Crackdown on R100 billion illicit industry in South Africa, and TikTok owner plans $6 billion buyback

The rand was trading at R16.75 against the US dollar on the morning of Friday, 13 November 2026, continuing to weaken.

Domestic equities weakened on Thursday, with the JSE All Share Index losing 0.49% while the Top 40 Index lost 0.55%.

New mining data from Stats SA showed that mining production decreased 10.7% year-on-year in September.

Economists expected another contraction after output fell 12.7% in August, as high input costs, rising fuel prices, and structural constraints weigh on the sector.

South Africa’s benchmark 2035 government bond remained steady in early trade yesterday, with the yield at 8.465%.

In the United States, the dollar strengthened to a 19-month high against its major peers, supported by expectations of a Federal Reserve rate hike.

Traders increased bets on further rate tightening after stronger-than-expected October inflation data and hawkish remarks from US central bank officials.

Concerns have been raised about persistent inflation and the possibility of a larger 50-basis-point increase.

European stocks showed mildly strong performances across the board, with the FTSE 100 up 0.25% while the DAX and CAC 40 rose 0.41% and 0.34%, respectively.

Meanwhile, Asian markets were more mixed, with the Nikkei 225 rising 0.55% while the Hang Seng dropped 1.37% and the Shanghai Composite was down 0.35%.

In commodities, Brent crude oil prices rose to around $96 per barrel after US President Donald Trump said the country did not need a deal with Iran.

Gold continued to decline to a near one-year low as expectations of further rate hiking increased, hitting $3,897.28 per ounce.

On Friday morning, the rand was trading at R16.75 to the US dollar, R18.53 to the euro, and R22.16 to the British pound.

Important finance and investing news

ByteDance plans $6 billion buyback: TikTok owner ByteDance plans to buy back up to $6 billion in shares from investors at a $400 billion valuation, marking a 20% increase over a similar programme a year ago. Investors were informed in a letter that the share price was set at $241.35. [Bloomberg]

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Crackdown on R100 billion illicit industry: South Africa is set to launch its first track-and-trace system next year for tobacco, liquor, pharmaceuticals, food and appliances as the Department of Trade, Industry and Competition seeks to rein in the country’s R100 billion illicit goods economy. [BusinessDay]

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Major airline has its sights on biggest rival: United Airlines CEO Scott Kirby said he is more confident now that a merger between his airline and its biggest competitor, American Airlines, could still happen, six months after his offer was first rebuffed in April 2026. [Yahoo Finance]

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SpaceX to invest $74 billion in AI campuses: SpaceX has pledged to invest $74 billion in two supercomputing campuses in Cochise County, Arizona, and Starbase, Texas. The Elon Musk-led company’s AI division, which went public in June, generated more than half of its third-quarter revenue. [Reuters]

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Suspended Tourism CEO still on payroll: Former SA Tourism CEO Nombulelo Guliwe was paid a monthly salary totalling R3.6 million between August 2025 and September 2026, despite being suspended 15 months ago over a R4.1 million pre-payment flagged as a material irregularity by the Auditor-General. [The Citizen]

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