| PATRONAGE POLITICS IS THE DEATH OF ECONOMIC REALITY |
The ANC’s reliance on Black Economic Empowerment cannot compensate for cadre-deployment incompetence, corruption and failed policies, writes Prof William Gumede in a hard-hitting critique of the organisation's strategy. Sustainable transformation, Gumede contends, requires merit-based appointments, effective public institutions, evidence-led policymaking and economic growth that creates businesses, jobs and opportunities beyond politically connected beneficiaries.
See below: Portal launched to flag suspicious government tenders |
| WHY SOME STAFF TAKE OWNERSHIP AND OTHERS DON'T |
 |
Presenter Lisa Glaister (left) and Maritsa Gouws, winner of the Bizz-Link bee.
This month's Bizz-Link meeting at the Pietermaritzburg and Midlands Chamber of Business saw Lisa Glaister of Core Wellbeing exploring one of the most common frustrations facing business owners and managers: why some employees take ownership and initiative while others seem disengaged, avoid responsibility, or wait to be told what to do.
The session challenged the idea that ownership is purely a performance issue and highlighted the important role that leadership, confidence, communication and psychological safety play in shaping workplace behaviour. Practical tools were shared around creating environments where people feel safe to speak up, take responsibility, learn from mistakes and contribute more effectively. Discussion also focused on the difference between accountability and control, and how leaders can unintentionally discourage ownership by over-directing or rescuing employees.
The key takeaway was simple: most people want to do a good job, but ownership thrives when leaders create the conditions for trust, clarity, confidence and accountability.
To conclude proceedings, Maritsa Gouws of Lock & Key Solutions was handed the coveted Bizz-Link bee for her 90-second presentation.
|
| FREE WEBINAR: NAVIGATING THE CHALLENGES OF AFRICAN EXPORTING |
| Is your business ready to trade across borders, put AI to work and unlock new funding? To help prospective exporters navigate the challenges, the ICC Centre of Entrepreneurship offers free virtual sessions, under the SME Future Forum Africa 2026 umbrella, from 20–22 October, between 10 am and 12 noon, on Zoom. Participants will gain practical guidance on using the African Continental Free Trade Area to expand, hands-on AI skills for export research and funding proposals, and insights into alternative financing solutions. To register, click here. |
1993: Nelson Mandela and F.W. de Klerk were named the recipients of the Nobel Peace Prize.
Elsewhere, in 1934, Chinese communists began the Long March, the 10 000-km trek from southeast to northwest China.
It's International Day of Rural Women and also Global Handwashing Day. |
ONLY 1 IN 10 EMPLOYEES MEET 15% CONTRIBUTION FOR RETIREMENT
Just 10% of contributing members to retirement funds are projected to retire with an income of at least 75% of their final salary, up from 6% in 2021, according to the Alexforbes Member Insights 2026 report. The study analysed 1.1 million members across more than 310 funds and 2 300 employers. Average contributions amount to 11.2% of salary, below the recommended 15% over 40 years.
The average projected retirement income is 46% of final salary, improving from 40% in 2021. Members are retiring at an average age of 61. Meanwhile, 52% of retirement assets remained preserved at end-2025, up from 44% in 2022.(SOURCE: Moneyweb) |
... AS EXPERTS FRET OVER 50% CHATBOT FINANCIAL ADVICE
Almost half of South Africans earning more than R8 000 a month use AI chatbots for financial guidance, but experts warn that technology cannot replace the judgement and accountability of a qualified human adviser. Old Mutual’s Savings and Investment Monitor found widespread use for wealth-building, everyday money management, banking and retirement planning. Yet financial decisions involve personal circumstances, emotions and family obligations that algorithms may not fully capture.
Similarly, Morningstar's survey of 623 households found that respondents were uncomfortable with making financial decisions and sought online, while Vanguard research suggests advisers can add three percentage points to investment returns through asset allocation and behavioural coaching. (SOURCE: Savings Institute)
|
PORTAL LAUNCHED TO FLAG SUSPICIOUS GOVERNMENT TENDERS
The Democratic Alliance (DA) has launched an online portal for reporting suspicious government tenders, amid concerns about delays in blacklisting suppliers implicated in corruption. The initiative aims to give the public a channel to flag procurement processes that may warrant investigation. It comes as calls grow for reforms to speed up action against suppliers accused of abusing public contracts. The party has highlighted slow blacklisting as a weakness in efforts to tackle corrupt procurement, although the effectiveness of the portal will depend on how reports are assessed and referred for investigation. (SOURCE: BDLive)
|
SANDF HALTS CUBA PROJECT OVER DODGY R279 MILLION EXPENDITURE
The South African National Defence Force (SANDF) has ordered the suspension of Project Kgala, a controversial programme involving Cuban specialists repairing and maintaining military equipment. The decision follows R279-million in irregular expenditure linked to the project, raising questions about procurement oversight and the management of defence spending. A senior SANDF officer confirmed that an instruction had been issued to stop the programme. The project’s use of Cuban expertise has drawn scrutiny amid broader concerns about the military’s finances and operational capacity. (SOURCE: News24)
|
ARM, ASSORE HEAD TO COURT OVER ASSMANG CONTROL
African Rainbow Minerals (ARM), chaired by Patrice Motsepe, and Assore, associated with the Sacco family, are heading for a legal battle over management rights at Assmang, their multibillion-rand mining joint venture. The dispute pits two prominent South African business families against each other over control of an operation producing manganese and iron ore. The outcome could affect how the partners manage the venture and exercise their respective rights. The court showdown adds a new chapter to the relationship between ARM and Assore, both established players in the mining sector. (SOURCE: BDLive)
|
LOCAL BUS CONTENT AT 50% LIKELY WITH POLICY ENFORCEMENT
South Africa could increase locally manufactured content in buses from 32%–35% to as much as 50% by enforcing existing procurement rules, grouping municipal purchases and introducing targeted incentives, a Localisation Support Fund study finds. Prepared by Ernst & Young and naamsa, the study says fragmented procurement and uneven local-content requirements undermine manufacturers, while fully built imports compete with available local assembly capacity. The country buys about 1 000 new buses annually. Each percentage-point increase in local content could add R1 billion to GDP and support 325 full-time jobs, it says. (SOURCE: Engineering News)
|
CHROME EXPORTS BOOM AS FERROCHROME SMELTERS STUTTER
South Africa’s chrome ore exports rose 28% year-on-year to 7.3 million tonnes in Q2 2026e second quarter of 2026, while ferrochrome exports fell 18% to 364 000 tonnes. The divergence highlights the decline of local beneficiation after electricity tariffs surged 176% over a decade. A new 62c/kWh tariff, approved in May, offers relief, with Glencore-Merafe planning to restart two smelters. However, only 11 of the country’s 66 ferrochrome furnaces were recently operating. Rising production costs, Chinese competition and potential oversupply threaten recovery, despite the tariff reduction and withdrawal of job-cut notices affecting nearly 3 900 workers. (SOURCE: Moneyweb)
|
REGULATOR PROBES ABC TRADES AFTER 3-FOR-1 SHARE SPLIT
The Financial Sector Conduct Authority (FSCA) has launched a second investigation into possible market manipulation involving Africa Bitcoin Corporation (ABC), examining share transactions in April and May 2026. The period coincided with a three-for-one share split, during which ABC’s share price dropped before recovering. Registered on 4 September, the investigation concerns possible contraventions of the Financial Markets Act, but identifies no individuals or entities and makes no findings of wrongdoing. The probe follows governance turmoil at the JSE-listed company, with all but two directors resigning. Former CEO Warren Wheatley and two associates are separately challenging debarments and penalties linked to earlier trades. (SOURCE: Moneyweb)
|
CAPE TOWN F1 BID TARGETS 2031 GRAND PRIX
A group led by former Sibanye-Stillwater chief executive Neal Froneman is pressing ahead with plans to bring Formula 1 racing to Cape Town, targeting a 2031 Grand Prix despite Rwanda securing an agreement to host a race in the 2030s. Blue Mountain Racing and its partners propose a R6.7 billion motorsport complex in the Swartland region north of Cape Town. The group argues Africa’s 1.6 billion people and more than 50 countries offer room for multiple races. The project would revive South Africa’s F1 ambitions, nearly four decades after Africa’s last Grand Prix at Kyalami in 1993. (SOURCE: Bloomberg)
|
BOTSWANA TO HOST SOUTHERN AFRICAN DANGOTE REFINERY IPO
Botswana has been selected as the Southern African trading hub for the $1.6 billion (about R26 billion) initial public offering (IPO) of Dangote Petroleum Refinery, Africa’s largest oil refinery. The country’s Access Bank unit will issue depositary receipts, targeting $500 million from regional investors. The listing is being coordinated by the Southern African Development Community’s 14-member stock exchanges committee. Owned by Nigerian billionaire Aliko Dangote, the refinery plans to sell 4.1 billion shares. Dangote says investor interest has exceeded expectations, prompting a two-week extension of the IPO deadline to 27 October to allow wider participation. (SOURCE: Bloomberg)
|
MORE THAN HALF OF UK FIRMS EXPECT AI JOB CUTS
More than half of major UK businesses expect artificial intelligence (AI) to reduce headcount over the next year, according to a Deloitte survey of finance chiefs. Some 52% of chief financial officers anticipate job cuts, while 67% say they have achieved only a quarter of the changes they ultimately expect from AI. Rising employment costs are also encouraging companies to expand with fewer workers. Yet the financial gains remain uncertain: only a third of CFOs expect AI to improve profit margins within a year. Deloitte surveyed 66 CFOs between 17 September and 1 October. (SOURCE: Bloomberg)
|
DIESEL SHORTAGES COULD PERSIST INTO 2027
Global diesel shortages could persist well into 2027 as conflicts disrupt supplies from the Middle East and Russia, the International Energy Agency (IEA) warns. Diesel refining margins reached a record almost $95 a barrel in September as attacks on energy infrastructure curtailed production. Combined diesel export losses from the two regions reached 1.3 million barrels daily. Although refinery operations are expected to recover, this will not replenish depleted stocks quickly enough. The IEA is coordinating emergency releases, but declining reserves leave markets vulnerable to further shocks. Record fuel prices are also raising costs, fuelling inflation and squeezing household incomes. (SOURCE: Reuters)
|
|
|
Out of life’s school of war – what doesn’t kill me, makes me stronger.
Friedrich Nietzsche |
|
|
|
| Dollar | R16,56 | + 0.15% | | Pound | R21.92 | - 0.22% | | Euro | R18.56
| - 0.30% | | Yen | 0.104809 |
| | Yuan | R2.47
| + 0.30% | | Bitcoin | $ 79 776.42
| - 1.13% |
These rates are correct at time of going to press. | | Platinum | $ 1 602.89
| - 0.13% | | Gold | $ 4 136.01
| + 0.74% | | Oil | $ 104.43
| - 0.99% | | All Share | 108 515.21
| - 0.82% | | Repo | 7.25 | | | Prime | 10.75 | |
|
|
|
|
|
