| NGO FUNDING CHALLENGES UNDER THE SPOTLIGHT |
Di Milford (left) listening to guest speaker Julie Todd at the most recent NGO Forum.
Few people are more qualified than Julie Todd, Director of the PMB Child Welfare, to speak on funding policies pertaining to the non-profit sector. Addressing the NGO Forum at the Pietermaritzburg and Midlands Chamber of Business on Friday, Todd’s insights - gleaned over 40 years in the NPO sector - were particularly relevant in the context of financial stress following the scaling back of funding by major global donors, particularly the United States.
With a focus on the children's sector and as Head of Advocacy for Child Welfare South Africa for the past 10 years, Todd has been championing the rights of the NPO sector. She is currently the co-chair of the local NPO/Government Forum in Msunduzi and she represents the Forum at District Level.
Click here for the 2025 PMCB programme of events. |
| TIME RUNNING OUT FOR MR PRICE YOUTH FUND APPLICATIONS |
| Mr Price Foundation's Bindzu Youth Fund invites youth entrepreneurs to apply for a share of R3 million in grant funding, coaching, and growth support. For more about the initiative and how to apply before the 30 June deadline, scroll down to the NEWS YOU CAN USE section. |
| DOLLAR IN RETREAT AS BANKERS PIVOT TOWARDS GOLD, EURO, YUAN |
| The world economy is navigating unchartered waters as investors struggle to make sense of unprecedentedly fluid dynamics. Geopolitical tensions and shifting trade relations are weighing on central banks globally that are increasingly moving away from the US Dollar in favour of gold, the Euro, and the Yuan. According to a survey of 75 central banks by the Official Monetary and Financial Institutions Forum, the uncertainty is likely to persist for the foreseeable future. |
1993: The Afrikaner Weerstandsbeweging (AWB) invaded the World Trade Centre, during constitutional negotiations.
1950: North Korea attacked South Korea across the 38th parallel to set off the Korean War.
Listen to the music on International Beatles Day.
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CONSUMERS RACK UP R299 BILLION MUNICIPAL DEBT AS COLLECTIONS FALTER
South African households are under intensifying financial pressure, now owing R299.5 billion - or 72% - of the R416.1 billion in total municipal consumer debt, according to National Treasury’s latest report. With R10.8 billion written off as bad debt, the situation is compounded by weak municipal collections, averaging just 63.6% against billed revenue.
Metros fared even worse, collecting only 58.2% despite higher targets. Meanwhile, municipalities face liquidity constraints, owing R131.8 billion to creditors - 85% of it overdue. Underspending on conditional grants and poor supply chain processes have further slowed infrastructure rollout, worsening service delivery and increasing the financial burden on struggling communities. (Bizcommunity)
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GLOVES OFF IN RAF PROBE OF ‘DELIBERATE’ MISINFORMATION, MISMANAGEMENT
Parliament’s Standing Committee on Public Accounts (Scopa) has launched a full inquiry into the Road Accident Fund (RAF), citing deliberate misinformation, financial mismanagement, and governance failures. Suspended CEO Collins Letsoalo faces scrutiny for failing to disclose key investments and allowing critical vacancies to persist, worsening RAF’s legal and financial exposure. Concerns include over R1bn in supply chain irregularities and unresolved whistleblower allegations. Acting investment officer Sefotle Modiba is also under investigation for past misconduct. Scopa warned RAF’s actions may cost taxpayers billions, prompting calls for accountability under oath. The inquiry begins after Parliament’s August recess. (SOURCE: Moneyweb) |
AUTO SECTOR FACES TRIPLE INFLATION WAGE DEMANDS AS TARIFFS LOOM
The automotive industry is heading into tense wage negotiations as the National Union of Metalworkers (Numsa) demands a 10% pay hike - three times inflation. With over 100,000 workers involved, a deadlock could cripple a sector contributing over 20% to national manufacturing output. Automakers like Toyota, Ford, and BMW are already battling US tariffs, weak exports, electricity shortages, and cheap imports. A strike would compound pressure on an industry grappling with sluggish growth, shifting EV trends, and declining domestic sales. Business leaders warn that a flat wage hike could hurt viability and are urging broader, ecosystem-focused discussions. (SOURCE: Bloomberg) |
FOOT-AND-MOUTH DISRUPTS MEAT EXPORTS, LEATHER SUPPLIES
South Africa’s beef exports remain suspended following a major foot-and-mouth disease (FMD) outbreak, with no reopening timeline in sight, says Agriculture Minister John Steenhuisen. The ban affects key markets, including the EU and Botswana. Karan Beef, the country’s largest producer, has been hardest hit, with over 160 000 cattle under quarantine across Gauteng and KwaZulu-Natal. Delayed vaccine deliveries further complicate containment efforts. The outbreak also threatens South Africa’s leather export trade, particularly automotive leather components. Steenhuisen stressed the broader economic impact, saying the crisis affects both food supply and high-value processed goods vital to local and international markets. (SOURCE: FreightNews) |
FUND MANAGERS BULLISH ON EMERGING MARKET PROSPECTS
Investor sentiment toward emerging markets (EM) has reached its most optimistic level since March 2023, according to HSBC’s latest survey of 100 fund managers overseeing $414 billion (about R7.4 trillion). About 44% of respondents are bullish on EM for the next three months, up from 36% in March. Despite a slight rise in bearish views to 14%, the net positive sentiment rose to 30%. EM equities and currencies gained during the survey period, with the MSCI EM benchmark up over 6%. Latin America remains favoured, while confidence in Asia dipped due to tariff concerns. Cash allocations also increased, reflecting caution amid geopolitical risks. (SOURCE: Bloomberg) |
LESOTHO LOOKS TO STARLINK FOR 60 000-JOB DELIVERANCE
T-Connect Lesotho, a licensed reseller of Elon Musk’s Starlink, officially launched the satellite internet service yesterday amid growing US economic pressure on Lesotho. The country has faced mass job losses following sharp funding cuts to USAID and Pepfar, and a steep 50% US tariff that hit its textile and public sectors hard. Despite local resistance, the Lesotho government granted Starlink a 10-year license. T-Connect CEO Phelane Phomane said the project will create 10 000 direct and 50 000 indirect jobs. Plans include building AI-powered data centres across Lesotho, South Africa, and Botswana in partnership with the DBSA. (SOURCE: GroundUp) |
PRAISE SINGING OF GOLD-BACKED CURRENCY LEAVES ZIMBABWEANS COLD
Zimbabwe’s central bank is hailing the gold-backed Zimbabwe Gold (ZiG) currency as a national success, noting it now accounts for 43% of May 2025 transactions. Officials say the currency is stable, with interest rates holding at 35%, and are hopeful it will restore trust in local money. But the public remains wary, clinging to US Dollars after years of instability. Investors and economists echo caution, pointing to low reserves and a 20% parallel market gap. The IMF welcomes the progress but urges deeper reforms. Analysts warn real credibility - and international support - remains a distant goal without stronger fiscal discipline and transparency. (SOURCE: Reuters) |
OPEC FUND DANGLES R17 BILLION CARROT TO AFRICA
The OPEC Fund for International Development has pledged over $1 billion (about R17.8 billion) to support developing nations, particularly in Africa, as part of a broader $2 billion commitment by Arab countries over the next five years. The Vienna-based fund aims to bolster trade finance and liquidity amid declining Western aid. New financing includes $300 million for Rwanda, plus deals in Ivory Coast and with the East African Development Bank. Additional partnerships target infrastructure, energy, and climate-resilient agriculture. A roundtable with Arab institutions also focused on urgent challenges in the Sahel region, including drought, underscoring renewed efforts to strengthen development aid cooperation. (SOURCE: Bizcommunity |
COPPER SQUEEZE PUSHES PRICES TO 4-YEAR HIGH
The copper market is experiencing one of its sharpest supply squeezes in years, with spot copper on the London Metal Exchange trading at a $280-per-ton premium to three-month futures - the highest since 2021. LME inventories have plunged by 80% this year, now covering less than a day of global demand. The shortage is driven by a global rush to ship copper to the US ahead of possible tariffs. Although China has started exporting surplus metal, the squeeze appears broad-based, not trader-driven. Backwardations are now seen through June 2026, signaling sustained tightness despite recent softening demand and regulatory safeguards. (SOURCE: Bloomberg) |
NEWS YOU CAN USE
R3 MILLION GRANT-FUNDING TO BOOST YOUTH ENTERPRISES
The Bindzu Youth Fund, under the auspices of the Mr Price Foundation, offers R3 million in grant funding and business support to young, black-owned enterprises. Open to businesses operating for over 12 months with annual turnover below R5 million, the fund targets scalable ventures across South Africa. In addition to financial backing, selected applicants will benefit from mentorship, technical support, bootcamp training, and the opportunity to pitch for additional seed capital. Applications close on 30 June. Youth entrepreneurs aged 18–34 can apply online here or at uplift@mrpricefoundation.org for more information. |
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When one's expectations are reduced to zero, one really appreciates everything one does have.
Stephen Hawking |
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| Dollar | R17.74 | + 0.01% | | Pound | R24.17 | - 0.05% | | Euro | R20.59 | + 0.08% | | Yen | 0.122047 | | | Repo | 7.25 |
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These rates are correct at time of going to press. | | Platinum | $ 3 331.88
| + 0.26% | | Gold | $ 1 316.86 | + 0.18% | | Oil | $ 68.28
| + 2.72% | | All Share | 95 887.17
| + 0.80% | | Prime | 10.75 | |
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