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Finance News Update | 29 July 2026

Writer: Masego M
Masego M
Jul 29
3 min read

General Headlines Double-tax for wealthy foreigners in South Africa South Africa attracts wealthy foreigners because of its great lifestyle, but taxes are a big risk. The country has a high personal income tax rate of 45%, and many people don’t realize that living, investing, or even spending time there can put them under this system. The real danger is paying more tax than necessary if they don’t use international tax treaties. Double Taxation Agreements can lower taxes, but ignoring them may lead to overpaying. By law, international tax rules are stronger than local ones, and neither Parliament nor the tax authority can change that. The smart move is to use tax-efficient options, especially for executives, entrepreneurs, retirees, investors, returning South Africans, and business owners. These groups need to be careful not to pay more tax than the law requires. (BusinessTech) Markets and Investments South African iron-ore quality among strongest of seaborne market, Kumba reports Iron ore from South Africa’s Northern Cape stands out in the global market because of its high quality. In the first half of the year, exports sold at an average of $90 per ton, which was 8% above the global benchmark. Kumba Iron Ore’s product had an average iron content of 63.6% and a strong lump-to-fines ratio of 66%. The company also sold to countries beyond China, including Japan, South Korea, and Europe, earning a $7 per ton premium. While China’s steel demand is expected to level off, demand for high-grade iron ore will stay strong, especially in India and Southeast Asia. Kumba is also introducing a new technology called UHDMS, which will boost premium ore production at its Sishen mine from 18% to 55%. This technology allows more flexibility in processing different ore grades and densities.(Engineering) Oil extends decline as optimism over Iran talks gains traction

Oil prices dropped sharply after President Donald Trump said the US and Iran were talking to ease Middle East tensions, with both sides holding back on attacks. Brent crude fell to about $87 a barrel after an 8.7% drop on Monday, while West Texas Intermediate was near $81. Trump said he paused strikes to give negotiations another chance and believed there was a “good chance” of progress, though it’s unclear if real talks are happening. This month, crude prices have swung wildly-rising when conflict spread to the Red Sea, then falling as tensions eased. Traders remain cautious because tanker traffic through the Strait of Hormuz has not yet returned to normal. (MoneyWeb) Property and Real Estates  $2.1 billion and counting: African real estate is executing Before the 17th Africa Property Investment Summit in Cape Town, Africa’s real estate and hospitality sectors are seeing record activity. In the past 18 months, over $2.1 billion in deals were completed across nine countries and eight property types, making it one of the busiest periods in Africa’s real estate history. A total of 28 transactions were closed by key industry players, covering commercial, residential, hospitality, logistics, and more. The full African Real Estate Index - prepared with Broll as the data partner - will be released at the summit on 17–18 September at the Cape Town International Convention Centre. (PropertyWheel) Construction of the Waterfall City Conference Centre and Hotel has now started Construction has officially begun on the Waterfall City Conference Centre and Hotel (WCCCH) after a sod-turning ceremony. The project, worth R750 million, is a joint effort by Attacq and Rabie Property Group and is part of the larger Waterfall City development in Midrand, Gauteng. The hotel will feature 180 rooms and apartments, a full-day restaurant, a swimming pool, spa, and gym. The conference centre will host up to 1,350 people in one venue and 2,000 across 16 flexible spaces. It will be managed by African Rain Collection, which also runs the Century City Conference Centre and Hotel in Cape Town, bringing over ten years of experience in hospitality and business events. (EngineeringNews)


 
 
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