| HERO-TO-ZERO TONGAAT EXECS STAUDE AND CO HEAD TO COURT |
Tongaat’s spectacular collapse from corporate heavyweight to scandal-tainted ruin is back before the courts. Former executives face criminal charges over alleged accounting fraud that helped inflate the company’s numbers by more than R10 billion, while civil claims drag on. Former CEO Peter Staude once saw his shares soar to R140; they ultimately fell to zero. Now, the long-awaited reckoning begins.
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| INDUSTRY EXPERTS OFFER STUDENTS CAREER INSIGHTS |
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Head of Recruitment Accountancy Placements Laura Dodd, on the green beanbag, sharing valuable insight on graduate employability with some of the final year students.
Emeris Pietermaritzburg’s Ready to Launch workshop brought an impressive calibre of industry speakers directly into the student experience, offering practical insight into what employers expect from graduates.
Laura Dodd, Head of Recruitment Accountancy Placements, Fortitude Worx MD Portia Duma, and Nompilo Gumede, CEO of Cava Africa, shared their expertise on recruitment, career opportunities and workplace readiness.
Students rotated through sessions covering interview pitches, CVs, LinkedIn profiles, job-search strategies, applications and industry exposure. The hands-on format encouraged students to ask questions, network and engage directly with experienced professionals, helping them understand how to strengthen their profiles and confidently prepare for the transition from campus into the workplace.
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| REMINDER: CHARITY GOLF DAY SUPPORTS SALVATION ARMY MID KZN |
Golfers are reminded of the golf day in aid of The Salvation Army (Mid KZN Division) jointly hosted by Pietermaritzburg and Midlands Chamber of Business member SBD Business Systems and Ekhay'Elkhulu Restaurant & Entertainment tomorrow, 11 September, at Maritzburg Golf Club. Tee-off is at 9.30 am and entry is R350 per golfer in an Individual Stableford format. All proceeds will assist vulnerable individuals and families in the Pietermaritzburg and surrounds community. Bookings to be made with Maritzburg Golf Club on (033) 396 2356.
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1974: Guinea-Bissau gained independence from Portugal.
Elsewhere, in 1846, the patent for the first sewing machine with a lockstitch design was issued.
Grab your pencil liner and lipsticks, today is International Make-Up Day. |
STATE SPEND TIPPED TO UNLOCK R5.11 BILLION FOR CLOTHING, LEATHER
Government procurement could deliver a major boost to South Africa’s struggling clothing, textile, footwear and leather (CFTL) industry, a new study finds. Only 32% of the State’s annual R7.5 billion CTFL spending can be definitively linked to local manufacturers, leaving R5.11 billion in potential revenue outside compliant local businesses.
The study estimates this represents about 12 600 jobs and R1.3 billion in potential wages lost annually. Reaching the industry’s 60% local-content target could nearly double manufacturing revenue, while every additional R1 billion directed to compliant local suppliers could support about 2 450 direct and 5 050 indirect jobs.
Up to R4.5 billion in additional GDP could be captured, while stronger verification and monitoring would help ensure government spending translates into local production, investment and employment. (SOURCE: Engineering News)
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DURBAN OIL-REFINING REVIVAL TARGETS 650 000 BARREL OUTPUT
South Africa is planning a major revival of its oil-refining industry as fuel imports surge and almost half the country’s refining capacity lies idle. The Central Energy Fund wants to rebuild Durban’s Sapref refinery, damaged by the 2022 floods, with initial capacity of 400 000 barrels a day, potentially rising to 650 000. That would more than triple current crude-refining capacity and significantly reduce import dependence, which has climbed to about 61% of fuel supply from just 22% in 2019. Only Sasol’s Natref and Astron Energy’s Cape Town refinery currently process crude. The plan also includes using existing storage and transfer infrastructure to support imports while domestic capacity is rebuilt, although CEF has yet to provide funding details or a firm timeline. (SOURCE: Bloomberg)
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... AS DIESEL SHORTAGES ADD TO INFLATION WOES
South Africa is facing an inflation risk as a diesel shortage pushes fuel costs higher. Industry executives at the APPEC conference warned that tight refining capacity, depleted stockpiles, refinery outages and geopolitical conflicts could worsen diesel shortages through winter. The pressure is being felt locally: wholesale 50ppm diesel prices jumped 11.35% in September, pushing pump prices above R30 a litre. Higher diesel costs raise road-freight expenses, squeezing transport operators, supply chains and businesses that rely on deliveries. While analysts expect limited immediate food-price fallout, prolonged diesel inflation could eventually feed into consumer prices, household budgets and the South African economy. (SOURCE: News245/Bloomberg)
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3% INFLATION TARGET ROBUST ENOUGH TO HANDLE SHOCKS
South Africa’s new 3% inflation target appears capable of withstanding significant economic shocks, according to a Reserve Bank study. Researchers found a 78% chance inflation will remain within the 2% to 4% tolerance band when major shocks are absent, while even multiple shocks leave a 62% probability. Oil poses the biggest risk, with a sustained 40% price increase potentially adding 0.87 percentage points to inflation in the first year. Yet inflation expectations remain relatively anchored. The findings support Governor Lesetja Kganyago’s cautious approach to interest rates despite the “polyshock” confronting the economy, including higher oil, food and fertiliser costs. (SOURCE: Bloomberg)
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... AS MISSSION GATHERS PACE ON SOLVING GREY-LIST GAPS
South Africa is working to address remaining weaknesses in its financial crime controls following its successful exit from the Financial Action Task Force’s (FATF) greylist. Authorities are conducting assessments to identify and close outstanding gaps in measures designed to combat money laundering and terrorist financing. The greylisting exposed vulnerabilities that threatened the country’s financial reputation and increased scrutiny from international institutions and investors. South Africa’s removal from the list marked a significant milestone, but regulators and law-enforcement agencies now face the task of maintaining momentum. Closing the remaining weaknesses will be crucial to strengthening the country’s financial system, protecting its international standing and ensuring it does not find itself back on the FATF naughty list. (SOURCE: News24)
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CRYPTO INDUSTRY WARNS NEW RULES COULD DRIVE BUSINESS OFFSHORE
South Africa’s crypto industry has united to oppose proposed exchange-control rules it says could cripple blockchain-based payments and drive jobs, investment and tax revenue offshore. The newly formed Catastrophe coalition, including major players such as VALR, Luno and EasyEquities, argues the rules unfairly discriminate against crypto technology. It is particularly concerned about restrictions on stablecoin cross-border payments and transfers between local exchanges and self-hosted wallets. The coalition says billions of rands in investment have already been placed on hold, while thousands of jobs could be at risk. Treasury and the Reserve Bank say the proposals remain in draft form, with public consultation closing on 30 September. (SOURCE: Moneyweb)
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43% SURGE IN CABLE IMPORTS THREATEN DOMESTIC INDUSTRY
South Africa’s cable industry is facing a sharp import surge, with electrical cable imports rising 43% to 32 943 tonnes in the year to June 2026. At the same time, average landed prices fell 28% to R112 086 a tonne. Low-voltage imports climbed to 21 607 tonnes, while medium- and high-voltage volumes more than doubled to 9 100 tonnes. Manufacturers warn that cheap imports, including products allegedly failing local compliance tests, are displacing domestic production and threatening jobs. The impact extends beyond factories to copper, PVC, transport and testing suppliers. Industry leaders also highlight uneven regional trade and growing concerns over safety. (SOURCE: Bizcommunity)
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EGYPT OPENS DOOR TO SOUTH AFRICAN RED MEAT EXPORTS
South African red meat producers are set to access Egypt’s substantial consumer market after negotiations on veterinary requirements were successfully concluded. Agriculture Minister Willie Aucamp said the two countries had finalised the Veterinary Health Certificate governing red meat exports, with shipments able to proceed once final signatures are added. The agreement provides exporters with a clear regulatory framework while meeting animal health and food safety requirements. It comes as South Africa battles one of its largest Foot-and-Mouth Disease outbreaks in decades, making market diversification particularly important. The new route could help producers and processors expand, strengthen the red meat value chain, create jobs and channel more export revenue into rural economies. (SOURCE: Engineering News)
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OIL BREACHES $100 A BARREL AS MIDEAST SUPPLY RISKS GROW
Brent crude has surged above $100 a barrel for the first time since July, as escalating Middle East conflict raises fears of further disruption to global oil supplies. Brent gained 2.2% to $100.07, while US West Texas Intermediate rose 1.83% to $94.73. Prices have climbed about 25% since early August as hopes fade for a lasting resolution to the six-month US-Iran conflict. Recent attacks by Iran-backed Houthis on Saudi energy facilities have heightened concerns, particularly over crude shipments through the Red Sea and Strait of Hormuz. Oil flows through Hormuz have fallen sharply, while banks including Goldman Sachs and HSBC have raised their price forecasts. (SOURCE: Reuters)
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... AS METAL PRICES TUMBLE ON ESCALATING MIDEAST TENSIONS
Industrial metals are retreating from record highs as escalating Middle East tensions raise concerns about global growth, inflation and demand. The London Metal Exchange’s six-metal index hit an all-time high Tuesday, with copper, aluminium and zinc driving gains. Copper has since fallen 0.6% to $14,625 a ton, while all LME base metals declined. Markets face additional uncertainty from potential US tariffs, supply shortages and disrupted aluminium flows from the Middle East. Copper’s rally has also been fuelled by metal shipments to the US ahead of possible tariffs, leaving LME inventories under pressure. Brent crude meanwhile approached $100 a barrel, adding to inflation fears. (SOURCE: Bloomberg)
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Be impatient with actions but patient with results.
Naval Ravikant |
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| Dollar | R16.03
| + 0.13% | | Pound | R21.73 | + 0.03% | | Euro | R18.66
| + 0.02% | | Yen | 0.104857 |
| | Yuan | R2.39
| + 0.12% | | Bitcoin | $ 78 500.93 | + 0.52% |
These rates are correct at time of going to press. | | Platinum | $ 1 889.60
| - 0.94% | | Gold | $ 4 425.97 | + 0.58% | | Oil | $ 100.71
| - 0.47% | | All Share | 116 520.81
| - 0.80% | | Repo | 7.00 | | | Prime | 10.50 | |
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