A new way to tip car guards in South Africa, and petrol stations in trouble

The Special Investigating Unit (SIU) is searching for eight luxury cars allegedly hidden by one of the key suspects in the R2-billion Tembisa Hospital corruption scandal – Hangwani Morgan Maumela.

Last week, the SIU confirmed that its curator was searching for multiple high-end cars that Maumela had acquired using funds allegedly looted from hospital procurement contracts, with 23 vehicles identified thus far.

The curator has taken possession of 15 and is searching for another eight cars after a whistleblower told the SIU that Maumela had hidden one of the missing cars, a Bentley, at an associate’s property.

In addition to the Bentley, the SIU is searching for seven other cars, including three Porsches and four Ferraris.

There has also been some good news for global Brent crude prices, which fell below $105 per barrel overnight.

This comes after the US and Iran signalled a willingness to pursue peace talks as the war in the Middle East enters its ninth month.

Bloomberg reported Iran’s president said his government had been granted more authority by the nation’s supreme leader to negotiate, while US President Donald Trump hinted at progress in talks.

In the meantime, the South African rand strengthened by around 10c to the US dollar overnight, and is trading at R16.60 against the Greenback this morning.

5 important things

New cashless solutions for tipping car guards and petrol attendants in South Africa: The vast majority of payments in South Africa are now made electronically, which has negatively impacted services that typically rely on small cash payments, such as car guards. Pick n Pay has launched a new system to allow car guards to continue receiving tips in an age when motorists no longer carry cash [TopAuto].

Petrol stations in deep trouble in South Africa: Petrol stations in South Africa are in trouble as rising fuel prices force motorists to cut back on fuel purchases, while operating costs continue to climb and jobs come under threat. This is the feedback from Henry van der Merwe, chairman of the South African Petroleum Retailers Association (SAPRA) [BusinessTech].

WeBuyCars kisses R8.62 billion goodbye: WeBuyCars has fallen out of favour with investors, with the JSE-listed company’s share price down 42.79% year-to-date. This decline equates to a loss in market value of R8.62 billion, with shareholders feeling the pain of a company struggling to adapt to the rise of affordable Chinese cars [Daily Investor].

South Africa, Rwanda lose access to US AGOA trade pact: South Africa and Rwanda have lost their duty-free access to the US, granted under the African Growth and Opportunity Act, which Pretoria had lobbied hard to retain. Pretoria has been trying to agree a broader trade deal with Washington after Trump unveiled harsh tariffs that penalise its automobile sector, potentially putting jobs at risk [Bloomberg].

The abandoned railway tunnel in South Africa that was the first of its kind in Africa: The 150-year-old Hex River Pass Tunnel is the first railway tunnel on the African continent, but is now completely abandoned and closed to rail traffic [Newsday].