South Africa’s R36 billion cannabis goldmine, and Jeff Bezos spends $30 billion on space travel

The rand was trading at R16.42 against the US dollar on the morning of Friday, 25 September 2026, continuing to weaken.

South African markets remained closed on Thursday for the Heritage Day public holiday, leaving Wednesday as the latest local trading reference.

Equities traded lower during Wednesday’s session, with the JSE All Share Index dropping 1.57% and the Top 40 Index dropping 1.70%.

The South African Reserve Bank’s Monetary Policy Committee voted unanimously to raise interest rates by 25 basis points to 7.25%.

The Bank cited renewed fuel price pressures in the wake of Middle East and Russia-Ukraine supply concerns.

South Africa’s inflation stood at 4.4% for August, while the country’s 2026 GDP growth forecast was lowered to 1.2%.

On Wall Street, markets were mixed as 30-year Treasury yields reached their highest levels since 2004 and higher oil prices weighed on sentiment.

The Nasdaq rose 0.01%, while the S&P 500 and the Dow Jones both declined by 0.02% and 0.31%, respectively.

European shares ended Thursday lower as rising energy prices raised expectations of further ECB rate hikes, with the STOXX 600 falling 0.6%.

In Asia, markets posted mixed results with the Nikkei 225 up 0.76%, while the Hang Seng dropped by 0.29% and the Shanghai Composite by 1.22%.

Markets in mainland China, Taiwan, and South Korea remained closed for public holidays, reducing regional trading activity.

In the commodities market, Brent crude oil rose back up to around $105 per barrel as negotiators explore options to reopen the Strait of Hormuz.

Meanwhile, gold edged higher to $4,268.46 per ounce, but remains on track for a weekly decline as elevated US interest rates weigh on precious metals.

On Friday morning, the rand was trading at R16.42 to the US dollar, R18.67 to the euro, and R21.67 to the British pound.

Important finance and investing news

Jeff Bezos pumped $30 billion into going to space: Amazon founder Jeff Bezos has invested $30 billion into space technology company Blue Origin since founding it in 2000, including a latest investment of $2 billion as he attempts to rival Elon Musk’s SpaceX. The company, which has around 15,000 employees, says it wants to rapidly increase its revenue over the next few years. [Wall Street Journal]

South Africa’s R36 billion cannabis gold mine: The South African government is seeking ways to legally incorporate indigenous cannabis-growing communities into the formal value chain to boost rural economies, with the illicit cannabis market currently estimated to be worth R36 billion. The Department of Trade, Industry and Competition plans to introduce a Cannabis Bill to Parliament mid-2027. [BusinessDay]

Meta could join elite $2 trillion club: Meta shares jumped 36% in September following the release of its Muse personal AI assistant, with the stock on track to see its best month since July 2013. This has placed the Facebook-owner on the edge of joining an elite group of companies worth at least $2 trillion, where it would rub shoulders with tech giants like Microsoft, Apple, Amazon, SpaceX, Alphabet, and Nvidia. [Yahoo Finance]

Private railroad operator crying out for help: Florida-based Brightline has filed for Chapter 11 bankruptcy protection on Thursday after years of lower-than-expected revenue has left the company unable to pay off the billions of dollars it borrowed to finance its railroad projects. [Bloomberg]

Eskom’s dirty power: Parliament is demanding answers over environmental compliance at Eskom’s Kusile Power Station. The Supreme Court of Appeal has found failures in environmental and water-use requirements. [EWN]