| YOUTH LEADS THE REVOLT AGAINST AI BILLIONAIRE CLASS |
| MIXING BUSINESS AND PLEASURE (AND LAUGHTER) OVER CURRY |
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(ltr) Joanne Anderson (Head of Marketing Epworth School), Sharryn Middleton (Remax Midlands), Alysha Wolfaardt (Dykes Van Heerden Attorneys), Reynard White (Executive Head of Whole School Epworth), Lawrence Joubert (Liberty Midlands Mall General Manager) and Ronael Seyambu (Liberty Midlands Mall Marketing Manager).
The Winter Warmth Chamber Lunch on Tuesday was a festive affair over a delectable curry, actually two curries, wine and loads of laughter at the Pietermaritzburg and Midlands Chamber of Business. Proceedings under the baton of David Poole of Austen Smith in the absence of CEO Melanie Veness saw the audience being regaled by jokes and, on the serious side of the business, and appeal for support for the upcoming Italian cycle ride by Tinus and Ann Havinga in memory of their grandson and as a fund-raiser for Hospice.
Also on the menu were two brief company presentations on E-Waste and St Ives Lodge & Venue by speakers Pravesh Ramlall and Ashley Bloxham respectively.
A series of lucky draws saw winners walk off with worthy prizes, not least R500 vouchers courtesy of Liberty Midlands Mall. The number of guests lingering at the end of the proceedings attested to the networking aspect of the lunch, reason enough for some guests to put down their names for the August 20 iteration.
See here for more photographs at the event.
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| BEWARE THE WEBSITES WHERE UIF CLAIMS DIE ... |
Jobseekers and beneficiaries are being warned about submitting UIF claims to outdated or “dead” websites, risking delays or loss of benefits, according to media reports. The Department of Employment and Labour has cautioned that only official UIF channels should be used, as fraudulent or inactive sites continue to circulate online. Claims must be submitted to the authorised site here.
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1884: Dinizulu succeeded his father, Cetshwayo, as King of the Zulu nation.
Elsewhere, in 1927 and 1932, aviators Charles Lindbergh and Amelia Earhardt made the first solo male and female flights across the Atlantic.
Take your pick, it’s World Meditation Day, International Tea Day, and World Day for Cultural Diversity.
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APRIL's 4% INFLATION SPIKE RAISES RATE HIKE SPECTRE
South Africa’s inflation rate accelerated to 4% in April, reinforcing expectations that the Reserve Bank may adopt a more cautious stance on interest rates at next week’s monetary policy meeting. Consumer inflation rose to its highest level since August 2024, driven largely by higher fuel and electricity costs as global oil market volatility filtered into the domestic economy.
Economists had forecast a reading between 3.7% and 4.4%, with the latest data highlighting renewed price pressures after several months of moderation. As a net oil importer, South Africa remains vulnerable to geopolitical tensions and global energy disruptions. The inflation uptick could complicate hopes for near-term rate cuts, with policymakers likely to prioritise price stability amid mounting risks to consumers and broader economic growth prospects. (SOURCE: BDLive)
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... AS TROIKA OF THREATS BEDEVILS HOUSEHOLD FINANCES
South African households are bracing for renewed cost-of-living pressure as global conflict, climate disruption and rising municipal charges combine to drive prices higher. Economists warn that the ongoing Middle East war has lifted oil prices sharply, increasing the likelihood of fuel and transport hikes that will ripple through the economy. At the same time, El Niño-related weather conditions continue to threaten agricultural production and food security, placing upward pressure on staple prices. Municipal tariff increases for electricity, water and property rates are adding further strain to already stretched consumers and businesses. Analysts say the combined impact could accelerate inflation, weaken disposable income and complicate efforts by policymakers to support economic recovery while maintaining price stability. (SOURCE: News24)
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STANDARD BANK BREACH SPARKS CYBER ALARM
Standard Bank clients were left alarmed after a system glitch briefly gave some users access to other customers’ banking profiles, raising serious concerns about privacy and digital security. The technical fault reportedly allowed affected clients to view account balances, personal information and transaction histories that did not belong to them. The bank moved swiftly to contain the issue, apologising to customers and confirming that investigations were under way to determine the cause and extent of the breach. Cybersecurity experts warned that even short-lived incidents can damage trust in digital banking platforms. The disruption comes as banks face growing pressure to strengthen safeguards against operational failures and cyber-related vulnerabilities. (SOURCE: News24)
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INFRASTRUCTURE SPEND SET FOR R9.6 TRILLION BOOST
South Africa is set for a major infrastructure investment surge, with total spending projected to exceed $582 billion (about R9.6 trillion) between 2025 and 2050, according to PwC’s latest Global Infrastructure Outlook. Transport, resources and power will dominate, accounting for 63% of total expenditure as the country modernises key systems. Annual infrastructure spend is expected to rise 39% to $26bn by 2050, supported by policy reforms and long-term planning frameworks such as the National Infrastructure Plan 2050. Digital infrastructure, including data centres, is also emerging as a high-growth area amid rising AI demand. PwC warns that execution risks, planning fragmentation and financing constraints could limit delivery, despite strong long-term investment potential across emerging markets and Africa’s rapidly growing infrastructure needs. (SOURCE: Engineering News)
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... AS ESKOM EYES WORLD BANK FOR 5 200 MW NUKE BUILD
Eskom is in exploratory talks with the World Bank and other potential funders over financing a multibillion-dollar nuclear expansion programme aimed at strengthening South Africa’s long-term electricity supply. The utility is planning up to 5 200MW of new nuclear capacity, including 4 800MW from conventional pressurised water reactors and 400MW from small modular reactors. At least half of the SMR allocation is linked to Eskom’s coal-to-nuclear transition strategy as it reduces reliance on ageing coal plants. Eskom says it cannot fund the project alone and is exploring public-private partnerships, commercial lending and vendor financing models. The World Bank has indicated openness to supporting nuclear projects aligned with national energy priorities as part of broader global decarbonisation efforts. (SOURCE: Engineering News)
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... AND TRANSNET PULLS RAIL TENDER AFTER COURT CHALLENGE
Transnet has withdrawn a restricted tender for the direct supply and delivery of railway rails following a legal challenge in the Gauteng High Court. The move came after Guma Solutions argued that the state-owned freight utility unlawfully limited participation to international original equipment manufacturers, excluding local intermediary suppliers. The company had sought to halt the process pending a full review of Transnet’s procurement decision. Transnet confirmed it had revised its sourcing strategy and withdrew the RFP before any award was finalised. The dispute also drew the Black Business Council, which criticised the exclusion of South African suppliers. Transnet maintains the urgent rail procurement was necessary to avoid operational and safety risks on its network. (SOURCE: FreightNews)
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100% SUGAR IMPORTS RISE IS A BITTER PILL FOR LOCAL GROWERS
Sugar imports into South Africa jumped 100% year-on-year in March to 16 000 tonnes, intensifying pressure on a tariff system under review as local growers warn of escalating displacement by subsidised global producers. SA Canegrowers says the industry lost an estimated R7 500 per tonne on imported sugar, with 213 000 tonnes brought in from duty-bearing countries last year. Producers from Brazil, Thailand and India are blamed for distorting prices and undermining domestic competitiveness. The sector says over one million livelihoods depend on urgent tariff reform. (SOURCE: FreightNews)
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PIC-LED CONSORTIUM IN R2.6 BILLION BID TO DELIST BALWIN
Residential developer Balwin Properties has received a R2.26 bn buyout offer from a consortium led by the Public Investment Corporation, paving the way for the company’s delisting from the JSE. Shareholders have been offered R4.35 a share in cash, a premium to recent trading levels, as the consortium seeks to take the group private. The proposed deal marks another significant contraction of the Johannesburg bourse, which has seen several companies delist amid weak valuations and subdued market liquidity. Balwin, founded by Steve Brookes and listed since 2015, has battled slowing residential demand, elevated interest rates and pressure on consumer affordability in recent years. (SOURCE: BDLive)
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... AS VUKILE BANKS R2.8 BILLION FOR ITALIAN EXPANSION
Property group Vukile has raised R2.8 billion to help fund its first acquisition in Italy, marking a further step in its European expansion strategy. The capital raise will support the group’s entry into the Italian retail property market through an acquisition alongside its growing Spanish portfolio. Vukile has increasingly shifted focus towards Europe, particularly Spain and Portugal, where it says consumer activity and retail fundamentals remain resilient. The group recently reported strong performance from its Iberian assets, including shopping centres in Madrid and northern Spain. Management said the latest transaction is expected to be earnings accretive and aligned with its long-term offshore growth ambitions. (SOURCE: BDLive)
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MOZAMBIQUE SECURES FUNDING FOR RWANDA DEPLOYMENT
Mozambique has secured funding to continue paying for Rwanda’s military deployment in the insurgency-hit Cabo Delgado province, according to Rwanda’s foreign minister. Rwandan troops were first sent in 2021 to help stabilise the region, where an Islamic State-linked insurgency had disrupted security and halted major energy projects. European Union support for the mission has reportedly become uncertain, prompting Mozambique to take over funding responsibilities directly. Although the exact amount and duration of the financing remain undisclosed, the arrangement ensures continued cooperation. The deployment has been credited with improving security conditions enough to allow major projects, including TotalEnergies’ $20 billion (about R330 billion) LNG development, to resume despite ongoing sporadic attacks in northern Mozambique. (SOURCE: Reuters)
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HORMUZ CLOSURE REDRAWS GLOBAL OIL SUPPLY CHAINS
The effective closure of the Strait of Hormuz is reshaping global oil trade flows as buyers scramble for alternative supplies from West Africa and Latin America. The disruption along one of the world’s most critical energy corridors has intensified competition for cargoes and driven up prices, with import-dependent countries facing growing supply risks. South Africa is stepping up engagement with key oil transit regions as concerns mount over fuel security and inflationary pressures. Analysts say ongoing Middle East instability is forcing refiners and traders to diversify sourcing strategies, while exporters in Nigeria, Angola and Brazil stand to benefit from stronger demand as traditional Gulf supply routes remain constrained by conflict and shipping disruptions. (SOURCE: Bloomberg)
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... AS NIGERIAN PRODUCERS BOOST OUTPUT
Nigerian oil producers are ramping up output as soaring crude prices linked to the Iran conflict create a lucrative opportunity for Africa’s largest oil exporter. Smaller local firms are accelerating drilling programmes and reopening dormant wells to capitalise on supply disruptions caused by the effective closure of the Strait of Hormuz, a key global energy route. Nigeria’s oil production climbed to 1.6-million barrels a day in April, its strongest monthly increase in nearly three years. Companies including Oando Energy Resources and Petralon Energy plan major production increases before year-end. Analysts say policy reforms introduced by President Bola Tinubu, alongside higher prices, are helping revive investment in Nigeria’s struggling energy sector. (SOURCE: Bloomberg)
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Happiness is not something ready made. It comes from your own actions.
Dalai Lama |
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| Dollar | R16.52 | - 0.48% | | Pound | R22.19
| - 0.15% | | Euro | R19.20 | - 0.46% | | Yen | 0.104058 |
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These rates are correct at time of going to press. | | Platinum | $ 1 932.86
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