| TRIUMPHANT GEAPERS POISED FOR GREATER THINGS |
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A group of entrepreneurs recently celebrated their graduation from the Global Export Accelerator Programme (GEAP) at the Pietermaritzburg and Midlands Chamber of Business. Championed by the PMCB and supported by the KZN Department of Economic Development, Tourism and Environmental Affairs (EDTEA), GEAP aligned with the provincial Exporter Competitiveness Programme (KECP).
Judging by the achievements of the 57 entrepreneurs over the past two years, GEAP is an unqualified success. Apart from the export objectives, arguably the single biggest benefit is the impact of GEAP on participating entities, from strengthening businesses, creating jobs, upskilling teams and growing turnover.
The numbers are impressive - 39 enterprises achieved +10% turnover growth, from 12% to an astounding 5 031%, 12 new retail spaces were opened, and 43 are export/import registered. In the process, Geapers collectively attended 34 international and 77 local exhibitions and pocketed almost R 1.3 million in prizes or grants. The success of the programme has set the scene for scaling and replicating GEAP to help spur the KZN economy.
Click here for a video of the graduation proceedings.
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| BOOK A TABLE AT IMMERSIVE PMCB BANQUET |
The Pietermaritzburg and Midlands Chamber of Business invites companies to book sponsored tables for the MI7-sponsored PMCB Banquet and Business Awards on 7 November. This year’s theme celebrates South Africa’s sights, sounds, and tastes, featuring SAMA award-winning duo Qadasi & Maqhinga and comedian Stuart Taylor. Sponsored tables cost R11 550 (excl. VAT) for 10 guests, with benefits including premium seating, logo display, wine, and gifts. To book, conatct Heidi on (033) 345 2747 or at pmcb@pmcb.org.za.
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| RESURGENT RAND SET FOR MORE GAINS ON US TRAVAILS |
The Rand strengthened to its best level in a year, reaching around R17.2 against the US Dollar yesterday. The rally follows a weaker US jobs report that raised concerns about slowing economic growth and increased chances of Federal Reserve interest rate cuts. Lower US rates make South Africa’s relatively higher yields more attractive to investors, supporting the Rand. The Rand’s resilience reflects investor confidence and positive commodity trends, boosting South Africa’s currency outlook for the near term. The Rand is currently trading at R17.21 to the Dollar, R23.20 to the Pound, and R20.20 to the Euro. (SOURCE: Reuters)
See below: September surprise sees US shed 32 000 jobs |
2003: Writer J.M. Coetzee was awarded the 2003 Nobel Prize for Literature.
Elsewhere, in 1958, the west African nation of Guinea declared its independence from France.
It’s World Habitat Day and also International Day of Non-Violence.
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CAPITEC DOUBLES DOWN ON UNEMPLOYMENT DATA DISCREPANCIES
Capitec CEO Graham Lee reveals the bank's growing influence in South Africa’s emerging market, supported by data highlighting the vibrancy of the informal economy. As Capitec expands its client base to 25 million, it increasingly serves small and informal businesses often overlooked in official employment statistics. It also signed up nearly 40 000 new point-of-sale merchants to increase payment volumes by 28% to R64.2 billion. Lee maintains that the informal sector’s true contribution to the economy is underestimated, with many entrepreneurs generating substantial income outside formal surveys.
However, Stats SA previously disagreed with Lee’s assertion and defended its official 32.9% unemployment figure for Q1 2025, which already includes informal and self-employed workers in line with International Labour Organisation standards. A meeting in July between Capitec, Stats SA, Treasury, and government officials addressed these contrasting views. Parties agreed on the need for improved data on small and informal enterprises. (SOURCE: BDLive/Moneyweb)
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DOMESTIC DEMAND LIFTS FACTORY SENTIMENT IN SEPTEMBER
South Africa’s manufacturing sentiment improved in September, with Absa’s seasonally adjusted Purchasing Managers’ Index (PMI) rising to 52.2 points from 49.5 in August. It was only the second expansion this year, driven mainly by resilient domestic demand amid weakening global conditions. Business activity and new sales orders sub-indices rose strongly, reflecting local market strength, while delivery times slowed due to port delays and export paperwork hurdles. Global challenges, including steep US tariffs on South African exports and subdued international demand, weighed on outlook. Absa cautioned that uncertainty persists, with expectations of business conditions over the next six months weakening. (SOURCE: BDLive)
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ALARM OVER IMPORTS ACCOUNTING FOR 64% OF NEW CARS
Former Trade & Industry Minister Rob Davies expressed shock over the dominance of imported vehicles in South Africa’s new-car market. Recent data shows that imports, mainly from India and China, now account for 64% of all new cars and bakkies sold locally. Davies worries this surge threatens the domestic automotive industry and calls for urgent measures to support local manufacturing. The influx of affordable imports challenges the sustainability of South Africa’s vehicle production sector, highlighting the need for balanced trade policies to protect jobs and stimulate economic growth amid increasing global competition. (SOURCE: BDLive)
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BIG FOUR CHICKEN PRODUCERS FACE ANTITRUST PROBE
South Africa’s top four poultry producers - Astral, RCL, Country Bird, and Sovereign - are facing a Competition Commission antitrust investigation. Together, they control nearly 63% of the country’s chicken production, generating over R70 billion in annual sales. The inquiry focuses on concerns about market dominance, anti-competitive practices, and barriers blocking new entrants, which may harm competition and consumer prices. The Commission will examine the entire poultry value chain, including feed, logistics, and retail. This probe aims to ensure fair competition, lower poultry prices, and improve consumer access to affordable protein, especially significant for low-income households dependent on chicken as a staple. (SOURCE: BDLive)
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SARS FALLS SHORT OF R35 BILLION COLLECTIONS TARGET
South Africa’s Revenue Service (SARS) is behind schedule on its goal to raise an extra R35 billion this fiscal year, Treasury data shows, though baseline targets remain intact. SARS collected R39.3 billion so far, exceeding the R37.5 billion needed to stay on track for its R100 billion annual baseline, but below the R49.3 billion required for the higher target. Finance Minister Enoch Godongwana warned that spending cuts may follow if revenues miss expectations. Achieving the ambitious goal could offset R20 billion in new taxes planned for 2026/27, as government seeks to contain debt expected to peak at 77.4% of GDP. (SOURCE: Reuters)
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... AS 'OVERWHELMED' INVESTIGATORS NEGLECT E-FILING VICTIMS
The Tax Ombud’s draft report reveals South African Revenue Service (SARS) investigators are overwhelmed and failing victims of eFiling profile hijacking. Fraudsters exploit system vulnerabilities to hijack taxpayer accounts, diverting tax refunds to fraudulent bank accounts. The report highlights slow SARS responses, inadequate fraud detection, and poor communication with victims, causing significant financial and administrative harm. Most cases involve Personal Income Tax and VAT refunds, sometimes exceeding R100 000. The Ombud recommends improved authentication, stricter controls, better inter-agency coordination, and public awareness campaigns to protect taxpayers and restore trust in SARS’s digital platform. Public comments are invited before October 31, 2025. (SOURCE: News24)
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ESKOM UNVEILS R320 BILLION INVESTMENT PLAN TO 2030
Eskom has outlined a R320 billion capital expenditure programme over five years following the completion of its long-delayed coal build projects. Around R139.5-billion will go to generation, including R18.5 billion for renewables and gas, with 2 GW of renewables targeted by 2026 and nearly 6 GW by 2030. Transmission spending will rise to R38.9 billion annually by 2030, while R44-billion is allocated for distribution, mostly smart meters. CEO Dan Marokane reaffirmed plans for a 3 GW gas plant despite legal setbacks. Outgoing CFO Calib Cassim confirmed Eskom aims to return to capital markets in 2028, borrowing about R25 billion annually for clean energy. (SOURCE: Engineering News)
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... AS 'GHOST' TOKENS COST R20 BILLION IN 3 YEARS
Eskom has been robbed of R20 billion over three years due to illegally printed and distributed electricity tokens. These fraudulent "ghost tokens" allow users free electricity at Eskom’s expense, with collusion suspected between insiders and external scammers. This illegal activity severely impacts the utility’s core revenue, forcing Eskom to hike tariffs for paying customers. Despite ongoing investigations and tighter security measures, the challenge persists, draining resources that could improve service delivery. Eskom’s CEO Dan Marokane stresses the need for vigilance and cooperation to combat this threat and restore trust in the prepaid electricity system, essential for safeguarding South Africa’s power supply and financial stability. (SOURCE: BDLive)
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UK TAX SHIFT BLAMED FOR FORD JOB CUTS
Ford South Africa plans to retrench 474 workers at its Silverton and Struandale plants after a drop in European orders for the Ranger pickup. The decline stems from a UK tax change reclassifying double-cab pickups as passenger cars, raising ownership costs and reducing demand. Ford produces both the internal combustion and plug-in hybrid Ranger, but hybrid volumes remain below expectations. Company president Neale Hill said operations have been cut from three shifts to two, with annual output falling to about 100,000 units versus a 200 000 capacity. Local demand is steady, but European export weakness drives retrenchment pressures. (SOURCE: Engineering News)
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TOTALENERGIES READY TO FIRE UP MOZAMBIQUE LNG PROJECT
TotalEnergies CEO Patrick Pouyanné announced that the $20 billion Mozambique LNG project, suspended since 2021 due to armed violence, is set to restart operations with production expected by 2029. The company and its partners have begun remobilization in Cabo Delgado after security improvements, backed by regional forces. The project aims to produce 12.8 million tons of liquefied natural gas annually, contributing significantly to Mozambique’s economy through tax revenues and job creation. However, the budget and development plans remain under review to accommodate additional costs incurred during the suspension. The restart timeline depends on final approvals from Mozambique’s government. (SOURCE: Reuters)
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BLOOMBERG, AFRICAN BANK LAUNCH AFRICAN INVESTMENT DRIVE
Michael Bloomberg and the African Development Bank (AfDB) have launched a new partnership aimed at attracting more private sector investment to Africa. The initiative seeks to raise global awareness of Africa’s vast economic opportunities and channel more funds into projects that promote jobs and development. It will be implemented through the Glasgow Financial Alliance for Net Zero (GFANZ), focusing on reducing barriers to investment and supporting sustainable growth. The partnership plans to engage private investors, mobilize capital, and promote innovative financial products to accelerate Africa’s economic development and resilience by 2030. (SOURCE: Bloomberg)
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SEPTEMBER SURPRISE AS US SHEDS 32 000 JOBS
US private-sector payrolls unexpectedly declined by 32 000 in September, according to ADP Research, reflecting data adjustments tied to the Bureau of Labour Statistics’ Quarterly Census of Employment and Wages. The recalibration cut 43 000 jobs compared with earlier figures, meaning underlying growth may have been slightly positive. Still, hiring momentum remains weak across most sectors, with losses in leisure, business services, finance, construction, and manufacturing. Education and health services added jobs, while the Midwest was the only region to record overall losses, mainly among smaller firms. The report adds uncertainty ahead of delayed official government employment data due to shutdown. (SOURCE: Bloomberg)
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I alone cannot change the world, but I can cast a stone across the waters to create many ripples.
Mother Teresa |
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| Dollar | R17.21
| - 0.07% | | Pound | R23.20 | - 0.10% | | Euro | R20.20 | - 0.08% | | Yen | 0.116875 |
| | Yuan | R2.42
| + 0.08% | | Bitcoin | $ 118 550.10
| + 0.82$ |
These rates are correct at time of going to press. | | Platinum | $ 1 582.50
| + 0.56% | | Gold | $ 3 871.72
| + 0.16% | | Oil | $ 65.50
| + 0.11% | | All Share | 108 650.19
| + 0.66% | | Repo | 7.00 | | | Prime | 10.50 | |
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