| XENOPHOBIA PUSHES NEWCASTLE TEXTILE SECTOR TO BRINK |
| STEPPING UP FOR A MANDELA DAY GOAL OF 1 MILLION SHOES |
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Emeris Pietermaritzburg staffers (ltr) Charlize Greyling (Receptionist), Sne Danisa (Credit Controller), Adelaide Williams (Student Relations Specialist) and Vanessa Stuart (Head: Student Experience) putting their best feet forward ahead of the My Walk on Mandela Day.
This Mandela Day, Pietermaritzburg residents are invited to lace up, gather family and friends, and walk for a worthy cause. Emeris Pietermaritzburg, together with My Walk Made with Soul (My Walk), Love Cities and Run/Walk for Life, will host a community 5km walk and run at St Charles College on 18 July. Proceedings get underway at 7 am with all funds raised to help provide school shoes made from recycled medical PVC waste, giving children dignity and confidence.
My Walk has already delivered more than 400 000 pairs towards its goal of one million shoes. The first 50 entries receive limited-edition T-shirts, while the first 500 finishers earn medals. Participants completing the route within 67 minutes enter a lucky draw. Click here to buy a ticket. |
| CHAMBER AGM TO VOTE ON DISSOLUTION OF BUSINESS FIGHTNG CRIME |
Members of the Pietermaritzburg and Midlands Chamber of Business are reminded of the 24th Annual General Meeting on Tuesday, 21 July, at 5.30 pm. Members are encouraged to attend or submit proxy forms to ensure the required 5% quorum is achieved. The AGM will consider board appointments, annual matters and a special resolution regarding the proposed dissolution of Business Fighting Crime. PMCB member participation is important in helping shape the future direction of the Chamber and the local business community. Contact Heidi on (033) 3452747 or at pmcb@pmcb.org.za.
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1992: Bafana Bafana beat Cameroon 1-0 in South Africa's first-ever FIFA-sanctioned match.
1985: Boris Becker became the youngest Wimbledon winner at 17 when he defeated SA-born Kevin Curren in the final.
A toast to sweetness on World Chocolate Day. It’s also Global Forgiveness Day, World Change Day, and International Peace and Love Day.
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ALARM AS UNPAID PENSION FUND CONTRIBUTIONS TOP R8.33 BILLION
South African employers owe an estimated R8.33 billion in unpaid retirement fund contributions, affecting more than 500 000 pension fund members, according to the Financial Sector Conduct Authority (FSCA). The regulator has published the names of 6 064 defaulting employers after receiving reports from 75 retirement funds.
Total arrears have risen 14.2% from R7.29 billion a year ago, while late-payment interest now makes up 43.5% of the debt, indicating contributions are remaining unpaid longer. Bargaining council funds account for 77% of arrears, with municipalities in the North West and Free State responsible for nearly 80% of municipal pension defaults. (SOURCE: Moneyweb)
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CHEAPER TO FLY THAN TRAVEL BY RAIL, SAYS PRASA
Prasa's bid to revive long-distance passenger rail has hit a major obstacle after proposals proved more expensive than air travel. Transport Minister Barbara Creecy said all bids to restore services between Gauteng and Durban, Musina and Mbombela require government subsidies the fiscus cannot currently afford. The Department of Transport is considering cross-subsidising passenger services with freight while seeking R35 billion from National Treasury for rail upgrades. Prasa has restored 35 of 40 priority commuter lines and increased annual passenger journeys from 10 million in 2020/21 to 101 million in 2025/26, targeting 600 million by 2030/31. (SOURCE: Moneyweb)
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CHERY TAKE-OVER HERALDS NEW AUTO MANUFACTURING ERA
Chinese automaker Chery has officially acquired the former Nissan assembly plant in Rosslyn, Tshwane, marking its shift from importer to local manufacturer. The company will invest in upgrading the 60-year-old facility, with production starting in mid-2027 and 15 000 vehicles planned during the initial ramp-up. The plant has capacity to build 50 000 vehicles annually, beginning with the Tiggo 4. Chery will retain 692 former Nissan employees and create nearly 3 000 jobs while targeting 40% localisation by 2028. Its long-term ambition is to sell more than 100,000 vehicles annually in South Africa. (SOURCE: Engineering News) |
... AS CHINESE RIVAL EYES REGIONAL GROWTH FROM SA HUB
Chinese automaker Changan will use South Africa as its Southern African headquarters to expand into neighbouring markets, including Namibia and Zambia, but says local vehicle production is not yet viable. The company plans to build a network of 40 dealerships across South Africa by the end of 2026, creating about 600 jobs. Changan believes establishing a strong domestic sales base is essential before considering localisation. The strategy reflects growing confidence among Chinese manufacturers in South Africa as a regional gateway, while avoiding the high costs of local assembly until sales volumes justify manufacturing investment. (SOURCE: BDLive)
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WORLD BANK PUNTS 15% CORPORATE TAX FOR SPECIAL ECONOMIC ZONES
The World Bank has recommended extending South Africa's 15% corporate income tax rate to all Special Economic Zones (SEZs) to boost investment, exports and job creation. Trade, Industry and Competition Minister Parks Tau said government is evaluating the proposal as part of a broader review of the country's SEZ programme, including tax incentives, funding and governance. South Africa currently has 12 designated SEZs, but only some qualify for the reduced tax rate, compared with the standard 27% corporate tax. The World Bank believes a uniform incentive would strengthen the country's competitiveness and attract more manufacturing investment. (SOURCE: BDLive)
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ESKOM, BUSINESS LEADERS CLASH OVER GRID REFORMS
A public row has erupted between Business Leadership South Africa (BLSA) and Eskom chair Mteto Nyati over the future of the utility's transmission assets as President Cyril Ramaphosa considers recommendations on Eskom's unbundling. The dispute centres on plans to separate transmission from Eskom's generation and distribution businesses to accelerate private investment in the electricity sector. Supporters argue an independent grid operator will unlock billions of Rand in new investment, while critics warn reforms must protect Eskom's financial sustainability. (SOURCE: BDLive)
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... AS JSE TOP 40 COMPANIES RUSH TO UNPLUG ESKOM POWER
South African companies are rapidly reducing their dependence on Eskom, with more than 40 JSE-listed firms announcing expanded renewable energy plans in 2026 alone. Driven by electricity tariffs that have risen almost 900% since 2008, businesses are investing billions in solar and wind power, where electricity costs 50–60 cents/kWh, compared with more than R2/kWh from Eskom. South Africa now has more than 2 500 registered renewable projects with 19 677MW of capacity, alongside 8 400MW of private solar installations. Eskom still has 53 200MW installed capacity, 85% coal-fired, but faces a R358 billion debt burden and declining demand. (SOURCE: Bloomberg)
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MTN CHIEF JOINS GLOBAL AI FAIRNESS COMMISSION
MTN Group CEO Ralph Mupita has been appointed to a global commission tasked with promoting fair, inclusive and responsible artificial intelligence worldwide. The commission brings together leaders from business, government and academia to develop practical recommendations that ensure AI benefits all societies, particularly those in developing economies. Mupita said Africa must play a meaningful role in shaping global AI governance rather than simply adopting technologies developed elsewhere. His appointment recognises MTN's growing influence in digital transformation across 16 African markets, serving more than 290 million subscribers, and advocating for equitable access to emerging technologies. (SOURCE: News24)
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SHELL DITCHES DOMESTIC BUSINESS IN R18 BILLION UAE DEAL
Energy giant Shell has agreed to sell its South African downstream business to ADNOC Distribution of Abu Dhabi in a deal valued at about US$1 billion (around R18 billion). The transaction includes Shell's network of about 600 service stations, commercial fuels, lubricants, supply operations and related assets. The sale forms part of Shell's strategy to streamline its global portfolio while enabling ADNOC Distribution to expand its international footprint. The deal remains subject to regulatory approvals and customary conditions. Once completed, ownership of one of South Africa's largest fuel retail networks will transfer to the UAE-based company. (SOURCE: News24)
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MICROSOFT TO AXE 6 400 JOBS IN GLOBAL RESTRUCTURE
Microsoft will cut about 6 400 jobs, representing roughly 3% of its global workforce, as it continues restructuring across the company. The layoffs include major changes to its Xbox gaming division, with studio closures, cancelled projects and management reshuffles aimed at improving efficiency after the US$69 billion (about R1.1 trillion) acquisition of Activision Blizzard. The company says it remains committed to gaming but is streamlining operations to focus on long-term growth. Microsoft employed about 228,000 people before the cuts. The latest layoffs follow several rounds of job reductions over the past two years as the technology giant prioritises artificial intelligence investment. (SOURCE: Bloomberg)
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US COURT BLOCKS MUSK'S R790 BILLION TWITTER FRAUD APPEAL
A US federal judge has rejected Elon Musk's bid to overturn a jury verdict that found he defrauded Twitter investors during his US$44 billion (about R790 billion) takeover of the social media platform in 2022. Judge Charles Breyer upheld findings that Musk's 13 May 2022 tweet about fake accounts misled investors, although he cleared Musk over a 17 May tweet. The judge also refused to decertify the investor class and granted prejudgment interest. Lawyers for shareholders estimate potential damages of about US$2.5 billion (roughly R45 billion), with Musk expected to appeal. (SOURCE: Reuters)
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GOLD EASES, OIL UP AS HORMUZ ATTACKS FAN INFLATION FEARS
Gold slipped for a second straight session as renewed attacks on shipping in the Strait of Hormuz pushed oil prices higher and revived inflation concerns. Spot gold fell 0.6% to US$4 138.55 an ounce after earlier dropping as much as 0.9%. Rising oil prices have increased expectations that the US Federal Reserve could keep interest rates higher for longer, reducing gold's appeal because it pays no interest. Investors are also awaiting minutes from the Fed's June meeting for clues on future policy. Silver fell 0.9% to US$61.51 an ounce, while platinum was little changed. (SOURCE: Bloomberg)
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Compassion is the wish to see others free from suffering.
Dalai Lama |
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| Dollar | R16.23
| - 0.26% | | Pound | R21.72
| - 0.30% | | Euro | R18.55
| - 0.13% | | Yen | 0.100338 |
| | Yuan | R2.39
| - 0.18% | | Bitcoin | $ 63 319.62
| - 1.61% |
These rates are correct at time of going to press. | | Platinum | $ 1 620.81
| - 0.80% | | Gold | $ 4 129.27 | - 0.85% | | Oil | $ 72.86
| + 1.15% | | All Share | 110 773.40
| - 0.35% | | Repo | 7.00 | | | Prime | 10.50 | |
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