| COMRADES MARATHON DONATES RECORD R8 MILLION TO CHARITIES |
Representatives of the six charities and Comrades Marathon Association staff at the hand-over ceremony. For the full list of attendees, click here.
The Comrades Marathon Association (CMA) reinforced its socio-economic support by handing over a record R8 0124.38 to its six official AmaBeadiBeadi charities on 22 August. The funds, primarily raised through Race4Charity (R6 174 152), alongside race entries, merchandise, and Toyota South Africa’s “Win a Car” competition, will bolster vital community programmes. Disbursements included R2 829 388 to CHOC, SANParks Honorary Rangers (R1 588 165), Community Chest Durban and Pietermaritzburg (R1 280 128), Hillcrest AIDS Centre Trust (R790 200), Rise Against Hunger (R767 412) and Childline KZN (R757 146).
Top fundraisers Mahesh Narendra Ratanjee, Ida Van De Wetering, and Luc Quevauvilliers collectively raised R571 800, exemplifying the race’s transformative impact beyond sport. |
| IS SOUTHERN BERG THE LATEST SEMIGRATION HOT SPOT? |
It would seem the foothills of the KZN Drakensberg are emerging as the next semigration hotspot, according to Pam Golding Properties. Touting Underberg’s space, appeal and affordability attractions, PGP sings the praises of the southern Drakensberg as a lifestyle destination for both retirees and young families - sweetened by its proximity to Pietermaritzburg’s excellent schools - and the call of the mountains and beyond. Here's the link.
|
| PRE-LUNCH MAKE-OVER REMINDER, LEAN DATE IN OCTOBER |
All admin professionals attending Chamber Lunch on Wednesday, 17 September, are reminded of the Marvellous Morning Makeover (MMM). Send a short motivation - or even better, get your boss to motivate on your behalf - to Pietermaritzburg and Midlands Chamber of Business CEO Melanie Veness today here. The winner will enjoy a luxury hair treatment worth R1 000 from Hair Science and professional make-up from Enhance Aesthetic & Beauty Clinic, valued at R550.
This is an early reminder of the 8-10 October KZN Lean Conference in Pietermaritzburg that will feature global Sigma Six expert Gary Peterson who will unpack Toyota-inspired strategies, and transform operations. Reserve your early bird spot with Heidi on (033) 3452747 or at pmcb@pmcb.org.za. |
1977: Black Consciousness leader Steve Biko died in detention.
Elsewhere, in 1974, emperor Haile Selassie was deposed in a coup led by members of the Ethiopian armed forces and other law enforcement agencies.
Today is also marked as International Day For South-South Co-Operation, essentially promoting collaboration between developing countries across the globe.
|
TRANSACTION INDEX SIGNALS SURPRISING ECONOMIC RESILIENCE
South Africa’s economy showed unexpected resilience in August, with the revamped PayInc Economic Index (PIEI) - previously the BankservAfrica Economic Transactions Index - rising for a fourth straight month. The index climbed 1.3% from July to 102.8, marking a 3.7% increase year-on-year. Now incorporating electronic transactions and wholesale cash demand, the PIEI highlights sustained momentum into the third quarter despite consumer strain, high costs, and weak confidence.
Analysts view the steady upward trend as a positive sign for short-term growth, suggesting underlying economic activity remains stronger than headline challenges indicate. This resilience may temper concerns about near-term contraction risks. (SOURCE: BDLive)
|
... AS CURRENT ACCOUNT DEFICIT WIDENS ON SOFTER EXPORTS
South Africa’s current account deficit almost doubled in the second quarter of 2025, reaching 1.1% of GDP, the Reserve Bank reported. The widening gap was driven by weaker exports and rising income outflows, despite improvements in logistics and port performance offering some support to trade. Analysts note that while commodity demand remains steady, export earnings have softened, exposing vulnerabilities in the balance of payments. The Bank highlighted that improving infrastructure and trade routes could help offset external pressures. Still, the larger deficit underscores structural weaknesses in South Africa’s economy amid volatile global market conditions. (SOURCE: BDLive) |
MASONDO BACKS CALLS FOR NARROWER INFLATION TARGET
Deputy Finance Minister David Masondo has called for South Africa’s inflation target to be narrowed from the current 3–6% range, citing benefits such as improved competitiveness, higher consumer demand, and job creation. Speaking at the Money Summit 2025, Masondo noted that price stability lowers production and living costs, boosts profitability, and allows firms to expand employment. He highlighted that the existing framework, introduced in 1998, has become too broad amid economic shocks. The National Treasury and SARB are finalising a review, with Reserve Bank Governor Lesetja Kganyago advocating a 3% anchor to secure long-term economic stability and growth. (SOURCE: Moneyweb) |
MPS WANT ANSWERS ON R31 MILLION GRANTS TO THE DEAD
Parliament has intensified scrutiny of the SA Social Security Agency (Sassa) after it admitted paying R31m in grants to deceased beneficiaries during 2023/24. The irregularities, involving 74,938 transactions over three years, prompted a detailed audit action plan. Sassa outlined reforms, including biometric access controls, BankservAfrica-linked recall mechanisms, and enhanced audit tools. MPs questioned reliance on home affairs for life status updates and raised concerns over systemic weaknesses. Criminal probes are under way in the Eastern Cape. While 98% of audit findings were resolved, Parliament flagged risks in fraud control and system integrity amid a broader public-sector ghost worker crisis. (SOURCE: BDLive) |
KZN PUNTERS TO PAY BACK ILL-GOTTON R13 MILLION WINNINGS
Hundreds of South African punters face hefty repayments after exploiting a betting glitch that produced invalid winnings. A KZN High Court ordered more than 100 bettors to return over R13 million pocketed via the Betgames “Instant Lucky 7” platform in December 2023, when wagers were accepted without deducting funds. The loophole, active for ten days, enabled free bets and payouts of up to R443,700. Judges ruled the wagers void, citing unjust enrichment, and betting operators secured court orders to freeze accounts and recover losses. While affected players argue they acted in good faith, regulators stress exploiting system faults cannot stand. The saga has ignited debate on industry accountability and consumer trust in South Africa’s multibillion-rand sports betting market. (SOURCE: News24) |
BIDVEST PINS HOPES ON R8.75 BILLION CAPITAL RAISE
Bidvest has priced a $500 million (about R8.75 billio) senior unsecured bond, maturing in seven years, at a coupon rate of 6.2%. Issued by The Bidvest Group (UK) Plc and guaranteed by the parent company, the notes mark another step in the group’s ongoing capital-raising strategy. The Dollar-denominated bond provides diversification of funding sources while reinforcing Bidvest’s balance sheet flexibility. Proceeds are expected to support general corporate purposes, positioning the group to weather economic headwinds while funding expansion initiatives. The strong pricing signals investor confidence in Bidvest’s stability, market positioning, and ability to generate sustainable returns despite global uncertainties. (SOURCE: SENS) |
LESAKA SETS OUT BANK ZERO INTEGRATION ROADMAP
Lesaka Technologies is moving ahead with its R1.1 billion acquisition of Bank Zero, aiming to consolidate its operations into a new proprietary core banking platform. The JSE- and Nasdaq-listed fintech, formerly Net1, says the integration will strengthen its consumer segment, which offers transactional banking, microinsurance, unsecured credit, and EasyPay value-added services. Bank Zero’s low-cost, digital-first model will boost Lesaka’s reach, particularly among underbanked customers. The group expects synergies between its merchant and consumer units to unlock growth, enhance competitiveness, and support financial inclusion, positioning Lesaka as a stronger player in South Africa’s evolving digital banking landscape. (SOURCE: BDLive) |
... AS OLD MUTUAL BANK TARGETS 2.5 MILLION CUSTOMERS BY 2028
Old Mutual’s digital banking arm, OM Bank, has set an ambitious target of attracting 2.5 million customers by 2028, with plans to reach break-even that same year. Since launching in 2024, the bank has already onboarded hundreds of thousands of clients, leveraging Old Mutual’s strong brand and financial services network. CEO Faheem Bux said the bank is focusing on low-cost digital offerings to capture underserved markets, while also competing with established players through innovation and affordability. The strategy underlines Old Mutual’s long-term commitment to banking as a growth pillar, aiming to position OM Bank as a key player in South Africa’s evolving financial landscape. (SOURCE: News24) |
DISCOVERY BANKS R2 BILLION IN HOME LOANS IN YEAR 1
Discovery Bank’s home loan book has surged to nearly R2 billion in just a year after launch, signaling strong market uptake. The digital-first lender, now six years old, also recorded its first profit in the second half of the financial year, ahead of schedule. The milestone strengthens Discovery’s ambition to scale rapidly, targeting 2-million clients and R3bn in annual profits by 2029. Positioned as a challenger to traditional banks, Discovery is leveraging technology, behavioural banking models and cross-sell opportunities within the wider Discovery Group to entrench itself as a disruptive force in South Africa’s financial services market. (SOURCE: BDLive) |
... AS PROFITS SURGE 30% TO RECORD R9.87 BILLION
Discovery posted a 30% jump in annual profit to R9.78 billion, up from R7.51 billion, driven by strong South African health insurance performance, growth in its Vitality wellness franchise, and its first banking profit. Operating income rose 29% to R15.2bn, supported by better claims ratios. Discovery’s UK operations also added momentum. The insurer declared a final dividend of R2.01 per share, underscoring its strengthened financial position and diversified growth across health, insurance, banking, and wellness platforms. (SOURCE: SENS) |
SAA EMBRACES FESTIVE SPIRIT WITH MORE FLIGHTS
South African Airways (SAA) will boost its international network over the festive season, adding more flights from 1 October through 11 February 11, 2026. Johannesburg–Lagos and Johannesburg–Accra routes will each increase to six weekly services, while Johannesburg–São Paulo gains new Wednesday and Sunday flights from December 10. The expanded schedule supports family travel, business trips, and cultural events including Detty December, AfroFuture, and Brazil’s Carnival build-up. SAA chief commercial officer Tebogo Tsimane said the move reflects the airline’s commitment to “more flights, more opportunities, and stronger connections” between Africa and global destinations. (SOURCE: Bizcommunity) |
SOUTH AFRICA IN RARE REBUKE OF RUSSIA OVER CIVILIAN STRIKE
South Africa has expressed “deep concern” over a Russian strike in eastern Ukraine that killed 24 pensioners collecting payments, marking a sharper rebuke of Moscow than usual. The Department of International Relations and Cooperation condemned the deliberate targeting of civilians as a violation of humanitarian law. While maintaining a non-aligned stance, Pretoria reiterated its call for de-escalation, a ceasefire, and adherence to international law. President Cyril Ramaphosa has positioned South Africa as a mediator since Russia’s 2022 invasion, but the latest statement underscores rising unease over attacks that escalate global tensions. (SOURCE: Bloomberg) |
|
|
Too often we... enjoy the comfort of opinion without the discomfort of thought.
John F. Kennedy |
|
|
|
| Dollar | R17.38 | - 0.09% | | Pound | R23.55 | + 0.08% | | Euro | R20.38 | + 0.01% | | Yen | 0.117583 |
| | Yuan | R2.44 | - 0.08% | | Bitcoin | $ 115 303.20
| + 0.68% |
These rates are correct at time of going to press. | | Platinum | $ 1 393.25
| + 0.23% | | Gold | $ 3 649.67 | + 0.43% | | Oil | $ 65.74
| - 0.72% | | All Share | 103 927.54
| + 0.33% | | Repo | 7.00 | | | Prime | 10.50 | |
|
|
|
|
|
