Temu warehouse launched in South Africa, and investors selling South African stocks

The rand remained stable on Tuesday, supported by hopes that the country could still secure a less harmful trade deal with the United States.

President Donald Trump extended the tariff deadline to 1 August, giving South Africa and more than a dozen other trading partners a chance for further discussions.

Currently, South Africa faces a 30% tariff on its exports to the US, but the extended deadline has created an opportunity for negotiations.

The rand traded at 17.82 against the dollar, up roughly 0.3% on Monday’s close, seemingly clawing back some of its losses after falling well over 1%.

On Wednesday, 9 July, the rand was trading at R17.77 to the dollar, R24.16 to the pound and R20.82 to the euro. Oil was trading slightly lower at $69.95 a barrel.

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

Local Temu warehouse: Temu has launched a local warehouse in South Africa, enabling faster delivery. Items from this warehouse are marked as “local,” with delivery times of under two days, including next-day options. [MyBroadband]

Investors selling South African stocks: Foreign investors have sold R33.3 billion in South African equities over the past four weeks, continuing a year-long trend. This raises their total sales for the year to R138.1 billion, which is over R50 billion higher than at the same time last year. [Daily Investor]

The end of Green ID books: Home Affairs Minister Leon Schreiber says his department aims to significantly improve Smart ID and Passport services this year. The plan is to stop issuing the old green IDs by year-end. [BusinessTech]

Parliament to consider SAPS corruption allegations: National Assembly Speaker Thoko Didiza has expressed concern regarding the allegations made by KwaZulu-Natal Police Commissioner Lieutenant-General Nhlanhla Mkhwanazi. Didiza is now considering parliamentary action. [eNCA]

Implementation of new school rules ramps up: The Department of Basic Education (DBE) has accelerated the implementation of the Basic Education Laws Amendment (BELA) Act. This Act introduces compulsory Grade R, stricter homeschooling regulations, and bans on corporal punishment and initiation practices, while expanding the powers of provincial education departments. [Business Day]