The rand was wobbly on Thursday morning, suggesting that the market was still unsettled over the ANC’s proposal to nationalise the Reserve Bank. The local currency fell as much as 2% to the dollar following the proposal, which analysts said cast a shadow on the independence of the central bank.
Popeyes To Open In Sandton Next Week
A new chicken has come to roost in the richest square mile in Africa. Popeyes Louisiana Kitchen is set to open its doors in Sandton next week, but feathers are set to fly as the New Orleans-based brand muscles in on territory ruled by KFC and Chicken Licken. Group CEO Jaye Sinclair said there was more than enough interest from consumers to sustain another fried-chicken brand in the country. “The quick-service restaurant market is showing positive growth. Chicken makes more than 50% of the QSR [quick-service restaurant] market, so there is scope for Popeyes to enter. “Popeyes is also the second-largest chicken player in the world. From a brand perspective, it has a strong and proven record,” he said.
Taxi Strike Called Off
Taxi operators on Thursday suspended plans to strike on July 12, pending the outcome of talks with Transport Minister Mkhacani Maswanganyi. The South African National Taxi Council wants licenses to be made indefinite, which will enable operators to obtain finance for their vehicles from banks at more favorable rates. Last month, minibus taxi operators blocked many of the main roads and highways in the country’s Gauteng province, bringing transport to a near standstill in parts of the country’s main commercial hub of Johannesburg.
H&M To Open Six More Stores
Swedish retailer H&M plans to open another six stores in SA before the end of 2017 as it extends its reach in the country. The news follows on the group’s interim results, which showed a 32% rise in sales in rand terms in SA. The rise came at the expense of local retailers such as Mr Price and Edcon.
Indicators : JSE 52’667 – Oil 48.49 – Rand/USD 13.40 – Rand/GBP 17.29 – Rand/EUR 15.21