| PLAYING RUSSIAN ROULETTE WITH YOUR PENSION IS RISKY |
| DISTRICT DEVELOPMENT AGENCY SCOOPS GOVERNANCE AWARD |
Umeda CEO Michael Newton (left) with CFO Mpumelelo Hadebe.
The uMgungundlovu Economic Development Agency (UMEDA) has been named KZN’s most functional district development agency and earned a clean audit from the Auditor-General of South Africa. The recognition came at last week’s KZN Municipal Excellence Awards in Durban. CEO Michael Newton said the accolades affirm the agency’s focus on governance, accountability and economic growth. UMEDA was acknowledged for driving investment and development across the district, with new projects planned to boost jobs and sustainability, including backing a proposal to develop a R4 billion logistics hub on the site of a Chinese-owned shuttered textile plant in Mooi River. The awards aim to promote public sector performance and commitment to effective local economic development. |
| SURVEY TO IMPROVE LOGISTICS GOING FORWARD |
Stellenbosch University’s Department of Logistics, in collaboration with the Southern African Association of Freight Forwarders (SAAFF), is conducting research to better understand the logistics data and performance indicators that matter most to organisations operating in South Africa. A short survey will help shape future logistics data, reporting and benchmarking to reflect real-world priorities and support better decision-making across the freight and supply chain sector. Participants may request a brief summary of the aggregated findings at the end of the survey. Click here for the link to the survey.
See below: Ramaphosa urges cross-border transport initiative |
1992: The majority of white South African voters, 68.7%, supported the end of apartheid in a referendum.
Elsewhere, in 1986, the Soviet Union launched the Mir space station.
No bad Irish jokes please, on St Patrick’s Day. |
WILL COALITION SHAKE-UP IMPROVE LOCAL GOVERNMENT PERFORMANCE?
Government plans to reshape local governance could curb the influence of small political parties by introducing a 1% electoral threshold for council representation. The move aims to reduce fragmentation and stabilise coalitions after hung municipal elections, where minor parties often hold decisive “kingmaker” power. Larger parties would be incentivised to collaborate, potentially producing more durable administrations.
However, critics warn the change may sideline smaller or community-based groups, limiting democratic diversity. The proposal, under legal review, must pass constitutional scrutiny before heading to parliament. If approved, it could be implemented ahead of the next local government elections, significantly altering South Africa’s coalition politics landscape. (SOURCE: BDLive)
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8.76% ESKOM HIKE TO DEEPEN CONSUMER COST CRISIS
Eskom will raise electricity tariffs by 8.76% from April, intensifying pressure on already strained households. The increase, approved by Nersa, is higher than initially planned after calculation errors were corrected. It comes as fuel prices surge amid global tensions, with sharp petrol and diesel hikes set to squeeze disposable incomes further. Municipal increases averaging about 9% are expected from July, compounding the burden. While subsidies remain for low-income users, rising energy and transport costs are set to ripple across the economy, driving up living expenses and deepening affordability challenges for consumers. (SOURCE: Moneyweb)
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... AS ESKOM TOLD TO REWRITE ‘ONE-SIDED’ POWER DEALS
Eskom has been ordered to redraft its controversial Distribution Agency Agreements after National Treasury and stakeholders flagged them as overly favourable to the utility. The deals would allow Eskom to take control of municipal electricity distribution, revenue collection and tariffs in debt-ridden towns. With municipal arrears exceeding R110 billion, pressure is mounting for a workable solution. Revised terms must address billing systems, service standards and protections for poorer households. Meanwhile, Nersa has not approved existing agreements, raising oversight concerns as negotiations intensify. (SOURCE: Moneyweb)
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VISION INVESTMENTS DENIES TRIGGERING TONGAAT LIQUIDATION
Vision Investments, controlling creditor of Tongaat Hulett, rejects claims it scuppered its own rescue plan, instead blaming government inaction. The sugar giant faces liquidation after business rescue efforts faltered, with small- and large-scale growers risking income and jobs in KZN. Vision engaged with unions, IDC, and King MisiZulu kaZwelithini on revised proposals but refused additional R200 million investment. Surge in imported sugar worsened profitability, prompting calls for government-led industry reforms. The liquidation hearing is set for 16–17 April in Durban High Court, coinciding with the milling season. Vision insists it consistently sought a sustainable restructuring solution to preserve the company. (SOURCE: GroundUp)
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FNB LOOKS TO JSE-LISTED PARTNER TO BOOST AI LENDING
FNB has partnered with fintech firm Optasia to leverage artificial intelligence for microfinance expansion. The collaboration will allow FNB to better assess credit risk, enabling more tailored, small-scale loans to underserved consumers. Using AI-driven insights, the bank aims to increase wallet penetration while managing default risk more effectively. This move reflects growing adoption of technology in South Africa’s financial services sector, where digital platforms are reshaping lending. FNB expects the initiative to improve financial inclusion, provide faster credit decisions, and strengthen engagement with low- and middle-income customers. (SOURCE: News24)
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... AS SHOPRITE TARGETS TOWNSHIPS IN FINTECH BATTLE
Shoprite has entered the fast-growing township payments race by acquiring a majority stake in R&A Cellular, expanding its reach into the informal economy. The deal strengthens its push into spaza shops and informal traders, offering services like airtime, electricity and card payments. With rivals like Pepkor and Capitec already active, competition is intensifying. The move taps into a largely unbanked sector where cash still dominates but digital adoption is rising. Shoprite aims to boost financial inclusion while unlocking new revenue streams in underserved township and rural markets. (SOURCE: BDLive)
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SUN INTERNATIONAL PUSHES BACK AGAINST 20% GAMBLING TAX
Sun International has urged caution over proposed gambling tax hikes as its online platform Sunbet surges, with revenue jumping nearly 76% to R2.1 billion. The group warned that a mooted 20% tax by National Treasury could undermine the regulated market, drive illegal gambling and shrink the tax base. While online betting is its fastest-growing segment, traditional casinos still anchor earnings. CEO Ulrik Bengtsson called for balanced regulation that protects consumers without stifling growth, stressing the need for evidence-based policymaking as the industry expands rapidly. (SOURCE: BDLive)
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RAMAPHOSA URGES CROSS-BORDER TRANSPORT INITIATIVE
President Cyril Ramaphosa urged the creation of a permanent Transport Council to boost cross-border trade and logistics across Sub-Saharan Africa. Speaking at South Africa’s inaugural National Transport Conference, he highlighted AfCFTA and the Lobito Corridor as drivers for investment, job creation, and lower business costs. Delegates from SADC countries explored regional collaboration in freight and supply chains. Ramaphosa said a council would unite government, private sector, and transport providers across land, sea, and air, strengthening economic integration. Drawing parallels with the Energy Council, he argued coordinated oversight could enhance efficiency, competitiveness, and shared prosperity across the region. (SOURCE: FreightNews)
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MOZAL SMELTER SHUTTERED ON SOARING POWER COSTS
South32 will place the Mozal aluminium smelter near Maputo on care and maintenance after failing to secure affordable electricity beyond March. CEO Graham Kerr said the decision follows six years of negotiations with the Mozambican government, Eskom and other stakeholders. The 320 000-tonne-per-year facility has operated for 25 years and supported thousands of jobs, but rising electricity tariffs made operations unsustainable. South32 stopped buying raw materials in December, effectively sealing the closure. About 5 000 workers face retrenchment, with many more indirect jobs at risk. One-off closure costs are estimated at $60 million (about R990 million), while annual care and maintenance will cost about $5 million. (SOURCE: BDLive)
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SAUDIS OFFER RED SEA ROUTE TO BYPASS HORMUZ RISKS
Saudi Aramco is offering buyers an alternative supply route via the Red Sea port of Yanbu as disruption risks intensify in the Strait of Hormuz. However, pipeline constraints mean customers may receive only partial allocations. The move highlights growing strain on global oil supply chains as conflict uncertainty lingers. Buyers can still opt for Gulf shipments, but face the risk of delays or losses if the strait remains blocked. The rerouting underscores tightening supply, with refiners already cutting output and tapping reserves, raising concerns about prolonged volatility in global energy markets. (SOURCE: Bloomberg)
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BITCOIN RALLIES TO 6-WEEK HIGH ON RISK APPETITE
Bitcoin climbed to a six-week high near $74 400 (about R1.23 million) as investor appetite for risk assets strengthened and inflows into exchange-traded funds accelerated. The rally comes amid easing fears around Middle East tensions, with crypto showing resilience compared to traditional safe havens. Ethereum and other digital assets posted even sharper gains. Institutional demand is rebounding, with strong ETF inflows signalling renewed confidence, led by BlackRock products. Analysts say Bitcoin could soon test $75,000, with further upside possible if geopolitical risks subside, though volatility remains tied to global developments. (SOURCE: Bloomberg)
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SMASHING WOMEN LEAD THE CHARGE OF TAMING THE RAGE
A new stress-relief trend is taking New York by storm — and it involves smashing things. Rage rooms, where customers pay to destroy objects with bats or sledgehammers, are booming as people seek unusual ways to unwind. Fuelled by job insecurity, AI disruption and rising living costs, the concept is turning destruction into a quirky business opportunity. Some New York venues, such as The Ragery, report bookings doubling in a year, with women among the fastest-growing customers. Popular packages include “smash the office”, where guests demolish printers and laptops. Even companies are booking rage rooms for team-building events, replacing traditional happy hours as workers swap drinks for controlled chaos. (SOURCE: Future Party)
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Choose Your Conveyancer with Care! A Cautionary Tale of “Fraud Unravels All” |
Buying and selling a house is probably one of the most important financial transactions you will ever be involved in. Not to mention the emotional aspect of acquiring or letting go of your “home sweet home”.
This is why it’s vital to choose the right conveyancer. Case in point, a recent court battle which saw a couple losing ownership of what they had fondly believed to be their new house. A crooked attorney, in cahoots with her trustee husband, had defrauded both the original owner and the buyers at the end of the transfer chain. And in law, “fraud unravels all.”
To read more click here.
For more information please contact: Austen Smith Inc T: +27 33 392 0500 E: mail@austensmith.co.za Website: www.austensmith.co.za |
SMALL BUSINESS NETWORK
This is a network and forum for people who are serious about developing their small business. It provides an opportunity to learn from each other, source new clients, and enjoy the company of others who are involved in a similar pursuit of development and prosperity.
COMMUNITY AS CAPITAL
Local Engagement's Drives Sustainable Small Business Growth
Presented by: Timothy Obaje
OVERVIEW
Small businesses do not grow in isolation - they grow within communities. This presentation explores how local engagement can become a powerful form of capital for entrepreneurs and small enterprises. By building strong relationships with customers, collaborating with other local businesses, and actively participating in community initiatives, small businesses can unlock sustainable growth, resilience, and long-term loyalty.
The session will highlight practical strategies for leveraging community networks, strengthening local partnerships, and transforming everyday interactions into opportunities for business development. Through discussion and shared experiences, participants will explore how businesses in Pietermaritzburg can work together to build stronger local economies while creating lasting value for their communities.
Date: 24 March 2024
Time: 15:00 - 17:00
Venue: PMCB Offices - 1 Parkhaven , 55 Macleroy Road, Northern Park, Pietermaritzburg
Cost: Free - PMCB members, R60 (incl. vat) non PMCB members |
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Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.
Buddha |
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| Dollar | R16.67 | - 0.56% | | Pound | R22.27
| - 0.49% | | Euro | R19.25
| - 0.47% | | Yen | 0.105022 |
| | Yuan | R2.43
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These rates are correct at time of going to press. | | Platinum | $ 2 138.95
| + 2.44% | | Gold | $ 5 013.66
| + 0.14% | | Oil | $ 103.98
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