| R580 BILLION TELECOM BOOST FOR RURAL KZN |
KZN is emerging as a strategic focus for telecom expansion, with MTN South Africa announcing a R480 million investment - following Vodacom’s R100 million - to boost rural connectivity and digital inclusion. Both operators have targeted KZN’s underserved rural areas - while Vodacom plans to build 106 new base station sites in 23 municipalities across 11 districts, MTN will roll 25 new sites, upgrade over 200 existing sites, and enhance 4G and 5G coverage in villages. The initiative includes MTN’s Digital Skills for Digital Jobs programme, equipping 80 young people in the province with in-demand tech skills. The holistic investment combines infrastructure and education, underscoring MTN’s commitment to bridging South Africa’s digital divide and driving inclusive economic growth. (SOURCE: Engineering News)
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| MILES OF SMILES AS OCEAN SWIMMERS NET R1.7 FOR CHARITIES |
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Some of the 28 swimmers who swam 8 or 16 miles in the Oceans 8 Charity Swim to raise funds for Singakwenza Early Childhood Education.
The Oceans 8 Charity Swim this year brought together 265 swimmers and their groups of supporters, over 60 charity volunteers, and thousands of miles - and smiles - for a fun weekend of camaraderie, shared purpose and fantastic swimming. The intrepid swimmers raised R1 178 994.00 for the 14 charities involved, with R269 845.00 collected on behalf Singakwenza Early Childhood Education!
The funds will be used to give 64 preschool children from under-resourced communities their full bouquet of services that include training and mentorship for their practitioners, lesson plans, learning materials, daily fun activities, and Occupational Therapy services for a year.
“The team at Singakwenza is deeply grateful to the 28 swimmers and their donors for helping to raise these funds and make a significant difference to the future of our country through education,” said Singakwenza Executive Director Julie Hay.
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| MORE TWEAKS TO MAKE EBIZBLITZ EVEN BETTER |
| Observant readers would have noticed that we're making incremental changes to eBizBlitz in our bid to improve the daily newsletter of business news for busy people. Scroll down to the financial indicators to see the latest tweaks and let us know what you think by emailing Candice at news@pmcb.org.za. |
1960: Zaire, formerly Belgian Congo and now the Democratic Republic of the Congo, declared its independence from Belgium.
1934: The Night of the Long Knives, Adolf Hitler’s purge of rivals in the Nazi Party.
Heavens above, it’s International Asteroids Day. And it’s also International Day of Parliamentarism! |
NO-VAT FOOD ITEMS ADD 4.1% TO HOUSEHOLD BASKET
Despite the VAT exemption’s goal of easing food costs, South African consumers are still under pressure. The latest Household Affordability Index by the Pietermaritzburg Economic Justice & Dignity Group reveals that prices of zero-rated foods rose by 4.1% over the past year, adding R113.66 to the food basket. Staples like maize meal, samp, and cooking oil saw notable hikes. Although VAT-free, 19 of the 44 tracked items increased, including beef and onions.
Rising prices are forcing low-income households - particularly women - to reduce nutrition-rich items, deepening food insecurity and widening the gap between affordability and nutritional needs. (SOURCE: BDLive)
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… AS PLUNGING BONUSES, LESS OVERTIME COST CONSUMERS R38 BILLION
While the formal sector lost 74 000 jobs in Q1 2025, reducing total employment to 10.58 million, of concern for households was a sharp fall in non-salary earnings: bonuses plummeted by R36.5 billion (–32.5%) and overtime dropped R1.4 billion (–5.1%) from December 2024 to March 2025. Weaker bonus and overtime payouts cut deeply into take-home income despite a modest 3.9% annual rise in basic salaries. Full-time employment fell by 55 000 jobs, while part-time work shrank by 19 000, signalling broad economic strain. Gross earnings in the economy fell by R47.3 billion in the quarter. Stats SA flagged the steep drop in earnings as a reflection of weakened business confidence and cost-cutting in response to slower growth. (SOURCE: Moneyweb) |
DFFE R9 BILLION BUDGET TO DRIVE JOBS, CLIMATE RESILIENCE
The Department of Forestry, Fisheries and the Environment (DFFE) will spend R9 billion over three years to drive climate resilience, job creation, and environmental protection. For 2025/26, R2.8 billion supports job-rich programmes like Working for Water and Fire, targeting 70 000 jobs. Despite its lowest allocation since 2016, the DFFE will enhance protected areas, modernise regulations (via its RESET strategy), and roll out climate plans. Flagship projects include Fishing for Freedom, the biodiversity economy, and combating wildlife trafficking. The department aims to unlock carbon credit value and raise green finance, with 59 projects already attracting $450,000 in investment. (SOURCE: Engineering News) |
JSE BULLS READY TO RUN SOME MORE
South African equities are on track for their best first-half in nearly two decades, with the FTSE/JSE All Share Index up 14% in Rand terms and 21% in Dollars - outpacing global peers. Surging gold and platinum prices have driven the rally, with the precious metals index up 74% this year. Miners like AngloGold, Harmony, and Sibanye Stillwater have gained over 60%. Investor confidence is rising, buoyed by coalition-driven reforms, low inflation, and potential rate cuts. Fund managers remain bullish, favoring banks, retailers, and software stocks. With valuations still attractive, further gains are likely if global commodity prices remain firm. (SOURCE: Bloomberg) |
MERCEDES HALTS PRODUCTION IN EAST LONDON TILL END JULY
Mercedes-Benz SA Halts Production, Eyes Restructuring Amid Economic Pressures Mercedes-Benz South Africa has temporarily suspended operations at its East London assembly plant until the end of July, citing declining global demand - particularly for C-Class models - and worsening local economic conditions. Contributing factors include exchange rate volatility, rising fuel and logistics costs, and subdued consumer spending. Port congestion at East London has further disrupted production. The automaker is now considering a restructuring plan that may involve job losses and a shift to a two-shift model. A formal consultation process with employees and stakeholders is under way to manage potential retrenchments and ensure a responsible transition. (SOURCE: BDLive/Reuters) |
THYME BANK CASHES IN ITS CHIPS WORTH R1.09 BILLION
Fintech group Lesaka Technologies has acquired 100% of South African neobank Bank Zero for up to R1.09 billion in a part-share, part-cash deal. The acquisition enhances Lesaka’s digital banking capabilities and expands services for its underserved customer base. Bank Zero, with over 40 000 funded accounts and R400 million in deposits, will retain its leadership team. Chair Michael Jordaan will join Lesaka’s board. The transaction, pending regulatory approvals, is expected to be earnings accretive, unlock innovation, and streamline operations. Lesaka aims to optimise its balance sheet, while Bank Zero gains broader reach without compromising its zero-fee digital banking model. (SOURCE: Moneyweb) |
STARLINK COMMITS TO LOCAL SUPPLIERS IN COMPLIANCE BOD
Starlink is keen to enter the South African market and has expressed a strong willingness to collaborate with local suppliers as part of meeting regulatory compliance protocols. However, its progress is stalled by the Electronic Communications Act, which mandates 30% local ownership for telecoms licensees - something Starlink, a global entity requiring full subsidiary control, cannot accommodate. To resolve this, the government is proposing an “equity equivalent” investment framework, allowing foreign firms to invest in local development instead of selling equity. If adopted, this could enable Starlink to launch legally, enhance connectivity, and support initiatives like free internet for 5 000 schools. (SOURCE: BDLive) |
EUROPEAN RETAILERS RING THE DISTRESS BELL
Retail has become Europe’s most distressed sector, surpassing industrials and real estate, according to Weil, Gotshal & Manges’ June 2025 Distress Index. Weak discretionary spending, shrinking margins, and tighter credit conditions have pushed retail distress to its highest level since 2009. The sector leapt two ranks since April, driven by tariff uncertainty and disrupted US-bound supply chains. Overall corporate distress in Europe hit a nine-month high in May, with Germany worst affected. Seven out of ten sectors worsened, reflecting broad economic strain from geopolitical tensions, trade conflicts, and market volatility. The report warns of accelerating financial pressure across industries. (SOURCE: Bloomberg) |
… AS 15% MORE WOMEN STEP INTO UK BOARDROOMS
UK retailers have significantly improved boardroom gender equality, with women now making up 47% of board members - up from 32% in 2021 - according to a report by the British Retail Consortium and The MBS Group. While this marks major progress, ethnic minority representation fell to 8% from 12% in 2024, and executive-level diversity remains limited. Nearly 90 companies, including Tesco, Boots, and Burberry, have committed to a diversity charter. Retailers are investing in leadership training, D&I roles, and menopause support. BRC CEO Helen Dickinson stressed that greater female representation is crucial, as women make up over half of retail customers. (SOURCE: Bloomberg) |
25 000 TRUANT STATE WORKERS COST CHILE R30 BILLION
Chile’s comptroller general, Dorothy Perez, has uncovered widespread abuse in the public sick leave system, revealing over 25 000 government employees took paid medical leave while travelling, studying abroad, or running businesses. Chile uniquely pays full wages during sick leave with no cap or time limit—costing around 1% of GDP. Perez’s investigation has already prompted hundreds of resignations and sparked national debate. With 7% of the national health fund spent on sick leave, the scandal is fuelling election tensions and calls for reform. Economists estimate curbing abuse could save $1.7 billion (about annually R30 billion). Perez is now targeting broader fiscal mismanagement. (SOURCE: Bloomberg) |
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Everything that irritates us about others can lead us to an understanding of ourselves.
Carl Jung |
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| Dollar | R17.74 | + 0.56% | | Pound | R24.36
| + 0.52% | | Euro | R20.81 | + 0.49% | | Yen | 0.123161 |
| | Yuan | R2.48 | + 0.44% | | Bitcoin | 108 157.90 | + 1.00% |
These rates are correct at time of going to press. | | Platinum | $ 1 366.23 | + 2.12% | | Gold | $ 3 294.81
| + 0.65% | | Oil | $ 66.68
| - 1.05% | | All Share | 95 862.21
| - 0.11% | | Repo | 7.25 | | | Prime | 10.75 | |
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