| NEWCASTLE SWEATSHOP CLAIMS ROCK CLOTHING INDUSTRY |
| COID ACT TRAINING SETS STAGE FOR REVISED LEGISLATION |
A full house of participants attending the training on the new COID Act facilitated by Jennie Heesen (back). Picture by Lethiwe Zondi.
Attendees at a recent business skills training session were equipped with clear outcomes from updated training on significant changes to the COID Act affecting employers under revised legislation. Hosted at the Pietermaritzburg and Midlands Chamber of Business and facilitated by Jennie Heesen of Pro HaS Consultants, the session highlighted stricter penalties for non-compliance, increased Department of Employment and Labour inspections, and expanded employer responsibilities in rehabilitating injured workers. Participants also learned about broader employee claim entitlements and the financial risks linked to incorrect completion of Workmen’s Compensation documentation.
Click here for the updated business skills training programme.
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| FINAL CALL FOR WINTER WARMTH LUNCH TOMOROW |
| The Pietermaritzburg and Midlands Chamber of Business invites members and guests to the Wonderful Winter Lunch tomorrow, 19 May. The event from 12.30 to 2.30 pm includes a two-course meal, refreshments and lucky draw prizes, offering a relaxed networking opportunity for local businesses. Attendees are encouraged to bring business cards for participation in Chamber networking activities and future speaking opportunities. Cost is R290 for members and R410 for non-members (VAT included). Contact Thabisile on 033 345 2747 or at info@pmcb.org.za. |
1903: British High Commissioner to South Africa, Lord Alfred Milner, proposed that educated and prosperous 'non-Whites' should be allowed to vote in the country's local elections.
Elsewhere, in 2012, Facebook’s initial public offering raised $16 billion.
It’s International Museum Day. |
EARLY SIGNS POINT TO SUBSTANTIAL JUNE DIESEL RELIEF
Early mid-month fuel tracking points to a possible diesel price decrease in South Africa for June, driven by lower global oil prices and a relatively stronger rand. Current projections suggest a range of outcomes depending on final international product costs and tax adjustments.
Most market estimates cluster around a R2.50 to R3.00 per litre drop for diesel, while more optimistic models suggest a deeper reduction of up to R3.50 to R4.40 per litre for certain diesel grades More conservative forecasts place the decline closer to R1.50 to R2.50 per litre, reflecting ongoing volatility in crude oil markets and exchange rate movements. Final fuel price adjustments will only be confirmed closer to the official June pricing announcement by the Department of Mineral Resources and Energy. (SOURCE: News24)
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FMD OUTBREAK CATAPULTS PORK INDUSTRY INTO 'UNCHARTERED WATERS'
Commercial pig farmers are battling South Africa’s first-ever foot-and-mouth disease outbreak in commercial piggeries, described as ‘uncharted waters’ for the pork sector. The outbreak has raised alarm across the agricultural value chain, with producers warning of severe disruptions to production, trade, and biosecurity systems. Authorities and industry bodies are working to contain the spread of the disease and prevent further infection on affected farms. Movement restrictions, culling protocols, and enhanced surveillance measures are being implemented. The crisis is expected to pressure pork supply and prices while testing the resilience of disease control systems in the country’s livestock industry sector wide. (SOURCE: News24)
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... AS STEENHUISEN PUSHES URGENT FARM DISASTER INSURANCE
Agriculture Minister John Steenhuisen has called for the rapid introduction of a Sasria-style disaster insurance scheme to protect farmers battered by floods, storms and other climate-related disasters. Speaking amid mounting losses in farming regions, Steenhuisen said compensation systems must deliver immediate relief to affected producers to prevent farm closures, job losses and food supply disruptions. The proposal mirrors the state-backed insurance model used for civil unrest claims through Sasria. Farmers, particularly in the Western Cape, have warned that repeated weather disasters are crippling operations and increasing financial pressure across the agricultural sector. (SOURCE: BDLive)
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BANKS ON ALERT OVER MYTHOS SECURITY THREATS
SA banks are in talks with Anthropic as concerns rise over the emerging Mythos system, which has triggered internal security alarms across parts of the financial sector. The discussions focus on potential AI integration risks, data governance, and model safety controls as institutions assess exposure to advanced generative tools. According to reporting by William Brederode, lenders are particularly cautious about how sensitive customer and transactional data may be processed through external AI systems. Anthropic is positioning itself as a safety-focused AI provider amid growing scrutiny. Banks are seeking assurances on compliance encryption standards and operational safeguards before wider deployment decisions. (SOURCE: News24)
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RAND BACK IN CARRY-TRADE FAVOUR
The emerging market carry trade has rebounded as investors return to higher-yielding currencies with the Rand and Brazilian Real among the preferred targets. The strategy benefits when global risk appetite improves and interest rate differentials remain wide, allowing investors to borrow in low-yield currencies and invest in higher-yield assets. Expectations of stable or easing US interest rates have supported renewed inflows into emerging markets. However analysts caution that volatility remains elevated due to shifting inflation trends, geopolitical risks and uncertain monetary policy paths. Despite risks the Rand has gained attention for its relatively high yield and cyclical recovery potential. (SOURCE: Bloomberg) |
... AS ABSA EYES YUAN CROSS-BORDER PAYMENT SYSTEM
Absa Group is considering joining China’s Cross-Border Interbank Payment System (CIPS) to streamline yuan-based settlements and capture growing China–Africa trade flows. The platform allows direct currency settlement in Chinese yuan, reducing reliance on dollar conversions that raise costs and expose traders to foreign exchange volatility. Absa Kenya CEO Abdi Mohamed said discussions are still early but could improve efficiency in regional payments. The move follows similar steps by Standard Bank Group, which has already joined CIPS, and interest from Ecobank. Analysts say wider adoption could reshape Africa’s trade finance architecture significantly. (SOURCE: Bloomberg)
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TRANSNET'S R78 CONTAINER HIKE WEIGHS ON LOGISTICS COSTS
Transnet Port Terminals has raised its container fuel surcharge to R78 per container, effective 1 June, as diesel costs continue to pressure terminal operations. The adjustment, up from R52, remains lower than earlier projections but still adds strain to freight and logistics operators reliant on diesel-powered handling equipment. Industry players warn that further increases remain possible if global oil volatility persists and coastal diesel index thresholds are breached in coming monthly reviews. Transnet said the fuel neutrality charge is a short-term cost recovery mechanism reviewed monthly, according to general manager Michelle van Buren Schele. Relief depends on global diesel trends. (SOURCE: Moneyweb)
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... AS BLACK BUSINESS GROUPS LAMENT FOREIGN RAIL PLAYERS
Black business organisations have challenged Transnet over a rail original equipment manufacturer tender they say heavily favours foreign suppliers, including China’s CRRC, France’s Alstom and United States-based Wabtec. Investment group Guma and the Black Business Council argue the confined procurement process sidelines capable South African manufacturers and weakens localisation objectives. The challenge comes as Transnet accelerates private sector participation on freight rail lines, with critics warning that foreign-dominated procurement could cost local jobs, industrial growth and black-owned supplier opportunities in the rail economy. (SOURCE: BDLive)
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TEXTILE UNION BROADENS COMMERCIAL, INDUSTRIAL REACH
The Competition Commission has approved, without conditions, the acquisition by the Southern African Clothing and Textile Workers Union of Squirewood, Gallagher Estate Holdings, Rand Daily Mail and Solly Sachs House from JSE-listed empowerment group Hosken Consolidated Investments. The regulator found that the transaction is unlikely to substantially lessen competition or raise significant public interest concerns. The union, which operates across clothing, textile, leather and footwear sectors, is expanding its footprint into property, agriculture and food processing. The assets include commercial and residential property portfolios, among them the Gallagher Convention Centre in Midrand and large apartment blocks in Johannesburg, strengthening Sactwu’s investment and income base through diversified holdings. (SOURCE: Engineering News)
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EX-RAF CEO, BOARD MEMBERS INVOKE SCOPA ANGER
Parliament’s Standing Committee on Public Accounts (Scopa) is considering criminal charges and other consequence management steps against former Road Accident Fund CEO Collins Letsoalo and the RAF board over alleged fruitless and wasteful expenditure. MPs accused the fund of excessive and unnecessary litigation, with millions spent on court cases viewed as unlikely to succeed. Lawmakers also questioned the role of legal advisers and whether they should share accountability for poor decisions. Scopa members said repeated court losses and ignored orders reflect systemic governance failures. The committee is preparing recommendations that could include personal liability and recovery of misused public funds under PFMA provisions. (SOURCE: Moneyweb)
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... AS ESKOM DIESEL PROBE FINGERS EMPLOYEES
Eskom says it is closing in on employees implicated in alleged procurement breaches linked to diesel supply and storage contracts used for its open cycle gas turbine fleet during heavy load shedding periods. The investigation, triggered by internal monitoring and whistleblower information, focuses on compliance failures in emergency fuel procurement between 2022 and 2024, when diesel use surged to stabilise the grid. Eskom has launched disciplinary action and referred the matter to the Directorate for Priority Crime Investigation, with possible criminal charges still under consideration. The utility says it will pursue recovery of financial losses and enforce stricter governance controls going forward. (SOURCE: Moneyweb)
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CHINA, US, UAE SWOOP ON DUBAI-BASED TELECOM SCAMMERS
Authorities in China, the United States and the United Arab Emirates have jointly arrested 276 suspects linked to a major telecoms fraud syndicate operating in Dubai. The operation followed coordinated cross-border intelligence sharing targeting large-scale scam networks exploiting international phone and messaging systems. Officials said the arrests form part of ongoing efforts to dismantle organised cybercrime groups based in the region. Investigations continue as authorities track financial flows, digital infrastructure and suspected collaborators across multiple jurisdictions, with further arrests expected. The case highlights growing international cooperation against telecom fraud operations increasingly targeting victims through sophisticated online deception schemes globally coordinated. (SOURCE: Reuters)
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AI HACKING HEIST PUSHES CRYPTO SECTOR TO THE BRINK
A surge in AI-assisted crypto hacks has pushed the $130 billion (about R2.2 trillion) decentralised finance sector to the brink, after two major April exploits drained nearly $600 million and triggered investor panic and platform failures. Researchers believe North Korea-linked groups used advanced AI tools to identify vulnerabilities, design exploits and accelerate attacks across blockchain protocols. Security experts warn that AI is drastically lowering the cost and time needed to find weaknesses, compressing attacks from months to hours. Platforms such as Aave and others have faced spillover risk as stolen funds ripple through interconnected systems. Analysts say oversight gaps and irreversible blockchain transactions leave DeFi especially exposed. (SOURCE: Bloomberg)
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US-IRAN STALEMATE STALLS HORMUZ STRAIT REOPENING
The United States and Iran remain far apart on reaching a deal to end escalating tensions and reopen the Strait of Hormuz, as conflict risks intensify across the Gulf. President Donald Trump warned that “the clock is ticking,” signalling growing impatience with stalled negotiations. Tehran reportedly faces US demands including limits on its nuclear programme and restricted access to frozen assets, while Iranian officials accuse Washington of offering no meaningful concessions. Meanwhile, regional instability deepened after a drone attack caused a fire near the Barakah nuclear facility in the United Arab Emirates, heightening fears over energy shipping disruptions. Global oil markets remain under pressure. (SOURCE: Bloomberg)
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Life is like riding a bicycle. To keep your balance, you must keep moving.
Albert Einstein |
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| Dollar | R16.69 | - 0.03% | | Pound | R22.28 | - 0.32% | | Euro | R19.42 | - 0.04% | | Yen | 0.105023 |
| | Yuan | R2.45 | - 0.22% | | Bitcoin | $ 76 879.83 | - 0.25% |
These rates are correct at time of going to press. | | Platinum | $ 1 982.30
| - 0.15% | | Gold | $ 4 544.53
| + 0.11% | | Oil | $ 110.79 | + 1.39% | | All Share | 114 103.65 | - 0.39% | | Repo | 6.75 | | | Prime | 10.25 | |
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