Malema sentenced to five years in prison over firearm conviction
South African opposition leader Julius Malema was sentenced to five years in prison Thursday. The East London Magistrate’s Court found him guilty of illegal firearm possession and reckless public endangerment. The sentencing follows a 2018 incident where Malema fired a semi-automatic rifle during a political rally. The court ruled the weapon was a live firearm rather than a theatrical prop. Magistrate Twanet Olivier ordered the five-year and two-year prison terms to run concurrently. She emphasized that lawmakers must be held to the highest standards of legal and public accountability. This five-year term exceeds the twelve-month threshold for parliamentary disqualification. Consequently, Malema risks losing his seat in the National Assembly if his pending legal appeals are eventually dismissed. Defense lawyers immediately filed for leave to appeal both the conviction and sentence. Malema remains out of custody while the judicial process continues to move through the higher courts. The Economic Freedom Fighters labeled the ruling a politically motivated attack. They maintain the case aims to destabilize their leadership ahead of upcoming legislative sessions and national political debates.
South African manufacturing slumps 2.8% as industrial contraction deepens
South Africa’s manufacturing production slumped by 2.8% year-on-year in February, according to data released by Statistics South Africa on Thursday, marking a sharp acceleration in the sector’s downturn as it grapples with cooling demand and persistent structural challenges. The decline significantly exceeded market expectations and followed a revised 0.1% marginal drop in January. The data confirms a fourth consecutive month of contraction for the continent’s most industrialized economy, signaling a difficult first quarter for Gross Domestic Product (GDP) growth. On a month-on-month basis, seasonally adjusted manufacturing output fell by 2.2% in February compared to January. The wider three-month picture also showed weakness, with total production decreasing by 2.0% in the three months ended February 2026 compared with the previous three months. The slump was widespread, with seven of the ten manufacturing divisions reporting negative growth. The most significant downward pressure came from the wood and paper, publishing, and printing division, which plummeted 9.7% and shaved 1.1 percentage points off the total growth rate. The heavy-weight food and beverages division followed with a 4.5% decline, while the motor vehicles, parts and accessories, and other transport equipment sector fell by 3.1%. Bucking the downward trend, the glass and non-metallic mineral products division grew by 6.4%, and electrical machinery production rose by 5.7%. However, these gains were insufficient to bridge the gap left by the contraction in the sector’s larger components. The manufacturing sector, which accounts for roughly 12% of South Africa’s GDP, remains a critical barometer for the health of the broader economy. Today’s figures suggest that industrial recovery remains elusive as the country nears the end of the first quarter.
Middle East conflict day 32: South Africa slashes fuel tax to shield economy from fallout
As the joint U.S.-Israeli military action against Iran enters its fifth week, the South African government moved on Tuesday to intercept a looming economic catastrophe, announcing an emergency R3.00 per litre reduction in the general fuel levy. The intervention, confirmed by Finance Minister Enoch Godongwana on Tuesday, is designed to blunt the impact of what the International Energy Agency (IEA) has termed the “largest supply disruption in the history of the oil market.” A shield against the “Oil Shock” The 32-day conflict has seen Brent Crude surge past $93 per barrel, a direct result of the blockade of the Strait of Hormuz. For South Africa, which relies heavily on refined imports, the geopolitical fallout has been compounded by a sharp depreciation of the Rand, which slipped to an average of R16.64 per dollar this month. “This is a necessary, albeit temporary, measure to protect the purchasing power of our citizens and the operational viability of our logistics sector,” Minister Godongwana stated. The R3 reduction will remain in effect from April 1 to May 5, 2026. Fiscal and regional ripple effects The National Treasury expects the one-month cut to cost approximately R6 billion in foregone revenue. Plans are already in motion to recoup these funds through “fiscally neutral” mechanisms in the 2026/27 Budget cycle. South Africa’s move mirrors a broader continental scramble. While Morocco has maintained butane gas subsidies and Zimbabwe has hiked ethanol blending to 20%, others like Ethiopia and South Sudan have been forced into strict fuel and electricity rationing. On Monday Egyptian President Abdel Fattah al-Sisi issued a warning, stating that global oil prices exceeding $200 per barrel (pb) are no longer a “theoretical fear” but a looming reality. The war is taking place far from African territory, but the continent is bearing the brunt.
Standard Bank targets 12% annual profit growth in new 2026–2028 Strategy
Standard Bank Group (SBK), Africa’s largest lender by assets, has announced a target for annual headline earnings per share (HEPS) growth of between 8% and 12% for the 2026–2028 period. The South African-based financial giant unveiled the new medium-term targets on Thursday, signaling a shift toward sustained capital efficiency following the conclusion of its previous five-year strategic cycle. The bank also raised its Return on Equity (ROE) target range to 18%–22%, up from the previous 17%–20% guidance. The group’s 2026–2028 roadmap projects annual revenue growth of 7% to 10%. To maintain profitability, management committed to keeping the bank’s cost-to-income ratio sustainably below 50%. Standard Bank confirmed it will maintain a dividend payout ratio of 45% to 60% of headline earnings. The bank also indicated it would utilize share buybacks as a tool for capital management when appropriate, reflecting a robust capital position entering the new cycle. The new targets follow a record-breaking 2025 financial year, where the group reported 11% year-on-year increase in its headline earning. Group CEO Sim Tshabalala attributed the optimistic forecast to structural growth opportunities across the African continent, specifically in infrastructure financing, energy transition, and digital banking services. The bank has nearly doubled its sustainable finance mobilization target to R450 billion by 2028. This strategic update arrives as the lender prepares for a leadership transition, with both Tshabalala and CFO Arno Daehnke slated to retire by the end of 2027.
South Africa slaps massive anti-dumping duties on steel from China and Thailand
South Africa has imposed aggressive new import duties of up to 75% on structural steel from China and Thailand, moving to protect its embattled domestic industry from what it describes as a predatory surge of “dumped” foreign products. The new rates represent a significant escalation from the provisional duties introduced in late 2024. China Imports now face a definitive duty of 74.98%, a sharp jump from the previous 52.81%. Thailand: Imports are now subject to a 20.32% duty, more than double the earlier 9.12% provisional rate. The definitive anti-dumping duties, approved by Trade, Industry and Competition Minister Parks Tau, took effect on Thursday. The measures follow a final determination by the International Trade Administration Commission of South Africa (ITAC) that steel from these nations was being sold in the local market at prices below production costs, causing “material injury” to South African manufacturers. The duties apply to various U, I, and H sections of iron or non-alloy steel, primarily used in large-scale construction, mining, and infrastructure projects. The investigation was triggered by an application from ArcelorMittal South Africa (AMSA), the country’s only primary producer of these specific steel sections. AMSA has warned for years that a flood of cheap imports—which surged nearly 19-fold from China and Thailand in the 2023/24 financial year—made it impossible for local mills to remain viable. “The commission found that the SACU [Southern African Customs Union] industry is experiencing material injury,” ITAC stated in its final report, citing suppressed prices, declining sales volumes, and the erosion of local market share as key factors. China currently accounts for roughly 73% of all steel imports into South Africa. Local industry experts note that as traditional markets in Europe and North America have tightened their trade barriers against Chinese overcapacity, excess supply has been diverted to more open markets like South Africa The steel sector is a pillar of South Africa’s industrial economy, but it has been crippled recently by high energy costs, logistical bottlenecks at state-owned Transnet, and weak domestic demand. Last year, the industry faced a crisis as plant closures put approximately 3,500 jobs at risk. The new duties are scheduled to remain in place for five years, though they will be subject to a “sunset review” before they expire in 2031.
