Trump announced reciprocal tariffs, ranging from 10% to 54%, causing market turmoil. South Africa hit with 30% tariff. Impact on trade flows and economy significant. Trade expert says Agoa benefits negated.
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SARS plans to revoke concessions for traders outside regulations, affecting Chinese retailers Shein and Temu. Concessions, including a simplified customs process with a 20% flat duty rate, granted under the Customs and Excise Act, are deemed outdated. SARS aims to ensure compliance by withdrawing these concessions, impacting how goods are imported into South Africa.
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Lesotho faces 50% import tax on textiles and diamonds in Trump’s tariff list. The US aims to reduce trade deficit with Lesotho and other countries with reciprocal tariffs. Lesotho plans to send delegation to Washington to challenge the new trade measure to prevent job losses.
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South Africa faces a 30% tariff on exports to the US by President Trump, part of a broader trade decision. Concerns arise over the impact on the economy and future trade relations. Some countries face a 10% base tariff, while those with trade deficits will pay higher. Trump’s move, though expected, may have significant consequences for South Africa.
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The DA launched a court application against the parliamentary report on the fiscal framework, aiming to nullify proceedings and halt the scheduled 0.5% VAT hike set for 1 May. The party opposes the Budget adoption, causing a rift in the government of national unity. DA’s Helen Zille expressed determination to succeed in stopping the VAT increase.
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Minister Chikunga calls for more DNA samples in the case of a 7-year-old rape victim in Matatiele, Eastern Cape. The principal, who refused to provide DNA, sought help from AfriForum. Nationwide protests demand action. Chikunga urges broad investigation beyond the principal.
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Reports of a nationwide strike on Friday demanding President Cyril Ramaphosa’s resignation have circulated widely, but the Tshwane Metro Police Department confirmed a National Shutdown march organized by the “Defend South Africa” movement. Motorists are advised to avoid certain streets in Pretoria, with police monitoring the march from the Old Putco Depot to the Union Buildings.
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Accelerate Property Fund is selling its share of Cape Town’s Portside Tower, the city’s tallest building, to Penalten Investments for R580 million. The property includes retail space, office floors, parking bays, and common areas. Completed in 2014, the 139-metre-tall tower offers panoramic views and holds a 5-star Green Star rating. Initially developed for FirstRand and Old Mutual, it is a landmark in the city’s CBD.
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