Uber cuts thousands of jobs, and make or break for South Africa

The rand was trading at R16.04 against the US dollar in early trade on Thursday, 3 September 2026, much stronger than the day before.

Despite this, JSE equities closed yesterday lower with the All Share Index down 0.67% and the Top 40 Index down 0.58%.

Domestic business sentiment took a hit, with the RMB/BER business confidence index slipping to 38 during the third quarter.

This is the index’s lowest reading since Q3 2024, and was driven by softer demand and heightened uncertainty surrounding the Middle East conflict.

On Wall Street, US equities rebounded on Wednesday after a three-session losing streak, with the S&P 500 up 0.46%, the Nasdaq up 0.45%, and the Dow Jones up 0.56%.

Meanwhile, in Europe, higher bond yields and renewed tensions in the Middle East stoked concerns over energy inflation, leading the STOXX 600 to decline by 0.2%.

Asian shares and bonds rallied on Thursday in response to stronger services data, with Japan’s PMI rising to 52.5 in August, its fastest expansion in five months.

In the commodities market, oil prices edged slightly lower but remained above $95 per barrel, while gold prices rose by 1% to $4,432.25/oz.

On Thursday morning, the rand was trading at R16.04 against the US dollar, R18.62 against the euro, and R21.66 against the British pound.

Important finance and investing stories

Uber to cut thousands of jobs: Uber is looking to reduce its global corporate workforce by 10% in its biggest cuts since the Covid-19 pandemic, as it looks to generate more savings and compete with Alphabet’s Waymo in the race for self-driving robotaxis. [Semafor]

Make or break for South Africa: Businesses across South Africa are pinning their hopes on the November local government elections to deliver the certainty they need to continue operating, after the RMB/BER business confidence index slumped on the back of poor infrastructure, municipal service delivery challenges and policy uncertainty. [BusinessDay]

Google dodges a bullet: A federal judge has rejected the Justice Department’s request to dismantle Google’s advertising business after it was found liable for engaging in illegal monopoly tactics. This is the second time a court has denied government attempts to break up the company. [Wall Street Journal]

Money is getting more expensive: The US-Iran war is having a negative impact on the US bond market, with the yield on the benchmark 10-year Treasury climbing to its highest level in nearly three years on Wednesday. This makes it harder for consumers to take out mortgages, businesses to borrow and for the US to pay its debts. [Yahoo Finance]

Woolies’ big quality problem: Newly appointed Woolworths CEO Sam Ngumeni said the company will embrace customer feedback as it looks to close gaps in the quality of products it offers across its struggling fashion division, which is currently being outshone by its food business. [BusinessDay]