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PMCB CEO Melanie Veness (far left) presiding over the Christmas in July Chamber Lunch. Also pictured are Mbali Mnguni (Singakwenza Early Childhood Education) with lucky prize winner Neosha Gunpath from Business Partners and Capital Caterers MD Merryl King with recipient Steve Crow. Pics and story by PMCB intern Mvelo Ximba.
The annual Christmas in July Chamber Lunch was a festive affair that blended fun, laughter and networking into a memorable event last Thursday at the Pietermaritzburg and Midlands Chamber of Business. The Christmas in July theme added a playful twist to the gathering, complete with cheerful décor and lucky draw prizes with a traditional assortment of roast meats the centrepiece of a delectable two-course meal.
It’s not difficult to see why Chamber Lunch continues to be a much-anticipated highlight on the calendar, the laughter and conversation speak for itself. The next Chamber Lunch is on 17 September. Click here for the full programme of PMCB events. |
| REMINDER: WOMEN IN BUSINESS LUNCH ON 1 AUGUST |
Don’t miss the PMCB Women in Business Luncheon on 1 August at Maritzburg College — a stellar event of inspiration, networking, and fun! Guest speaker Ntsiki Biyela, award-winning winemaker, will share her journey from humble beginnings to global acclaim. Embrace the theme Catch a Falling Star and Shoot for the Moon by dressing Astral or Cosmically Cool. Great food, wine, and prizes await. Book now and contact Heidi on (033) 3452747 or a pmcb@pmcb.org.za.
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| CALLING YOUNG ENTREPRENEURS IN THE NAME OF BEAUTY |
| Woolworths Youth Makers competition 2025 is now open! If you’re a passionate entrepreneur aged 18-35 creating fresh, useful, or beautiful products - from jewellery to fashion - apply now for a chance to win expert mentorship, leadership guidance, and a R125,000 grant to grow your business. Don’t miss this opportunity to learn from Woolies’ 90+ years of retail experience. Submit your entry online by 8 August here. |
2006: Microblogging service Twitter (now X) went live and garnered more than 300 million users over the next 10 years.
Elsewhere, in 1994, Comet Shoemaker–Levy 9 collided with Jupiter, the first time in recorded history that astronomers had observed a collision between two celestial objects.
There's no better time than during these trying times to show your children some love, on Global Hug Your Kids Day.
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CALLS MOUNT FOR GOVERNMENT ACTION AS TARIFFS LOOM
Calls are growing for urgent government intervention - both domestically and diplomatically - as the August 1 deadline nears for a 30% tariff on South African exports to the US. Business Leadership South Africa CEO Busi Mavuso warns the impact on key sectors like vehicles, agriculture, and steel could be severe, with hundreds of thousands of jobs at risk.
She urges immediate support measures, including a tariff impact fund and short-term relief, while alternative markets are explored. Trade union Solidarity has also called for a non-political task team to engage the US, warning that delays could cost up to 275 000 jobs. With time running out, the pressure on government to act is intensifying, it said. (SOURCE: Engineering News)
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… AS AUTO SECTOR FACES 80% DROP IN US EXPORTS
South Africa’s automotive sector faces a severe crisis as the US’s looming 30% tariff threatens to dismantle decades of trade, risking widespread job losses. Naamsa reported vehicle exports to the US plunged 80-85% in early 2025, hitting a sector that generated R28.6 billion in 2024 and accounted for 64% of Agoa trade. Naamsa CEO Mikel Mabasa warned the tariff endangers over 110 000 jobs and disrupts industrial hubs like East London. While government diplomacy seeks a quota-based trade deal, the industry stresses that export diversification takes time, and the loss of the US market risks undoing years of socio-economic progress and investment. (SOURCE: Freight News) |
... AND A FUTURE OF TARIFF-CONTROLLED TRADE BECKONS
SA Must Brace for Tariff-Controlled Trade Era as US Duties Threaten Export Losses South Africa must prepare for a future defined by tariff-controlled trade, with US import duties set to cost the country between $1.4 billion and $2.3 billion (about R21 billion to R41 billion) in annual exports. Econometric modelling by EY and UCT shows key sectors - including autos, steel, aluminium, and agriculture - are most exposed, especially as South Africa’s tariffs could exceed those of competitor nations. Exports to the US, worth $14.9 billion in 2024, represent 8% of SA’s outbound trade but only 0.44% of US imports. Experts warn that US tariffs - possibly rising to 40% - will shrink GDP by 1.3%. While diplomacy continues, businesses are urged to adapt to a more protectionist global environment by reassessing supply chains and compliance strategies. (SOURCE: Engineering News) |
SIU GOES AFTER PLUMBING CONTRACTOR FOR R67 MILLION
The Department of Public Works and Infrastructure (DPWI) welcomed a R6 -million recovery order secured by the Special Investigating Unit (SIU) against a plumbing contractor found guilty of defrauding the department. The Special Tribunal granted the order, also blocking a potential R33 million counterclaim by the contractor. The case concerns contracts awarded between 2015 and 2019 involving falsified bids, undisclosed conflicts of interest, and corrupt payments to officials manipulating tenders. Minister Dean Macpherson emphasized ongoing efforts to strengthen financial controls, conduct lifestyle audits on high-risk officials, and ensure accountability to build a corruption-free, efficient department delivering infrastructure projects on time and within budget. (SOURCE: Engineering News) |
ITHUBA HEADS TO COURT OVER LOTTERY LICENCE
Ithuba Lottery has filed a High Court application to overturn Trade Minister Parks Tau’s decision to award South Africa’s fourth lottery licence to Sizekhaya Holdings. Ithuba argues Sizekhaya lacked the required funding and readiness for a seamless transition and claims this violates bidding rules. Allegations of political links between Sizekhaya shareholders and the ANC have further raised concerns. This marks the second legal challenge against the award. Ithuba says it had full funding and readiness by 1 June, while Sizekhaya requested nine months to prepare. The minister must file the record of decision by early August. (SOURCE: Moneyweb) |
AMSA WARNS OF SEPTEMBER CLOSURE AS TROUBLES MOUNT
ArcelorMittal South Africa has warned it may shut its long steel division by 30 September 2025 unless further support is secured. In a trading update, the JSE-listed steelmaker cited record-low rail service from Transnet and surging cheap imports as major structural threats. A R1.7 billion IDC loan and Ters relief had delayed closure plans in March, but Amsa says it cannot absorb further losses. Despite tough conditions, the group expects to narrow its interim loss to 82–93 cents per share. Sales volumes fell 10%, with prices down over 5%. Amsa urged government to protect local steel producers. (SOURCE: Moneyweb) |
SA HOPEFUL OF G20 CONSENSUS AT DURBAN MEETING
Despite rising geopolitical tensions and U.S. resistance, South Africa is confident it can secure a consensus communique at this week’s G20 Finance Track meeting in Durban. National Treasury Director-General Duncan Pieterse said collaborative virtual talks laid a solid foundation for agreement among finance ministers and central bank governors. This marks the fourth G20 meeting under South Africa’s presidency, which has so far struggled to reach accord on key issues like climate finance. U.S. Treasury Secretary Scott Bessent again skipped the talks, highlighting ongoing tensions. Pieterse emphasised the need for unity to advance inclusive and sustainable global economic recovery. (SOURCE: Bloomberg) |
INVESTORS TAKE HEART AS AFRICA RISES FROM DEBT DISTRESS
For the first time in a decade, no African country is in sovereign debt distress, with Mozambique's bond spread dropping below 1 000 basis points - marking a symbolic recovery since the Covid-era defaults. Structural reforms, IMF rescue packages, and easing inflation have restored investor confidence, with countries like Zambia and Ghana restructuring debt and Kenya re-entering capital markets. Yet risks persist: Ethiopia remains in default, and some Senegal bonds trade at distressed yields. As global investors face uncertainty from U.S. trade policy and geopolitical tensions, Africa’s high-yield debt now offers a compelling alternative in a tight emerging market landscape. (SOURCE: Bloomberg) |
CHINESE GDP 5.1% GROWTH OUTPACES Q2 TARGET
China’s GDP is expected to have grown 5.1% in Q2 2025, exceeding its 5% annual target and reducing the immediate need for more stimulus. A US trade truce boosted June exports by 5.8%, while earlier fiscal support also helped. Retail sales and industrial production slowed slightly, with deflationary pressures and weak real estate investment weighing on outlook. Economists suggest Beijing may delay major stimulus, but risks remain in H2 due to potential tariff hikes, fading export momentum, and a property downturn. Calls are growing for more consumer-focused support, childcare subsidies, and reforms to revive domestic demand and economic resilience. (SOURCE: Bloomberg) |
... AND HOLDS THE REINS ON GLOBAL EV TRANSITION
China is setting the pace in electric vehicle (EV) sales, accounting for nearly two-thirds of the estimated 22 million EVs sold globally this year, according to BloombergNEF’s (BNEF) annual Electric Vehicle Outlook. EV sales are expected to grow 25% from last year, driven by falling lithium-ion battery costs and increased production of affordable models. Europe follows with 17%, and the US lags at 7%. However, BNEF has lowered its US EV adoption forecast due to policy rollbacks including federal fuel standards and tax credit phase-outs. China remains dominant, producing 69% of global EVs and offering prices below comparable combustion vehicles, fueling growth in emerging markets like Thailand and Brazil. (SOURCE: Bloomberg) |
TRUMP WAVES 100% TARIFF THREAT AT RUSSIA
US President Donald Trump has warned of imposing 100% “secondary tariffs” on Russia within 50 days unless it agrees to a ceasefire in Ukraine. Speaking alongside NATO Secretary General Mark Rutte, Trump also pledged top-tier weapons for Kyiv, including Patriot air defence systems - funded by NATO allies, not the US. The White House signalled possible use of both sanctions and tariffs if Russia fails to engage. European countries, led by Germany, will finance and coordinate arms deliveries. Trump’s stance reflects rising frustration with President Putin and a strategic shift to pressure Russia without increasing US financial commitments. (SOURCE: Bloomberg) |
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You may delay, but time will not.
Banjamin Franklin |
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| Dollar | R17.85
| + 0.44% | | Pound | R23.97
| + 0.96% | | Euro | R20.84 | + 0.64% | | Yen | 0.120902 |
| | Yuan | R2.49 | + 0.62% | | Bitcoin | R117 030.61
| - 0.52% |
These rates are correct at time of going to press. | | Platinum | $ 1 380.30 | - 5.10% | | Gold | $ 3 359.00
| + 0.13% | | Oil | $ 68.93
| - 2.49% | | All Share | 96 800.24
| - 0.43% | | Repo | 7.25 | | | Prime | 10.75 | |
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