Premier Fishing Group is embarking on an ambitious acquisition drive aimed at accelerating its growth, consolidating its position as one of South Africa’s leading fishing companies, and building a vertically integrated African fishing and aquaculture champion.

Backing the initiative, the Sekunjalo Group plans to deploy approximately R250 million per transaction over the next 18 months. This strategy is supported by up to R1 billion in capital made available to fund strategic acquisitions across the largest sectors of the fishing industry.

The acquisition strategy is positioned as a long-term growth and value-creation initiative designed to strengthen the sustainability of the local industry, protect and grow jobs, and facilitate broader black participation.

Expanding Scale, Capabilities, and African Reach

Premier Fishing Group is targeting complementary businesses and assets to build scale, improve market access, and enhance operational efficiencies. Key target areas include:

• Key Assets: Fishing rights, catching and processing capacity, logistics capabilities, aquaculture operations, and export platforms.

• Core Sectors: South Coast rock lobster, West Coast rock lobster, pelagic species, and hake.

• Regional Expansion: Opportunities across the African continent, with a focus on established and growing markets such as Morocco and Namibia.

Sekunjalo Group is supporting management's strategy to consolidate strategically aligned, black-owned fishing entities in South Africa while simultaneously expanding into key African markets.

Established Track Record and Industry Scale

Established in 1952, Premier Fishing and Brands has developed into one of South Africa’s largest 100% black-owned and managed fishing companies. The company operates independently within the fishing and aquaculture sector and has no corporate affiliation with Premier Foods.

The Group currently holds medium- to long-term rights across a portfolio including rock lobster, small pelagic species, hake, and squid, while also operating an abalone farming business and investing in organic agriculture.

• South Coast Rock Lobster: Premier is one of the largest rights holders, holding a 35.5% Total Allowable Catch (TAC) allocation.

• West Coast Rock Lobster: Operates significant catching, processing, and international marketing capabilities.

• Pelagic Sector: Ranks as the third-largest rights holder, with exposure to anchovy and pilchards through a processing and marketing partnership with Pioneer Fishing.

As a major exporter, Premier connects South African production with international markets. The company is also a large-scale employer in coastal communities, supporting tens of thousands of dependents through its broader value chain.

Driving Transformation and Job Creation

Having already invested hundreds of millions of rand into advanced aquaculture and infrastructure, Premier aims to use this foundation to improve supply-chain resilience and create economies of scale.

A central pillar of the acquisition programme is engaging with black-owned businesses and strategic partners to increase black ownership, shareholding, and leadership within the industry.

The Group's ultimate ambition is to establish Premier Fishing Group as the largest fishing company in South Africa and a nationally and regionally competitive African champion, creating sustainable value while expanding employment opportunities.

Investors and strategic partners interested in participating in the group's growth strategy have been invited to contact Arthur Johnson or Shaun Naidoo from the Sekunjalo Group Corporate Finance Department.

IOL Business

All criminal charges against Alpha Founder and CEO Antonio Iozzo, CFO Daniel Werner Roets and Abraham Johannes van Rensburg were formally withdrawn at the Palm Ridge Specialised Commercial Crimes Court today following a full review by the Office of the Director of Public Prosecutions (DPP). The withdrawal brings the criminal proceedings against all three men to an end.

The charges arose from complaints laid by Nicola Iozzo and Gregory Hutchinson relating to a long-running dispute concerning private family trusts. The DPP reviewed those complaints together with the extensive documents and evidence supplied by Iozzo.

The outcome of the review was unequivocal: the allegations against Iozzo, Roets and van Rensburg were false and baseless. There was no evidence of wrongdoing by any of them.

Iozzo said the evidence disproving the allegations had been provided to SAPS from the very beginning, as soon as they were notified of the allegations against them. Despite having that evidence, SAPS failed to properly consider or act on it.

“These charges should never have proceeded. That raises extremely serious questions about how SAPS handled this investigation and why charges of this magnitude were allowed to proceed despite the evidence already provided,” Iozzo said.

Separately, SAPS published false, baseless and extremely damaging allegations about Iozzo, Roets and van Rensburg. Iozzo challenged those statements immediately in the High Court on an extremely urgent basis and obtained an interim order requiring SAPS to remove its publication.

When the matter returned to Court, State counsel confirmed that the source of material information published by SAPS could not be found anywhere in the police docket or in the complainants’ sworn statements.

“In other words, SAPS published allegations that could not be supported by the very criminal case on which its publication was supposedly based. That should never happen. The public places enormous trust in SAPS. When the police publicly accuse people of serious criminal wrongdoing, the public and the media are entitled to believe those allegations have been properly checked, verified and supported by evidence. That responsibility was not met here,” Iozzo noted.

Iozzo will now institute a substantial damages claim against the State for the extensive reputational and financial damage caused by the false and baseless statements published by SAPS.

The separate perjury complaints laid against Nicola Iozzo and Gregory Hutchinson, both of Mont Blanc Financial Services, are now in the final stages of investigation. Iozzo said there is substantial documentary evidence directly contradicting material statements they made under oath.

“Perjury is a serious criminal offence, and these are not minor or technical allegations. Based on the strength of the evidence and the feedback I have received regarding the investigation, I fully expect both Nicola and Greg to be arrested and charged with perjury. If convicted, they would face the serious consequences of a criminal conviction, including a criminal record and the possibility of a fine or imprisonment,” Iozzo said.

Throughout the matter, Alpha has continued to operate normally and without interruption, with no impact on its business or service to brokers and clients.

“From the beginning, I maintained that the evidence would establish the truth. It has,” Iozzo concluded.

At a time when the dominant conversation about newspapers is decline — closures, retrenchments, falling circulation — launching a new national newspaper in South Africa looks, on paper, like a bad bet. I'd argue the opposite. The National, which put its first print edition on retail shelves on 16 August, deserves to be welcomed not despite the industry's troubles but because of them. It's a rare thing right now: a media company willing to spend real money on the belief that journalism still has commercial and civic value.

The National is backed by the Sekunjalo Group, whose CEO Lucien Jacobs has described it as part of a broader push into national, regional and vernacular publishing, with strategic partners in the US and Europe funding the expansion. That's a serious commitment in an industry more used to shedding titles than adding them.

The paper has leaned into an image that suits the moment: the protea, South Africa's national flower, which doesn't grow where conditions are easy and blooms precisely because it has weathered fire and drought rather than in spite of it. It's a fitting emblem for a launch like this — not comfort, but resilience, and a bet that the country's harder, quieter stories of people rebuilding and pushing forward deserve as much attention as its crises do.

Print is changing, not simply disappearing

We've all heard "print is dead," and it's an easy conclusion once you've looked at a circulation graph. But it flattens a more interesting question. The relevant issue isn't whether print returns to the scale it had twenty years ago — it won't — but whether it still has a job to do inside a modern, multi-platform media diet. I think it does, provided the newspaper isn't built like it's 1998. Print offers authority, permanence and a physical relationship with a reader that a scrolling feed doesn't replicate. Digital brings immediacy, reach and data. Social media brings distribution and conversation. Video and audio open up different ways to tell the same story. The opportunity is in stitching these together rather than treating print as the whole product — and that appears to be the bet The National is making.

South Africa needs more voices, not fewer

Media diversity matters for reasons that go beyond any one company's balance sheet. When a newsroom closes, something bigger than a business shuts down: journalists lose jobs, institutional memory disappears, and fewer reporters show up to council meetings, court proceedings and parliamentary committees. Fewer people are watching businesses and public institutions do what they do. That contraction should worry every South African, not just people who work in media, because the fix isn't fewer journalists and fewer competing newsrooms — it's better journalism competing harder for audience trust. The protea itself comes in more than eighty varieties, each one distinct but recognisably part of the same resilient family; South Africa's media landscape works the same way, and needs the same range rather than a handful of surviving voices trying to speak for everyone. The National will have to earn that trust, the same as anyone else. But the market should welcome a competitor willing to try, particularly since a new national title also means new jobs: not just for the reporters and editors whose names run in the paper, but for photographers, designers, sub-editors, printers, distributors, technologists and sales staff whose work sits behind it. South Africa needs experienced journalists, but it also needs somewhere for the next generation to learn the trade. Without working newsrooms, there's no pipeline for that at all.

The commercial model has to be different this time

None of this means ignoring economic reality. The National will run into the same structural pressures as every other publisher: advertisers wanting measurable audiences, agencies wanting accountability, readers scattered across platforms, digital ad spend growing while print and distribution costs stay stubbornly high. So the paper can't measure itself by how many copies leave the press. Its real currency is audience — the combined weight of print circulation, digital users, video views, social reach, newsletters, subscribers and events. Sold that way, the pitch to advertisers changes: they're not buying a page, they're buying access to an identifiable audience across several touchpoints at once. That's where the commercial upside actually sits.

New entrants force an industry to look at itself

Competition does something useful beyond adding one more title to the newsstand — it forces existing publishers to ask harder questions about their own products. Are they innovating fast enough? Do they understand younger audiences? Are their commercial models keeping pace with what advertisers now expect? Do their newsrooms actually reflect the country they cover? Innovation rarely comes from protecting what already exists; it tends to show up when someone decides a difficult market still has room for another way of doing things. Whether The National succeeds will come down to readers, advertisers and the journalism it actually produces — but it's earned the chance to compete for all three.

Scrutiny is fair — and there's plenty of it already

There will be, and already has been, debate about The National's ownership and intentions. That's appropriate: a newspaper that plans to hold others to account should be comfortable being held to account itself. Any new title backed by a major, financially interested group invites questions about editorial independence, and readers are right to ask them rather than take goodwill on faith. But scrutiny of ownership and pessimism about the entire project are two different things, and it would be a strange position to lament journalism's decline while treating anyone willing to invest in reversing it as automatically suspect.

South African media needs investment, jobs, younger audiences, new commercial models and, not least, competition. Launching a newspaper in 2026 is a risk — entrepreneurship was never about entering a market only once success is guaranteed, and sometimes the biggest opportunities show up exactly when conventional wisdom has already written an industry off.

So maybe the right question isn't "why would anyone launch a newspaper now?" It's "what can a newspaper launched now actually do differently?" If The National can answer that — credible journalism, real distribution, digital fluency, audience intelligence and commercial discipline, all at once — its arrival will end up meaning more than one more title on a shelf. It would be proof that South African journalism's future doesn't have to be defined only by what's closing. It can also be defined by what we're willing to build — and, like the flower The National has chosen as its symbol, by what's willing to root deeper and bloom precisely because the ground has been difficult.

* Ntsasa is the Co-CEO of Volt Africa

Investment banker Richard Ngwenya has launched HoneyBadger Family Office, a Johannesburg-based investment platform focused on scaling financial services and fintech businesses across Africa, in a move that formalises one of the more deliberate long games in South African private investment.

Ngwenya, the founder of Nisela Capital, has spent two decades in African financial services — through senior roles at Investec, Deloitte and Barclays Africa, and since 2011 through Nisela, the investment management and advisory firm he founded, which today oversees a group with more than R4 billion in assets under management. Along the way he has advised on or led transactions totalling more than R50 billion across the continent, including the Northam Platinum/Zambezi transaction that took the 2022 Dealmakers Corporate Finance Deal of the Year.

HoneyBadger, launched in January and now publicly announced, consolidates the family’s investment activity into a single platform with three mandates: building and scaling financial services and fintech businesses across African markets; investing in AI ecosystems applied to financial services; and working hands-on with early-stage companies on market expansion, operational capability and access to capital.

“Africa’s financial services sector does not lack ambition or demand,” Ngwenya said this week. “What it lacks is patient capital paired with operational depth — investors who will sit with a business through the unglamorous work of building systems, compliance, distribution and trust. HoneyBadger exists to do that work.”

Betting on the plumbing

The platform’s emphasis on payments and financial infrastructure reflects a thesis Ngwenya has held since his advisory years: that Africa’s growth is bottlenecked not by ideas or demand, but by the capacity of small businesses to accept payment, access credit and participate in formal finance.

“Every economy on the continent is constrained by the same bottleneck,” he said. “The businesses that solve that problem at the infrastructure layer will define the next decade of African growth. We intend to be behind a number of them.”

It is a contrarian posture at a moment when consumer-facing fintech attracts most of the attention — and most of the valuations. Ngwenya’s wager is that the durable value sits a layer down: in the pipes, rails and compliance-heavy infrastructure that consumer brands are built on.

Why the honey badger

The name, Ngwenya said, was chosen deliberately. The honey badger — native to the region and listed in the Guinness Book of Records as the world’s most fearless animal — has a reputation out of all proportion to its size.“It is small next to almost everything it takes on, it has famously thick skin, and once it commits to something it does not let go,” he said. “That is the temperament we want as investors. Patient. Resilient. Entirely comfortable being underestimated. We are not the biggest pool of capital in the room, and we don’t need to be — we need to be the one that is still there, doing the work, long after the fashionable money has moved on.”

That resilience, he added, is also a statement about the continent itself: “African businesses operate in environments that test them constantly — currency, regulation, infrastructure. The ones that survive are not the biggest or the best funded. They are the most adaptable and the most stubborn. Those are the founders we want to back, and that is the standard we hold ourselves to.”

The operator's route

Ngwenya’s path to the family office runs through the institutional core of South African finance rather than around it. A BCom graduate of the University of Cape Town, he cut his teeth in Investec’s Private Client and Investment Banking teams before moving through Deloitte and Barclays Africa. From 2008 to 2018 he served on the Insider Trading Directorate of the Financial Sector Conduct Authority — a decade inside the regulator charged with policing market integrity — and he holds RE1, RE3 and RE5 regulatory certifications.

He credits his father, a Camborne School of Mines-trained professional who worked in Zvishavane, Zimbabwe, with the operating philosophy behind the new platform.

“My father worked in mining towns where value was something you extracted through discipline over years, not something you announced,” Ngwenya said. “That is still how I understand the work. You build, you compound, and the record speaks at the end.”

What comes next

Beyond Nisela, Ngwenya serves as Executive Chair of fintech company Wynk Limited and as a partner in Uhambo Atlas. HoneyBadger will sit alongside those platforms as the family’s dedicated vehicle for new fintech and AI investments, with initial activity focused on Southern and West African markets.

Ngwenya is characteristically plain about the ambition: “We are not trying to be the biggest platform. We are trying to be the one that serious builders call when they want a partner who understands both the capital side and the operating side — and who will still be there in ten years.”

HoneyBadger Family Office is headquartered in Johannesburg and active across African markets. More information is available at honeybadger.africa.

Registrations for the Global Entrepreneurship Congress Africa (GEC+Africa) 2026 are in full swing, marking the countdown to one of the continent's most anticipated gatherings of entrepreneurs, investors, policymakers, corporates, and ecosystem enablers.

GEC+Africa will take place on 16-17 September 2026 at the Cape Town International Convention Centre (CTICC), bringing together thousands of stakeholders from across Africa and the globe under the theme Connecting Africa.

Delegates can expect two days of high-level plenary sessions, panel discussions, workshops, exhibitions, investor engagements, policy dialogues, pitching sessions, masterclasses, and networking opportunities designed to drive innovation, collaboration, and economic growth.

"GEC+Africa remains a platform for entrepreneurs and ecosystem leaders committed to shaping Africa's economic future. By making General Delegate access free, we are broadening participation and ensuring that entrepreneurs from all backgrounds can be part of this important continental moment," says Carmen Rudd, GEC+Africa Project Lead.

Delegates seeking deeper engagement may opt for Premium Delegate access, which includes priority seating, curated networking opportunities, and exclusive engagement spaces.

Over the past few months, the Road to GEC+Africa 2026 has travelled across the continent, hosting Regional Bootcamps and Pitch Competitions in Botswana, Uganda, Namibia, Algeria, Ghana, Nigeria, Egypt, Kenya, and Tanzania.

These events have identified outstanding entrepreneurs from across Africa, with one winner from each country earning a place at the continental finals in Cape Town. The journey now heads to South Africa, where entrepreneurs from all nine provinces will compete for the final opportunity to represent their country at GEC+Africa 2026.

Building on the momentum of the 2024 Congress, GEC+Africa 2026 will continue driving conversations around digital transformation, market access, cross-border collaboration, and the scaling of African enterprises. The congress continues to create opportunities for collaboration, investment, and knowledge sharing that support the growth of startups, MSMEs, and entrepreneurial ecosystems across Africa.

GEC+Africa is powered by African Bank, in partnership with the Western Cape Government, Microsoft, Amazon, WESGRO, Telkom, 22 On Sloane, and a growing network of partners committed to advancing entrepreneurship across Africa.

For enquiries or registration details, please contact:

Boitumelo Kodisang

Public Relations Officer

press@gecafrica.co

GEC+Africa 2026 Registration

+27 11 463 7602

About GEC+Africa

The Global Entrepreneurship Congress Africa (GEC+Africa) is Africa's largest pan-African gathering dedicated to advancing entrepreneurship across the continent.

Hosted by the Global Entrepreneurship Network (GEN) Africa, the congress brings together entrepreneurs, policymakers, investors, corporates, and ecosystem leaders from across Africa and the globe to connect ideas, markets, and opportunities.

Through dialogue, collaboration, and action-oriented engagement, GEC+Africa strengthens entrepreneurial ecosystems and supports the growth and scalability of African businesses, connecting Africa to itself and the world.

Grain SA and partners marched on Thursday to the Johannesburg Stock Exchange (JSE) to oppose the bourse’s decision to return to a single soybean reference point system, a decision that would put more strain on farmers with a ripple on effect as soybeans is used for feed for farmers in the livestock industry. 

Grain SA said that they were disappointed with the decision to abandon the Multiple Reference Point (MRP) model for calculating soybean location differentials.

Grain SA said that they want a fair and transparent soybean price discovery. “Leadership, board members and producers participated in a peaceful march through Sandton before the documents were handed over to JSE representatives at its offices in Gwen Lane. The petition, supported by 965 signatures and 511 supporting comments, calls on the JSE to reconsider its decision, conduct a transparent and evidence-based review, and adopt a price-discovery system that better reflects actual grain movements and physical market realities.”

Richard Krige, Chairperson of Grain SA, said that producers made their position clear in a peaceful but firm manner.

“This is not simply about one reference point. It is about whether the system reflects the realities of the physical market and whether producers can have confidence that decisions affecting their businesses are based on transparent evidence.”

Grain SA added that they remain concerned that the decision to reject the Multiple Reference Point model was not supported by sufficient quantitative evidence and that the agreed evaluation criteria were not adequately addressed.

Grain SA said a return to a single reference point could lead to transport-related deductions primarily based on distance from that point, rather than adequately accounting for regional supply, demand, and the actual movement of soybeans. Public protest marches about financial market regulatory changes are very rare in South Africa.

“The organisation is continuing with its technical submissions, engagement and proceeding with legal action, including an urgent application aimed at preventing implementation of the decision while the matter is challenged through appropriate processes aimed at protecting producer interests and securing a more efficient and transparent outcome.”

Wandile Sihlobo, Chief Economist, Agricultural Business Chamber of South Africa, said that Grain SA’s call for a fair approach to soybean price discovery is an important matter that the JSE should consider. “The farmers must have confidence in the price discovery method, and it must also be a fair and credible approach that considers the various regional points of soybean production, processing, and consumption.”

Sihlobo added that the farmers’ demonstration to the JSE, underscores the importance of this matter to the sustainability of the soybean industry, which is crucial to the growth of our farming sector. “The methodology they propose must be taken seriously.”

Professor Simphiwe Madikizela, senior lecturer in economics at UNISA's School of Graduate Business and Leadership, said that he would take a balanced but fairly critical view of the JSE’s decision.

“The key issue is not whether the JSE has the authority to change the methodology—it clearly does—but whether reverting to a single reference point produces better, more accurate and more transparent price discovery for the soybean market. The JSE’s own documentation confirms that the two-year MRP pilot was specifically assessed against trading activity, market participation, stock management, redelivery, and stakeholder feedback.”

Madikizela added that his view is that the JSE should not simply ask whether the MRP model was easier or more convenient to operate.

“The more important question is whether it produced better price discovery and a fairer reflection of the actual economics of moving soybeans from production areas to processing and consumption centres. Agricultural commodities are fundamentally different from financial assets because location matters enormously.”

Madikizela said that a farmer can produce an excellent crop, but the value of that crop depends not only on the commodity price but also on where it is produced, where demand is located, and what it costs to transport the product between those points.

“I view Grain SA’s peaceful march as a legitimate form of stakeholder engagement. Farmers are directly affected by the pricing and location-differential methodology, so they have every right to challenge a decision that they believe could materially affect their margins. What is particularly important is that this remains a peaceful, evidence-based protest. Grain SA has indicated that it is also submitting technical documentation and comments to the JSE.”

Dawie Maree, head of FNB Agriculture Marketing and Information, said that he does not agree with the JSE’s decision. “It clearly ignored market dynamics. Grain SA’s protest – it is everyone’s right to protest peacefully, and from what I saw, that is exactly what Grain SA did. Way different from what is happening in European countries when their farmers are unhappy.”

The JSE had in its notice about the reversion to a single point reference system said the deicsion was taken to provide greater consistency, simplicity, and predictability for market participants, and it had also stressed that the JSE had conducted consultations with stakeholders on the matter.

yogashen.pillay@nationalmg.co.za

THE NATIONAL

South Africa’s long-term growth challenge cannot be addressed without confronting the continued weakening of its manufacturing base.

Over the past three decades, manufacturing’s contribution to GDP has fallen from about 21–22% in the early 1990s to around 12–13% today, alongside stagnating output and a weaker contribution to employment.

Last week, Statistics South Africa released the latest production and sales data, which reports further decline in manufacturing output over the first 5 months of 2026. This is cause for concern and raises key but fundamental questions. What will it take to have an all-hands-on deck approach to South Africa’s industrial development?

The Manufacturing Indaba, which aims to promote industrialisation, strengthen local manufacturing, and support economic growth, kicks off this morning in Johannesburg.

Among other objectives, the Indaba enables sector participants, investors and broader stakeholders to engage and deliberate on issues that are pertinent to the sector. In this article, I contribute by engaging on some of the salient issues that need to be addressed.   

First, it is critical that we settle the debate of the continued importance of manufacturing in driving economic growth and contributing to overcoming socioeconomic challenges such as unemployment.

Manufacturing remains central to sustained economic growth because it does more than produce goods. It builds productive capabilities, supports exports, absorbs and produces technology, creates demand for services, links sectors and creates a platform for building capabilities in high value services.

This is why it is characterised as pulling along growth. Every R1 of value addition (GDP) in the manufacturing sector, creates R2.38 of value addition in the rest of the South African economy. Similarly, 1 job in the manufacturing sector supports 3.34 jobs in the economy. As such, despite the declining direct jobs in manufacturing due to automation, amongst other factors, it still is critical to supporting aggregate jobs. 

Additionally, it accounts for 12-13% of GDP, and over half of the country’s export earnings. If further decline of the sector persists on our watch, we must accept the substantial cost that will be borne. 

The central objective of industrial policy is to build productive capabilities, foster innovation, and strengthen industrial competitiveness. It is through these capabilities that economies create sustainable growth and, ultimately, more and better jobs. The importance of the sector should not be limited to its direct employment contribution. 

Importantly, the choice is not manufacturing versus services. Productive services grow most successfully when anchored in deep industrial ecosystems. The development challenge is therefore not to move beyond manufacturing, but to integrate manufacturing, services, infrastructure, technology and skills into mutually reinforcing productive systems.

Second, to unlock a higher industrial development trajectory we need to confront factors constraining growth. Beyond the constraints that are often listed, there are fundamental challenges that we need to grapple with to achieve different outcomes. 

It is generally accepted that post democratic South Africa has struggled to adopt a coordinated approach to support industrial development. A significant impediment to the implementation of the National Industrial Policy Framework (NIPF) through the iterative Industrial Policy Action Plans was the lack of coordination of policy levers, such as fiscal, monetary, energy, transport, technology policy, and economic regulation. The success of industrial policy depends on the entire eco system working together for positive outcomes. 

The Industrial Development Strategy (IDS) illustrates Cabinet’s acknowledgement of the continued importance of the manufacturing and industrial development more broadly. The discussion of a coordination platform in the Presidency, further recognises that Industrial Policy should not only be a concern for the department of Trade, Industry and Competition but requires an all of government approach.

These are important steps forward, which need to be complemented by several others to ensure successful implementation of the IDS, including: 

• The inclusion of industrial development in the pillars of growth outlined by the Minister of Finance in the Budget. Economic reforms which have been a consistently identified as a pillar of growth over the last 5 years or so are necessary, but not sufficient to drive investment-led structural transformation, especially at a time of dramatic and complex changes in the global economy. Infrastructure rollout without links to production can only support stop start growth dynamics.
• The establishment of an industrial development platform, similar to Operation Vulindlela, that drives coordinated implementation of IDS. The task of the platform should be to ensure that existing and new instruments are fit for purpose, aligned and deployed in a coordinated manner that restores, expands and upgrades production, builds capabilities and drives sustained industrial growth. The platform’s core focus being on building industrial ecosystems around production outcomes, acknowledging that a decision in one part of the ecosystem has implications for the performance of others. 
• An ecosystem approach also requires prioritisation. South Africa cannot solve every industrial challenge at once. Focused attention should be placed on value chains where coordinated action can unlock investment, deepen capabilities and strengthen linkages. Within these ecosystems, policy tools must be bundled rather than scattered: industrial incentives, localisation, trade measures, infrastructure provision, development finance, blended finance, guarantees, skills systems and innovation support should be deployed as integrated packages. 
• Industrial support should be framed within a set of reciprocal control and commitment mechanisms between the government and private firms, including conditionalities, that result in the desired outcomes. The design, enforcement, and monitoring of conditionalities requires capabilities that are not ubiquitous in the state at the moment, as such it will be critical to identify and leverage capabilities that do exist. 

The Industrial Development Corporation has adopted an industrial ecosystem approach to supporting investments and this has included us identifying ecosystem gaps requiring a coordinated approach to close.

An example being the establishment of the Project Development unit which supports early-stage investments. We are starting to see the fruits of this approach in growth industries such as the critical mineral value chains. 

Author: Mmakgoshi Lekhethe, CEO of the Industrial Development Corporation

Every Women’s Month, South Africa rightly celebrates the women leading companies, building businesses and shaping public policy.

Yet the closer one looks at the upper levels of corporate and entrepreneurial life, the clearer the contradiction becomes: women’s talent is increasingly visible, but their progression still stalls before the top.

The usual explanations focus on workplace discrimination, unequal access to capital and the concentration of women in lower-growth sectors. All are real. But there is another barrier hiding in plain sight: the unpaid mental, emotional and logistical work many women perform before, during and after the formal working day.

Before she is an executive or founder, a woman is often simultaneously a daughter coordinating a parent’s care, a sibling holding family relationships together, a wife managing the emotional labour of partnership, a mother overseeing a child’s development, and the household’s operations manager, financial manager and health coordinator—tracking appointments, budgets, medication and logistics that rarely stop for a working day.

Even where physical chores are shared or outsourced, she frequently remains the person expected to remember, anticipate and coordinate them.

Only after all of this does she arrive at the roles she is paid for: employee or business owner—and, somewhere in what’s left, herself as an individual.

This is the invisible workload 

The cost follows women into the workplace

This burden is not simply a matter of being busy. It consumes the specific cognitive resources on which high performance depends.

Repeated small decisions across multiple roles produce decision fatigue, leaving less capacity for complex strategic choices by the time they matter most. Constant task-switching between caregiving and work fragments attention, making the sustained, uninterrupted focus that strategic work requires harder to access.

Emotional caregiving—for children, ageing parents, partners—depletes the same reserves needed to manage conflict, motivate teams and remain composed under professional pressure.

Financial and family concerns continue as background mental processing throughout the day, a form of “mental load” that persists even when tasks themselves are delegated.

The consequences are professional, not merely personal. Women may have less time and energy for networking, leadership development and the high-visibility assignments that often influence promotion decisions.

These caregiving responsibilities also tend to intensify during the very years many professionals are competing for senior leadership—through raising children and, increasingly, simultaneously caring for ageing parents as part of the “sandwich generation.”

Women entrepreneurs face a parallel penalty.

Time spent coordinating care is time unavailable for product development, market expansion and investor relationships.

Funding systems can compound the disadvantage when they interpret constant availability, extensive travel or attendance at after-hours events as evidence of founder commitment. The result is a system that can mistake freedom from care work for ambition.

Technology can give back capacity

Used deliberately, technology can reduce the administrative friction surrounding each of these roles.

For household coordination, shared calendars and platforms such as Cozi or FamilyWall can move responsibilities out of one person’s memory and make ownership visible to the whole family.

For financial management, tools such as 22seven or automated bill payments reduce repetitive administration that would otherwise fall to a single household financial manager.

For health coordination, telemedicine, digital health records and medication reminder apps simplify the work of tracking appointments and care for children and ageing parents alike. For daily logistics, grocery delivery services and meal-planning apps can remove hours of routine planning weekly.

For the professional and business-owner roles, scheduling tools, cloud collaboration platforms, customer relationship management systems, automated invoicing and responsible use of artificial intelligence can reduce repetitive administrative load.

Virtual participation in conferences, training and networking can also widen access to commercial and development opportunities for those whose care responsibilities restrict travel.

Applied consistently across these roles, the time reclaimed is not trivial—often the equivalent of several working days a month.

The most valuable benefit, however, is not that women can squeeze more tasks into an already crowded day. It is that they can reclaim scarce attention for strategic thinking, rest, learning, relationships and the work that actually grows careers and businesses.

Technology should create room to live and lead, not raise the expectation that women must become infinitely more productive.

Efficiency is not equality

This distinction matters. Technology cannot renegotiate an unequal partnership, fund affordable childcare, or persuade a workplace to stop rewarding presenteeism. Nor is access to it evenly distributed.

Data costs, unreliable connectivity, subscription fees and uneven digital literacy mean the women carrying the heaviest burdens may be least able to use the tools designed to help.

There is also a deeper risk: if responsibility for each role remains unchanged, digital tools may merely make women more efficient managers of an unfair distribution of labour. A shared family calendar is useful only if responsibility is genuinely shared.

Automation can reduce a task, but it cannot decide who should own it.

What serious support looks like

Employers that want more women in leadership must look beyond celebratory campaigns and examine how work itself is designed.

Flexible scheduling must be real and career-safe. Performance should be measured by contribution and results, not visibility at a desk or availability at all hours.

Support should explicitly recognise eldercare alongside childcare. Women must also be actively sponsored for stretch assignments and influential networks—opportunities they may have less bandwidth to pursue for themselves.

Investors and funding bodies should reconsider criteria that reward unlimited availability, and can include practical operational support within funding packages, easing exactly the kind of administrative load described above.

At home, redistribution matters more than assistance. Partners and family members should share the anticipating, remembering and organising across all these roles—not simply complete tasks assigned by the person who remains the household’s default project manager.

At a national level, continued investment in affordable childcare, eldercare, connectivity and digital skills remains essential to ensuring these tools reach the women who need them most.

Women do not need another message telling them to work harder. Their capability, ambition and resilience are already evident across every role outlined here. The question is whether our homes, workplaces, funding systems and technologies will stop consuming that capability through invisible labour.

This Women’s Month, progress should be measured not only by how many women reach the boardroom, but by whether the burden they carried to get there has finally become visible—and whether society is prepared to share it.

Lungi Sangqu, CEO at Africa Digital Success.

sundaytribune.co.za

South Africa's persistently high unemployment rate continues to leave millions of people searching for work, but for many job seekers the biggest obstacle is not a lack of skills. It is the cost of finding employment.

Limited access to mobile data, the expense of printing CVs and the cost of travelling to interviews continue to prevent many South Africans from applying for jobs that match their qualifications, particularly those living in rural communities and underserved areas.

At the same time, employers often struggle to identify suitable candidates despite the country's large pool of available talent.

This comes at a time when the economy is stuck at 1% growth for more than a decade and a staggering 43.7% unemployment rate.

Zingiswa Losi is the president of Cosatu, wrote in her weekly column in Business Report last week, "Whilst the fundamental solutions to ease the crises of the rising cost of living facing workers, is to grow the economy and create decent jobs, much can and must be done in the short, medium and long term."

"Many key interventions take time for their effects to be fully felt, something a country facing the triple challenges of unemployment, poverty and inequality; simply cannot wait for. Those lucky to have jobs must stretch their wages to support unemployed relatives.  This and the rising cost of living have left workers drowning in debt, borrowing to service loans and take care of their families," Losi wrote. 

It is this disconnect that inspired social entrepreneur Leànne Viviers to establish Mintor in 2014.

Originally launched as a recruitment agency, Mintor has evolved into an artificial intelligence (AI) powered recruitment platform that connects job seekers and employers through WhatsApp while helping businesses automate recruitment and human resources processes.

Viviers said the idea was born after recognising that many capable people were being excluded from employment because of practical barriers rather than a lack of ability.

"Finding a job is a costly task, particularly for communities who are digitally disconnected, or those that live in rural areas. From buying data, to printing CVs and then travelling into cities, it becomes very expensive, very quickly," Viviers said.

Since its launch, Mintor has helped more than 300 000 South Africans access employment opportunities while reducing the cost of applying for jobs by as much as 90%.

Using WhatsApp, candidates can engage with employers, submit information and be matched with vacancies that suit their skills without the need for expensive devices or significant data costs.

The platform has also delivered measurable benefits for employers.

According to Mintor, companies using the platform have reported recruitment rates up to 10 times higher and an 80% improvement in hiring efficiency through automated candidate screening and matching.

Today, the platform is used by organisations across both the public and private sectors, including Nando's, Sea Harvest and the United Nations Development Programme.

Like many South African businesses, Mintor faced significant challenges during the Covid pandemic as employers froze recruitment and hiring activity slowed.

At a critical stage in the company's growth, support from the SAB Foundation enabled Mintor to continue refining its technology and reposition the business for long term growth.

After becoming a finalist in the SAB Foundation Social Innovation and Disability Awards, the company secured funding through the SAB Foundation Covid Relief Fund.

Viviers said the financial support and mentorship proved instrumental in helping the company transition towards a more scalable software as a service business model.

"The funding gave us the time to pilot new product streams and explore a more scalable Software as a Service model. The mentorship we received, particularly around marketing, also gave us valuable insights as we continued to grow," she said.

The SAB Foundation supports entrepreneurs developing innovative solutions to South Africa's social and economic challenges through funding, business development, mentorship and market access programmes.

As unemployment continues to remain one of South Africa's most pressing economic challenges, digital technologies are increasingly being viewed as an important tool for improving access to employment opportunities and addressing skills mismatches in the labour market.

Viviers believes South Africa already has the talent needed to support economic growth.

What remains is ensuring that everyone has an equal opportunity to access employment.

"South Africa is not short on talent. The real opportunity lies in offering equal access to a chance to a better future," she said.

ashley.lechman@nationalmg.co.za

sundaytribune.co.za

As we celebrate South Africa’s Women’s Month this August, it’s a good time to shine a spotlight on an often overlooked aspect of women’s empowerment: financial skills development.

In my career journey, I’ve seen first-hand how understanding the language of numbers can transform businesses and communities.

This is particularly true in the world of small business.

Through my career as a Chartered Accountant (CA), I’ve had the privilege of working both locally and abroad in the hustle and bustle of New York and Sydney.

These amazing international experiences have solidified my belief in the importance of financial independence for women and how this can empower us to live life on our own terms.

Empowering women entrepreneurs

South Africa is paving the way in Africa for fostering women’s entrepreneurship. Despite remaining gender disparity, South African women are making strides in the entrepreneurial world. South Africa is ranked second in Africa for the percentage of businesses owned by women and the formal support available to them1. However, the female unemployment rate of 35.5% compared to 32.6% for males highlights the need for further progress.

I believe that financial literacy is one way to unlock potential. Financial literacy is about understanding how money works: how it’s made, managed, invested, and saved. It’s about knowing how to use financial tools and resources to make informed decisions and achieve financial goals. Whether you are a doctor, hairdresser, or software developer, understanding the basic principle of costs versus revenue is crucial. Knowing the financial status of your business can help manage cash flow, which is often the thing that cripples a business.

When women are financially literate, they are more empowered to establish their own businesses, make smart investment decisions, and contribute to their communities’ economic growth. They are better equipped to navigate financial crises, negotiate fair pay, and plan for a secure retirement.

Building financial skills to unlock growth opportunities

In my role as co-founder and director of Finance Studio, it’s rewarding to see the growth ambitions amongst our small business clients. One of our early clients signed up for a 24-month cell phone contract and then sold it for R20,000 and used this money to start their business. I thought this was genius as they could not qualify for bank financing. It's one of the reasons why I love South Africans so much - where there is a will there's a way.

Watching our clients grow and provide employment opportunities makes me feel like we have made a positive influence on the future of South Africa. Likewise, our own growth and remarkable team of talented young accountants and CAs makes me incredibly proud.

Leveraging support to grow financial skills

As a co-founder of our firm, we have always strived to provide exceptional client services, having a financial background helped us to grow sustainably without compromising on the quality of our work.

We want to support our clients to develop their own financial skills. I believe it is not only beneficial but essential for all business owners to be financially literate and to use online tools like Xero to understand the financial status of their business. Without knowing your numbers, you can’t make decisions that will help your business succeed.

Working with an accountant and making use of intuitive tools to help keep track of the business frees up busy entrepreneurs to spend time on what they love.

As we commemorate Women’s Month, we must ensure that women are empowered financially and advocate for financial literacy. Whether you’re a seasoned business owner, a budding entrepreneur, or a woman just starting their financial journey—remember the power of knowing your numbers. Equip yourself with financial skills, leverage digital tools, and take control of your financial future.

Carmen Field is a co-founder and director at Finance Studio, a Xero Partner.

This article originally appeared in BUSINESS REPORT

Step into any leadership summit or corporate roundtable, and you’ll hear a familiar mantra: “Mentor her. Sponsor her. Coach her.”

These calls to action are well-intentioned and often effective.

But if we’re serious about advancing women in fintech, we must go further. The conversation must evolve from offering support to enabling self-determination.

Empowerment, as it’s often framed, focuses on what organisations can do for women—how we open doors, create programmes, and offer guidance. While valuable, it can make progress feel passive.

True empowerment isn’t something we give. It’s something women claim. That shift, from opportunity to agency, is where transformation begins.

This is especially critical in fintech, a sector at the intersection of three traditionally male-dominated industries: finance, technology, and entrepreneurship. The result is what we call the triple glass ceiling. Breaking through it demands sustained cultural change.

Fintech is expanding access to financial tools for underserved women across Africa, yet that same transformative energy isn’t always reflected inside the companies driving it. A rethinking is needed.

Empowerment must go beyond representation. It’s not just about placing women in leadership or celebrating diversity metrics. It’s about forming environments where women feel confident to create their opportunities, challenge norms, and lead from wherever they are.

You can’t wait for someone to hand you a title or a map. Empowerment is saying, “I might not have three years of experience, but I’ve got the aptitude and the will to try. Will you take a chance on me?”

This kind of courage is lived every day by women navigating invisible barriers like bias in hiring, limited access to mentorship, and the “broken rung” that blocks early career progression.

Agency means trusting women to make decisions, take risks and shape the future of work. Ultimately, it means removing the bubble wrap around talent and letting people experience real pressures as a show of trust that builds confidence.

Support systems like corporate sponsorships can be powerful tools for advancement, but they must be approached with care.

Despite good intentions, sponsorships can link someone’s success to their sponsor rather than their merit. The goal should be to help women build a brand so strong that it speaks for itself.

Let’s also stop assuming empowerment is only for those aiming for executive titles. What about the woman who wants to shift from admin to tech? Or the one in operations who dreams of working in customer experience? Every woman deserves the tools, visibility and encouragement to make that leap.

At Mukuru, we’ve invested over R1.6 million in technology-focused bursaries for women, alongside skills-based progression frameworks and inclusive hiring practices with diverse interview panels.

Our “InspireHer” platform gives a voice to everyday role models, not just execs, creating a powerful peer-to-peer culture of aspiration and action. Our RISE leadership programme complements InspireHer by supporting women (and men) at emerging, junior, middle, and senior levels across our global offices.

We chose the term “Diverse-ability” to reflect our belief that every individual brings something unique, and systems must be built to unlock that value. This includes race, ability, socio-economic background, language and lived experience. Inclusion isn’t an initiative; it’s a guiding principle.

We must also acknowledge internal barriers. Women often step away from job opportunities because they don’t tick every box.

Confidence and self-belief are career-shaping forces. That’s why we’ve embedded a simple but powerful message at the end of our job ads: “We know self-doubt can hold people back. If you think you can do the job, even if you don’t meet every requirement, we encourage you to apply”.

Agency can only thrive in environments where people feel they belong.

That’s why companies must invest not just in skills, but in safe, inclusive workplaces where women feel seen and heard.

Belonging must be embedded in how we work, through flexible models, inclusive parental leave, asynchronous collaboration, coaching, and leadership rooted in psychological safety.

At Mukuru, 56% of our workforce is female, and 32% of these women are in decision-making roles. Our engagement scores and employee referrals continue to climb—all proof that when people feel like they belong, they bring others along.

We measure belonging by asking: “Do our people feel they can speak up? Fail forward? Show up fully?” It’s one thing to hire diverse talent. It’s another to build the systems, feedback loops, and leadership capacity required for that talent to thrive.

And let’s not underestimate the ripple effect. When women within fintech companies feel empowered, they become the role models of better products for the women outside, especially in African markets, where access to financial services is challenging.

To every woman questioning her place in fintech: this space is waiting to be redefined by you. And the time is now.

Savina Harrilal, Chief People Officer (CPO), and Nashlene Velayuthan, Head of Diversity, Equity, Inclusion and Belonging & Learning Enablement, Mukuru South Africa.

BUSINESS REPORT 

Huawei hosted the Huawei eKit Forum as a breakaway session at Huawei South Africa Connect 2026, bringing distribution partners together under the theme Grow with Huawei eKit: Distribution Solutions & Partner Program.

The forum introduced the HUAWEI eKit 4+10+N SME Intelligence Solutions, an extensive portfolio of over 400 products built for South Africa's SME market, and reaffirmed Huawei's partner-led, installer-centric approach to distribution.

Opening the forum under the banner Driving Sustainable Growth Together, Leo Liu, Platform CFO, Huawei South Africa, set out the scale of investment behind Huawei's distribution ambitions. Huawei's research and development spending represented 21.8 percent of its total revenue.

Liu said the distribution market, alongside the NA and commercial markets, is one of the three strategic focuses for Huawei's enterprise business and serves as a core engine for Huawei to expand into mass markets and achieve rapid overall performance growth. It is a core strategy, built on trust and the belief that when our partners grow, South African businesses grow with them.

"Bridging South Africa's last mile of intelligence, Huawei drives partner success through tailored solutions, robust support, high efficiency, and rewarding benefits. Guided by shared benefits, integrity, and clear rules, we build a fair, thriving ecosystem protecting our partners.” Said Liu.

Michael Zuo, Director of Enterprise Commercial and Distribution Sales Department, Huawei South Africa, and Bill Zhang, Strategy Technical Architect at Huawei, introduced the Huawei eKit 4+10+N Intelligence Solutions, the centrepiece launch of the day.

The portfolio covers four key scenarios: intelligent office, business, education and healthcare. It includes ten scenario-based solutions, supported by a range of flagship products that simplify deployment for installers. Empowering partners through solution, enablement, service, and incentive upgrades, Huawei bridges the digital gap for SMEs to win the AI era.

"We built 4+10+N Intelligence Solutions to handle the complexity, so our partners and their customers only have to deal with the simplicity. That is the whole point of moving from selling products to delivering solutions," said Zuo.

Tao Luo, President of SME Network, Campus Network Domain, Data Communication Product Line, Huawei, reported that Huawei's SME network business grew by more than 56 percent over the past year. Huawei now counts 220 gold partners worldwide, 100 of whom have surpassed $1 million in annual revenue, alongside more than 3,600 elite partners.

New products included the AR580 secure converged gateway and the AR180 all-in-one Wi-Fi 7 router. Luo also introduced the iGuard DF10, a handheld terminal specifically designed to detect hidden cameras in offices and hotels. He pointed to a local deployment with PC Worx has a successful case. They used Huawei's Wi-Fi 7 technology and USG6000 series Firewall to provide extreme network experience for Vastrap Laerskool, a forward-thinking institution, and at the same time ensure the network environment for teachers and students.

"I think this is the best time to join Huawei's distribution business, grow together with Huawei eKit, and win success," said Luo.

James Kamau Maina, Senior Expert, Intelligent Collaboration & Storage, Huawei Sub-Saharan Africa Region, closed the technical sessions with a look at Huawei's collaboration ecosystem, built around the IdeaHub range and the "1+X" strategy connecting workplace, education, healthcare and commerce scenarios.

Maina explained how the IdeaLink hardware and software platforms extend that ecosystem to partner devices, supporting use cases ranging from classrooms to hospital consultation rooms.

Huawei's Gold Distribution Partners also shared their experience of building Huawei eKit ecosystem in South Africa. Gideon Coetzee, Managing Director of Even Flow Distribution, spoke to the partnership's reach across the continent. "Our strategy has always been about connecting Africa with world-class technology vendors. Huawei eKit gives our partners a full portfolio they can trust, backed by real local support," said Coetzee.

Bruce Genricks, CEO of Electrosonic SA, described the addition of HUAWEI eKit to the company's portfolio as an important strategic step. "When we looked at HUAWEI eKit, we weren't looking for another product. We were looking for a strategic partnership that would strengthen our offering and create greater value for our reseller network and consumers," said Genricks.

Blink Logic, recently accredited as a Huawei Distribution Elite Installer, has completed more than 50 enterprise deployments across South Africa, maintaining a 99.5 percent service level agreement fulfilment rate nationwide. "Pairing Huawei's technology with our own local delivery and support has let us take on projects we could not have handled alone. That is what real partnership looks like," said Sandiso Mabena, Chief Operating Officer of Blink Logic.

Huawei South Africa Connect 2026 brought together 2,900 government and industry leaders to discuss the infrastructure and partnerships needed to scale AI adoption in South Africa.

Huawei has been doing business in South Africa for 28 years, its presence guided by the ethos "In South Africa, for South Africa." Through the eKit Forum, Huawei reaffirmed its commitment to strengthening its distribution partners with stronger products, deeper technical and marketing support, improved operational efficiency and greater business benefit, extending intelligent transformation into every corner of the SME market.-

Washington and Tokyo jointly intervened to shore up the Japanese yen for the first time in nearly 30 years after the currency sank to its weakest level in decades, the Financial Times has reported.

The reported intervention came after the yen slid to 163.24 per dollar last month, its weakest level since 1986, as higher US interest rates, rising oil prices and persistent capital outflows weighed on the currency.

The newspaper reported, citing people familiar with the matter, that the Federal Reserve Bank of New York took the unusual step of selling euros to buy yen on behalf of the US Treasury on Friday.

The transactions were carried out through Goldman Sachs and Morgan Stanley, according to the Financial Times.

Washington's move came as the yen rebounded sharply last week, fuelling speculation that Japanese authorities had also intervened in currency markets.

The unit was trading at 160.53 against the dollar Friday, having risen as high as 158 yen a day earlier.

"Whether Tokyo was actually involved remains unclear, but the price action had all the familiar fingerprints," Stephen Innes at SPI Asset Management wrote in a comment.

Analysts cited by FT estimated Japan's intervention may have totalled about 8.45 trillion yen ($52.8 billion).

The Nikkei business daily put the amount at between 6 trillion and 7 trillion yen.

According to FT, the move would be the first coordinated US-Japan effort to support the yen since 1998.

While surging oil prices and concerns over debt are major reasons for the yen's weakness, a key driver is the wide gap between interest rates in Japan and those in the United States and other major economies.

And with markets increasingly betting that the US Federal Reserve could hike rates again before the end of the year, the divergence is more pronounced.

This gap has encouraged investors to borrow cheaply in yen and invest in other assets outside Japan with better returns - known as a "carry trade" - resulting in capital outflows and downside for the yen.

AFP

Print-outs of articles about the global memory chip shortage are pinned beside a price list at a Hong Kong computer shop, offering an explanation to confused customers feeling the pinch.

Price rises for goods such as laptops and smartphones, with cars potentially next, have been an unwelcome side-effect of the artificial intelligence gold rush -- and the squeeze is far from over.

Samsung Electronics' chief financial officer said this week shortages of microchips that store digital data will likely deepen in 2027 and stay tight through 2028.

The crunch has been nicknamed "RAMaggedon" after the components called RAM, or "random-access memory".

It is caused as profit-hungry chipmakers pivot to producing high-bandwidth memory (HBM) -- a more advanced type of computer memory in huge demand to help train and run AI tools.

The articles on display at In-Technology Services -- one of many compact vendors crammed into Hong Kong's Wan Chai Computer Centre -- are to inform customers who "don't know what happened," manager Wade Lam told AFP.

The centre's shops sell tech equipment of all sorts, from computer parts to gadgets and games consoles.

Ken Tam, manager of Videocom Computer, which specialises in custom-built PCs, said business has halved since price rises began in September.

Sixteen gigabytes of RAM used to cost HK$300-400 ($40-50) but the price has now hit HK$1,500, he said.

"When it suddenly gets so expensive, customers have a psychological barrier," Tam told AFP.

"If they need it, they will buy it," but otherwise they will wait, or "lower their standards" and buy a less high-performing memory chip, he said.

Chinese competition

Analyst Ellie Wang at the Taiwan-based market research firm TrendForce said memory prices for PCs and smartphones were up around five to six times compared to a year ago.

The AI boom has brought humungous profits and share price jumps to the world's top three memory chip makers: South Korea's Samsung Electronics and SK hynix, along with US giant Micron.

In fourth place is ChangXin Memory Technologies (CXMT), which became mainland China's most valuable company on Monday when it made its market debut in Shanghai -- another sign of how red-hot the sector has become.

CXMT, as a relative newcomer, "remains in a follower position regarding leading-edge technologies", James Zhao, senior principal analyst at Omdia, told AFP.

HBM is used in data centre servers to support other powerful chips -- such as those made by US titan Nvidia -- that execute the dizzyingly complex calculations of AI systems.

But when it comes to conventional RAM, and a type for computers called DRAM, "the current supply-constrained market environment" could bring CXMT "late-mover advantages", he said.

At a shopping centre in a different part of Hong Kong, customer Henry Wong, an investment banker, said he had chosen to upgrade the RAM in an older laptop instead of buying a new one with even better specs.

"After upgrading the memory, I found it ran really smoothly, and I stopped wanting to buy a new computer," he told AFP.

'Bubble'

Automakers say they are facing rising costs for in-vehicle computer systems, which could also soon push up the price of new vehicles.

In Tokyo's tech hub of Akihabara, Charles Brousse, a 30-year-old graphic designer and custom PC builder from Belgium, said prices for RAM, graphics cards and motherboards have hit "ridiculous levels".

For his "PC & Chill" service, Brousse does not buy parts to pre-build machines -- as it is too expensive -- but he requires clients to purchase their own that he assembles.

The chip shortage is pushing people to buy cheaper laptops than desktops, which can last up to a decade, said Brousse, in Tokyo on his honeymoon.

"I'm not sure that's a good thing; people end up buying products with shorter lifespans, which fuels a cycle of consumption."

Brousse added that the fact it is driven by the "speculative bubble" of AI is also frustrating, "because I'm a graphic designer by trade, so AI has a real impact on my profession."

AFP

For over four decades, Winterveldt—the sprawling settlement north of Pretoria—has stood as a living monument to South Africa’s spatial divide.

From its origins in Bophuthatswana as an informal periphery to its current integration into the City of Tshwane, economic planners have repeatedly tried and failed to lift Winterveldt out of systemic poverty. 

The central diagnosis from government offices in Pretoria remains predictable: a lack of service delivery, unemployment, or poor municipal capacity.

But when you step out of central bureaucratic corridors and examine Winterveldt from the ground up—at the level of individual Enumeration Areas (EAs) tracked across every census wave from 1980 to 2026—a far deeper structural reality reveals itself. 

Winterveldt is not failing because of temporary administrative friction; it is trapped in an architecture of immiserizing spatial extraction. 

The illusion of the national average

South Africa’s economic planning suffers from an incurable "In-Out" policy pathology. Central planners formulate policy directives in Pretoria based on high-level provincial balance sheets and aggregate GDP figures, then project them outward onto peripheral settlements. 

This top-down method smooths over localized decay, rendering peripheral poverty statistically invisible. When you aggregate Winterveldt into broader metropolitan statistics, its severe deprivation is diluted by the economic output of surrounding industrial hubs like Rosslyn. 

To break this cycle, the Lehohla Ledger proposes the Out-In Method. Grounded in the ancient governance wisdom of Lenaka la Morena Mohlomi—to lead people, you must first know them and understand where they live—this approach measures economic vitality and capital drains from the micro-spatial level of individual census EAs inward to the national account.

What the geometry of Winterveldt reveals

When we deploy spatial autocorrelation metrics like Global Moran’s I and Local Indicators of Spatial Association (LISA) across Winterveldt’s census mesh, the geometry of its poverty trap becomes undeniable. 

With a Global Moran’s I value consistently hovering above +0.6, Winterveldt demonstrates extreme positive spatial autocorrelation. Poverty here is not randomly distributed; it is heavily geographically clustered.

LISA mapping reveals a dense core of High-High poverty hotspots in central Winterveldt.

In these Enumeration Areas (consisting of clusters of approximately a hundred to one hundred twenty household), high multidimensional deprivation in one household is surrounded by high deprivation in neighboring households. 

Today, social grant transfers act as a minimal 'conservation' subsidy—preventing absolute starvation—while systemic underinvestment in local energy and transport continues the 'dissolution' process, siphoning off young talent and capital to urban cores. 

The largest uncredited subsidy keeping Winterveldt alive is the unpaid domestic and care work performed by women.

Millions of hours spent raising children, caring for the sick, and sustaining households are categorized by standard economics as "economically inactive".

By assigning zero monetary value to this labor in the System of National Accounts (SNA), modern capital accumulates in central cities while disguising the massive structural subsidy provided by rural and peri-urban women. 

A five-point plan for Winterveldt

If we are to dismantle this spatial extraction engine, we must move beyond conventional welfare grants.

Guided by 2,752 validated statistical metadata instruments, the Lehohla Ledger outlines five non-negotiable structural imperatives: 

Institutionalize Mohlomi’s telemetry: Mandate that all municipal Integrated Development Plans (IDPs) and Treasury spending for Tshwane begin with contiguous EA-level census mesh data ("know those you lead") rather than broad provincial averages. 

Account for unpaid female care work: Formally value domestic, care, and community subsistence labor in national accounts to recognize and support the true economic engine of Winterveldt.

Mandate out-in spatial auditing: Audit public and private capital flows across census waves to locate, track, and seal localized capital leakage. 

Deploy mission-oriented infrastructure anchors: Construct state-backed renewable energy micro-grids, water processing plants, and logistics hubs directly inside Winterveldt's High-High poverty clusters to anchor local capital retention. 

Enforce intergenerational integrated reporting: Require local government bodies to track multi-capital retention across generations using the 2,752 metadata standards.

Conclusion: looking from the outside In

Winterveldt’s challenge is not a lack of human potential; it is an architecture of spatial blindness. As long as leaders judge progress through top-down national averages, they will continue to mistake structural economic extraction for temporary municipal inefficiency. 

By marrying the governance clarity of Morena Mohlomi with micro-spatial forensics, the Lehohla Ledger provides the tools required to transform peripheral extraction into lasting, intergenerational value.

The metadata is validated, the geometry is clear, and the path forward is visible. It is time to stop planning from the top down and start building from the outside in. 

Explanatory note on metadata standards and successor frameworks: 

This analysis is built on the Lehohla Ledger framework, utilizing 2,752 validated statistical instruments across the 1996, 2001, 2011, and 2022 South African National Population Censuses, harmonized with historical records (1980, 1985, and 1991).

Micro-spatial diagnostic routines aggregate contiguous Enumeration Areas (EAs) at ward and placename levels (including Tampostadt) to trace spatial transitions, capital retention, structural modeling metrics (38%, 28%, and 34%), and sub-SNA labor contributions.

Successor Ledgers maintain this exact metadata protocol to verify spatial data integrity.

Dr Pali Lehohla is the former Statistician General of South Africa, Director of the Pan African Institute for Evidence (PIE), and the founder of the Lehohla Ledger. He is a Professor of Practice at the University of Johannesburg and a Research Associate at Oxford University.

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BUSINESS REPORT 

The Congress of South African Trade Unions (Cosatu) will soon hold its national congress where workers from Mitchells Plain to Mussina, from farms to mines, hospitals and schools, will gather to assess the state of the economy and its impact upon the working class.

Most importantly, they will craft campaigns on what must be done to tackle the many socio-economic crises facing the working class, especially the rising cost of living.

2026 has since seen inflation jump to 5%, largely due to massive fuel hikes resulting from the Middle East war (25% for petrol and 50% for diesel) with a projected further R2 per litre of diesel hike expected.

Electricity has gone up by 9%.  The South African Reserve Bank (SARB) raised the repo rate recently and with inflation rising, is likely to do so again soon.

These hikes take place against a backdrop of an economy stuck at 1% growth for more than a decade and a staggering 43.7% unemployment rate. 

Those lucky to have jobs must stretch their wages to support unemployed relatives.  This and the rising cost of living have left workers drowning in debt, borrowing to service loans and take care of their families.

Whilst the fundamental solutions to ease the crises of the rising cost of living facing workers, is to grow the economy and create decent jobs, much can and must be done in the short, medium and long term.

Many key interventions take time for their effects to be fully felt, something a country facing the triple challenges of unemployment, poverty and inequality; simply cannot wait for.

Government led by the African National Congress (ANC) did well to provide R18 billion relief to struggling commuters by suspending the fuel levy for several months when the war broke out.  This act helped stave off inflation.  Reintroducing such relief should be pursued as long as international oil and fuel prices remain so high. 

Government needs to honour a commitment it first made in 2018, to review and ultimately reduce the third of the fuel prices that go towards taxes.  This will free cash in workers’ pockets and release stimulus into the economy.

Metro Rail will soon be raising fares by amounts above inflation.  Yet it remains far cheaper, faster and safer than other transportation.  More support needs to be given to Metro Rail to modernise its lines, roll out signals enabling trains to travel faster, reopen the remaining closed lines and expand routes.  

This will save commuters scarce money, ease road congestion, reduce maintenance costs and insulate much of the country from oil price hikes shocks.

Greater public investment and support are needed for busses and taxis who provide a critical transport service, especially in rural areas and townships.

Key to shielding food from inflation is to help restore Transnet to full capacity and lower the price of diesel and electricity.  

Eskom plays a key role in our domestic inflationary pressures. 

For the past two decades it has been dependent upon annual tariff hikes far above inflation, with some as high as 36%! 

This has bled workers’ meagre wages, caused smelters to close and retrench thousands of workers, smelters and suffocated economic growth.  Helping Eskom end its dependency upon above inflation tariff hikes is key to releasing workers’ wages, unlocking economic growth and reducing unemployment.

Whilst Eskom has done well to end loadshedding it now needs the help of government to tackle the R120 billion municipal debt owed to it.  The most effective way to do this is to move all customers, including government institutions and companies, to prepaid electricity. 

Similar billing collection interventions are needed in local government to ensure municipal tariffs are collected.  If all consumers pay for water and electricity consumed than we can end the death spiral of above inflation tariff hikes and even increase the allocation of free basic services to indigent households.

An expansion of access to cheaper electricity can help wean poor households off otherwise expensive paraffin.

Government and industry need to revive domestic fuel refinery capacity to reduce our vulnerability to international supply shocks and reduce domestic fuel prices.

SARB whilst needing to manage inflation, should avoid unnecessary repo rate hikes as much as possible as most of our inflationary pressures are imported and not domestically driven.

Government, with the support of the Unemployment Insurance Fund and Developmental Finance Institutions, needs to urgently ramp up public employment programmes.  These are key to helping millions of unemployed earn a wage, enter the labour market and ease pressures upon those working.

Discussions should take place on how SRD Grant recipients can be linked to skills training and public employment programmes to help them find work.

Employers must avoid retrenchments at all costs, reduce their often obscene wage gaps and pay their employees a living wage.  The economy cannot grow if workers earn too little to buy the goods it produces.

GEMS’ 9% 2026 premium hike and similar ones by other medical aids point to the urgent need for interventions to limit often shameless medical tariff hikes imposed in pursuit of profits and to accelerate the rolling out universal healthcare through the National Health Insurance.

The National Student Financial Aid Scheme has helped millions access tertiary education, yet its income threshold has never been adjusted since its introduction a decade ago, thus shrinking the number of eligible poor students.  This must be corrected and accompanied by a discussion on how we expand access to tertiary education and ensure its financial sustainability.

The Department of Trade, Industry and Competition needs to crack down on loan sharks who routinely violate the National Credit Act and exploit workers’ desperation for relief.

Engagements on the next phase of the Two Pot Pension Reforms must start.  The first phase provided 4 million highly indebted workers with over R70 billion relief whilst massively boosting long-term savings.

What is needed now are robust engagements at Nedlac on bold interventions to provide relief to the working class, stimulate economic growth and create jobs. 

Zingiswa Losi is the president of Cosatu. 

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BUSINESS REPORT 

South African farmers are increasingly adopting digital platforms to improve productivity, access finance and make better-informed business decisions as the agricultural sector faces rising input costs, volatile weather and tighter profit margins, according to Nedbank Commercial Banking.

Desry Lesele, senior manager for agribusiness client value propositions at Nedbank Commercial Banking, said farming has traditionally been built around physical assets such as land, machinery and long-established relationships with suppliers and buyers.

“Those things still matter, but another layer is increasingly being added to the mix: digital platforms that enable farmers to buy inputs, secure finance and make everyday decisions more efficiently,” she said.

Lesele added that what stands out is not just that these tools exist, but how quickly they are being adopted in practical, everyday farming operations.

“South Africa already has the basic building blocks for this shift. Mobile phone use is almost universal, smartphones are widespread and, according to World Bank research, just short of 80% of the population now has internet access,” Lesele said.

“In agriculture, digital tools are already helping farmers source inputs, compare, get advice, and access financial services.”

Lesele said that earlier research suggested that only about 26% of smallholder farmers were using digital technologies, but that number is rising as these tools become more useful and more accessible.

“The Food and Agriculture Organization (FAO) says a major driver behind this shift is the increasing pressure on farmers to improve productivity while managing greater uncertainty. Agricultural businesses are operating in an environment of continuing input cost pressures, tighter margins, increasingly volatile weather patterns and fluctuating commodity prices.”

Lesele added that customers and financiers are placing greater emphasis on efficiency, traceability and sustainability.

“These factors are making timely, data-driven decision-making far more important than it was even a decade ago. Digital platforms help farmers respond by improving access to market information, increasing price transparency and streamlining purchasing and financing decisions.”

Lesele said that they have seen this firsthand through the collaboration between Nedbank Agribusiness and online agri-input marketplace, PrysWys.

“Launched in May last year, the partnership was designed to close a very real gap in agriculture: the disconnect between buying inputs and paying for them. Through the PrysWys platform, farmers can request quotes, compare prices, place orders, and access pre-approved financing for key inputs such as fertiliser, seed, livestock feed, and fuel.”

Lesele added that the platform is helping to simplify how farmers buy what they need by connecting them directly with trusted suppliers at competitive prices.

“That improves price discovery, transparency and makes inputs more accessible, especially in areas where availability can be a challenge. The early results have been encouraging and, since its launch, the Nedbank partnership has seen an 80% increase in users.”

Lesele said that this suggests that digital activity is translating into real financial decisions, and that farmers are becoming more comfortable managing parts of their businesses online – not as a side activity, but as part of how they operate.

“As adoption grows, digital platforms have the potential to improve not only access to inputs and finance, but also the efficiency, transparency and competitiveness of the agricultural value chain as a whole.”

Lesele added that this move to digital is not about replacing existing relationships in agriculture.

“Banks are also changing how they fit into this picture. Rather than only stepping in when finance is needed, financial institutions are increasingly becoming part of the systems farmers already use. That means embedding finance directly into platforms like PrysWys so that funding is available at the point of purchase, not as a separate process.”

Lesele said that as more agricultural transactions move onto digital platforms, they also generate a richer picture of how farm businesses operate.

“Over time, this can give financial institutions a better understanding of farm businesses, enabling more tailored financial solutions, faster credit decisions and more responsive risk management,” she said.

“In this way, digital agriculture is not only changing how farmers buy inputs, but also how financial institutions assess and support agricultural businesses.”

BUSINESS REPORT

South African Reserve Bank (Sarb) Governor Lesetja Kganyago has defended the central bank's commitment to its new 3% inflation target, saying the recent surge in inflation caused by higher oil prices will not derail efforts to restore price stability.

Addressing the Sarb's 106th Ordinary Annual General Meeting in Pretoria on Friday, Kganyago said the central bank remained focused on protecting the purchasing power of the rand despite a global oil price shock that had temporarily pushed inflation above target.

He noted that South Africa had taken a significant step in 2025 by replacing its longstanding 3% to 6% inflation target range with a 3% target, plus or minus one percentage point.

"Our constitutional mandate is to protect the value of the currency in the interest of balanced and sustainable economic growth," Kganyago said.

He said the new target aligned South Africa with major economies and peer countries and would deliver an environment much closer to price stability.

"We used to target a range of 3–6%. From 2017, we explicitly aimed at the 4.5% midpoint of that band. In 2025, South Africa formally adopted a 3% target, plus or minus one percentage point."

The governor acknowledged that rising oil prices had pushed headline inflation to 4.5% in May and 5% in June, placing pressure on households and businesses.

"We have just been hit by a big oil shock, which pushed headline inflation to 4.5% in May and 5% in June. Everyone feels the pain of rising prices, and everyone is worried about inflation being too high, including us," he said.

However, he stressed that the increase was driven by external factors rather than domestic monetary policy.

"Last year we made a choice to have lower inflation. Yes, we have now been hit by a shock that was completely exogenous and has nothing to do with our choices. But shocks will happen."

Kganyago said the central bank's responsibility was to ensure inflation returned to target over time.

"For the Sarb, our job is to ensure inflation reverts to target. Monetary policy does not control the prices of individual goods and services. But we do have a lot of influence over the longer-run buying power of the rand, across a broad purchase basket, and we intend to protect that."

He said this commitment had informed the Monetary Policy Committee's decision to raise the repo rate to 7% in May.

"That is why we raised rates to 7% in May – to ensure that inflation gets back to target. This created the space for us to hold rates at our MPC meeting in July."

Looking ahead, Kganyago said lower inflation would ultimately pave the way for lower interest rates.

"As a Monetary Policy Committee, we do not make any promises about the path for interest rates... But I can say with confidence that lower inflation produces lower rates."

Beyond monetary policy, Kganyago reflected on developments in the financial sector and the Sarb's broader role in safeguarding financial stability.

He welcomed South Africa's removal from the Financial Action Task Force greylist, saying authorities had invested heavily in strengthening anti-money laundering controls.

"Since our greylisting in 2022, there have been major investments by the South African authorities, including the Sarb, to get our house in order. We were happy to come off the greylist late last year."

Kganyago also highlighted the opportunities and risks presented by artificial intelligence and digital assets, saying regulators needed to encourage innovation while protecting the integrity of the financial system.

"If they can make cross-border payments faster and cheaper, that would be welcome progress. But if they mainly make it easier to transact anonymously, helping their users get around prudential controls or escape with the proceeds of crime, that is dangerous," he said of stablecoins.

He added that South Africa's payments modernisation programme was aimed at making digital payments faster and cheaper, even without relying on blockchain technology.

Kganyago said the Sarb had strengthened its own financial position, with foreign exchange reserves rising from $68 billion a year ago to $74bn.

"The Sarb is in a strong position. We have taken a big step forward with our new 3% inflation target. Our financial system continues to demonstrate resilience in an uncertain and difficult world. We are driving payment innovation to close the gap with the leading countries," he said.

"If the South African experience of the past two decades teaches anything, it is the importance of having well-governed institutions. The Sarb's institutional strength is clear, but it comes from a lot of hard work."

BUSINESS REPORT

Operation Vulindlela (OV) has reported significant progress across several structural reform programmes, including electricity, freight logistics, water and sanitation, visa reform, local government and digital public infrastructure, as government seeks to accelerate economic growth and improve service delivery.

According to the Operation Vulindlela Quarter One 2026 progress report, reforms implemented since April 2026 have advanced across the initiative's seven priority areas.

Operation Vulindlela Phase II is a joint initiative between the Presidency and the National Treasury aimed at accelerating structural reforms to support faster and more inclusive economic growth while improving the delivery of public services.

The report said notable milestones had been achieved, particularly in reforms designed to improve infrastructure, strengthen institutions and attract greater private sector investment.

Electricity sector reform continued to gather momentum, with progress towards establishing a more competitive electricity market.

According to the report, the Eskom Restructuring Task Team (ERTT) completed the first phase of its work to oversee the creation of a fully independent state-owned transmission entity.

It said this is a critical step to ensure that the restructuring of Eskom is conducted in a manner that minimises financial, operational, and fiscal risk while maintaining energy security and advancing the objectives of electricity sector reform to reduce the high cost of electricity.

Freight logistics reform also advanced through continued institutional changes and efforts to expand private sector participation in the rail and ports sectors.

During the quarter, government published the latest version of the Network Statement to facilitate access to the freight rail network by multiple operators, concluded Rail Access Agreements with 11 train operating companies, developed an implementation plan for the corporatisation of the Transnet National Ports Authority and finalised the draft National Rail Bill to establish a modern legislative framework for rail reform.

In the water and sanitation sector, reforms centred on improving governance, regulation and infrastructure investment.

The report highlighted the establishment of the National Water Crisis Committee (WATERCOM) and the publication of the National Water Action Plan as key developments providing a coordinated response to South Africa's water challenges.

Further progress was made in operationalising the South African National Water Resources Infrastructure Agency (SANWRIA), advancing the Water Services Amendment Bill, implementing the Revised Raw Water Pricing Strategy and expanding infrastructure projects through the Water Partnerships Office and the newly established Infrastructure Finance and Implementation Support Agency (IFISA).

The report stated that visa and immigration reform continued to modernise South Africa's visa and immigration system to support tourism, investment and skills attraction.

“Work is underway to expand the Electronic Travel Authorisation (ETA) system to all eligible countries and multiple visa categories. Phase II of the Trusted Employer Scheme was launched to enable all qualifying employers to participate, and progress was made in implementing new visa programmes to support business events, tourism and the creative industries.”

The report added that the government also advanced the redevelopment of major land ports of entry through public-private partnerships to improve the efficiency of cross-border trade and travel.

The report also outlined advances in local government reform aimed at strengthening municipal governance, improving service delivery and ensuring more sustainable municipal finances.

It said the first group of metropolitan municipalities is implementing reforms under the Metro Trading Services Reform Programme to improve the governance and performance of municipal trading services.

Progress was also reported on finalising the White Paper on Local Government, the Municipal Finance Management Act Amendment Bill, the review of the Local Government Fiscal Framework and preparations for implementing the expanded mandate of the Public Service Commission within local government.

Spatial integration and housing reforms also continued, with government working on measures to improve access to affordable housing and reduce spatial inequality.

These include developing demand-side and capital subsidy programmes, releasing strategically located public land for housing developments and addressing the country's title deeds backlog.

The report noted that the Passenger Rail Agency of South Africa (Prasa) also continued restoring passenger rail services and expanding the availability of rolling stock to improve urban mobility and support economic inclusion.

Meanwhile, digital public infrastructure reforms focused on implementing the Digital Transformation Roadmap through continued development of the MyMzansi platform, the MzansiXchange data integration layer, a digital identity system and a modernised payments programme.

“During the quarter, implementation focused on establishing the technical and governance foundations required to deliver integrated, citizen-centred digital services while strengthening interoperability across government systems.”

BUSINESS REPORT

The International Trade Administration Commission of South Africa (ITAC) has recommended increasing the customs duty on imported peanut butter from 0.99 cents per kilogram to 20% ad valorem, saying the move is needed to protect the domestic industry from rising imports and improve the competitiveness of local manufacturers.

The recommendation follows an application by RCL Group , which had sought an increase in the tariff to 25%. After investigating the matter, ITAC opted for a lower rate of 20%, saying it strikes a balance between supporting local manufacturing, promoting value addition and maintaining affordability for consumers.

According to the commission, domestic peanut butter producers have faced declining production, sales volumes and capacity utilisation during the investigation period, while imports have risen sharply.

ITAC found that India remained the dominant source of imported peanut butter and that local manufacturers have consistently been at a price disadvantage compared with imported products.

At the same time, domestic producers have experienced higher production costs driven by increases in raw material prices, labour expenses and operating costs.

“ITAC recommended that the general rate of customs duty on peanut butter be increased from 0.99c/kg to 20% ad valorem, to provide a more appropriate balance between supporting domestic manufacturing, encouraging value addition, and maintaining consumer affordability,” it said.

The commission also announced that it will launch a self-initiated investigation into the creation of a temporary rebate provision for imported groundnuts under Section 16(1)(d)(ii) of the International Trade Administration Act, 2002.

ITAC said the proposed rebate would complement the tariff increase by lowering input costs for domestic peanut butter manufacturers and improving their competitiveness.

It said the investigation will assess the feasibility of establishing a rebate mechanism to improve the competitiveness of domestic peanut butter manufacturers through lower input costs.

The latest recommendation follows an earlier application submitted by RCL Foods during the 2020/21 period, which did not result in the requested tariff increase.

ITAC said RCL submitted an updated application in December 2024, allowing the commission to assess more current information and address concerns previously raised by the Minister.

During the investigation, ITAC considered submissions received from interested parties alongside industry data before reaching its decision.

The commission noted that peanut butter plays an important role in South Africa's food basket, particularly for lower-income households.

ITAC described peanut butter as a staple food product that accounts for around half of the spreads market, excluding margarine, while also serving as an affordable source of protein. It said industry efforts to secure zero-rated VAT status for peanut butter reflect its importance to consumers.

“Its inclusion in the household food basket surveys and the industry’s push for zero-rate VAT status underscore its importance for low-income consumers.”

Groundnuts are mainly consumed either as edible nuts or processed into peanut butter, with approximately 55% of commercial groundnut consumption destined for peanut butter production.

ITAC said the current tariff structure is misaligned because raw groundnuts attract a 10% customs duty, while roasted groundnuts and peanut butter are subject to a duty of just 0.99 cents per kilogram.

According to the commission, this disparity undermines value chain efficiency and weakens the competitiveness of domestic processors.

“Domestic groundnut production is on an upward trajectory, with the 2024/25 crop estimated to be 11.6% higher than the five-year average of 56,004 tons (up to 2024/25). Long-term trends place average annual production at approximately 62,000 tons,” ITAC said.

The commission concluded that raising the tariff would help address existing anomalies in the peanut butter value chain while supporting the Southern African Customs Union (SACU) industry, which has lost production volumes, sales and market share as imports gained ground.

ITAC maintained that the accompanying investigation into a temporary rebate on imported groundnuts could further strengthen domestic manufacturers by reducing their input costs and improving capacity utilisation.

BUSINESS REPORT

African Rainbow Minerals (ARM), which has South African entrepreneur Patrice Motsepe as founder and chairman, has taken a significant step towards revitalising its Bokoni Project through the board approval of the R15.2 billion project to double group platinum production.

The ambitious endeavour aims to create value for shareholders and establish a solid foundation for future growth in the global platinum group metals (PGM) market. ARM’s presentation to investors on the project n Friday highlighted a clear development pathway, following the completion of a comprehensive feasibility study.

The study, which was finalised in June, assessed critical operational workstreams including mining, processing, infrastructure, capital investments, and cost management. The group's chosen operating model centres around conventional stoping, supported by mechanised development, ensuring efficiency and higher yields, according to the presentation by the group.

A thorough technical review by global engineering and management consultancy Hatch and a subsequent financial model assessment further underscored the viability of the project.

Bokoni, previously under care and maintenance since 2017 after Anglo American Platinum and Atlatsa Resources struggled to turn a profit amidst challenging mining conditions, was acquired by ARM in December 2021 for R3.5bn. Following this, ARM committed to injecting another R5.3bn over three years for the mine's redevelopment. The latest project's cost estimate now stands at R15.2bn.

The Bokoni Project plans to add an impressive annual production capacity of between 350,000 and 400,000 6E (platinum, palladium, rhodium, osmium, iridium, and gold) ounces, effectively doubling ARM's attributable PGM output.

This boosts the scale of operations across Bokoni as well as its Two Rivers and Modikwa mines. With the anticipated 180 kilotonnes per month (ktpm) capacity, the development presents a competitive cost structure that reinforces ARM's position in the market.

The 19-year operational plan is projected to tap only 13% of Bokoni's Upper Group 2 measured and indicated mineral resources, leaving substantial reserves for future exploration and development.

The ore body holds around 31 million measured 6E ounces at an average grade of approximately 7.4 grams per tonne and an 18% chrome grade. This rich resource underscores the potential for both immediate gains and long-term sustainability.

The financial outlook for the project is robust, highlighted by an estimated 28% internal rate of return, which exceeds ARM's investment hurdle rates.

This financial strength will not only enhance the group's global competitiveness but also unlock the full potential of a high-quality asset that ARM already owns. The average hoisted grade at Bokoni of 6.1 grams per ton is notably higher than that at Modikwa and Two Rivers, with the existing infrastructure streamlining development timelines and reducing capital requirements.

The phased approach to the project will link capacity additions directly to development milestones. The initial operational capacity will grow from 60 ktpm up to a designed 180 ktpm by 2033, allowing for gradual scaling while managing costs prudently.

The upgrading of existing infrastructure—including recommissioning the chrome recovery plant—will lead to early cash flow generation, setting the stage for robust financial returns.

With peak funding expected at R10.4bn by September 2029, the investment payback period is estimated at 6.3 years. A conservative base case analysis predicts annual free cash flows of R4bn before financing activities, underpinned by a cautious long-term price outlook. However, ARM plans to manage price volatility through phased capital implementation and strict funding controls.

Leveraging over two decades of underground platinum mining expertise, ARM is committed to successfully executing the Bokoni Project. As global platinum prices show significant upticks—from around $1,000 per ounce at the end of 2025 to nearly $2,800 per ounce in January 2026 (although it has fallen to around $1,600 per ounce—ARM appears well-placed to ride the wave of increasing demand fueled by ongoing underinvestment in supply.

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MTN Group's share price fell hard on the JSE on Friday even though it said its biggest subsidiary, in Nigeria, delivered a strong performance in the six months to June 30, and after its business in Ghana said it is facing legal action in a dispute about mobile money intellectual property rights.

MTN's share price fell by the most on the JSE on Friday, after trading 9.4% lower at R208.30 late in the afternoon. A year before, the share price was trading at R155.26.

“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation. This reflects the resilience of demand for our services, disciplined execution across the business and continued focus on efficiency in a challenging operating environment," said MTN Nigeria CEO Karl Toriola in the interim results.

Meanwhile, on July 28, Ghana technology company Clydestone Ghana announced it had filed a lawsuit at the High Court in Accra against MTN Ghana, MTN Group and MobileMoney Fintech. MTN Group on Friday denied claims made by the Ghanaian technology company, insisting the allegations are without merit and will be vigorously contested.

The legal issues related to Clydestone's alleged role in the launch of mobile money services in Ghana almost two decades ago, and about an alleged breach of intellectual property rights on the mobile money services.

MTN Ghana said its operations would be unaffected by the proceedings, and neither it nor the group had raised any provisions, contingent or otherwise, for the dispute.

Total subscribers increased 8.9% to 92.2 million. Active data users were up 9.3% to 55.7 million. Service revenue increased by 25.9% to N3.0 trillion. Earnings before interest, tax and depreciation increased by 39.2% to N1.7 trillion. Earnings per share was up a strong 70.6% to N33.7. An interim dividend of N26 was declared. Free cash flow increased by 73.9% to N712.7 billion.

Toriola said that while the macroeconomic backdrop remained complex, with elevated geopolitical tensions continuing to influence global energy markets and inflationary trends, encouragingly, the naira was stronger and relatively more stable during the period. This supported better planning visibility and helped moderate some cost pressures.

"Commercial momentum remained strong, with 4.9 million net additions in the first half lifting our subscriber base to 92.2 million, while active data users increased by 2.5 million to 55.7 million. This reflects stronger customer engagement, sustained demand for data-rich services and continued smartphone adoption," he said.

Service revenue growth was ahead of medium-term guidance of at least low-20% growth and 10.4 percentage points above the average inflation rate in the first half.

Growth moderated in the second quarter, primarily reflecting the full annualisation of prior price adjustments and, to a lesser extent, the temporary suspension of the airtime and data credit service, which impacted fintech revenue during the quarter.

Service revenue growth excluding airtime and data credit service was 27.3%.

"Despite energy cost-related pressures, we continued to invest in our network while containing operating expenses growth at 11.3%. We invested N620.5bn in capex to strengthen our network and support growth opportunities," said Toriola..

Revenue performance across the business segments reflected strong underlying demand, disciplined commercial execution and continued customer adoption of data and digital services. 

Data revenue increased by 38.4%, supported by growth in active data users, higher smartphone penetration and sustained demand for high-speed connectivity. With smartphone penetration at 66.4%, data remains the largest structural growth opportunity.

The home broadband was being scaled in a disciplined manner, focusing on improving conversion and enhancing customer value while demonstrating attractive unit economics over time.

Fintech revenue declined by 7.2%, impacted by the temporary suspension of airtime and data credit service, a significant contributor in the segment. However, the underlying mobile money business saw revenue rising by about 132% and active wallets increasing by 1.3 million to 5 million.

BUSINESS REPORT

South Africa's small and medium sized enterprises are set to benefit from a R5.4 billion financing package after the African Development Bank and Standard Bank Group concluded a landmark transaction aimed at expanding access to business funding and supporting inclusive economic growth.

The African Development Bank has invested $332 million, equivalent to approximately R5.4 billion, in a capital markets security issued by Standard Bank Group.

The funding will be directed towards financing SMEs across South Africa, including women led businesses that continue to face significant barriers to accessing finance.

The transaction also marks Africa's first development finance institution supported social Flac instrument to be listed on the Johannesburg Stock Exchange.

Complementing the investment, the African Development Bank's Affirmative Finance Action for Women in Africa programme will provide a $1 million technical assistance grant from the We Fi window to help women entrepreneurs overcome financing obstacles.

The support will include digital payment tools to help businesses build verifiable credit histories as well as enterprise and supplier development programmes.

Kennedy Mbekeani, the African Development Bank's Director General for Southern Africa and Country Manager for South Africa, said the transaction would strengthen both the country's financial sector and its small business ecosystem.

"This investment reflects the African Development Bank's commitment to strengthening Africa's financial architecture while directing long term capital to where it is needed most, South Africa's small businesses and entrepreneurs," Mbekeani said.

"By partnering with Standard Bank Group, we are simultaneously helping to build a more resilient banking system and supporting the SMEs that drive jobs and inclusive growth."

The facility is structured as a Flac instrument, a new category of debt introduced by the South African Reserve Bank in January this year as part of the country's phased implementation of a bank resolution framework.

Standard Bank has committed to allocating the full R5.4 billion to SMEs, including women owned businesses, recognising the persistent gender financing gap within South Africa's small business sector.

Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank Group, described the agreement as another milestone in the bank's partnership with the African Development Bank.

"We are delighted to close another landmark transaction with the AfDB, following the successful 2024 transactions. This social Flac issuance will further enable the group to deliver on our purpose, Africa is our home, we drive her growth," Masinda said.

"SMEs are a critical driver of economic growth and job creation. They are the backbone of South Africa's economy, with approximately 3.2 million SMEs accounting for 60% of jobs, so ensuring these businesses have support and access to finance is imperative to our collective growth aspirations."

Bill Blackie, Chief Executive of Business and Commercial Banking at Standard Bank, said the additional funding would strengthen the bank's ability to support entrepreneurs while also creating new opportunities for women owned businesses.

"We see first hand the critical role that SMEs play in driving prosperity and job creation. This deal, together with our partnership with the AfDB, strengthens our ability to back the businesses that underpin inclusive economic growth," Blackie said.

"We are especially excited about the technical assistance grant, which will allow us to fund key initiatives that deliver direct, tangible benefits to women led SMEs, supporting their ambitions to start, manage and grow resilient businesses."

Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank, said the transaction was expected to encourage broader adoption of international banking best practice across Africa.

"This transaction is designed to be catalytic, encouraging the broader adoption of international best practice in banking across the African continent," Attout said.

The latest agreement builds on a long standing partnership between the African Development Bank and Standard Bank dating back to 2008. It follows the Bank's approval of a R3.6 billion subordinated debt facility for Standard Bank Group in November 2024, alongside a $200 million risk participation agreement supporting trade finance across Africa.

By the end of 2025, Standard Bank had fully utilised the earlier facility, supporting 5 425 SMEs and exceeding its original target of 4 000 businesses, with funding directed towards enterprises operating in agriculture, retail, wholesale trade and manufacturing.

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BUSINESS REPORT 

South Africa’s mining sector operates under constant pressure to improve environmental performance, support worker well-being, and show real progress on Environmental, Social and Governance (ESG) goals.

While energy efficiency and water security usually steal the spotlight, sanitation infrastructure often remains an overlooked vulnerability.

Long treated as just a basic background requirement, the state of site sanitation is quickly becoming a clear sign of how seriously a mining company takes innovation, human dignity, and resource management.

The realities of legacy site sanitation

In remote, high-intensity mining operations, especially deep underground, daily sanitation facilities have historically been basic at best. Systems that rely on crude containment or simple buckets create major challenges for both site teams and leadership.

For underground workers, poor facilities directly compromise health, personal comfort, and day-to-day dignity. For operational teams, managing these systems creates major logistical headaches. Moving waste from deep underground up to surface treatment facilities takes time, energy, and constant coordination.

Shaft infrastructure is limited, and waste servicing schedules regularly get delayed by operational emergencies or equipment repairs. Every extra run needed to haul heavy waste containers uses up precious shaft availability, adds to transport costs, and increases overall site fuel emissions.

Smart recycling at the point of use

Solving these friction points means shifting focus away from constantly hauling waste and moving toward processing it right where it is created. Recent developments in local engineering focus on placing compact, automated processing units directly at remote mine locations. Instead of repeatedly bringing raw waste to the surface, these closed-loop systems filter, treat, and recirculate liquids on site. By continuously recycling fluids, these systems can cut the volume of physical waste that needs to be hauled out by up to 80%.

That 80% drop changes daily mine logistics completely. Moving only 20% of the original waste volume takes a massive load off shaft infrastructure, cuts down on fuel use, and reduces site hazards. From a water stewardship perspective, reusing liquids drastically reduces freshwater demand for sanitation, helping mines protect local water supplies in drought-prone areas.

Practical tech designed for local conditions

Sanitation technology for mines cannot just look good on paper; it has to survive real-world South African conditions. Off-the-shelf imports built for milder environments often fail underground, where dust, heavy daily use, and tight budgets set the rules.

Locally developed solutions strike a smart balance between efficient treatment technology and simple, rugged mechanics. Designing equipment that is affordable to install and easy to maintain ensures that sustainability upgrades stay practical while keeping operations running smoothly deep underground.

Health, dignity, and daily productivity

In addition to water efficiency and logistics management, upgrading mine-site sanitation addresses a core operational driver: worker health and absenteeism. Health management initiatives across the sector have proven that hygienic, well-maintained sanitation facilities directly reduce the spread of illness among underground teams, leading to a marked drop in health-related leave.

The human impact of clean infrastructure translates directly into operational stability. Ensuring that employees have access to safe, dignified facilities fosters a healthier workforce, which in turn reduces shift delays, improves site safety, and maintains steady daily output.

Making sanitation count toward ESG goals

As sustainability reporting becomes more detailed, mining leaders are looking at every part of their operations with fresh eyes. Modern sanitation touches all three areas of ESG. Environmentally, cutting waste transport lowers site emissions, while recycling systems conserve regional water. Socially, upgrading facilities protects employee health, safety, and everyday dignity, which directly cuts down on sick days. From a governance perspective, reducing waste handling risks helps operations stay fully compliant and avoids costly environmental fines.

Sanitation in mining can no longer be pushed to the side as an afterthought. Adopting practical, locally built technology is the most effective way for South African mining operations to turn an old operational challenge into a clear win for water stewardship, team well-being, and ESG leadership.

Robert Erasmus, Managing Director at Sanitech.

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BUSINESS REPORT 

South African consumers are paying more than ever for plastic shopping bags, with industry experts warning that rising environmental levies, increasing manufacturing costs and stricter regulations could leave shoppers carrying an even heavier financial burden.

Traderbag, a supplier of customised sustainable paper shopping bags, has called on retailers to rethink their reliance on plastic bags, arguing that the shift towards paper packaging seen in online retail demonstrates that practical alternatives already exist.

Declan Cherry, a director at Traderbag, said physical retailers had been slower to embrace paper despite its growing acceptance elsewhere.

"For online retail, packaging is part of the delivery experience. When a parcel arrives at a customer's home, the packaging represents the brand. Physical retail has been slower because plastic bags are cheap, familiar and already built into store operations. That is exactly why this topic needs to be revisited. If online retail can move towards paper at scale, then physical retail can too, provided the solution is practical, affordable and reliable," Cherry said.

Plastic shopping bags have become a routine purchase for many South Africans, yet Traderbag believes few consumers realise how much they are paying each time they reach the checkout.

The plastic bag levy has risen from 8 cents in 2016 to 32 cents in 2026. However, retailers often charge significantly more than the levy itself, with shoppers paying anything from the statutory amount to more than R1 per bag.

Cherry said there was little transparency around how these charges were calculated.

"From a consumer point of view, there is very little transparency. The final till price may include the levy, the bag cost, distribution, handling and retailer margin. But if the charge is being positioned as environmental, consumers should have more clarity on where that money goes and whether it is reducing plastic waste."

He added that the current levy may only represent part of the overall cost to consumers.

"It is also possible that the 32 cent levy is only the start. Because it is charged at manufacturer level, the final price paid by the consumer may increase as the bag moves through the supply chain, with additional costs and margins added before it reaches the till."

Environmental concerns remain significant. According to Greenpeace, South Africans use an estimated eight billion plastic carrier bags every year, yet only about 1% are recycled.

Cherry questioned whether the levy had achieved its intended environmental objectives.

"The plastic bag levy was introduced to reduce litter and support recycling, yet there has long been concern that the money is not properly ring fenced for pollution reduction. Industry commentary has repeatedly pointed out that nearly R2 billion had been raised by 2018 and 2019, with concern that it had not been directed clearly enough towards environmental outcomes."

The industry is also facing tighter recycled content regulations. Plastic carrier bags were required to contain 75% post consumer recycled material from 2025 and must contain 100% recycled content from January next year. Businesses that fail to comply could face substantial penalties.

Cherry warned that sourcing enough high quality recycled material would present a major challenge.

"The challenge is not only whether 100% post consumer recyclate is technically possible, but whether there is enough consistent, high quality recycled material available at scale. Large retailers need reliable supply, consistent strength, print quality and pricing. Remember you can only recycle plastic around two to three times before it is unusable."

He also noted that enforcement remained difficult because plastic bags are high volume, low value products and that authorities had already identified non compliance within the plastic bag levy supply chain.

Traderbag managing director Daniel Cherry said retailers should prepare now rather than waiting for higher costs or tighter regulation.

"South Africa has already increased carbon tax rates and fuel related environmental levies, which shows that government is willing to use taxation to both influence environmental behaviour and raise revenue."

He added that businesses that delayed adopting alternatives could face significant commercial risks.

"Retailers should act now because waiting elevates risk. If levies increase or regulations tighten, businesses still heavily dependent on plastic could face sudden cost pressure and operational disruption. Retailers that test paper alternatives now will be better prepared, both commercially and reputationally."

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BUSINESS REPORT 

Impala Platinum delivered a strong operating performance at its mining and processing assets in its year to June 30 after benefiting from higher refined production, sales, and much improved metals prices.

In a production report released Friday - the full financial results are scheduled to be released on  September 3, 2026 - the group said there had also been four fatalities at its operations in the period

Group 6E production improved marginally to 3.50 million 6E ounces from 3.48 million 6E ounces in the year before. Production from managed operations increased by 1% to 2.75 million 6E ounces. Sales revenue rose by more than 50% to R38,100 per 6E ounce sold.

Impala Rustenburg production increased by 4% to 1.74 million 6E ounces, this after production from the South and Central shafts increased by 3%, with stock-adjusted volumes of 1.31 million 6E ounces at a five-year high.

Saleable production from the North Shafts improved by 6% to 435,000 6E ounces and benefitted from the sustained ramp-up in production at Styldrift.

Production in matte at Zimplats was stable at 606,300 6E ounces, with 24,000 6E ounces of concentrate inventory accumulated during furnace maintenance.

Concentrate volumes benefitted from improvements in both mined and milled volumes and increased by 5% to 660,400 6E ounces.

At Marula, there was an increased development rate on grade and recoveries as strategies to improve mining flexibility were advanced. 6E concentrate production fell by 8% to 186,000 6E ounces.

At Impala Canada, 6E concentrate volumes were 10% lower at 212,800 ounces, reflecting planned tapering of production rates at the operation.

Group production and managed volumes were restated following the consolidation of Impala Rustenburg.

Production from joint ventures fell by 3% to 525,700 6E ounces: Two Rivers recorded a 1% decrease in 6E in concentrate production to 286,600 ounces, with yield improvements largely compensating for variations in milled throughput and grade.

At Mimosa, 6E in concentrate volumes retraced by 6% to 239,100 ounces. Processing stability was impacted by intermittent power interruptions and increased volumes of oxidised ore as mining activities navigated complex geology towards the extremities of the orebody.

Concentrate receipts from third parties were 6% higher at 221,900 6E ounces, reflecting better-than-expected deliveries from underlying contractual agreements.

Refined 6E production, which includes saleable ounces from Impala Rustenburg North Shafts and Impala Canada, improved by 5% to 3.56 million 6E ounces.

South African processing assets delivered a strong performance. Record milling rates were achieved at the base metal refinery, while the precious metal refinery delivered a 6% increase in volumes to 2.92 million 6E ounces.

Excess work in process inventory was reduced in line with expectations to 300,000 6E ounces from 420,000 ounces at the end of 2025.

Sales volumes increased by 4% to 3.51 million 6E ounces, including saleable production from Impala Canada and Impala Rustenburg North Shafts. The group benefitted from significant, broad-based appreciation of US dollar pricing for both precious and base metals in the period.

Sales revenue rose by more than 50% to R38,100 per 6E ounce sold.

Group unit costs per 6E ounce are expected to increase by 8% to about R24,250. Unit costs benefitted from improved refined and saleable volumes and rand appreciation.

This partially offset inflationary pressures from energy pricing at mechanised operations, the prioritisation of development activities at Marula, which increased costs and reduced reported production volumes, and additional discretionary spend on maintenance and infrastructure at Impala Rustenburg and Zimplats.

Group capital expenditure is expected to have increased to R7.2 billion. It was below the guided range of R8bn to R9bn due primarily to the timing delays on fleet expenditure at Zimplats and the start of projects relating to the Marula deepening and the chrome project at Impala Rustenburg North Shafts.

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Financial markets were caught off guard by the Monetary Policy Committee's decision, with the rand weakening sharply against the US dollar and government bond yields rising immediately after the announcement.

According to Nedbank Group Economic Unit, markets had widely anticipated a 25 basis point interest rate increase following June's higher than expected inflation reading and escalating geopolitical tensions in the Middle East.

"In an unexpected move, the Sarb held rates at 7% at the previous MPC meeting. The markets were caught completely by surprise and reacted badly to the decision, with the rand depreciating by 2.7% against the US dollar and South Africa's benchmark 10 year government bond yield rising by 24 basis points to 8.93% in the immediate aftermath of the meeting," Nedbank said.

The central bank noted that investor disappointment stemmed from several factors, including June's consumer inflation rate rising to 5%, stronger evidence of indirect inflationary pressures, higher global oil prices following renewed conflict between the United States and Iran, and expectations that the Reserve Bank would adopt a more hawkish stance as it pursued its new inflation target.

"The market's discontent with the Sarb's decision was premised on four reasons," the Nedbank Group Economic Unit said, adding that it was important to reassess whether the factors behind the Monetary Policy Committee's decision were "truly as outrageous as the market reaction implies."

South African Reserve Bank Governor Lesetja Kganyago has defended the central bank's commitment to its new 3% inflation target, despite a sharp market reaction to last week's surprise decision to leave the repo rate unchanged at 7%.

Speaking at the South African Reserve Bank's 106th Ordinary Annual General Meeting in Pretoria, Kganyago said the central bank remained firmly committed to maintaining price stability, even as rising oil prices temporarily lifted inflation.

"Our constitutional mandate is to protect the value of the currency in the interest of balanced and sustainable economic growth," Kganyago said.

He said South Africa's move to a formal 3% inflation target in 2025 represented an important milestone in monetary policy.

"We used to target a range of 3% to 6%. From 2017, we explicitly aimed at the 4.5% midpoint of that band. In 2025, South Africa formally adopted a 3% target, plus or minus one percentage point," he said.

Kganyago added that the revised target aligned South Africa with many major economies and comparable emerging markets, creating an environment much closer to price stability.

While inflation has recently accelerated because of higher global oil prices, the Reserve Bank has maintained that these pressures are largely temporary and that policy decisions will continue to balance inflation risks against slowing economic growth.

The Monetary Policy Committee warned that economic activity remained under pressure, with weaker consumer and business confidence weighing on the domestic outlook.

Nedbank believes the market's reaction reflects uncertainty over how aggressively the Reserve Bank intends to pursue its inflation objective, particularly after the adoption of the lower target.

However, the Nedbank suggested that a closer reading of the Monetary Policy Committee's statement indicates policymakers are weighing both inflation risks and the fragile growth environment rather than focusing solely on higher prices.

The coming months will be closely watched by investors as inflation data, oil prices and global geopolitical developments continue to shape expectations for the Reserve Bank's next interest rate decision.

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BUSINESS REPORT 

Lesaka Technologies has extended the employment agreement of its executive chairman, Ali Mazanderani, until June 2029 while also appointing him under a new South African employment contract that will see him take on expanded operational responsibilities across the group's businesses.

The fintech company announced that its board of directors had approved amendments to Mazanderani's employment and compensation arrangements, following the signing of revised employment contracts. The changes were previously disclosed in a filing with the U.S. Securities and Exchange Commission.

Mazanderani's amended and restated employment agreement with Lesaka Technologies, extends the expiry date of his existing contract from its original term to June 30, 2029. The agreement, which first became effective on February 1, 2024, follows an employment contract signed in December 2023.

Under the revised terms, Mazanderani will continue serving as executive chairman on what the company described as "50% of full-time equivalence, as reasonably determined by the board." His annual base salary remains unchanged at $600,000.

The agreement also states that Mazanderani "will not be eligible for a short-term cash incentive award, or any other bonus program implemented by the company, during the term of his employment agreement."

It further provides no severance benefits, while either party must give three months' notice to terminate the agreement before June 30, 2029, unless there is cause or a material breach.

In addition, Lesaka's wholly owned subsidiary, Lesaka SA, has entered into a separate South African employment agreement with Mazanderani, effective from July 1, 2026, until June 30, 2028, with an option to extend it by mutual written agreement until June 30, 2029.

Under the South African contract, Mazanderani will assume responsibilities across the company's Consumer, Merchant and Enterprise divisions.

He will earn an annual base salary of R5 million, while Lesaka SA will cover business travel expenses of up to R4m per financial year.

The company said the South African employment contract includes "other customary terms and conditions for arrangements of this nature."

As with his U.S. employment agreement, Mazanderani "will not be eligible for a short-term cash incentive award or any other bonus program implemented by the company during the term of the SA employment contract."

Lesaka operates a South African fintech platform providing financial services, software and payment solutions to underserved consumers and merchants across Southern Africa. The company is listed on both the Nasdaq and the JSE.

BUSINESS REPORT

Raubex has announced the early retirement of chief operating officer (COO) and executive director Dirk Lourens, with Jaco van der Bijl set to succeed him from September 1, 2026.

The construction and infrastructure group on Friday said Lourens will step down from his executive role on August 31 after more than 14 years with the company, during which he played a key role in expanding its infrastructure operations and strengthening its position in South Africa's construction sector.

Lourens joined Raubex in July 2012 and was instrumental in establishing and developing Raubex Infra. He was appointed divisional managing director of the Infrastructure Division in May 2017 before taking up the role of COO in August 2022.

The company credited him with strengthening operational governance, developing key business platforms and mentoring future leaders within the group.

Although retiring from his executive position, Lourens will remain with Raubex as executive advisor for operations from September 1, 2026, until May 31, 2027, to support the transition to the new COO and oversee several priority business initiatives.

Reflecting on his career, Lourens expressed gratitude to the board for its trust and support, as well as to colleagues over the years.

"Serving the Raubex Group has been one of the greatest privileges of my professional career. I am deeply grateful. I leave with immense pride in what we have achieved together and with every confidence in Raubex's future success," he said.

Van der Bijl, who has more than 36 years of experience in the construction industry, joined Raubex in 2013 and has held several senior leadership roles within the Roads and Earthworks Division, including managing director of Roadmac Surfacing.

Since June 2022, he has served as divisional managing director of the Roads & Earthworks Division, where he has overseen one of the group's largest operating businesses and helped strengthen its operational performance, market position and long-term sustainability.

He holds a National Higher Diploma in Civil Engineering and is registered as both a Professional Construction Manager (Pr.CM) and Professional Construction Project Manager (Pr.CPM).

Rudolf Fourie, Raubex chairman, thanked Lourens for his contribution to the company and welcomed his successor.

"The board extends its sincere appreciation to Dirk Lourens for his dedicated service and significant contribution to the growth and success of the Raubex Group over the past fourteen years, including his tenure as COO," Fourie said. 

"We also congratulate Jaco van der Bijl on his appointment as Chief Operating Officer and look forward to his continued leadership and contribution to the Group's future growth and success." 

BUSINESS REPORT

The Southern African Development Community (SADC) has renewed calls for accelerated regional industrialisation, deeper integration of value chains and stronger partnerships to boost competitiveness, create jobs and drive inclusive economic growth across the region.

Delivering the closing declaration at the SADC Industrialisation Week on Thursday, chairperson of the SADC Business Council, Khulekani Mathe, said the week-long event reaffirmed the region's shared commitment to industrialisation as a catalyst for economic transformation.

Mathe, who's also the CEO of Business Unity South Africa, emphasised the country's commitment to regional industrialisation as a driver of inclusive economic growth, job creation and economic transformation.

Mathe said participants engaged in high-level policy dialogues, technical sessions, business forums covering sectors including agro-processing, manufacturing, pharmaceuticals, automotive industry, digital transformation and Artificial Intelligence.

“Observations include that Southern Africa possesses abundant natural resources, a growing entrepreneurship base and significant market opportunities,” he said.

“However, industrialisation continues to be constrained by fragmented regional value chains, inadequate infrastructure, limited industrial financing, technological gaps, supply chain disruptions and increasing global competition.”

Mathe said developing integrated regional value chains remains essential to increase value addition and promote beneficiation of natural resources and enhance competitiveness of the SADC industries.

“Digital transformation, green transition, artificial intelligence and other emerging technologies are rapidly shaping global production systems and international trade, underscoring the urgency of investing in digital and green infrastructure, innovation systems, research and development, technology transfer and relevant skills,” he said.

Mathe added that agriculture remains a strategic pillar for industrialisation, strengthening agri-industry value chains, modernising food systems and expanding the agro-processing industry are needed to improve food security, increase exports and create employment opportunities for women and young people.

Mathe noted that the region's endowment of critical minerals presents a unique opportunity to reposition Southern Africa within global industrial supply chains.

“The region must move beyond the export of raw materials by promoting local processing and manufacturing that generate greater value , industrial capacity and employment.”

Mathe said that MSME (micro, small, and medium enterprises) remain the backbone of the regional economy.

“Their access to finance , technology , markets and standards , business development services and digital platforms must be improved to enable more effective participation in regional and global value chains.”

Mathe added that sustainable development cannot be achieved by governments alone.

“Strong partnerships between governments, private sector, development finance institutions, academia, research institutions and development partners remain essential for mobilising investment, supporting innovation and accelerating implementation of regional industrial priorities.”

Mathe concluded that the declaration is to accelerate the implementation of the SADC Industrial strategy roadmap through co-ordinated regional and national actions.

“It is also to strengthen industrial value chains to increase production, value addition , Intra SADC trade and industrial competitiveness.”

BUSINESS REPORT

The KwaZulu-Natal government is working with municipalities to strengthen governance, improve financial management and accelerate infrastructure delivery as part of efforts to create an environment that attracts investment and supports economic growth, KwaZulu-Natal Cooperative Governance and Traditional Affairs (Cogta) MEC Thulasizwe Buthelezi said on Thursday.

Speaking at the inaugural KwaZulu-Natal Investment Forum in Umhlanga, north of Durban, Buthelezi said creating a conducive local government environment for retirement funds and other institutional investors to invest in municipalities was both timely and necessary.

“It recognises that strengthening municipalities is not only a governance priority—it is an economic imperative,” he said.

Buthelezi acknowledged that municipalities across South Africa continue to face significant challenges, particularly because they are at the frontline of service delivery and are often the first point at which residents and businesses experience government performance.

“Because municipalities are at the coalface of service delivery, they are often where citizens and businesses first experience the successes or shortcomings of government. We acknowledge these realities, but we must also recognise the progress that is being made.”

He said the provincial government was working closely with municipalities to improve governance, strengthen financial management, accelerate infrastructure delivery and build institutional capacity.

“While there is still work to be done, we are steadily laying the foundation for municipalities that are more capable, responsive, and investment-ready.”

He stressed that sustainable economic growth depends on functional municipalities capable of supporting private sector investment.

“Government cannot create every job, but it has a responsibility to create an environment where businesses can invest with confidence, expand their operations, and create employment opportunities.”

Highlighting KwaZulu-Natal's economic strengths, Buthelezi said the province offered opportunities across agriculture, manufacturing, mining, logistics, tourism, renewable energy and the ocean economy, making it an attractive destination for domestic and international investors.

He pointed to the recently announced Club Med South Africa Beach and Safari Resort in Tinley Manor as an example of successful collaboration between government and investors.

The R2.1 billion tourism development, South Africa's first Club Med resort, was made possible through cooperation between investors, the provincial government and the KwaDukuza Municipality, which facilitated the required approvals leading to the handover of the occupation certificate.

“It is tangible proof that when the government provides planning certainty, supports infrastructure development, and works collaboratively with investors, major investments become a reality.”

He added that the growth of the Durban-Umhlanga-Ballito corridor into one of South Africa's fastest-growing wealth corridors reflected increasing investor confidence in the province.

“This reflects growing investor confidence in our province and reinforces KwaZulu-Natal’s position as an increasingly attractive destination for long-term investment.”

Buthelezi said investors sought more than opportunities—they wanted confidence that projects were well planned, governance systems were sound, infrastructure could support investment and municipalities had the capacity to honour their commitments.

He called for the forum to serve as the start of a long-term partnership between government and investors rather than a once-off engagement.

“Confidence that projects are properly planned, governance systems are sound, infrastructure can support investment, and municipalities have the capacity to honour their commitments,” he said.

“As the government, we remain committed to building municipalities that are financially sustainable, institutionally capable, and investment-ready.”

Also addressing the forum, Presidential eThekwini Working Group (PeWG) co-chair Mike Mabuyakhulu said eThekwini had developed a substantial pipeline of catalytic investment projects across manufacturing, logistics, infrastructure, tourism and mixed-use urban development.

“These opportunities have not been developed in isolation. They are supported by strategic spatial planning, coordinated public infrastructure investment, and an integrated approach that seeks to improve project readiness across the entire development lifecycle.”

He said the city's catalytic investment pipeline represented about R227 billion in potential investment and could create more than 300,000 construction jobs as well as over 120,000 permanent employment opportunities.

“These figures illustrate the scale of economic activity that can be unlocked when projects are supported by effective institutions and meaningful collaboration,” he said.

“Let us use this inaugural KwaZulu-Natal Investment Forum to move from conceptual discussions to concrete, structured transactions.”

BUSINESS REPORT

The appointment of a new board for the Public Investment Corporation (PIC) has renewed focus on the full implementation of the recommendations of the retired Judge Lex Mpati Commission of Inquiry.

The government, labour and opposition parties on Thursday all called for governance reforms to be accelerated at South Africa's largest asset manager.

Managing more than R3.6 trillion on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and other public sector clients, the PIC remains one of the country's most strategically important financial institutions.

Cabinet on Thursday approved the appointment of Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai as chairperson of the PIC board, together with seven other non-executive directors, in a move aimed at stabilising the institution following the resignation of the previous board.

Announcing the decision during a post-Cabinet media briefing, Minister in the Presidency Khumbudzo Ntshavheni said the appointments were intended to address governance challenges at the corporation.

"The appointment is aimed at addressing current governance challenges. The Minister of Finance will continue to drive the reforms of the PIC as recommended by the Judge Mpati Commission in consultation with Cabinet," Ntshavheni said.

The 2020 Mpati Commission was appointed by President Cyril Ramaphosa to investigate impropriety in PIC investment decisions, the PIC's governance and operating model, whistleblower handling, alleged political interference, and possible personal gain by directors or staff.

Amongst others, the Mpati Commission exposed the PIC as a politically captured institution plagued by poor governance, weak accountability, and corruption, particularly within its unlisted investment portfolio.

It concluded that the PIC chairperson should be an independent, non-executive professional with expertise in pension funds, financial markets and governance.

The new board comprises Mohai, deputy chair of the DBSA, Patience Nqeto; fintech expert and GEPF board member, Lebogang Mokgabud; former Deputy National Director of Public Prosecutions, Advocate Gatlelane Ouma Rasethaba; CEO of Corrugated Packaging at Mondi, Vivien McMenamin; former senior vice president and chief financial officer of the African Development Bank, Bajabulile Swazi Tshabalala, highly accomplished chartered accountant and corporate executive, Itani Mafune; and National Treasury representative Moipone Ramoipone.

The appointments follow the resignation of all non-executive directors a week ago, leaving acting CEO Batandwa Damoyi and suspended CEO Patrick Dlamini as the corporation's remaining executive directors.

Damoyi said management was ready to work with the incoming board to restore confidence in the institution. She added that the corporation's immediate priority was to ensure a smooth transition.

"The PIC management team is ready to welcome new board members, and we are committed to work constructively with the board to rebuild public trust and provide assurance to all PIC clients that their retirement savings and social security funds continue to show robust growth," she said.

"The immediate priority is to ensure a seamless induction process for all new board members, so that the board can begin its oversight duties without delay."

Calls for the implementation of the Mpati Commission's recommendations grew louder following the appointment of the new board.

The Democratic Alliance welcomed government's renewed commitment to implementing the commission's findings but questioned Mohai's appointment as board chair.

"The DA welcomes the overdue commitment announced today to implement the recommendations of the Mpati Commission," said DA leader Geordin Hill-Lewis.

He called on government to move quickly from commitments to implementation.

"The President and the Minister of Finance must now publish a firm timeline for finalising the necessary legislative amendments and implementing the commission's recommendations in full."

The new board now faces the task of restoring governance and public confidence while overseeing the implementation of the far-reaching reforms proposed by the Mpati Commission to strengthen accountability, transparency and the long-term protection of public servants' retirement savings.

The Congress of South African Trade Unions (Cosatu) said the legislation, introduced following the Mpati Commission's recommendations, strengthened anti-corruption safeguards and transparency requirements at the corporation.

"We urge the President to task the Special Investigations Unit, the Auditor-General and the Hawks to institute a comprehensive investigation of all PIC investments to ensure the cancer of corruption and state capture is fully exorcised from the PIC," said Matthew Parks, Cosatu parliamentary coordinator.

Cosatu further called for full compliance with the PIC Act's transparency provisions requiring all listed and unlisted investments to be publicly disclosed and reported annually to Parliament, National Treasury and depositors.

BUSINESS REPORT

Investment, backed by strong governance and improved infrastructure, will be critical to unlocking South Africa's economic growth potential, business leaders told delegates at the KwaZulu-Natal Investment Forum on Thursday.

Speaking at the forum, Eskom Pension and Provident Fund CEO Shafeeq Abrahams said addressing infrastructure bottlenecks was essential if South Africa wanted to improve its global competitiveness.

“Addressing these challenges is not just a provincial priority; it is also a national priority," he said, adding that the opportunity expands beyond the ports.

“Logistical corridors connecting South Africa’s global trade and energy infrastructure improve security and water systems are crucial for South Africa’s economy."

Vivian Reddy, chairman of Oceans Development, said South Africa faced a pivotal moment that required significantly greater investment across multiple sectors.

“Our country urgently needs investment in various areas. Collectively, these sectors represent trillions of Rands in pensions. The government can't fund this alone; commercial banks can't fund this alone, and the private sector can't fund this alone,” he said.

Reddy added that projects must demonstrate strong governance, experienced delivery partners, and realistic demand assumptions.

“Institutional investors are not looking for exciting promises; they are looking for confidence and certainty. A lesson that I have learnt is that capital follows confidence, and confidence follows credibility, and credibility follows institutions. Trust is earned through delivery.”

Reddy said that the Oceans Development in Umhlanga contributes more than R150 million every year to the eThekwini Municipality in rates and utility charges.

“We hope that the Municipality is able to utilise it for the residents of eThekwini. We also employ about 17,000 people during construction.”

He added that the development had created significant employment opportunities, with approximately 17,000 people employed during the construction phase.

Reddy also said the project had advanced transformation objectives, noting that of the development's R5 billion investment, about R3 billion had been awarded to black-owned subcontractors.

“It also included 50% of women and youth being employed in the project,” he said.

Turning to the tourism and property markets, Reddy said investment in the Radisson Blu Hotel in Umhlanga had contributed to making Durban a more affordable destination than Cape Town.

“In Cape Town, a hotel night stay can cost you about R10,000 to R12,000 a night, but in Durban, it's around R3,500 to R4,000 per night. Even to buy a property, it's around R120,000 in Cape Town, while in Umhlanga, the highest place in the Ocean development is around R100,000.”

Reddy added that South Africa has all the resources to achieve economic growth.

“We require foreign collaboration between government and institutions for investments. We must work together to grow our country.”

BUSINESS REPORT

Tafadzwa Chibanguza

When leaders gather in India for the BRICS 2026 Summit this September, they will do so at a pivotal moment for the global economy. Trade patterns are shifting. Supply chains are being redesigned. Manufacturers are rethinking where they invest, produce and source critical goods. For countries willing to move decisively, this disruption presents an opportunity to reshape their industrial future. That is precisely where BRICS can distinguish itself.

The group has evolved into an important global south voice. But long-term credibility will depend on something far more tangible: whether it can translate declarations into productive investment and industrial growth. For the South African BRICS Business Council’s Manufacturing Working Group, that means focusing on a single priority: building a pipeline of high-impact, bankable manufacturing projects that can attract investment and deliver measurable economic outcomes.

For too long, industrial cooperation has centred on identifying opportunities. The next chapter must be about execution. Factories are not built on declarations. They are built on commercially viable projects backed by robust feasibility studies, sound governance, financial modelling and credible risk management. Without that preparation, even the most promising ideas struggle to attract capital. This is one of the biggest gaps across emerging markets. There is no shortage of manufacturing potential; there is a shortage of investment-ready projects that meet the expectations of development finance institutions, commercial lenders and private investors. 

Institution like the NDB (BRICS Bank), supported by blended finance and risk-sharing mechanisms, can play a catalytic role by reducing investment risk and crowding in private capital. Finance alone is not enough. Industrial growth is built on partnerships that combine capital with technology, skills development, logistics and market access. Manufacturing is uniquely positioned to bring all of these elements together. A successful manufacturing investment strengthens entire value chains. It creates demand for suppliers, develops technical capabilities, supports innovation and generates long-term employment across multiple industries.

Those ripple effects are exactly what emerging economies need as they seek more resilient and diversified growth. South Africa’s capabilities in advanced engineering, automotive production, mining equipment, chemicals, agro-processing and industrial technologies position us as more than a manufacturing economy. They position us as a strategic industrial partner within BRICS. South Africa also has an opportunity to become a manufacturing and export platform for companies looking to expand into African markets. As global manufacturers diversify their production footprint, partnerships with countries such as China can support greater localisation, technology transfer and industrial investment, particularly in sectors ranging from textiles and footwear to advanced manufacturing.

Combined with South Africa’s logistics network, financial services expertise and access to the African Continental Free Trade Area (AfCFTA), this creates a compelling value proposition for export-oriented production. The aim is not to compete with fellow BRICS members. It is to build complementary industrial ecosystems where each economy contributes its comparative strengths while strengthening regional supply chains. 

I believe that there should be a shift beyond facilitating dialogue. We must identify strategic projects, connect investors with opportunities, foster cross-border partnerships and help create the confidence that unlocks long-term investment. Ultimately, success will not be measured by the number of communiqués issued after the Summit. It will be measured by factories commissioned, industrial parks expanded, technologies transferred, supply chains strengthened, exports increased and sustainable jobs created.

* Tafadzwa Chibanguza is the chair of the BRICS SA Business Council Manufacturing Working Group.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.

BUSINESS REPORT

Anglo American reported a solid production and cost performance from its operations and a favourable copper price in the six months to June 30.

The resources and agricultural nutients group, which is in the process of merging with Teck Resources, said earnings before interest, tax, depreciation, and amortisation increased by 35% to $4 billion during the period.

“We are unlocking the full potential of Anglo American – anchored in copper, premium iron ore, and crop nutrients – focusing on delivering material value for our shareholders while we prepare to complete our merger with Teck to create a global metals and minerals champion,” CEO Duncan Wanblad said in a statement.

Management initiatives undertaken as part of the group strategy during the six months include the sale of Steelmaking Coal for up to $3.875bn in cash. The sale of the diamond group De Beers is advancing, while integration planning for the merger with Teck is well advanced.

Net debt decreased to $8.2bn from $8.6bn at December 31, 2025. An interim dividend of $0.23 per share was declared, consistent with a 40% payout policy, well up from $0.07 per share at June 30, 2025.

Wanblad said they made good progress with their portfolio optimisation, agreeing to the sale of the Steelmaking Coal business to Dhilmar, including an upfront cash consideration of $2.3bn and the potential for additional payments linked to future coal prices.

Work continued through the European Commission's anti-trust approval process for the sale of the nickel business, while the sale process for De Beers is advancing alongside streamlining opportunities to improve its cost performance and reduce capital expenditure to minimise the impact from challenging diamond markets.

Wanblad said the good interim results arose from operational excellence, inflationary pressures, and the realisation of run-rate cost-out programme benefits delivered in 2025, in addition to management actions to reduce losses at De Beers.

“In Copper – the backbone of our forward portfolio – our performance, coupled with favourable prices, generated underlying EBITDA of $2.9bn with a margin of 60%,” he stated.

“This performance stands us in very good stead as we progress the merger to form Anglo Teck – a global metals and minerals champion. We continue to progress towards completion within our original September 2026 to March 2027 window, with anti-trust approval from China being the final outstanding regulatory milestone,” said Wanblad.

“Integration planning is well advanced, ensuring that we will be ready to begin to realise the material value and synergies we have identified from Anglo Teck once the transaction closes.

“On the back of our robust operational and financial performance in the first half of the year, we have every confidence we are making the right choices in terms of realising full value from our portfolio, both now and looking towards completion of our compelling combination with Teck.”

BUSINESS REPORT

Cabinet has approved the publication of a revised Electricity Pricing Policy and a draft Electricity Sector Market Transformation Position Paper for public comment, marking the latest step in South Africa's efforts to modernise the electricity sector and deepen reforms aimed at improving energy security and attracting private investment.

The announcements were made by Minister in the Presidency Khumbudzo Ntshavheni during the post-Cabinet media briefing on Thursday.

The proposed changes form part of government's broader strategy to restructure South Africa's electricity sector following the unbundling of Eskom into separate generation, transmission and distribution entities, while creating a more competitive electricity market capable of improving supply reliability and supporting long-term economic development.

The revised Electricity Pricing Policy updates the country's 2008 Electricity Pricing Policy to reflect major changes in the electricity supply industry, including the ongoing restructuring of Eskom and the implementation of the Electricity Regulation Amendment Act, 2024.

According to Cabinet, the revised policy is intended to strengthen the regulatory framework governing electricity prices, tariffs and charges while improving transparency in the way electricity costs are determined.

The policy introduces tariff transparency through the unbundling of electricity tariffs across generation, transmission, distribution and retail activities.

It also consolidates regulatory arrangements governing electricity pricing across the various pricing interfaces involving generators, electricity traders, the National Transmission Company South Africa (NTCSA) and electricity distributors.

Cabinet said the revised framework establishes how these pricing relationships will operate and be regulated by the National Energy Regulator of South Africa (Nersa).

The policy also seeks to support the introduction of cost-reflective electricity tariffs while protecting vulnerable consumers and strategic sectors of the economy from excessive price increases.

"The policy supports the introduction of cost-reflective tariffs while protecting vulnerable users and strategic economic sectors," Ntshavheni said.

In a parallel reform initiative, Cabinet also approved the publication of the draft Electricity Sector Market Transformation Position Paper for public comment.

The position paper outlines a framework to guide South Africa's transition from a predominantly state-controlled electricity system to a more competitive electricity market.

The proposed reforms are aligned with the Electricity Regulation Amendment Act, 2024, and the government's Energy Action Plan, which aims to address long-standing electricity supply challenges and improve the performance of the power sector.

The publication of both the revised Electricity Pricing Policy and the draft Electricity Sector Market Transformation Position Paper for public comment provides stakeholders, industry participants and the public with an opportunity to provide input before the reforms are finalised.

According to Ntshavheni, the reforms are designed to reduce the country's reliance on a single electricity supplier by encouraging broader participation in electricity generation and trading.

"The proposed reforms seek to improve energy security and reliability by reducing reliance on a single electricity supplier and enabling greater participation in electricity generation and trading," Ntshavheni said.

Government also expects the proposed market reforms to stimulate investment across the electricity value chain, including generation, transmission and distribution infrastructure.

Ntshavheni said increased competition and private sector participation would help support job creation, stimulate economic growth and lower electricity costs over the long term.

"The reforms are also aimed at attracting investment in electricity generation, transmission and distribution infrastructure, supporting job creation and economic growth, and reducing electricity costs over the long term," she said.

BUSINESS REPORT

Woolworths Holdings’ share price surged over 4% on the JSE Thursday even after the retailer reported a more challenging operating environment during the second half of a 52-week period to June 30.

The more difficult trading environment was caused by the war in the Middle East driving fuel prices and inflation higher, and dampening consumer confidence and demand, while also increasing operating costs, the group said in a trading statement.

Adjusted headline earnings per share was only expected to increase between 1% to 6% for the period, to between 306.4 to 321.6 cents. The share price was trading 4.62% higher at R49.19 on Thursday afternoon on the JSE, a price much in line with the R50 that it traded at a year ago.

“This, coupled with the resumption of interest rate increases across South Africa and Australia, saw consumers increasingly prioritise promotional offerings and essential purchases,” Woolworths’ directors said.

Group turnover and concession sales grew by 4.3%, and by 4.8% in constant currency, with positive sales growth in all segments of the business on a full-year basis.

Growth in the second half, however, slowed to 3.3%, reflecting “a particularly challenging final quarter.”

Woolworths South Africa delivered "solid" turnover and concession sales growth of 5.4%. Trading momentum moderated to 4.1% in the second half, with particular weakness in the fourth quarter, however, reflecting the impact of a strong comparative base, softer consumer demand, and disruptions to trade.

This impact was more pronounced in Fashion, Beauty, and Home (FBH).

The Food business continued to deliver above-market turnover and concession sales growth of 5.7%, and 3.7% on a comparable-store basis, supported by quality and innovation of the product offering, and focus on an elevated in-store customer experience.

Price movement averaged 4.7% (3.9% excluding meat). Sales growth softened to 4.4% in the second half, as a result of slower growth in select produce and grocery categories.

Revenue through the Woolies on-demand service grew by 19.6%, with the online channel contributing 7.3% to SA Food sales. Net trading space increased by 3.5%, and by 2.5% on a weighted basis, in the prior period.

Gross profit margin was maintained due to operational efficiencies, despite higher distribution costs and investment in the Midrand distribution centre.

FBH turnover and concession sales increased by 4.4% and by 4.0% on a comparable-store basis.

While trading momentum accelerated in the first half, the war in the Middle East had a pronounced impact on demand, particularly in the fourth quarter; second half sales slowed considerably to 2.6% at PBH. Price movement averaged 2.4%, with Fashion inflation at 0.9%.

Price investment in Kidswear, together with additional promotional activity and clearance of excess inventory following the unplanned weaker sales performance in the last quarter, placed significant pressure on gross profit margin in the second half.

The Home business delivered strong growth of 11.7%, supported by an enhanced Homeware offering. Beauty grew by 7.9%, despite increased competition in this category.

The annualised impairment rate for the year ended June 30 increased to 7%, compared to 6.1%.

At Country Road Group (CRG) in Australia, rising interest rates at the start of the second half saw consumer sentiment, footfall, and spend coming under significant pressure as a result. “The sector remains intensely promotional as retailers reduce excess inventory levels.”

CRG sales increased by 1% for the period and by 1.6% on a comparable-store basis, with second half sales growth declining by 0.5%.

A focus on greater full-price sales and reduced discounting resulted in a higher second half gross profit margin year-on-year, notwithstanding the impact of higher freight costs.

This, with the reduced cost of doing business as a result of a reset operating model, saw CRG pleasingly return to full-year profitability.

The Country Road brand traded marginally ahead of last year, while Witchery and Politix were well up on the prior period, benefiting from the repositioning of their respective brands. The results are expected to be published on September 2.

BUSINESS REPORT

The Public Investment Corporation (PIC) has welcomed Cabinet's appointment of a new board, describing the move as a crucial step towards restoring corporate governance, institutional stability and public confidence in South Africa's largest asset manager.

The appointment, announced by Minister in the Presidency Khumbudzo Ntshavheni during a post-Cabinet media briefing in Pretoria on Thursday, sees Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai assume the role of chairperson of the PIC board.

Mohai takes over at a critical time for the State-owned asset manager, which oversees more than R3.6 trillion in assets on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund (UIF) and other public sector clients.

Cabinet also approved the appointment of seven additional non-executive directors to the board: Patience Nqetho, Lebogang Mokgabudi, Advocate Gatlelane Ouma Rasethaba, Vivien McMenamim, Moipone Ramoipone, Bajabulile Swazi Tshabalala and Itani Mafune.

In a statement, the PIC said the appointment of eight non-executive directors marked an important milestone in strengthening governance at the corporation.

Batandwa Damoyi, acting PIC CEO, welcomed the swift action taken by government to constitute a new board.

"The PIC appreciates that the Minister of Finance, Mr. Enoch Godongwana, and Cabinet have moved with urgency to get a new Board in place that will bring much needed stability to the organisation," Damoyi said.

She said management stood ready to work closely with the incoming board as it assumes its oversight responsibilities.

"The PIC management team is ready to welcome new board members, and we are committed to work constructively with the Board to rebuild public trust and provide assurance to all PIC clients that their retirement savings and social security funds continue to show robust growth."

Damoyi added that the corporation's immediate focus would be ensuring a smooth transition.

"The immediate priority is to ensure a seamless induction process for all new board members, so that the board can begin its oversight duties without delay," she said.

The appointments follow the resignation of former PIC chairperson and Deputy Finance Minister David Masondo last week.

Masondo stepped down amid reports of deteriorating relations between himself, Godongwana and suspended PIC CEO Patrick Dlamini. His departure came shortly before a shareholder meeting convened by Godongwana at which he and the remaining non-executive directors were reportedly expected to be removed.

Mohai now assumes leadership of an institution that has faced sustained governance challenges in recent years, including the implementation of reforms arising from the Commission of Inquiry into the PIC.

The PIC said the newly appointed board brings together expertise and experience that will help guide the organisation through its next phase.

The PIC congratulated the newly appointed chairperson and board members, saying it looked forward to their contribution in guiding the organisation through its next phase of strategic delivery and advancing the corporation's mandate in the interests of its clients, stakeholders and the broader South African public.

It added that the appointments come at a pivotal moment for the institution.

"The board appointments come at a critical time. The Corporation recognises the role a well-functioning Board plays in sound governance, effective oversight and the prudent stewardship of assets under management, on behalf of the PIC's clients," it said.

"The expertise and collective experience of the incoming board will support the PIC's commitment to accountability, transparency and responsible investment."

BUSINESS REPORT

The South African rand remained broadly stable on Thursday after the United States Federal Reserve kept interest rates unchanged, while investors continued to assess the impact of renewed conflict in the Middle East on global inflation, oil prices and financial markets.

The Federal Open Market Committee (FOMC) left its benchmark interest rate unchanged at between 3.5% and 3.75%, marking its fifth consecutive decision to pause monetary policy.

Investec chief economist Annabel Bishop said the decision had little immediate effect on the rand.

"The rand has seen little impact. At R16.71 to the US dollar, it is similar to the day before, with flat US interest rates expected, and unlikely to cause rand weakness as a US interest rate hiking cycle typically does," Bishop said.

She noted that the Federal Reserve continued to acknowledge the resilience of the US economy while maintaining its commitment to lowering inflation.

According to Bishop, Federal Reserve Chair Kevin Warsh stressed that policymakers were deliberately avoiding forward guidance because uncertainty remained elevated.

"He added that the policy statement conveys just the facts. It is steering clear of forecasting," she said.

Bishop said investor sentiment had also been supported by the Federal Reserve's balanced approach.

"The FOMC produced a balanced and supportive statement for its goals, supportive of investor sentiment," she said.

She added that the latest inflation figures would be closely watched.

"June's PCE inflation is expected to drop to 3.7% year on year from 4.1%, while core inflation is expected to ease to 3.3%."

Markets, however, remained focused on developments in the Middle East after Iran and the United States resumed military strikes following a brief ceasefire.

Nigel Green, CEO of deVere Group, said geopolitical developments had become a far more significant influence on monetary policy than domestic economic indicators.

"The Fed used to set policy based on jobs numbers and inflation prints. Right now they are setting it based on missile strikes and oil futures," Green said.

"This is not a normal environment for monetary policy, and pretending otherwise does households and businesses a disservice."

He warned that consumers were increasingly exposed to geopolitical risks beyond their control.

"Your mortgage rate, your savings return, your pension performance, all of it is now partly hostage to events in the Middle East that no central banker controls."

Green said the Federal Reserve's latest decision should not be interpreted as a sign that risks had subsided.

"The Fed did not hold because it is confident. It held because it does not yet know which way this conflict breaks."

"This is a very different message to the one markets want to hear, and investors treating this as reassurance are misreading it."

He added that investors should prepare for prolonged uncertainty.

"Geopolitics has become the bigger variable, and portfolios, mortgages and retirement plans built without that in mind are exposed in ways people have not fully priced in yet."

"Anyone waiting for things to go back to how they were before this conflict started is likely to be waiting a long time."

Citadel Global managing director Bianca Botes said markets remained volatile despite the Federal Reserve's widely anticipated decision.

"With the Federal Reserve keeping interest rates steady, as expected, with three votes in favour of a hike and no forward guidance. Meanwhile, the United States and Iran continued their strikes against each other," Botes said.

"The stop start conflict in Iran continues to cause volatility in oil markets with the oil price climbing, before taking a breather on Thursday morning to trade just below the 90 dollar a barrel mark."

Botes added that a weaker US dollar had provided some support for the local currency.

On Thursday afternnoon, the price of Brent Crude was at $89 per barrel, and the rand traded at R16,58 against the US dollar. 

Looking ahead, Bishop said financial markets would continue monitoring inflation, economic growth and geopolitical developments, with uncertainty likely to remain the dominant theme for global investors in the months ahead.

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BUSINESS REPORT 

Progress is being made in addressing challenges that hinder growth in eThekwini according to Presidential eThekwini Working Group (PeWG) co-chair Mike Mabuyakhulu at the KZN Investment Forum on Thursday in Umhlanga, Durban.

Speaking at the KwaZulu-Natal Investment Forum in Umhlanga, Durban, on Thursday, Mabuyakhulu said the Presidential eThekwini Working Group was established by President Cyril Ramaphosa to provide a collaborative platform bringing together all spheres of government, organised labour and other stakeholders to resolve obstacles affecting economic growth, infrastructure development and service delivery in the municipality.

He said the working group has become a model for aligning public administration with institutional investors to unlock investment and accelerate project implementation.

“There is broad agreement that faster economic growth depends on infrastructure investment, stronger industrial development and the expansion of productive sectors of the economy,” he said.

Mabuyakhulu said that municipalities face a very particular set of challenges.

“They are expected to respond to rapid urbanisation, increasing demand for infrastructure, ageing municipal assets, climate resilience, technological change and growing expectations for improved service delivery,” he said.

“Collaboration and partnerships between the various funds and government in general, and particularly local government, in pursuit of mutually beneficial objectives are of paramount importance.”

Mabuyakhulu said that they must accurately evaluate the economic and institutional landscape, one that, so far, has not seen the intensity and level of collaboration the country and her economy need.

“The structural pressures we face today are a function of economic expansion, rapid urbanisation, and industrial growth. The demand for increased infrastructure capacity requires a clear funding mechanism that moves beyond the constrained balance sheets of the public fiscus.”

Mabuyakhulu added that South Africa possesses a massive domestic asset in the institutional funds.

“It is estimated that, excluding structural overlaps between the asset manager and its clients, this represents a unique, non-overlapping domestic capital pool of approximately R2.96 trillion, which extends to R5.96 trillion in total assets under management across the combined ecosystem.”

Mabuyakhulu noted that a traditional framework has treated retirement capital as an entity that should operate exclusively in secondary markets, detached from the physical economy.

“This passive approach is no longer sustainable. The long-term performance and solvency of pension funds are directly dependent on the growth and structural stability of the domestic economy. If the real economy underperforms, if utility networks lack capacity, and if the labour market contracts, the financial assets backing your liabilities will face long-term systemic risks.”

Mabuyakhulu concluded that deliberate, structured investment in the domestic physical economy is a core fiduciary requirement.

“Capital allocation must appreciate that the sustainability of long-term returns requires a functional, productive, and stable economic environment,” he said.

BUSINESS REPORT

South Africa has the entrepreneurial talent and ambition needed to grow new businesses, but a weak support ecosystem continues to prevent many ventures from becoming sustainable enterprises that create jobs.

This is according to the 2026 Global Entrepreneurship Monitor (GEM) National Expert Special Report on South Africa released on Thursday.

The report found that South Africa scored just 3.9 out of 10 on the National Entrepreneurship Context Index (NECI), placing it among the seven lowest-ranked entrepreneurial ecosystems globally and well below the global average of 4.7.

Compiled through a partnership between Stellenbosch Business School, the University of Johannesburg, North West University and the Small Enterprise Development & Finance Agency (SEDFA), the report assessed the country's entrepreneurship environment across 13 enabling framework conditions, including access to finance, government support, regulation, infrastructure, education and cultural attitudes.

The study concluded that while South Africans continue to demonstrate innovation, resilience and a willingness to take entrepreneurial risks, these qualities are undermined by an ecosystem that has failed to keep pace with comparable emerging economies.

Research fellow at Stellenbosch Business School and co-author of the report, Angus Bowmaker-Falconer, said South Africa's challenge was not a shortage of policy or funding, but the inability to implement existing measures effectively.

"The problems of a substantial gap between good policies and on-the-ground reality are well-diagnosed. What is needed now is not new policies or additional funding, but the political will and institutional discipline to translate the policies and financial resources we already have into action," Bowmaker-Falconer said.

The report benchmarked 56 countries that collectively account for 78% of global gross domestic product and 63% of the world's population.

South Africa's NECI score has remained largely unchanged over the past five years and trails several peer emerging economies. Indonesia scored 5.8, India 6.1, China 5.4 and Brazil 4.0, while the United Arab Emirates topped the rankings with a score of 7.1.

According to the report, countries outperforming South Africa have benefited from coordinated government interventions, streamlined regulations and stronger institutional support for entrepreneurs.

Bowmaker-Falconer said these successes were the result of deliberate policy choices rather than higher levels of wealth or education.

"Countries scoring above 5.5 are not wealthier, more educated, or more entrepreneurially minded than South Africans. The performance of countries like India, Indonesia and the UAE is the result of deliberate, coordinated policy choices in digital infrastructure, streamlined company registration and compliance regimes, proactive government support programmes, and cultural support for entrepreneurship, which have led to better enabling conditions," he said.

Despite the low ranking, the report argues that South Africa's entrepreneurial ecosystem retains significant strengths.

Acting SARChI Chair in Entrepreneurship Education at the University of Johannesburg and co-author of the report, Professor Natanya Meyer, said the country possessed a sophisticated financial sector, expanding incubator networks, established universities, a solid research base, growing digital adoption and a young population eager to build businesses.

"The data shows a system with real strengths: a sophisticated banking and financial sector, a growing incubator network, established universities, a strong research base, growing digital adoption, and a youthful population with the drive and ingenuity to build businesses under difficult conditions," Meyer said.

She added that although government support was often fragmented and difficult to navigate, entrepreneurs who understood how to access available programmes were better positioned to succeed.

"The entrepreneurs who succeed are not those who avoid the bureaucracy, but those who master it," she said.

However, Meyer noted that many entrepreneurs remain unaware of the support available, while others struggle with fragmented delivery across multiple agencies.

The report recommends launching targeted awareness campaigns, particularly for young entrepreneurs, alongside a single digital platform providing information on eligibility requirements, application processes and timelines for government support programmes.

The report highlights the critical role of micro, small and medium enterprises (MSMEs) in South Africa's economy. These businesses contribute about 40% of gross domestic product and account for approximately 60% of employment. However, many fail within their first five years.

Against the backdrop of South Africa's unemployment rate of 32.7% under the narrow definition and economic growth averaging below 1% over the past decade, the report argues that entrepreneurship should become a national priority.

"Entrepreneurship is a primary mechanism through which South Africa can absorb unemployment, address structural inequality, and generate the growth that policy alone cannot create. The ecosystem that enables it must be treated as the national priority it is," Bowmaker-Falconer said.

Among the report's immediate recommendations are reducing bureaucratic complexity, coordinating government agencies, easing procurement barriers and expanding digital access for MSMEs through subsidised artificial intelligence, accounting and productivity software, particularly in township and peri-urban communities.

Over the medium term, the report recommends introducing entrepreneurship as a formal school subject, expanding teacher training, improving affordable broadband infrastructure and strengthening competition in concentrated industries to create opportunities for smaller firms.

Longer-term reforms focus on changing societal attitudes toward entrepreneurship. South Africa scored only 4.0 out of 10 for social and cultural norms supporting entrepreneurship, compared with the global average of 5.2.

Meyer said lasting economic change would require entrepreneurship to be viewed as a respected career path, where innovation and calculated risk-taking are encouraged and business failure is treated as a learning opportunity rather than a permanent stigma.

BUSINESS REPORT

Deputy Minister in the Presidency for Planning, Monitoring and Evaluation, Seiso Mohai, has been handed one of the most significant governance responsibilities in South Africa's public sector after Cabinet approved his appointment as chairperson of the Public Investment Corporation (PIC).

This was announced by Mininster in the Presidency, Khumbudzo Ntshavheni, during a post-Cabinet media briefing in Pretoria on Thursday.

Mohai's appointment comes at a turbulent time for the State-owned asset manager, which oversees more than R3.6 trillion in assets on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and other public sector clients.

Cabinet also approved the appointment of seven other non-executive directors to the PIC board.

Mohai takes over the role following the resignation of former Deputy Finance Minister David Masondo, whose departure came amid reports of strained relations with Finance Minister Enoch Godongwana and suspended PIC CEO Patrick Dlamini. His resignation also preceded a shareholder meeting at which he and the remaining non-executive directors were expected to be removed.

While Mohai assumes leadership of an institution that continues to face governance and oversight challenges, his supporters point to more than two decades of parliamentary experience and his role in strengthening oversight legislation as evidence that he is well suited to the task.

Mohai has served in Parliament for more than 13 years across two separate periods. His first stint in the national legislature was between 1999 and 2002 before returning in 2013, where he has since held several influential positions overseeing government spending, public administration and financial management.

Since July 2024, he has served as Deputy Minister in the Presidency responsible for Planning, Monitoring and Evaluation, a portfolio central to assessing government performance and ensuring departments implement national priorities.

Before joining the Executive, Mohai built a reputation as an experienced legislator through his work on several parliamentary committees. These included the Portfolio Committees on Education, Communications, and Public Service and Administration. He also chaired the Standing Committee on Appropriations, which scrutinises government expenditure, and served as co-chairperson of the Joint Standing Committee on Financial Management of Parliament.

His parliamentary experience also includes serving on the Select Committee on Finance and as Chief Whip of the National Council of Provinces, positions that exposed him to fiscal policy, public finance and legislative oversight.

Mohai's political career stretches back to the early years of South Africa's democratic transition. He rose through the ranks of the African National Congress Youth League (ANCYL), serving as chairperson of the Southern Free State ANCYL between 1991 and 1994 before leading the Free State ANCYL from 1996 to 1998.

He later became a member of the ANCYL National Executive Committee from 1998 to 2001 and served as an ex officio member of the ANC Free State Provincial Executive Committee from 2001 until 2013. Between 2014 and 2019, he chaired the ANC Caucus in Parliament, reinforcing his standing within the governing party.

Alongside his political career, Mohai has pursued studies focused on governance and innovation. He holds a Master of Science degree in Technology and Management from Da Vinci Business School, as well as a postgraduate diploma in Management of Technology and Innovation from the same institution.

The academic background, combined with years of legislative experience, is expected to assist him in navigating the increasingly complex investment and governance environment facing the PIC.

His appointment has already received backing from the Congress of South African Trade Unions (Cosatu), which described him as a "humble and seasoned public servant" capable of bringing much-needed stability to the investment manager.

The workers union federation also highlighted Mohai's role in helping Parliament adopt the PIC Amendment Act in 2019, legislation introduced following the recommendations of the Mpati Commission of Inquiry into the PIC.

According to Cosatu's parliamentary ccordinator, Matthew Parks, Mohai played an instrumental role in ensuring the legislation was passed despite resistance from vested interests linked to State capture.

"The PIC Amendment Act acting upon demands from Cosatu, workers, pensioners, and the recommendations of the Judge Lex Mpati Commission of Enquiry into the PIC; introduced some of the most comprehensive anti-corruption and transparency legislative amendments," Parks said.

Parks also urged the new board under Mohai's leadership to continue investigations into allegations of corruption and State capture while strengthening accountability and ensuring full compliance with the PIC Act's transparency provisions.

"Cosatu offers its support to the new board, including the soon to be confirmed depositor and worker representatives," Parks said.

As chairperson, Mohai now inherits responsibility for overseeing one of Africa's largest asset managers at a time when confidence in public institutions remains under scrutiny.

His immediate priorities are expected to include restoring board stability, strengthening governance and ensuring that the PIC continues to safeguard the retirement savings of millions of South African public servants while supporting developmental investment objectives.

BUSINESS REPORT

Mondi’s interim dividend fell substantially to 9.42 euro cents per share from 23.33 euro cents at the same time last year after its sustainable packaging and paper operations experienced margin pressure from higher input costs and lower selling prices.

The UK-based, JSE- and London-listed group, which operates in about 30 countries, said Thursday first half earnings before interest, tax, depreciation, and amortisation (EBITDA) fell to €379 million, including a forestry fair value loss of €35m, compared with €564m at the same time last year, including a fair value gain of €18m.

“We made good progress in delivering actions to strengthen Mondi’s performance, cash generation, and competitiveness. We took strong pricing actions, maintained cost discipline, progressed our plant network optimisation programme, and continued to drive operational excellence across the business,” the CEO Andrew King said.

The pressure on margin was partially offset by higher sales volumes and pricing actions.

Paper sales prices declined in the second half of 2025 and into early 2026. This resulted in the group entering 2026 with selling prices below average levels in the first half of last year.

“Although price increases were implemented, with some initial benefits realised, average prices remained below the comparative prior year. The full benefit of these price increases is expected to be achieved in the third quarter of 2026,” said King.

Cash generated from operations of €347m (€416m) was supported by a strong focus on working capital management. Full year 2026 expected capital expenditure was expected to fall to around €500m from €550m previously.

Good progress was made on converting plant network optimisation, with six plants closed or in the process of closure. There was a pre-tax charge of €320m for impairments and restructuring, of which the expected cash effect was €24m.

King said heightened geopolitical tensions in the Middle East caused supply chain disruptions and contributed to higher input costs. Group teams had acted to protect operational continuity, support customers, and implement price increases across packaging and paper products.

“Trading momentum improved and we entered the second half with higher packaging paper prices, supported by good order books. We expect higher wood costs across Central and Eastern Europe, and we continue to manage volatile energy-related input costs,” he said.

Major expansion investments were now largely complete, and the focus was on disciplined growth while executing opportunities to strengthen cost competitiveness.

“We remain confident in the structural growth drivers that underpin our sustainable packaging businesses. Combined with our innovative packaging and paper solutions, our cost-advantaged, integrated assets, and our commitment to continuous improvement, Mondi is well positioned to deliver long-term value for shareholders,” King said.

Progress on actions to strengthen performance, cash generation, and competitiveness included plant network optimisation, workforce reductions, productivity improvements, working capital management, extended debt maturities, and disciplined capital allocation.

Plant network optimisation, following the three converting plant closures announced with the 2025 results, included a further three closures in April, bringing the total number of recently announced closures to six across corrugated and flexible packaging.

“While these were profitable, alternative plants within our network offer greater scale, stronger growth opportunities, and the ability to serve customers more effectively,” said King.

Of the six, four converting plant closures: one corrugated solutions plant in each of Germany, Poland, and Türkiye, and the consumer flexibles plant in Hungary, were expected to be completed by year-end. The six converting plant closures are expected to reduce headcount by some 580 roles by year-end.

Group organisation structures were also streamlined through the combination of Corrugated Packaging and Uncoated Fine Paper, while the Group Services' headcount fell by about 70 staff.

The Schumacher assets had been integrated into the Corrugated Solutions network, and the group was on track to deliver €32m of cost synergies over the three years from completion.

BUSINESS REPORT

Hammerson plans to raise up to £190 million (R4.23 billion) in connection with the acquisition of a 50% interest in Manchester Arndale, the largest city-centre shopping mall in the UK outside London, from Palma Arndale BidCo.

The JSE and London listed retail property REIT said Thursday the £218m acquisition price represents a net initial yield (NIY) of 7.8%. The equity raise will comprise the issue of new shares through a placing to institutional investors, a retail offer, and a subscription by directors including the CEO and chief financial officer.

"This is another important step in our strategy to increase scale through acquiring high-quality, retail-led destinations. Manchester is one of Europe’s most dynamic and fastest-growing urban economies, benefiting from strong demographics, excellent connectivity and the largest retail catchment outside London,” said Hammerson’s CEO Rob Wilkinson.

The institutional placing was being conducted through an accelerated bookbuild, which was launched Thursday morning.

Wilkinson said the acquisition significantly expands their scale and footprint in a top-tier city centre destination in the UK, one of the company’s core markets.

“The Arndale is a high quality, scale asset with high occupancy and an affluent and growing catchment of 6.4m, the largest outside of London, with an annual footfall of 45 million. There remain compelling income and value creation opportunities from leveraging Hammerson’s integrated platform to drive consumer, brand appeal and ultimately rents,” he said.

The acquisition and share placing were expected to be earnings accretive from day one. The group’s guidance for the 2026 financial year was increased to total net rental income growth of 28% (25% underlying, 3% from the acquisition) and earnings of growth of 27% to £132m (The previous guidance was £120m, and the new figure includes £7m from the acquisition).

“The transaction will be immediately earnings accretive, and we see a clear path to income and value creation, leveraging Hammerson's platform to enhance the destination and deliver attractive long-term returns for our shareholders," he said.

He said the group’s city-centre destinations have continued to outperform. In the first half of 2026, group like-for-like footfall was up 3% year-on-year with the UK and Ireland up 3%, and France up 4%, whilst national indices were flat or slightly negative.

“The highest increases were where we completed recent repositionings and brought new offers and concepts to the schemes. Group like-for-like sales were up 2% year-on-year, with France leading the way up 4%,” he said.

He said their occupancy increased one percentage point year-on-year to 96% in the first half of their financial year to June 30, representing the highest first half occupancy in the like-for-like portfolio for seven years.

Hammerson increased its interim dividend by 22% to 9.67 pence at the end of the half year stage.

“Hammerson’s strategy is now naturally broadening to external acquisitions. The Arndale represents Hammerson’s first major external acquisition in over a decade,” said Wilkinson.

“What was already proving to be a strong underlying performance this year is now further enhanced by today’s acquisition. We are now guiding FY26 earnings to be 27% greater than FY25, strengthening our path of sustainable growth, and underpinning a new medium-term outlook,” he said.

Hammerson also has a strategy of unlocking the value in its land. Hammerson has some 60 acres of land in the UK and Ireland which represents “a significant opportunity for value creation and capital recycling.

Year to date, including the partial disposal of Dublin Central after June 30, 2026, £75m of strategic land holdings had been disposed of at a substantial premium to book value.

“For the remaining book value of £291m, we remain open-minded on the potential opportunities to maximise value with the optimal delivery depending on market circumstances and the context and scale of each opportunity,” he said.

“Further acquisitions will require minimal incremental resource relative to the scale of earnings acquired and we therefore expect to continue to generate significant operating leverage as we grow,” he said.

BUSINESS REPORT

Was it an unlawful picket linked to an overtime dispute, or simply a lunchtime rehearsal for a colleague’s upcoming wedding? That was the unusual question before the Labour Court in AMCU obo Sebalela Agreement and Others v Fraser Alexander (Pty) Ltd.

The Court found that Fraser Alexander had failed to prove that nine employees had engaged in illegal picketing and held that their dismissals were both substantively and procedurally unfair. The employees were reinstated with retrospective effect.

Although the facts are unusual, the judgment reinforces familiar principles: employers bear the burden of proving misconduct and courts will closely scrutinise both the evidence supporting the allegations and the fairness of the process followed.

What the Court found

The employees worked at Fraser Alexander’s Elikhulu Tailings Project at Evander Gold Mine. Before the incident, there had been tension about proposed changes to overtime remuneration, and management had considered how to respond to possible industrial action.

On August 22, 2019, during lunch, a group of employees gathered outside the worksite, sang, danced and carried placards. The employer alleged that this was an illegal picket connected to the overtime dispute. The employees said they were rehearsing wedding songs and dance moves for a colleague who was due to be married the following month.

The Court accepted that aspects of the employees’ explanation may have appeared unusual, particularly the use of placards in a wedding rehearsal. However, that did not relieve the employer of its evidentiary burden. The employees were not required to prove their innocence; the employer was required to prove the misconduct alleged.

On the evidence before the Court, that burden was not discharged. The employer did not produce the alleged CCTV footage, photographs or videos of the incident. Several alleged eyewitnesses were not called, and there was insufficient reliable evidence about the wording on the placards or the content of the songs. In those circumstances, the Court found that the employer had not proved that the gathering was a protest or picket.

The employer also failed to prove any meaningful operational impact. The incident lasted about 30 minutes, occurred during lunch, involved no violence, damage or obstruction, did not interrupt production, and the employees returned to work afterwards. The Court was also not persuaded that the incident caused the later reduction or termination of services under the client contract.

Why dismissal was unfair

Even if the conduct had amounted to unlawful picketing, the Court held that the dismissals would still have faced serious procedural difficulties.

The employees were not told that their conduct was considered unlawful, no ultimatum was issued, and no warning was given about the consequences of continuing. The evidence was also that the employees stopped after being contacted by their union representative, resumed their duties, and, in some cases, continued working overtime.

In assessing sanction, the Court reiterated that dismissal is a measure of last resort in strike-related misconduct cases. Given the short duration of the incident, the absence of violence or damage, the lack of proven operational harm, and the absence of prior similar misconduct, dismissal was disproportionate.

Employer takeaways

The judgment cautions employers against treating collective employee conduct as industrial action simply because employees gather, sing, dance or display placards. The character and purpose of the conduct must be assessed objectively and established by reliable evidence.

It also underscores the importance of preserving contemporaneous evidence. Where misconduct is alleged, employers should secure all available CCTV footage, photographs, videos, witness statements, security records and operational reports at the earliest opportunity, particularly where the allegation turns on what was said, displayed or intended.

Finally, the judgment confirms that process and proportionality remain central. Before imposing dismissal for strike-related misconduct, employers should, where appropriate, communicate their concerns clearly, issue an ultimatum, allow employees an opportunity to desist, and consider whether dismissal is justified in light of the nature, duration and impact of the conduct.

Conclusion

Whether the gathering was a wedding rehearsal or something more, the employer’s case failed because it could not prove the misconduct alleged. For employers, the message is clear: before dismissing employees for strike-related misconduct, ensure that the evidence and the process can withstand scrutiny.

* Naicker is a partner at Bowmans.

PERSONAL FINANCE

National Savings Month often focuses on budgets, finding extra money to put away and the various savings vehicles available to us. But for many South Africans, the biggest obstacle isn't knowing how or where to save, but rather, the small financial habits that quietly chip away at good intentions month after month.

These habits – like overspending on payday, waiting until the end of the month to save, or convincing ourselves that we’ll start saving just as soon as that increase arrives in our account – are slowly sabotaging our chances of building financial stability and future wealth.

The good news? Habits can be changed. Here are five of the biggest savings saboteurs – and what to do instead.

Treating payday like make-it-rain day

The habit: Your salary lands and suddenly that Uber Eats order, new clothes or night out you’ve been thinking about feels completely necessary.

Why it hurts your savings: Spending while you’re enjoying that payday euphoria can take a chunk out of your salary before you’ve paid for everything you need to.

Do this instead: Wait 24 hours before going on a spending spree for non-essential purchases. Sort out your bills and savings first, then decide what you can comfortably spend. If you still want something the next day and you can afford it, you can buy it knowing the rest of the month is covered.

Saving last instead of first

The habit: You get paid, cover your bills, spend throughout the month and plan to save whatever is left. But then there’s too much month left over at the end of your money, and the savings pot gets ignored again.

Why it hurts your savings: We tend to spend the money we have available, despite our best intentions. Even small purchases can slowly eat into what you hoped to put away.

Do this instead: Make saving a financial priority by paying yourself first. Set up an automatic transfer to your savings account as soon as you get paid, before you start spending. It doesn’t have to be a huge amount – every R20, R50 or R100 adds up and helps make saving a habit.

Setting unrealistic savings goals

The habit: Deciding to save thousands of rands, build a huge emergency fund or follow investment advice on social media, because that’s what everyone keeps telling you to do.

Why it hurts your savings: A target that feels impossible can quickly become demotivating – and when you give up on it, you might feel like a failure and stop trying altogether.

Do this instead: Saving money is a long game, but you can start by giving yourself a target you can reach. Aim to save R500, and when you reach it, aim for R1,000. Keep chasing those small wins – every realistic target you reach will give you something tangible to build on and make the next milestone feel possible.

Making your savings too easy to access

The habit: Your savings sit in the same account you use for groceries, takeaways, transport and everyday spending.

Why it hurts your savings: When the money is right there every time you check your balance, it’s easy to spend a little here and there until there’s nothing left.

Do this instead: Give your savings their own account or savings wallet and move the money across when you get paid. These accounts may also earn more interest than your normal transactional account, plus creating a little distance between the money you can spend and the money you want to keep makes dipping into your savings less tempting.

Thinking you’ll start saving when you earn more

The habit: You tell yourself you can’t afford to save right now and you’ll start once you get a raise, find a better-paying job, win the Lotto…

Why it hurts your savings: A bigger salary doesn’t mean you’ll immediately have better financial habits. Having more money can just as easily lead to bigger spending.

Do this instead: Start with what you can afford now, even if the amount feels small. Saving R50 regularly builds the habit, and you can increase the amount as your income grows.

* Nyati is a consumer financial education specialist at Momentum Group Foundation.

PERSONAL FINANCE

South African businesses have been given a clear warning by four recent tax judgments: the courts are no longer interested only in what a transaction is called. They want to know what it really does, whether the documents support the tax treatment claimed, and whether both the taxpayer and the South African Revenue Service followed a lawful and defensible process.

The cases cover very different commercial settings. One involved a corporate share sale structured through a pre-sale dividend. Another concerned a citrus farmer’s structured insurance product. A third dealt with the VAT treatment of recycled gold. The fourth involved a customs demand of more than R35 million against a clearing agent.

Yet the judgments point in the same direction.

Tax planning remains lawful, but the line between legitimate planning and unacceptable avoidance is increasingly being drawn by economic substance, statutory precision, full disclosure and reliable evidence.

For business owners, directors, chief financial officers and tax advisers, the message is practical: a tax position must be capable of surviving scrutiny long after the transaction has been implemented and the tax return has been submitted.

A dividend structure that was really a share sale

The first case involved seven corporate shareholders in RASS Investments, a company that developed and leased self-storage facilities.

The shareholders wanted to sell their interests to a purchaser. Instead of concluding a straightforward sale of shares for full value, the transaction was divided into four connected steps.

RASS first declared a pre-closing dividend of approximately R274.7 million. The purchaser then subscribed for a large number of new shares in RASS. The subscription proceeds were used to pay the dividend to the existing shareholders. Finally, the shareholders sold their remaining, heavily diluted shares to the purchaser for only R1,000.

The shareholders treated the amounts received as exempt inter-company dividends. Because the actual sale price of the remaining shares was nominal, they declared no material capital gain.

SARS applied the general anti-avoidance rules, commonly known as the GAAR, and treated the arrangement according to its economic effect. The Tax Court agreed that the shareholders had, in substance, disposed of their entire economic interest in RASS for full value. The dividend and subscription mechanism did not change the commercial reality of the transaction.

The court accepted that the shareholders had a genuine commercial objective. They wanted to exit the company and realise the value of their investment.

That, however, was not the end of the enquiry.

The critical question was why the transaction had been structured through a purchaser-funded dividend and a large subscription rather than through an ordinary sale of shares. The court found that the additional steps did not provide an independent commercial advantage. Their principal effect was to convert taxable sale proceeds into an exempt dividend.

The shareholders’ own correspondence also proved important. Contemporary communications described the purchaser as buying the shares and referred expressly to avoiding capital gains tax.

This judgment does not mean that every pre-sale dividend or corporate restructuring is automatically impermissible. It does mean that the commercial purpose of each material step must be independently defensible.

A structure becomes vulnerable where the stated commercial objective could have been achieved through a simpler transaction and the additional steps appear to exist mainly to produce a more favourable tax outcome.

The case also produced an important result on penalties. Sars had imposed understatement penalties of 75%, but the court set them aside.

The shareholders had obtained professional tax advice, disclosed the arrangement as a reportable arrangement and did not conceal the transaction’s mechanics. Their legal position was ultimately unsuccessful, but the court accepted that they had relied on advice in good faith.

The distinction is important. Professional advice may reduce penalty exposure. It does not convert an impermissible avoidance arrangement into a permissible one.

When “insurance” is really a deposit

The second judgment arose from the citrus farming industry.

Meiring Citrus faced genuine commercial risks, including crop losses caused by citrus black spot and false codling moth. These risks could result in export consignments being rejected or destroyed.

The company entered into what was described as a structured self-insurance product. It paid R10 million to an insurer. Of this amount, R400,000 represented an underwriting charge, while the balance of R9.6 million was credited to an experience account.

Claims were primarily funded from that account. The balance earned interest and was repayable to Meiring Citrus when the policy was cancelled. The company could also recover the balance on relatively short notice.

Meiring Citrus claimed the full payment as a tax-deductible insurance expense.

The Western Cape High Court rejected that treatment. It found that the arrangement did not operate as genuine insurance in relation to the R9.6 million placed in the experience account. The risk had not meaningfully been transferred and spread across a pool of insured parties. Instead, the company had largely retained the economic burden of its own losses.

In substance, the arrangement resembled an interest-bearing deposit or investment account.

The court therefore found that the R9.6 million was not deductible as insurance expenditure. Meiring Citrus had exchanged cash for a recoverable contractual right of similar value. Its net asset position had not been reduced in the manner required for a revenue deduction.

The R400,000 underwriting charge was treated differently because it was a genuine non-refundable cost associated with the limited risk assumed by the insurer.

The case is a warning to businesses purchasing structured financial, insurance or investment products near a financial year-end.

A product description cannot determine its tax treatment. The analysis must consider the complete contractual arrangement, including cancellation rights, refunds, interest, security rights, claims mechanics and the actual party bearing the economic risk.

The judgment also has serious implications for prescription.

The original assessment was more than three years old when Sars issued an additional assessment. Ordinarily, that period would have been closed under the Tax Administration Act.

However, the court held that Sars could reopen the assessment because material information had not initially been disclosed. The complete insurance contract, the experience-account statements and the interest arrangements were necessary to understand the true nature of the product.

The lesson is commercially significant. Incomplete disclosure can do more than weaken a taxpayer’s argument. It may allow Sars to revisit an assessment that would otherwise have become final.

Recycled gold and the limits of VAT zero-rating

The Constitutional Court’s judgment in Lueven Metals concerned the VAT treatment of recycled gold.

Lueven bought second-hand gold, including scrap jewellery, refined it and supplied high-purity gold bars to a registered bank. It treated the supplies as zero-rated under section 11(1)(f) of the Value-Added Tax Act.

The company argued that the gold qualified because, at the time of supply, it was in the required form, had been refined to the required purity and was sold to a prescribed purchaser.

The Constitutional Court disagreed.

It held that the statutory provision imposed three separate conditions. The gold had to be supplied to a prescribed purchaser, it had to be in one of the prescribed forms, and it must not previously have undergone a disqualifying manufacturing process.

Gold that had previously been manufactured into jewellery or another non-prescribed form remained disqualified, even after it had been melted, refined and converted into bars.

Refining the product did not erase its manufacturing history.

This outcome illustrates a recurring feature of VAT disputes. Zero-rating is an exception to the normal tax rate and every statutory condition must be satisfied.

Commercial logic, industry practice or broad arguments about the design of the VAT system cannot replace the words used in the legislation.

The decision also shows that product history may be as important as product form. Businesses may therefore need supply-chain evidence proving origin, prior use and processing history before applying a favourable VAT treatment.

Sars must also follow the law

The fourth judgment, involving QI Logistics, provides an important counterbalance.

QI was a licensed clearing agent that processed customs documentation for fuel moving from Mozambique through South Africa to Zimbabwe and Botswana.

Sars alleged that QI had failed to prove that certain fuel consignments were properly exported. It demanded approximately R14.2 million in duties and levies, together with roughly R20.9 million as an amount in lieu of forfeiture.

QI submitted detailed representations and four lever-arch files of supporting documentation. Sars nevertheless proceeded with the demand, stating mainly that some customs entries lacked arrival and exit endorsements.

When QI requested reasons explaining why the other evidence was inadequate, Sars did not respond.

The Supreme Court of Appeal set aside the decisions and sent the matter back to Sars for reconsideration.

The court did not find that QI could never be held liable. Clearing agents carry substantial statutory responsibilities and must retain reliable evidence that goods were exported as declared.

QI succeeded because Sars had not demonstrated that it had rationally evaluated the evidence before issuing the demand.

The court also drew a clear distinction between liability for duties and the separate decision to demand an amount in lieu of forfeiture. The forfeiture-related demand involved an independent discretion. Sars had to consider whether that severe consequence was appropriate and give QI an opportunity to make representations on it.

Sars could not repair inadequate reasons by presenting a more detailed explanation only after litigation had started.

This is an important reminder that Sars’ powers are extensive, but not unlimited. Taxpayers are entitled to rational decision-making, proper consideration of relevant evidence and adequate reasons.

The combined commercial message

Together, the four judgments point to a more demanding tax environment.

First, the courts are focusing on economic substance. A dividend may be treated as sale proceeds if the surrounding steps show that it formed part of a disposal. An insurance premium may be treated as a deposit if the taxpayer retains the economic benefit and risk.

Second, contemporaneous documents matter. Emails, board minutes, presentations, contracts and financial models may become decisive evidence. Documents prepared at the time of the transaction often carry more weight than explanations developed after a dispute begins.

Third, tax opinions must go beyond confirming that the literal wording of a provision appears to be satisfied. Advice should test the commercial purpose of each step, realistic alternative transactions, anti-avoidance risk, disclosure obligations, penalty exposure and the complete flow of funds.

Fourth, favourable tax treatments such as exemptions, deductions and zero-ratings require exact compliance. A taxpayer must satisfy every statutory condition and retain evidence proving that it has done so.

Finally, taxpayers should challenge defective Sars processes where appropriate, but they must distinguish between a procedural victory and a substantive tax victory. A decision may be set aside because Sars failed to follow a lawful process, while the underlying tax exposure remains open for reconsideration.

The central lesson is not that tax planning has become impossible.

It is that tax planning must be commercially coherent, accurately documented and capable of being defended through evidence.

The strongest tax position is one in which the legal form, economic substance, accounting treatment, tax return and contemporaneous record all tell the same story.

That is now the standard against which South African tax risk should be managed.

* Oberholzer is a CA(SA), M Com (Tax), chartered tax advisor and CEO of Fyncor Advisory 

PERSONAL FINANCE

We're halfway through the year, and it's time to see how your January plans are holding up. Most of us start the year with good intentions: a budget mapped out, debt payoff targets set, savings goals penned down. But then life happens. Inflation creeps in, emergencies pop up, priorities shift, and suddenly it's July and nothing looks like how you planned it.

Don’t feel defeated. It’s never too late for a reset.

Too often, people abandon their budget completely when they fall behind. But the middle of the year is a powerful moment to pause, look honestly at what changed, and make practical adjustments for the months ahead.

Pull up your budget and be honest about what happened. Understanding why you're off track matters more than the shortfall itself, because the reason tells you how to fix it.

Where most plans go wrong

The biggest culprits are usually the ones we don't track closely: groceries, subscriptions, eating out, high bank fees and everyday expenses that feel small individually but add up fast. 

Everyday money leaks are often the ones people underestimate. A few extra bank charges here, an unplanned purchase there, and suddenly your budget is under pressure. 

Debt can also add to the pressure. Credit cards, personal loans and store cards often carry high interest, which means they cost you more the longer they remain unpaid. When you are trying to pay off debt, rebuild savings and keep up with rising living costs at the same time, it is easy to feel stretched too thin.

The good news is that the year is not over. With more than 20 weeks still ahead, there is enough time to make meaningful progress.

If your debt goals slipped

To manage your debt, start by understanding how much interest you are paying. High-interest debt usually costs you the most, so it often makes sense to tackle that first.

Then look for money you can redirect towards paying off your debt quicker. Cancel the subscription you forgot about. Downgrade a brand. Cut one takeaway each week. Moving even R100 or R200 a month toward debt can make a an impact.

Financial confidence does not come from never making mistakes. It comes from paying attention, making changes early, and using tools that help you stay in control.

Rebuilding your savings

If your emergency fund was drained, that means it did its job. Rebuild it steadily. Don’t shame yourself for using money exactly as intended.

Reset your savings targets with realistic amounts. Lower your savings targets temporarily if unexpected costs have come up or your income has been affected. A realistic budget you can stick to is better than a perfect one you avoid.

The real win

Winning with money is not about hitting every number perfectly. It’s about knowing where your money is going and making better decisions from here.

Be honest. Adjust the plan. Keep moving.

* Malapane is the head of brand at GoTyme Bank.

PERSONAL FINANCE

Saving for retirement may not be a top priority for young people who are focused on tertiary education and making early career choices. Although retirement may feel far away, the choices young South Africans make tomorrow impact their future security. Being equipped with the tools and skills to save for retirement is crucial.

Recent academic studies estimate that only 24% of South Africans actively save towards retirement, and for many years, the National Treasury has cited that only 6% will retire with sufficient resources for a financially secure future. With medical advances leading to an increase in life expectancy, and with the rising cost of living, financial literacy, disciplined saving and the power of compound interest are three powerful tools for young people saving for retirement.

Financial literacy is the greatest asset available to a young person

Many worry that traditional pension systems may collapse under demographic pressures and that retiring might not even be an option due to the rising cost of living. Some countries are reducing public pension levels for future retirees, putting pressure on the younger generation to bridge the gap through private savings. So how do young people ensure they have enough? And how much is enough?

Financial literacy is the greatest asset available to a young person striving to achieve sufficient and secure savings at retirement. Understanding how financial and retirement products work and appreciating the cost of participating in the products are core requirements for successful saving and investing. Without this, many young people avoid investing simply because they don’t know where to start.

Disciplined saving - saving is a habit, not a once-off decision

You don’t need a lot of money to start saving, what is most important is to just get started with what you can. Saving from the time that you receive your very first income creates lifelong healthy savings habits and is one of the most impactful financial decisions you can make. Various studies show that financial constraints are the primary barrier to young people participating in formal retirement funds. If you learn to live off 95% of your income right from the start, and save the remaining 5%, then setting aside money for a rainy day or retirement becomes routine and alleviates a lot of fears around financial security.

Your future self loves compound interest

Albert Einstein is famously credited with referring to compound interest (in other words, interest on interest) as ‘the eighth wonder of the world’. He explained its immense financial impact with the quote: “He who understands it, earns it. He who doesn't, pays it”.

Consider the following simple example. If you were to start consistently contributing 7.5% of your salary to a retirement annuity from the age of 25, assuming an average net return of 10%, your investment could grow to provide you with an estimated 75% of your pre-retirement income by age 65. Using similar assumptions, if you were to delay starting to save until age 40, you would need to contribute 19% to get to a similar result. This rate is almost 2.5 times higher – so your future self depends on today’s choices, and the price to pay for not starting to save early enough is a heavy one.

Gen Z leading the way

Worldwide research shows that Gen Z is increasing savings through micro-savings and AI-driven apps that automatically round up expenses to save. These small, consistent savings can make a big difference over time. Unlike older generations, Gen Z tends to favour a non-linear career with multiple jobs, and they attach greater importance to private savings instead of employer plans.

While access to a personal financial adviser might seem out of reach initially, great advances are being made in relation to online access to financial retirement products with guided investment paths. With investment research made available through these online platforms, the financially literate youth can set out confidently on the path to financial security in retirement.

* Kleynscheldt is the head of Actuarial and Product, PSG Wealth

PERSONAL FINANCE

For many South Africans, tax season is simply another annual administrative chore. But while taxpayers are busy trying to meet their obligations, fraudsters see something entirely different: opportunity.

Every filing season brings a fresh wave of scams, and this year is no exception. In fact, as the South African Revenue Service (Sars) continues to modernise its systems through digital services and pre-assessments, cybercriminals have become equally sophisticated. The unfortunate reality is that the same technology designed to make tax filing easier is also making it easier for scammers to imitate legitimate communication.

The Southern African Fraud Prevention Service (SAFPS) believes taxpayers need to be more vigilant than ever.

"Tax season consistently attracts fraudsters looking to exploit taxpayers," says SAFPS CEO, Manie van Schalkwyk. "Scammers are constantly adapting their methods, making it essential for consumers to understand the latest tactics and remain alert throughout the filing process."

One of the biggest concerns remains phishing emails and SMSs masquerading as official Sars correspondence. These messages are often convincing enough to catch even cautious taxpayers off guard. A single click on a fraudulent link can hand criminals access to login credentials, banking information and other sensitive personal data.

What makes these scams particularly dangerous is that they no longer rely on obvious spelling mistakes or poor grammar. Instead, fraudsters make subtle changes to email addresses or website URLs that can easily be overlooked.

Messages requesting taxpayers to verify banking details, confirm personal information or update their eFiling profiles should immediately raise suspicion.

"Always inspect the sender's email address carefully," says Van Schalkwyk. "Official Sars correspondence comes from an @sars.gov.za domain. If the address differs, treat it as suspicious and avoid clicking any links."

Another tactic that continues to fool taxpayers is the promise of an unexpected refund. Few people question good news, especially when money is involved, and scammers exploit that excitement by directing victims to fake websites under the guise of confirming banking details.

Equally common are fake outstanding tax notifications designed to create panic. These communications typically threaten penalties, legal action or account restrictions unless payment is made immediately. The pressure to act quickly often overrides common sense.

It's worth remembering that Sars is a pre-approved beneficiary with South African banks and does not request payments into unfamiliar bank accounts sent via unsolicited emails or SMSs.

Impersonation scams have also become increasingly sophisticated. Criminals posing as Sars officials contact taxpayers by phone, email or messaging platforms, claiming there is a problem with a tax return, refund or tax status. Their goal is simple: obtain identity numbers, tax reference numbers, banking details or one-time passwords.

"Sars representatives will never request sensitive personal information or banking credentials in this manner," Van Schalkwyk says.

Perhaps one of the more worrying developments is the hijacking of legitimate Sars eFiling profiles. Using stolen personal information, criminals change banking details linked to taxpayer accounts, allowing legitimate refunds to be paid into fraudulent accounts instead.

Victims often only discover what has happened once they realise their refund has already disappeared into an unfamiliar bank account. It's another reminder that identity theft is no longer a distant possibility but a growing reality that affects ordinary South Africans.

The SAFPS argues that awareness remains the strongest defence against tax-related fraud, and it's difficult to disagree. Good cyber hygiene still matters. Taxpayers should never share eFiling usernames or passwords, disclose banking details or respond to unsolicited requests for PINs or one-time passwords.

Likewise, taxpayers should avoid clicking links received via email, SMS or WhatsApp. Instead, access SARS services directly through the official website or verified channels. Strong passwords, multi-factor authentication and avoiding public Wi-Fi when accessing sensitive financial information are all sensible precautions that significantly reduce risk.

Van Schalkwyk also believes taxpayers should be wary of any communication designed to create urgency or fear.

When in doubt, verify first and act later.

Those who suspect their tax profile or refund has been compromised should immediately contact their bank, notify Sars and report the matter to the South African Police Service.

The SAFPS also encourages consumers to report incidents through Yima, where emerging fraud trends can be identified and new scams flagged. In addition to reporting tools, the organisation offers Protective Registration and fraud victim listings to help reduce the risk of identity theft and support those who have already been targeted.

"Fraudsters continue to evolve their tactics, but consumers can significantly reduce their risk by staying informed, verifying every communication and making use of trusted reporting platforms," concludes Van Schalkwyk.

Tax season doesn't have to become scam season. But in an environment where criminals are constantly refining their methods, healthy scepticism may be the most valuable financial tool any taxpayer has.

If you'd like, I can also make this read more like a newspaper column with a stronger personal voice or a business opinion piece for publication.

PERSONAL FINANCE

As South Africa marks Women's Month, financial experts are warning that one of the country's least visible gender inequalities is quietly eroding women's financial security: the growing expectation that daughters will become both caregivers and financial providers for ageing parents.

Globally, women and girls perform an estimated 16 billion hours of unpaid care work every day, according to UN Women. While much of this care is rooted in love and family responsibility, experts say the financial consequences of this invisible labour are often overlooked.

South African research suggests the burden remains overwhelmingly gendered. The Commission for Gender Equality's 2024 review of unpaid care work found that women continue to shoulder most unpaid caregiving responsibilities, including caring for elderly relatives. For many households, that responsibility falls almost by default to adult daughters, who often become care coordinators, financial supporters and emergency responders without formal planning or financial safeguards.

A growing body of international research has also linked unpaid caregiving to lower lifetime earnings, reduced retirement savings and interrupted career progression for women. Studies by organisations including the OECD and the International Labour Organisation (ILO) have found that women who take on significant caregiving responsibilities are more likely to reduce working hours, turn down promotions or leave the workforce entirely, with long-term consequences for their financial wellbeing.

Farzana Botha, senior communications manager at Sanlam Risk and Savings, describes this phenomenon as the "daughterhood penalty", the economic cost of becoming a family's financial lifeline while managing the emotional and practical demands of caring for ageing parents.

"The daughterhood penalty is essentially a tax on empathy. Women are often socialised to be caregivers, so they may not have strong financial boundaries, or they may not feel as though boundaries should exist when the family needs support. The responsibility can also arrive early, before a woman has had the opportunity to build her own financial foundation."

Care carries more than a financial cost

Supporting an ageing parent is about far more than transferring money each month.

Madri Jacobs CFP®, a Sanlam financial planner and authorised principal at Brilliance BlueStar, says daughters frequently become responsible for managing appointments, accompanying parents to clinics, handling banking queries and coordinating household assistance. Alongside these practical responsibilities comes the emotional labour of anticipating problems, carrying family concerns and remaining permanently available when crises arise.

"Supporting ageing parents is no longer an unusual situation," says Jacobs. "The best starting point is to accept that you may need to assist your parents at some stage and begin planning for it as part of your budget and emergency-fund provision."

Preparing before the crisis

Botha argues that protecting one's own financial wellbeing is not an act of selfishness, but rather a necessity for women who may be supporting multiple generations.

She refers to a combination of emergency savings, income protection, disability or impairment cover, severe illness protection and retirement planning as "survival capital".

"Together, this protection creates the financial foundation that helps a woman survive difficult personal circumstances while continuing to support the people who depend on her."

Yet significant protection gaps remain.

Sanlam's internal research shows that, on average, only 16% of South African women have income protection, while 45% do not have life insurance. Without adequate financial protection, a daughter supporting ageing parents could place both her own future and her family's financial stability at risk should illness, disability or loss of income occur.

Jacobs says financial planning should account for these possibilities.

"People do not necessarily die in order of their age. If your parents rely on your income, your financial plan should consider how their essential needs would be met if you were no longer able to provide for them."

She recommends that women work with a qualified financial adviser to identify immediate risks, understand what protection may already exist through employer benefits and develop a plan that reflects both current affordability and future responsibilities.

Turning care into a sustainable plan

Experts say one of the biggest mistakes families make is assuming that the most dependable daughter will simply absorb every responsibility.

Instead, Botha and Jacobs recommend practical planning that includes:

• Listing all recurring and once-off expenses associated with supporting ageing parents, including medical, transport, household and administrative costs.

• Agreeing on a sustainable monthly contribution that does not rely on credit or come at the expense of personal savings.

• Separating parent-care expenses from emergency savings and day-to-day spending.

• Continuing retirement contributions, even if they are modest and consistent.

• Sharing financial and administrative responsibilities among siblings and extended family members rather than relying on one person.

• Keeping important policies, medical information, financial records and wills organised and easily accessible.

Boundaries are part of responsible caregiving

Financial boundaries, Botha says, should not be confused with a lack of compassion.

Rather than saying yes to every request, women can define sustainable limits, such as covering medical aid contributions without taking responsibility for vehicle repayments, or committing to a fixed monthly contribution instead of repeatedly relying on credit cards to meet unexpected expenses.

As South Africa reflects on the progress and challenges facing women this Women's Month, Botha believes the conversation must extend beyond caregiving itself to the financial systems that support it.

"The message this Women's Month is not that women should walk away from their families. It is that we need regulated, structured systems that allow for sustainable giving. A daughter who secures her own financial foundation can continue to play a pivotal role in her family, while showing the next generation that care and financial self-preservation can exist together," Botha says.

PERSONAL FINANCE

Two weeks before the opening match of the 2010 FIFA World Cup, something extraordinary happened in Soweto. Orlando Stadium hosted a Super Rugby match between the Lions and the Sharks - the first major professional rugby match ever played in a South African township.

Thousands of rugby supporters, many of them visiting Soweto for the first time, streamed into the township wearing their team colours.

For many, it was a journey into a community they had previously known only through newspaper headlines and television reports.

What they discovered surprised them. Instead of fear, they found hospitality. Instead of division, they found celebration. Instead of the South Africa they had imagined, they encountered the South Africa they had never experienced.

Just days later, the same stadium hosted the official World Cup Kick-Off Celebration Concert.

Broadcast to hundreds of millions of viewers around the world, Orlando Stadium became the stage on which South Africa introduced itself - not simply through football, but through music, culture, warmth and the unmistakable spirit of Soweto.

Those two events captured something profound. They proved that when people experience South Africa rather than merely read about it, perceptions change.

Nelson Mandela understood this better than anyone.  His greatest achievement was not simply leading South Africa into democracy.

It was inspiring South Africans to believe in one another again. He recognised that nation-building is not achieved through legislation alone. It is built through shared experiences that replace fear with trust, stereotypes with understanding, and division with belonging.

Sport became one of his most powerful instruments of nation-building. The 1995 Rugby World Cup gave South Africans a glimpse of what unity could look like.

The 2010 FIFA World Cup showed the world what South Africa could become when it believed in itself.  Today, as we celebrate Mandela Month, another opportunity stands before us.  The 2027 Cricket World Cup should not simply be viewed as another international sporting event. It should become South Africa's next nation-building project.

Having been privileged to lead the Brand Ambassador Programme during the 2010 FIFA World Cup, I witnessed how ordinary South Africans became extraordinary ambassadors for our country. Visitors arrived carrying concerns shaped by international media. They departed with stories of kindness, generosity, resilience and joy.

Many of their most memorable experiences happened outside the stadiums. They happened while walking through Vilakazi Street.

They happened around braais and township restaurants.

They happened while listening to local musicians, meeting entrepreneurs and discovering communities bursting with creativity and optimism. Those moments did more for South Africa's reputation than any advertising campaign could have achieved. They transformed visitors into ambassadors.

Fifteen years later, another story has quietly unfolded in those same communities. As GG Alcock argued so compellingly in Kasinomics, South Africa's townships are home to one of the country's most dynamic entrepreneurial ecosystems.

Despite years of slow national economic growth, township entrepreneurs have continued to innovate, create employment and build thriving businesses by understanding their customers better than almost anyone else.

The township economy is no longer simply an informal economy. It is an innovation economy. It is a relationship economy.

It is increasingly an investment economy. Corporate South Africa is beginning to recognise this reality.

Recent investments into township commerce, including Pepkor's R21.3 billion merger of Flash and Shop2Shop, reflect growing confidence in entrepreneurs who have spent years building resilient businesses under extraordinarily challenging conditions.

But the greatest opportunity lies beyond economics. Imagine if every visitor attending the 2027 Cricket World Cup experienced not only world-class cricket, but also the entrepreneurial energy of Soweto, the creativity of Alexandra, the history of Vilakazi Street, the music, food, art and innovation that define modern township life.

Imagine if township entrepreneurs became part of South Africa's official visitor experience. Imagine if every international visitor left South Africa not simply having attended a sporting event, but having formed genuine relationships with local communities. That would create something no competing destination could replicate.

Every nation can build stadiums. Few can offer authentic human experiences. South Africa can. In a fiercely competitive global tourism market, our greatest differentiator is not our infrastructure. It is our people.

That is why the legacy of 2027 should not be measured only in visitor numbers, hotel occupancy or broadcast audiences. Its true legacy should be measured by stronger township businesses, new investment into local entrepreneurs, richer visitor experiences, lasting international goodwill and renewed national confidence.

Cricket South Africa, Brand South Africa, South African Tourism, the host cities, business leaders and local communities have an opportunity to work together on something much bigger than a tournament. They have an opportunity to build a legacy.

Mandela showed us that sport can unite a nation. The 2010 FIFA World Cup showed us that South Africa can inspire the world.

The 2027 Cricket World Cup now gives us the opportunity to connect those two legacies—to showcase not only our sporting excellence, but our entrepreneurial excellence; not only our destinations, but our people; not only our economy, but our capacity for nation-building.

If we seize that opportunity, the world will remember far more than the cricket. It will remember how South Africa made them feel. And in doing so, we may rediscover something equally important.  Our own belief in ourselves.

Dr Nik Eberl is the founder and executive chair: The Future of Jobs Summit™ (Official T20 Side Event). He is also the author of Nation of Champions: How South Africa won the World Cup of Destination Branding).

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BUSINESS REPORT 

In a day marked by global economic tension and fluctuating market conditions,  Bianca Botes, Managing Director at Citadel Global, highlighted the implications of the Federal Reserve's decision last night to maintain interest rates at their current levels.

"With three votes recorded in favour of a rate hike, the Fed did not provide forward guidance, a move that leaves many investors pondering the path ahead. Across Wall Street, sentiment was largely negative prior to the Fed's announcement," Botes said. 

"All three major indices experienced declines, largely driven by concerns surrounding technology and semiconductor stocks. However, US futures appeared to recover early this morning following the Fed's decision, suggesting a tentative optimism in the market," Botes added.

Meanwhile, international dynamics continue to unfold as tensions escalate between the United States and Iran.

The ongoing strikes have introduced a layer of uncertainty that has contributed to the volatility in oil markets.

Following a significant jump in oil prices, which surged over 7% yesterday, today’s trading sees prices stabilising just below the $90 per barrel mark.

In Asia, market reactions were mixed. Japan and Korea seemed to rebound from earlier losses this week, largely bolstered by a promising earnings report from tech giant Samsung Electronics.

"This development hints at a possible recovery in the tech sector that investors are keenly watching," Botes said. 

Gold has also responded favourably to the Fed's announcement, with prices climbing to $4,056 per ounce, while the dollar faced pressures in the aftermath.

On the European front, today promises a busy economic data calendar. Key indicators such as gross domestic product (GDP), employment rates, and consumer and business confidence readings for the European Union are all set to be released, which could further influence market movements.

The local financial landscape remains stable, with the South African rand benefitting from a weaker dollar, currently trading at R16.66 against the US dollar, R19.08/€ against the euro, and R22.24/£ against the pound. As the day progresses, traders will be paying close attention to local figures, particularly the Producer Price Index (PPI), as well as US personal consumption expenditures (PCE) and initial jobless claims, given the likelihood of increased volatility due to the influx of data.

As uncertainties loom over geopolitical issues and market trends, Botes emphasised the importance of strategic investment choices in navigating these turbulent waters.

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BUSINESS REPORT 

Every July, Savings Month encourages South Africans to think about putting more money away for the future. And that’s important. But this year, let’s talk about something that doesn’t get nearly enough attention: the money you’ve already saved, and the very real danger of spending it before you need it most.

If you’re a member of a retirement fund at your employer, chances are you’ve heard about the two-pot retirement system. Since September 2024, your retirement contributions have been split into two buckets: a retirement component (which you can’t touch until you retire) and a savings component (which you can access, once a year, in amounts of at least R2,000). It was designed as a safety net for genuine financial emergencies and for many people, that’s exactly what it has been.

But here’s where we need to have an honest conversation.

The Savings Pot was never meant to be a Spending Pot

The fact that you can access your savings component doesn’t mean you should. Think of it less like a savings account and more like a fire extinguisher - there for emergencies, not for everyday use.

The problem is that life throws a lot of things at us that feel like emergencies but aren’t quite. A holiday that’s overdue. A car upgrade. School fees you didn’t budget for. While all of these are real, dipping into your retirement savings to cover them is a bit like using the fire extinguisher to cool down your coffee. It works. But now you don’t have it when you really need it.

Let’s talk real numbers

Here’s where it gets important, and we want you to really sit with this.

Imagine you have 15 years until retirement, and you withdraw R50,000 from your savings component today. Maybe it feels manageable, R50,000 is R50,000, after all.

But that R50,000, left inside your retirement fund and growing at a reasonable average return of 10% per year, would be worth approximately R209,000 by the time you retire. You’re not just spending R50,000. You’re spending R209,000 of your future self’s money.

And that’s only part of the story.

The double hit at retirement

This is the part that catches most people off guard, and it matters enormously.

When you retire, you’re allowed to take a portion of your retirement savings as a cash lump sum. Many people count on this, whether to pay off the bond, clear a car loan, or handle a big expense right at the point they stop earning a salary. It’s a moment of real financial relief, and a lot of retirement plans are built around it.

Here’s the thing: your savings component is that lump sum. When you withdraw from it before retirement, you’re not just reducing your monthly pension income. You’re spending the cash you were planning to have in hand on the day you retire.

So that R50,000 you needed today? At retirement, it would have become R209,000 - sitting there, ready to clear a chunk of your debt and give you a clean financial start to your retirement years. Instead, it’s gone. And your future self is left to manage without it.

Sometimes you have no choice, and that’s okay

Let’s be clear, sometimes life genuinely leaves you with no other option. A job loss, a medical emergency, a family crisis, these are real, and the savings component exists precisely for moments like these. There is no shame in using it when it’s truly necessary.

But before you make that call, it’s worth pausing to ask yourself a few honest questions. Have you looked at cutting back on expenses, even temporarily? Could a short-term personal loan bridge the gap, one you could repay over a few months without touching your retirement savings? Is there support available from family, your employer, or a community fund? And have you spoken to a financial adviser who can help you see the full picture?

The savings component should be the last door you open, not the first.

Savings Month is also about keeping what you have

We tend to think of saving as something you do, whether it is a deposit, a debit order, a decision to put money away. But saving is also about the decisions you make that are don’ts. The withdrawal you hold off on. The temptation you resist.

This Savings Month, before you think about what more you can put in, take a moment to think about what you already have and what it could be worth if you leave it alone to do its work.

Sometimes the most powerful financial decision you’ll make is the one you decide not to make.

If you’re unsure about your two-pot savings component or want to understand your options better, speak to your HR department or a registered financial adviser.

* Giles is the head of strategy at Prescient Fund Services.

PERSONAL FINANCE

Before the Pension Funds Adjudicator, a dispute over an R8.3 million pension fund death benefit has highlighted the complexities of recognising permanent life partnerships under South African pension law and the wide discretion afforded to pension fund trustees when distributing death benefits.

The matter arose after a member of the Corporate Selection Umbrella Retirement Fund died in May 2024, leaving a death benefit of R8 330 764.70. What followed was a bitter dispute between the deceased's sister and a woman identified only as "M", whom the fund recognised as his permanent life partner.

At the heart of the case was whether "M" qualified as a legal dependant under section 37C of the Pension Funds Act, and whether the trustees had fairly exercised their discretion when allocating the benefit.

Allocation challenged

The fund allocated the death benefit as follows:

• 45% to the deceased's sister;

• 45% to "M";

• 5% to the deceased's niece; and

• 5% to his nephew.

The deceased's sister, together with her two children, challenged the allocation. They argued that the deceased had nominated his sister as the sole beneficiary of the pension benefit in 2005 and maintained that "M" did not qualify as a permanent life partner.

The complainants also alleged that the trustees had failed to provide adequate reasons for their decision, had not disclosed all the evidence relied upon, and had failed to properly evaluate conflicting versions presented during the investigation.

According to the complainants, "M" was merely a friend or colleague of the deceased rather than his romantic partner.

Among their arguments were:

• The deceased maintained his own residence and there was no shared household.

• There were no joint bank accounts, shared expenses or evidence of financial interdependence.

• The deceased never referred to "M" as his spouse or partner, did not nominate her as a beneficiary and made no provision for her in his will.

They further argued that WhatsApp conversations between the pair demonstrated communication but not an intimate relationship, while claiming that "M's" version was unsupported by independent evidence.

Fund presents a different picture

The retirement fund presented a markedly different account of the relationship.

It submitted that the deceased and "M" had been involved in a relationship for approximately 20 years and had lived together in the deceased's Sandton home from July 2023 until his death. Before that, the couple allegedly alternated between his residence and "M's" home in Rivonia.

Witnesses described them as living together in a committed romantic relationship.

The fund also submitted that the deceased had assumed a paternal role towards "M's" son and provided ongoing financial support averaging about R15 000 a month.

According to the evidence before the trustees, the deceased paid for groceries, domestic services, veterinary expenses, Netflix subscriptions, fibre internet and holidays. He also allegedly covered expenses for both "M's" son and her mother.

The fund further pointed to evidence that the deceased's employer referred to "M" as his life partner, while the Rabbi who officiated at his funeral did the same.

Sister also financially supported

Although the deceased had nominated his sister as the sole beneficiary in 2005, the fund noted that this nomination was not decisive under section 37C of the Pension Funds Act.

The sister was also the executrix and sole heir of the deceased's estate, valued at approximately R5.8 million.

The fund accepted that she was financially dependent on her brother. It found that he had contributed about R12 000 per month towards her groceries and medication and had also paid for her children's vehicles, holidays and other expenses.

However, the trustees noted that the sister had also benefited substantially from the deceased's estate, the sale of the family home and risk policy proceeds.

While recognising her as a factual dependant, the fund concluded that "M" qualified as a legal dependant because the definition of "spouse" in pension legislation extends to permanent life partners.

Procedural fairness questioned

The complainants also attacked the process followed by the trustees.

They argued that the fund had breached the constitutional principle of audi alteram partem — the right of affected parties to be heard.

According to the complaint, important evidence relied upon by the trustees, including allegations relating to property ownership and financial support, had never been disclosed to them.

They further argued that affidavits from neutral witnesses were overlooked while greater weight was given to statements from "M's" family members.

The complainants also questioned why the preliminary allocation, which initially awarded "M" 65% of the benefit, was later reduced to 45%, with the niece and nephew each receiving 5%.

They argued that the trustees failed to adequately explain this revised allocation and instead attempted to justify the decision after the fact.

'Relationship spanned 25 years'

"M" rejected the allegations against her.

She maintained that she and the deceased had shared a relationship spanning approximately 25 years, characterised by mutual support, shared living arrangements and joint retirement planning.

She also claimed that she had made personal sacrifices during the relationship, including changing jobs at the deceased's request, and denied that her claim was motivated by financial gain.

Instead, she insisted that she satisfied all the requirements of a permanent life partner under South African law.

Adjudicator considers section 37C

In determining the dispute, Pension Funds Adjudicator Lebogang Mogashoa considered whether the trustees had properly exercised their discretion under section 37C of the Pension Funds Act and whether the allocation was equitable.

The adjudicator distinguished between the various categories of dependants.

"M" was regarded as a legal dependant as the deceased's permanent life partner.

The sister was recognised as a factual dependant and the nominated beneficiary.

The niece and nephew were treated as ad hoc dependants because they had received occasional financial support from the deceased.

The adjudicator reiterated that the deceased's 2005 beneficiary nomination remained relevant but was not binding.

Section 37C requires trustees to distribute death benefits equitably among dependants regardless of the contents of a nomination form or a will.

Cohabitation not decisive

One of the central issues was whether "M" could qualify as a permanent life partner despite allegations that she and the deceased had maintained separate residences.

The adjudicator rejected the complainants' argument.

"The complainants contend that 'M' cannot be recognised as the deceased's permanent life partner, relying principally on the fact that the parties maintained separate residences," he said.

"This argument is misplaced. Cohabitation, while relevant, is not decisive.

"Our law recognises that many marriages, unions, and permanent life partnerships in South Africa do not involve continuous co-residence, often due to economic, employment, or personal circumstances. Such arrangements do not, without more, negate the existence of a permanent life partnership.

"What is required is proof of a permanent conjugal relationship, coupled with steps evidencing an intention to share their lives together. Such steps may include plans to formalise the relationship through marriage or civil union," he said.

The adjudicator further noted that Constitutional Court jurisprudence requires decision-makers to consider numerous factors when assessing whether a permanent life partnership exists.

These include the duration of the relationship, shared living arrangements, financial support, the perception of family and friends, pension and related benefits, and whether the couple publicly presented themselves as partners.

No single factor is decisive.

"The law thus rejects rigid or formalistic requirements. Continuous cohabitation is not essential, nor is the existence of joint financial accounts. Financial dependency may be established through indirect forms of support. The inquiry is fact-specific and must be resolved on the probabilities," he said.

Trustees' decision upheld

The adjudicator found that the evidence before the trustees was sharply divided.

On the one hand, the complainants relied on the absence of joint financial accounts, separate residences and statements from acquaintances denying any romantic relationship.

On the other, the trustees had considered evidence that included a relationship spanning two decades, periods of cohabitation, affidavits from colleagues, domestic workers and family members describing a committed relationship, evidence of ongoing financial support, shared holidays and long-term plans consistent with a spousal relationship.

Faced with these competing versions, the trustees were required to assess the credibility of the evidence and determine where the probabilities lay.

The adjudicator concluded that the trustees' finding that "M" qualified as a permanent life partner was supported by multiple corroborating sources rather than a single unsubstantiated allegation.

He further found that the trustees had properly investigated the matter, considered the competing submissions and exercised their discretion within the framework of section 37C.

The complaint was dismissed, and the fund's allocation of the R8.3 million death benefit was upheld.

PERSONAL FINANCE

South Africa has made measurable progress in Broad-Based Black Economic Empowerment (B-BBEE) compliance over the past decade, although transformation efforts have slowed since the Covid-19 pandemic, according to a new report released by the BBEE Commission.

The Transformation Landscape Report, released on Wednesday in collaboration with the Competition Commission of South Africa, the Presidential B-BBEE Advisory Council, the Department of Trade, Industry and Competition (dtic), and the South African National Accreditation System (SANAS), analysed a decade of B-BBEE scorecard data between 2013 and 2023.

The Commission said the research was conducted as part of its mandate to monitor and improve understanding of economic transformation in South Africa.

The report draws on B-BBEE scorecards and compliance reports submitted by both public and private sector entities required to report under the Broad-Based Black Economic Empowerment Act.

B-BBEE Commissioner Tshediso Matona said the report provides valuable insights into the country's transformation journey.

“By analysing 10 years of Scorecard performance, this report offers important insights into the gains achieved, areas of stagnation, and opportunities for accelerated transformation,” Matona said.

“It also contributes to a growing body of evidence needed to strengthen policy, improve implementation, and advance a more inclusive economy.”

According to the report, the number of entities assessed for compliance has increased steadily over the past decade, providing a broader evidence base for measuring transformation.

While overall compliance improved significantly between 2013 and 2023, the Commission noted that there was a slight decline between 2020 and 2023, suggesting the Covid-19 pandemic disrupted transformation efforts.

The report found that Exempted Micro Enterprises (EMEs) continued to record the highest compliance levels because they automatically qualify as Level 4 B-BBEE contributors under the legislation.

Among the key scorecard elements, ownership recorded the strongest gains over the decade.

Average ownership scores increased from 12.4 points, or 50% of the available points, in 2013 to 19.2 points (77%) in 2018 before rising further to 21.4 points (86%) by 2023.

Enterprise and Supplier Development also showed significant improvement, increasing from just 19% of available points in 2013 to 66% in 2023, reflecting stronger efforts by businesses to transform their supply chains.

Skills Development similarly improved substantially, rising from 17% of available points in 2013 to more than 60% in both 2018 and 2023, indicating sustained investment in developing black talent.

Socio-Economic Development continued to outperform its target throughout the period, reaching 135% of its target in 2023.

However, the report also highlighted several areas where transformation has stalled.

Management Control improved between 2013 and 2018 but showed little progress thereafter, reaching only 54% of available points by 2023.

Transformation at board and executive management level remains particularly slow, with little improvement over the ten-year period.

The Commission also found that although black women ownership exceeded the minimum target of 10%, it remained relatively modest at 13.6% in 2023.

In addition, black shareholders' economic interest continued to exceed their voting rights, suggesting that while ownership has increased, decision-making power has not always shifted proportionately.

The report identified significant differences in transformation performance across economic sectors.

Agriculture, Property and Financial Services were among the weakest-performing sectors, recording some of the highest non-compliance rates in 2023.

According to the report, non-compliance stood at 50% in Agriculture, 67% in Property, and 62% in Financial Services.

Management Control and Skills Development were identified as common areas of underperformance across most sectors of the economy.

Matona said the findings demonstrate that while meaningful progress has been achieved over the past decade, more work remains to ensure that transformation reaches all sectors of the economy.

"This report confirms that South Africa has made measurable progress in implementing B-BBEE over the past decade, while also reminding us that transformation is an ongoing national project," he said.

BUSINESS REPORT

The cost of feeding a household increased again in July, with civil society organisations warning that rising food prices, stagnant social grants and high unemployment are worsening food insecurity across South Africa.

The latest Household Affordability Index released by the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) on Wednesday showed that the average Household Food Basket increased to R5,530.52 in July.

The index found that the basket rose by R28.11 month-on-month and R87.81 compared with the same month last year, highlighting the continued pressure on low-income households despite relatively subdued headline inflation.

Mervyn Abrahams, director of the PMBEJD, said a number of essential food items recorded notable price increases during the month.

“Foods in the basket which increased in price in July 2023 by 5% or more included apples. Foods in the basket which increased in price in July 2023 by 2% or more include: maize meal, cooking oil, salt, potatoes, frozen chicken portions, stock cubes, eggs, wors, beef tripe, tomatoes, butternut, cabbage, cremora, tinned pilchards, peanut butter, and polony,” he said.

Some relief came from lower prices for a handful of products.

Abrahams said that foods in the basket which decreased in price in July by 5% or more includeed carrots while or more include: cake flour, samp, onions, soup, tea, beef liver, fish, spinach, green pepper, baked beans, bananas, oranges, and margarine.”

Abrahams said that food baskets increased in price in: Joburg (R50.07), Cape Town (R69.26), Springbok (R164.70), and Mtubatuba (R129.49). Food baskets decreased in Durban (-R40.31), Pietermaritzburg (-R2.56), and Mthatha (-R74.15).

The report comes after Statistics South Africa's latest Consumer Price Index showed headline inflation at 5.0%, while food and non-alcoholic beverages inflation measured 0.4% month-on-month and 1.6% year-on-year.

Abrahams said the affordability crisis cannot be understood without considering the number of people who depend on a single income.

“For Black South African workers, one wage typically must support 4 people. The maximum wage of R5,562.32 when disbursed in a family of four persons is R1,390.58.”

“This is below the National Upper-Bound Poverty Line of R2,846 per capita per month, and below the National Lower-Bound Poverty Line of R1,415 per capita per month.”

Siyanda Baduza, a researcher with the Basic Income Project at the Institute for Economic Justice (IEJ), said the latest increase placed additional strain on poor households.

“The average basket has now increased by over R20 in just a month and over R150 since last year. Meanwhile, the largest grant, the Child Support Grant, is only up by R20 since last year, and the SRD remains at a tiny R370, with its last increase in 2024,” he said.

Aliya Chikte, project officer at the Alternative Information and Development Centre (AIDC), said the cost of a basic nutritional food basket had reached R962 per person per month, while the Social Relief of Distress (SRD) grant remained unchanged at R370.

“The SRD grant remains fixed at just R370, covering a mere 38% of what an individual needs to meet even their most fundamental dietary requirements,” she said.

She argued that the continued exclusion of eligible beneficiaries from receiving the grant, combined with high unemployment and deepening poverty, was exacerbating hunger across the country.

Evashnee Naidu, KwaZulu-Natal regional manager of Black Sash, said many of the products recording price increases were staple foods relied on by most households.

“As the cost of food continues to increase and the instability of fuel prices seems to be an ongoing concern, it seems likely that food and fuel prices will be impacted this year,” Naidu said.

She warned that the rising cost of living was eroding the value of social grant increases introduced earlier this year and called on government to introduce measures to address food insecurity when it presents the Medium-Term Budget Policy Statement in October.

“Food insecurity is growing in South Africa and the government needs to ensure measures are in place to mitigate the impact of this.”

BUSINESS REPORT

Severe weather events have pushed insured crop losses above R1 billion during the 2025/26 farming season, underscoring the growing financial impact of climate change on South Africa's agricultural sector, according to insurer Santam.

The insurer said farmers are increasingly contending with a combination of destructive weather events, including hail, strong winds, heavy rainfall, flooding and unseasonal conditions, making climate risk a constant operational challenge rather than a seasonal concern.

Hanjo Fourie, business head for underwriting of agri crop at Santam Specialist Solutions, said the nature of agricultural risk has changed significantly in recent years.

“During the 2025/26 season alone, Santam recorded insured crop losses exceeding R1bn, reflecting one of the most active claims environments in over a decade,” Fourie said.

“In the previous season, hail-related claims alone reached approximately R170 million, illustrating the continued severity of individual events within a broader pattern of increasing climate volatility.”

Fourie added that for farmers, these events are not isolated disruptions.

“They form part of a changing risk landscape where historical weather patterns are no longer reliable predictors of future outcomes. The system is becoming more volatile, not only in intensity but in timing and overlap. As a result, climate risk is no longer a seasonal consideration; it is now embedded in day-to-day operational and financial decision-making.”

Fourie said that the impact of these events extends beyond direct crop losses.

“Damage to infrastructure such as irrigation systems, netting, packhouses, and access roads can disrupt production cycles and delay harvesting and distribution. In high-value horticultural sectors, even minor cosmetic damage from hail or wind can downgrade produce, reducing market value, export revenues, and profitability. These disruptions ripple throughout the agricultural value chain.”

Fourie added that reduced volumes can leave packhouses operating below capacity, affecting employment and efficiency.

“At the same time, damaged infrastructure and logistical bottlenecks place additional strain on already pressured supply chains. Over time, this contributes to increased price volatility and broader food security concerns, particularly for lower-income households. While regions such as the Highveld and Eastern Free State have traditionally been associated with hail risk, recent weather patterns suggest that risk is becoming less predictable and more geographically dispersed.”

Fourie said that areas not typically considered high-risk are experiencing more frequent severe weather events, while established hotspots are seeing changes in intensity and timing.

“At the same time, there is growing evidence that climate variability is affecting the timing of key agricultural seasons. Farmers are increasingly experiencing extreme weather events outside of traditional windows, with potentially severe consequences for crops at critical growth stages. For example, maize remains highly vulnerable during flowering and pollination, when a single storm can significantly reduce yields or cause complete crop failure.”

Fourie added that in response to these challenges, farmers are adapting their operations in several ways.

“Many are investing in improved water management systems, protective infrastructure such as hail nets, and precision agriculture technologies that allow for more responsive decision-making. Rising input prices, infrastructure investments, and the need for ongoing technological upgrades are placing increasing financial pressure on farming operations,” he said.

“When combined with repeated weather-related losses, this can significantly constrain cash flow and limit the ability to reinvest in future production.”

Fourie said that beyond providing financial protection after an event, it enables farmers to recover, maintain production continuity, and access financing.

“By transferring a portion of the risk to a broader pool, insurance helps stabilise the agricultural system and supports long-term sustainability. Despite its value, there are still misconceptions around agricultural insurance.

Fourie added that in reality, many delays in claims settlement are due to incomplete documentation, late reporting, or deviations from agreed production practices.

“Working closely with brokers and maintaining accurate records, for example, can significantly improve outcomes. As climate volatility intensifies, the role of risk management in agriculture will continue to evolve,” he said.

“Farmers are no longer optimising for stable, predictable seasons, but rather building systems that can withstand repeated disruption. This requires a combination of operational adaptation, technological investment, and financial resilience.”

Fourie concluded that insurance will increasingly form part of this broader resilience strategy - not as a standalone solution, but as an enabler of recovery and continued investment.

BUSINESS REPORT

South African motorists could see marginal relief at the pumps In August, but businesses and consumers are likely to feel the impact of significantly higher diesel prices as global oil market volatility continues to influence local fuel costs.

According to Frank Blackmore, Lead Economist at KPMG South Africa, the latest Central Energy Fund over recovery and under recovery data indicated that petrol prices are expected to decrease slightly, while diesel and illuminating paraffin are on track for substantial increases.

"Based on the current Central Energy Fund numbers for the over under recovery on fuel prices, petrol prices seem to be going down by between R0.20 and R0.26," Blackmore said.

He added that the outlook for diesel painted a very different picture.

"We could see an increase in diesel from around R1.27 to about R1.50 in August, and illuminating paraffin is also up by over a Rand."

Blackmore cautioned that the figures remain provisional, with the final calculations to be completed and the Department of Mineral and Petroleum Resources announces the official adjustments.

"There can be some small changes in terms of those numbers. However, it looks as if diesel will go up by over a Rand while petrol might come down slightly," he said.

While motorists using petrol powered vehicles may welcome the expected reduction, Blackmore warned that the sharp increase in diesel prices would have broader consequences for the economy.

South Africa's freight transport sector has become increasingly reliant on road transport as challenges within the country's rail network persist.

With heavy duty trucks and commercial vehicles predominantly using diesel, higher fuel costs are expected to filter through the supply chain.

"That's an overall negative because with the non functioning rail system, we need to move a lot more freight on the road, and that often uses diesel," Blackmore said.

He added that rising diesel prices were likely to place additional pressure on inflation.

"Therefore, we can expect this price to lead to higher inflation in terms of transport costs."

Debt Rescue CEO Neil Roets said the broader concern extends well beyond the fuel price adjustment itself, with many households already struggling to cope with rising living costs.

"The most important issue for consumers is not the fuel price adjustment in isolation, but the broader pressure already weighing on household budgets. Whether fuel prices increase or petrol motorists receive limited relief, many South Africans remain financially stretched and have very little capacity to absorb further increases in essential living costs," Roets said.

Roets said the diesel increase was particularly concerning because of its widespread impact across the economy.

"From a consumer debt perspective, a sharp diesel increase is particularly concerning because diesel is embedded in the cost of transporting food, operating public transport, supporting agriculture and delivering essential goods. Even consumers who do not drive diesel vehicles may therefore feel the impact through grocery prices, transport fares, delivery charges and everyday services."

He warned that households experience these rising costs simultaneously rather than individually.

"These increases may appear separately, but households experience them collectively within the same monthly budget."

Roets said Debt Rescue was seeing increasing signs of financial distress among consumers.

"In our work with financially distressed households, the warning signs extend beyond missed debt repayments. They include using credit for groceries, postponing municipal or insurance payments, moving money between accounts to cover debit orders and relying on short term loans before payday. These are signs that essential living costs are beginning to exceed available income."

While the South African Reserve Bank's decision to leave the repo rate unchanged at 7% had prevented another increase in debt repayments, Roets said it had done little to ease financial pressure.

"The South African Reserve Bank's decision to keep the repo rate unchanged at 7% prevents another immediate increase in variable debt repayments, but it does not reverse the pressure facing households."

He added that although the Slate Levy could potentially allow for a larger petrol price reduction if significantly reduced, consumers should not rely on that possibility until the final adjustment is announced.

"The real concern is cumulative affordability erosion. When food, transport, electricity and debt costs remain elevated, households are forced to stretch limited income across essential living expenses. Regardless of the final fuel price adjustment, consumers remain under significant financial pressure, and even limited additional costs can make an already difficult monthly budget harder to manage."

Higher transport costs typically filter through the economy by increasing the cost of moving food, agricultural products, manufactured goods and retail stock. Economists said these additional expenses are often passed on to consumers, adding further pressure to already constrained household budgets.

Although the expected petrol price reduction will offer limited relief to motorists, the anticipated diesel increase is expected to have a far greater impact on inflation, business costs and the cost of living in the months ahead.

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BUSINESS REPORT 

Shaftesbury Capital’s London, West End portfolio delivered a strong return of 5% for the six months to June 30 after the property valuation increased 3.4% to £5.6 billion supported by a 3.8% increase in ERV (estimated rental value) to £281 million.

“Despite broader market uncertainty, our West End portfolio continues to deliver high footfall, customer sales growth, high occupancy and a strong pipeline. We have significant growth potential and, supported by our strong balance sheet, are well-positioned to pursue expansion and capitalise on opportunities,” said the chief executive Ian Hawksworth in a statement.

First half underlying earnings were up 8% to 2.4 pence per share, and the interim dividend increased by 16% to 2.2 pence per share.

The portfolio stretches across Covent Garden, Carnaby|Soho and Chinatown and welcomes an annual footfall of about 150 million. Some 70% of footfall is driven by domestic visitors, with Londoners accounting for around 40% and visitors from elsewhere in the UK a further 30%. International visitors contribute the remaining 30%.

Hawksworth said 226 leasing transactions were completed, which is 18% ahead of previous passing rents and 5% ahead of December 2025.

Occupancy was high at only 2.6% of ERV available to let, with strong footfall and customer sales growth.

“Our growth prospects are underpinned by strong fundamentals. The West End market is characterised by consistently high occupancy and scarcity value. With limited new supply and consistently high demand for well-located space, the fundamentals of the West End market are supportive of sustainable long-term rental growth,” said Hawksworth.

Investment activity continued through £31.2m of capital expenditure and the acquisition and disposal of non-core assets for £64.7m, broadly in line with valuation.

In June 2026, the Covent Garden partnership entered into a new £300m unsecured revolving credit facility on attractive terms with a five-year maturity and two one-year extension options.

Spend, basket sizes and overall trading productivity continued to improve through the six months, supported by more frequent and longer visits reflecting the strength of engagement across our destinations.

“This is evidenced by existing customers continuing to expand and secure larger or additional space across the portfolio. Rents across our portfolio remain affordable, with average retail and food and beverage rents of £117 per square foot providing capacity for sustainable rental growth,” the group said.

Carnaby Street and Kingly Court were being enhanced through a series of cultural installations and targeted public realm improvements. Recent proposals include year-round alfresco dining, upgraded entrances, and enhanced streetscaping, lighting, seating and wayfinding.

These enhancements aim to strengthen connectivity with Carnaby Street, improve visibility and the customer experience, and future-proof this destination while preserving its distinctive character, supporting higher dwell times, stronger trading performance and long-term rental growth.

Improvements to the Henrietta Street public realm in Covent Garden were well advanced and were expected to be completed by the end of the year. The works include widening the footway, clearer pedestrian routes and sightlines, upgrading surfacing and public lighting, alongside enhanced al fresco dining through the introduction of awnings and greening.

BUSINESS REPORT

South Africa's bond market has regained some stability following the South African Reserve Bank's decision to leave interest rates unchanged, although renewed geopolitical tensions in the Middle East and the United States Federal Reserve's policy decision continue to weigh on investor sentiment.

Investec chief economist Annabel Bishop said South African bond yields experienced significant volatility during July after escalating conflict in the Middle East prompted investors to retreat from emerging market assets.

"South Africa's bond yields have risen this month, jumping on the worsening of the Middle East crisis mid month, with the ten year benchmark bond yield rising from 8.32% at the start of the second week of July to 8.93%," Bishop said.

She noted that market conditions improved after last week's Monetary Policy Committee (MPC) decision.

"The unchanged MPC interest rate stance then aided yields lower at the end of last week, to 8.66%, with momentum towards 8.50%, although there has been marked volatility this year, and the yield dipped below 8.00% before the Middle East war."

According to Bishop, the Reserve Bank's measured approach has strengthened investor confidence.

"The dovish tone of the July MPC statement has improved investor sentiment, with the Governor also underscoring at the start of the month that 'the past two years have brought a significant re rating of South Africa'."

She added that South Africa's improving fiscal position has also enhanced confidence among investors.

"We have had credit ratings upgrades, also exited the FATF greylist. On the fiscal side, we have gone from being a problem child to being a rare example of a country where sovereign debt is expected to stabilise in the current year."

Bishop said inflation is expected to remain relatively contained despite recent volatility in global energy markets.

"With essentially no change in the fuel price likely in August, little pressure is expected on near term inflation."

She added that although consumer inflation reached 5.0% year on year in June, it was unlikely to accelerate further in July because of lower fuel and electricity costs.

"July could see a dip in CPI inflation below 5.0% year on year as the petrol price rose a year ago, versus the drop this month."

However, international developments continue to pose risks to local markets.

Bishop said foreign investors have reduced their exposure to South African government bonds following the renewed conflict in the Middle East.

"The recent escalation in the conflict in the Middle East triggered a bond sell off again from foreign holdings, with foreigners selling R19.8 billion since the 17th of the month, in contrast to the year to 17 July of R54.3 billion in net foreign purchases of South African debt."

She also highlighted warnings from international institutions about the economic consequences of prolonged geopolitical instability.

"The conflict in the Middle East is expected to slow global growth to the lowest rate since the onset of the Covid 19 pandemic amid higher energy prices, steeper inflation, and increased borrowing costs," the World Bank warned.

The International Monetary Fund has also cautioned that "elevated public debt in several major economies leaves sovereign markets exposed to a reassessment of fiscal sustainability, especially if other adverse shocks materialise in tandem."

Meanwhile, Bianca Botes, Managing Director at Citadel Global, said markets were once again being unsettled by developments in the Middle East after Iran reportedly launched fresh attacks on the United States overnight.

"In what seems to be déjà vu, Iran fired at the United States overnight, bringing the new ceasefire agreement into jeopardy," Botes said.

She noted that United States markets delivered mixed performances, with the S&P 500 ending modestly higher, the Nasdaq declining by nearly 1%, and the Dow Jones Industrial Average reaching fresh record highs.

Asian markets also came under pressure, led by the technology focused KOSPI index, while oil prices climbed by almost 4% to around $85 per barrel as investors reacted to renewed geopolitical uncertainty.

"It is D Day for the Federal Reserve interest rate announcement, which will be closely watched." Botes said.

The rand remained relatively stable despite the heightened uncertainty, trading at R16.74 against the US dollar, R19.08 against the euro and R22.26 against the British pound during Wednesday. 

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BUSINESS REPORT 

Growing up in the rural Boland community near Simondium, Edward Adonis never imagined that one day he would help defend one of South Africa's largest retail technology environments against cyber threats.

Today, the 48 year old serves as a Systems Vulnerability Engineer within the Shoprite Group's technology division, S Tech, but his journey began in a very different environment, inside the walls of Drakenstein Correctional Services.

Before entering the world of cyber security and cloud technologies, Adonis worked as both a correctional officer and later a computer educator for juvenile offenders, experiences that would unexpectedly prepare him for a career in technology.

Raised in a community where opportunities were limited, Adonis credits his father, who worked as a warder in Wellington, with broadening his horizons from an early age.

"He used to take us to Cape Town on weekends. I always knew there was more to life than our small community," Adonis said.

After completing matric, he worked at a canned food factory while pursuing another passion as a provincial long distance runner. It was through athletics that an unexpected opportunity presented itself.

"One day, I heard that correctional services were recruiting sportsmen. I realised this opportunity could send my career in a different direction, so I seized it," he said.

Although he welcomed the challenge, working in a prison environment was demanding.

"I had to control dangerous people," he recalled.

Another defining moment came during a visit to his former running coach, where he encountered a personal computer for the first time.

"I was very intrigued because it was the first time I actually saw a computer in someone's house."

His coach encouraged him to study information technology, advice that changed the course of his career.

Determined to own a computer, Adonis sold his Golf Mk1 and financed the remainder of the purchase price to buy his first desktop computer.

While working at the correctional facility, he became the unofficial information technology specialist, repairing and assembling computers. When the prison's computer educator went on leave, he volunteered to fill the role despite having no teaching experience.

"I had no idea how to teach," he said. "But I said yes."

Teaching young offenders revealed the powerful impact education could have on people's lives.

"I could see how the classes changed them. Knowing they could type a letter to their mother or family outside made them feel different. It changed something for them as humans," Adonis said.

After spending 14 years in correctional services, Adonis entered the private sector with Computacenter in Bellville. Beginning as a batch analyst, he steadily progressed through the business over the next 11 years before specialising in cyber security and ethical hacking.

"You must ask where the world is going and position yourself accordingly," he said.

Three years ago, he joined the Shoprite Group as a Systems Vulnerability Engineer, continuing to build his expertise in cloud security and emerging technologies with support from the retailer.

The Shoprite Group, which employs approximately 170 000 people and created more than 8 700 new jobs during its last financial year, invested around R1.1 billion in employee training and development in 2025, providing access to learning platforms such as Udemy and funding professional certification examinations.

The skills Adonis developed during his years in correctional services continue to serve him well in cyber security.

The ability to remain calm under pressure, stay alert and anticipate unexpected situations now helps him identify and respond to cyber risks across one of Africa's largest retail technology infrastructures.

Looking back on his journey, Adonis believes his greatest ambition extends beyond career success.

"I want to be a peaceful, happy person and positively impact others wherever I go," he said.

"I want to add value."

His story demonstrates how determination, continuous learning and a willingness to embrace change can open doors far beyond where a career first begins.

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BUSINESS REPORT 

South Africa's prolonged weak economic growth, continued high levels of unemployment, squeezed household budgets, and the escalating cost of living have transformed the way consumers buy groceries, a change that has become widespread across the retail sector and an entrenched feature across the SPAR store network where shopping trips have become more ‘ intentional ’. 

Put simply, our shoppers haven’t stopped spending; they have become far more focused on how they spend their hard-earned cash.

Today, shoppers are considering every item in their baskets, and their purchases reflect their efforts to balance their families’ needs with the rising cost of living.

The question, of course, is whether the observations across the SPAR network indicate trends emerging in the broader South African trade sector.

We believe that, as one of South Africa’s largest independent grocery retail networks, with an operating model that enables us to serve communities of all sizes and at all levels of economic activity, we have a unique perspective on how the nation’s economic pressures are reshaping consumer behaviour.

While these changes have primarily been driven by necessity, we believe that as long as overall economic conditions persist, these trends will endure. They could also become ingrained behaviours that persist for years to come and shape the future of the retail landscape.

A fundamental change we’re observing is a shift from the practice of monthly bulk-buying shopping trips to weekly shopping trips and other strategies that align with cash flow, reduce unnecessary purchases and minimise food waste. 

This shift in buying behaviour is complemented by planning, which has become one of the most effective ways to save money. More households are preparing weekly meal plans before heading to the store, building shopping lists around those meals, taking advantage of deals and promotions, and buying only what they need. Instead of making purchasing decisions in the aisle, many shoppers decide what they need before they leave home – and then stick to that list.

The keyword is ‘value’. Customers are comparing prices more carefully, looking beyond familiar brands and weighing up promotions, private label products, and multi-buy offers. In addition to price, shoppers are considering quality, nutrition, freshness, and versatility.

A product that lasts longer, reduces waste, or can be used across multiple meals offers greater value. 

The figures reinforce this trend. Recent research shows that 84% of shoppers actively seek special offers, while 83% regularly take advantage of promotions, sales and coupons. Loyalty programmes have also become increasingly influential, with many consumers choosing where to shop based on their ability to earn and redeem rewards that help stretch their budgets.

For SPAR, the message is clear. Consumer loyalty will increasingly be measured by how effectively retailers help their customers make smarter purchasing decisions through meaningful promotions, quality own-brand products such as our SPAR private label range, built on our promise of 'as good as the best for less', trusted fresh produce, transparent pricing and rewards that deliver tangible savings.

Convenience has also become closely linked to affordability. For many South Africans, the true cost of shopping extends beyond the price at the till. Fuel, public transport costs and the time required to travel to shopping centres all put pressure on those with constrained household budgets.

Community-based retail has therefore become increasingly relevant. Stores located closer to where people live make it easier for households to shop more frequently, buy only what they need, and avoid the financial strain of large, one-off grocery trips. In today's economic environment, convenience is no longer simply about saving time – it is also a way to save money.

Technology is accelerating this evolution. Shoppers are adopting digital grocery shopping through digital catalogues, personalised in-app offers, loyalty programmes, and delivery apps such as SPAR2U that provide greater visibility of prices and specials, enabling them to make more informed purchasing decisions and manage household budgets with greater confidence.

For retailers, one of the most valuable lessons from the past few years is that affordability and trust are now inseparable, given that consumers are more discerning than ever. Earning customer loyalty requires retailers to maintain consistent pricing and quality standards. Shoppers will frequent stores where they feel the owner is helping them make better decisions. The opportunity lies in meeting today’s astute customers' expectations by being reliable and transparent.

For retailers, achieving this requires recognising that changing buying behaviours mean a focus on making value easier to see and access for shoppers. The tools that will achieve this range from hyper-relevant promotions to high-quality own-brand ranges to practical meal and basket solutions.

The goal is no longer simply to sell more products; it is to help customers achieve more with their budgets.

National Savings Month is an important reminder that financial resilience is built through thousands of everyday decisions.

Increasingly, many of those decisions are made in grocery aisles, around family meal plans and at checkout counters. Retailers that understand these changing behaviours have an opportunity to do more than meet evolving customer needs.

They can play a meaningful role in helping South African households navigate economic uncertainty and make every rand count. And this is what SPAR stores across the country, in every community, aim to do each and every day. Beyond providing value, our independently owned stores remain deeply involved in the communities they serve, supporting local initiatives and helping strengthen the communities that support us.

Jerome Jacobs, Managing Director: Grocery and Liquor at The SPAR Group.

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BUSINESS REPORT 

Glencore’s mining assets performed in line with guidance in the six months to 30 June and copper, zinc, and nickel prices were broadly unchanged, while steelmaking coal prices increased.

The share price increased by 4.38% to R117.61 on the JSE Wednesday afternoon, a price that was also 57.3% higher than R74.69 a year ago.

“We are pleased to report a strong production performance for the first six months, where our key assets largely performed in line with expectations. Quarter on quarter, own-sourced production volumes were higher in zinc, nickel, gold, steelmaking coal, and energy coal,” CEO Gary Nagle said in a production report Wednesday.

He said full-year 2026 production guidance for copper, zinc, and nickel was unchanged, while the mid-points of energy and steelmaking coal guidance were up by 1 million tons and down by 1 million tons, respectively.

Own-sourced copper production of 397,000 tons for the first half was 53,100 tons or 15% above the first half of 2025. This reflected higher contributions across the portfolio, primarily due to increased mining rates and improved grades at African Copper (55,000 tons) and higher grades at Antamina (27,700 tons), partly offset by the planned closure of Mount Isa mine in July 2025.

Own-sourced cobalt production was 46% lower at 10,200 tons below the first half of 2025, primarily reflecting the DRC government's cobalt export quota regime, with operating activities requiring careful consideration of quota allocations, whereby focus was given to copper production.

Cobalt contained in mixed ore was increasingly being held in solution, rather than processed and dried into saleable cobalt hydroxides. This material would ultimately be processed and sold at a later date, as export regulations evolve.

Own-sourced zinc production was 21% lower at 365,600 tons, primarily reflecting Lady Loretta’s end of mine life in late 2025 (51,000 tons) and lower zinc grades at Antamina (39,200 tons), in line with its higher copper/lower zinc grade phasing. The decrease also reflected the disposal of Kidd mine in Canada on June 1, 2026.

Own-sourced nickel production of 35,800 tons was in line with the first half of 2025. Attributable chrome ore production of 1,647,000 tons was 4% lower.

Steelmaking coal production of 13.5 million tons was 14% lower, due to lower EVR (Elk Valley Resources) production in Canada, primarily reflecting lower throughput and yields, which are expected to normalise in the second half, somewhat offset by higher Australian volumes.

Energy coal production of 47.4 million tons was 0.9 million tons or 2% lower than the first half of 2025, primarily reflecting the impact of the voluntary production curtailment implemented at Cerrejón from the second quarter of 2025 in response to market conditions.

“Maintaining our original copper and zinc guidance, despite the completion of the Kidd mine sale on June 1, 2026, with its corresponding rest-of-year loss of approximately 20,000 tons and 11,000 tons of zinc and copper respectively, implies a like-for-like upgrade in the guidance mid-points for these two commodities,” said Nagle.

The group’s marketing segment was expected to report strong half-year adjusted earnings before interest and tax of £3.3 billion, he added.

BUSINESS REPORT

Access to finance remains one of the biggest hurdles facing South Africa's small and medium sized enterprises (SMEs), but businesses can significantly improve their chances of securing funding by strengthening their financial visibility and planning ahead.

According to Louise Roux, Product Head of SME Lending at FNB, many businesses struggle to obtain finance not because funding is unavailable, but because lenders do not have enough reliable financial information to assess their operations.

She said the lending landscape had become increasingly data driven, making it essential for businesses to maintain consistent financial records and banking activity.

"Lending has become increasingly data driven, making the quality and consistency of a business's financial footprint just as important as its funding need. Businesses that build this visibility are often able to access funding faster, secure solutions that are better suited to their needs, and create a stronger foundation for sustainable growth," Roux said.

Roux said business owners should treat funding readiness as an ongoing discipline rather than something to consider only when cash flow becomes constrained or a growth opportunity arises.

She encouraged businesses to keep financial information such as monthly sales, expenses, debt obligations and cash flow forecasts updated throughout the year.

"Funding readiness should be treated as a discipline, not a once off event. The easier it is for a lender to understand how the business makes money and manages its obligations, the easier it becomes to make an informed funding decision," she said.

Another key recommendation is separating personal and business finances. Roux said maintaining a dedicated business bank account creates a clearer picture of a company's financial position while simplifying tax administration, accounting and future funding applications.

She also highlighted the growing importance of building a visible and consistent financial footprint through everyday business activities.

Modern lenders increasingly rely on data generated through banking transactions, card payments, invoices, supplier payments, accounting records and online marketplace sales to assess the health of a business.

"A clear digital trail can be especially valuable for SMEs that don't own significant assets or have a lengthy credit history. Over time, consistent transactional behaviour can support faster credit decisions, pre approved offers and access to funding that does not require traditional collateral," Roux said.

She advised entrepreneurs to establish relationships with lenders before large amounts of capital are needed.

Successfully managing smaller credit facilities while maintaining healthy banking behaviour can help businesses qualify for larger funding facilities in future.

Roux added that business owners should also monitor their personal credit records, as these often influence lending decisions for small businesses.

Choosing the right funding product is equally important.

Rather than focusing only on obtaining finance as quickly as possible, businesses should ensure the funding matches the purpose for which it is needed.

Short term unsecured finance may be appropriate for working capital requirements, while asset backed finance is often better suited to purchasing vehicles, machinery or equipment.

"The goal should not simply be to access credit. It should be to access the right type of funding, at the right stage of the business, for the right purpose," Roux said.

She said businesses that prepared well before approaching lenders enjoyed greater flexibility and stronger decision making.

"A business that understands its numbers and plans ahead is less likely to accept unsuitable or expensive finance under pressure. It can approach funding from a position of clarity, compare its options properly and decide whether taking on debt will genuinely strengthen the business. That shift, from seeking money urgently to using funding strategically, can make the difference between simply staying afloat and building sustainable business growth," Roux said.

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BUSINESS REPORT 

South Africa's economic reform programme lost momentum for the first time since monitoring began, with setbacks in the energy sector outweighing progress in governance and visa reforms during the second quarter of 2026.

The latest Business Leadership South Africa (BLSA) Reform Tracker, compiled by research consultancy Krutham, showed the overall reform completion index slipped marginally to 71.5 during the April to June period from 71.7 in the previous quarter. Despite the decline, the index remains 26% above its March 2024 baseline.

The tracker monitors 247 reform deliverables across economic, governance and criminal justice categories, with more reforms declining than advancing for the first time since the index was introduced.

BLSA Chief Executive Busisiwe Mavuso said the latest results highlighted emerging challenges in the implementation of key reforms.

"This quarter is the first time we've seen more reforms lose ground than gain it," Mavuso said.

She pointed to growing setbacks in electricity reform, noting that challenges extended well beyond Eskom's unbundling process.

The electricity reform score declined from 69.1 to 67.5 during the quarter despite Eskom forecasting no load shedding this winter as improved plant reliability and lower demand created generation surpluses of more than 5GW.

However, the report found that aggressive curtailment of renewable independent power producers had created a compensation backlog of about R2 billion, while some producers experienced revenue shortfalls of around 9%.

Progress also slowed on virtual wheeling after the finalisation of electricity trading rules missed its April deadline, delaying broader participation by private electricity traders. Municipal debt owed to Eskom climbed above R114 billion, while the rollout of new transmission infrastructure also fell short of planned targets.

Freight logistics also recorded a slight decline, with the reform score easing to 68.8. The report noted encouraging progress after Transnet's Rail Infrastructure Manager signed rail access agreements with 11 newly qualified private train operating companies, expanding the network from one operator to 12 and creating the potential for an additional 24 million tonnes of freight annually.

However, broader reforms continued to face delays, including the National Rail Bill, while concerns remained over rolling stock availability.

The report found stronger progress in governance reforms, with that category improving from 54.4 to 55.1 during the quarter.

The implementation of the Public Service Amendment Act and the Public Administration Management Amendment Act, which transfer administrative powers from executive authorities to heads of department, recorded the strongest governance improvement during the period.

Visa reforms also advanced, supported by continued progress on the Electronic Travel Authorisation system, while infrastructure reforms benefited from further digitalisation of the Deeds Office.

Criminal justice reforms remained broadly stable following progress made after South Africa's removal from the Financial Action Task Force grey list. The introduction of the Extradition Bill into Parliament also contributed to modest improvements.

Despite these gains, BLSA warned that continued delays in energy and transport reforms risk undermining broader economic growth.

The organisation said it remained concerned that Transnet continued to oversee many of the processes intended to introduce competition into the freight rail sector while the Transport Economic Regulator was not yet operational.

It also highlighted delays in establishing an independent Transmission System Operator, warning that a competitive electricity market could not function effectively without it.

BLSA said implementing reforms successfully remained essential to improving South Africa's long term growth prospects.

"Efficiently functioning energy and transport and logistics markets, as well as water systems and municipalities that can deliver services, will provide a strong foundation from which the economy will be able to grow at meaningful rates. And that is what will enable the country to be in a much better position to address the many urgent areas of need, particularly the high unemployment rate," the organisation said.

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BUSINESS REPORT 

A consortium comprising US and Saudi investors has entered the final stage of selecting a Gulf host country for a planned $5 billion integrated refinery and energy export corridor, with a final decision expected before the end of 2026.

MERA Oil, a newly launched private consortium backed by Texas-based MWG Enterprises, Patel Family Office and PWS, an associate company of Saudi Arabia's AHQ Group, on Wednesday said it had narrowed its search to three Gulf Cooperation Council (GCC) locations outside the Strait of Hormuz after three years of evaluating potential sites across the region.

The consortium said discussions with the three shortlisted jurisdictions had advanced significantly over the past two years, although it remains open to considering another GCC location should it present a stronger proposal that meets its infrastructure, route resilience and development timetable requirements.

The project is centred on the construction of a 200,000-barrel-per-day integrated refinery linked to deepwater port infrastructure, large-scale crude and refined products storage facilities, and marine export terminals.

By locating the development outside the Strait of Hormuz, the consortium aims to establish an export platform with direct access to international shipping routes while reducing exposure to one of the world's most strategically sensitive maritime chokepoints.

The project also seeks to strengthen regional manufacturing, logistics, technical expertise and energy security through the establishment of a long-term industrial base.

Marc W. Gunderson, founder of MWG Enterprises, said the consortium had reached a critical stage in the process.

"Three years of evaluation across the region and two years of detailed engagement with three outstanding locations have brought us to a clear decision point. The sponsor partnership is assembled, the development concept and capital strategy are defined, and we are now choosing our host."

He said the jurisdiction that moved decisively in the coming months stood to secure "a major new downstream, storage and energy-export platform."

The first phase of the project, valued at up to $5bn, is designed as an energy-efficient refining complex incorporating advanced emissions-control systems. The consortium is also evaluating the future integration of sustainable aviation fuel co-processing and carbon management technologies.

According to the consortium, a pre-feasibility study covering refinery design, product mix, logistics, capital requirements and phased implementation has reached an advanced stage.

Once a host country is selected, the project is expected to proceed to final site due diligence and engineering design. Mechanical completion of the first phase is targeted for the end of 2029, followed by commissioning and the start of commercial operations.

The refinery is expected to produce high-specification middle distillates, including ultra-low sulphur diesel and jet fuel, aimed at selected import-dependent markets in the United States, the Atlantic Basin, the Gulf region and other international destinations, subject to final engineering specifications and offtake agreements.

The announcement comes as Gulf countries continue investing heavily in expanding downstream refining and export infrastructure to capture greater value from hydrocarbon production.

According to the GCC Statistical Centre, the six GCC member states exported approximately 11.5 million barrels of crude oil per day in 2024, accounting for about one-quarter of global crude oil exports.

AHQ Group CEO Abdulmalik Alqahtani said the project was intended to deliver long-term industrial benefits beyond refining operations.

"Expanding domestic value addition remains one of the Gulf's most important industrial opportunities," Alqahtani said.

"More than seven decades of industrial work across the Kingdom have taught us what a project of this kind should leave behind for its host: jobs, local suppliers, technical skill and industrial capacity that endures, in step with the region's national visions."

The development is expected to occupy between 1,200 and 1,500 acres of port-connected industrial land and is designed to support local sourcing, engineering services, workforce development and industrial capability in line with Gulf countries' In-Country Value programmes.

Based on preliminary estimates, the project is expected to create up to 3,000 direct jobs during construction, commissioning and operations, while generating a further 15,000 indirect and induced employment opportunities.

Lakshmi Narayanan, vice chair of Patel Family Office, said the consortium was engaging sovereign wealth funds and institutional investors to support the long-term financing of the project.

"This is multigenerational infrastructure, and it has to be structured to institutional standards from the outset: sound governance, a balanced capital structure built to hold for decades, and a transparent partnership with the host government."

The consortium said financing for the first phase is expected to combine sponsor equity, sovereign and institutional investment, international project finance, export-credit support and Shariah-compliant financing structures.

BUSINESS REPORT

A legal dispute between Ocean Ark Shipping, Astron Energy, and the South African Revenue Service (Sars) over the detention of a R400 million fuel-transportation vessel will see the Supreme Court of Appeal (SCA) determine Sars's appeal against a release order.

The MT Essien, which is owned Ocean Ark, is used in coastal transportation of fuel products in South Africa. Astron has alleged the detention of the vessel could affect fuel logistics, including the supply of jet fuel to Cape Town International Airport. Sars detained the vessel a year ago.

Tax SA, an independent tax practice, said Wednesday that the review court must also separately decide whether Sars' underlying customs decisions, including its deemed-importation, detention, seizure, and refusal-to-release decisions, were lawful.

The Western Cape High Court recently refused the applicants leave to appeal an earlier ruling that allows Sars to detain the vessel.

Shepstone & Wylie Attorneys said in an online report that the dispute raises important questions about the treatment of foreign-flagged vessels operating domestically, the scope of Sars' enforcement powers under the Act, and the extent to which constitutional principles may limit forfeiture remedies in high-value commercial contexts.

The law firm said the matter illustrates an increasingly assertive enforcement stance adopted by Sars in relation to customs compliance and the willingness of courts to require carefully calibrated security arrangements balancing public revenue interests against commercial prejudice.

The firm said operators, charterers, and financiers involved in maritime and energy logistics should carefully assess whether their operational structures could give rise to customs importation consequences, particularly where vessels remain engaged in local trade for extended periods.

The judgment handed down on July 6, 2026, means that the Singapore-flagged MT Essien will remain detained in South African waters, while Sars' appeal proceeds to the SCA.

Tax SA said the legal dispute remains far from over, nearly three years after the vessel first entered South African waters, and more than a year after Sars detained it.

The detained vessel is worth almost R400m; there is a R522m financial guarantee by Astron in respect of the value of the vessel and any Value-Added Tax (VAT), penalties, and interest claimed by Sars; and alleged tax liabilities come to about R124m.

In March 2025, approximately 18 months after the vessel entered South African waters, Sars detained the vessel and its cargo. Thereafter, Sars subsequently seized the vessel in June 2025. The dispute arose because no customs entry was made declaring the vessel for home consumption and no import VAT was paid.

Sars argued the vessel was deemed to have been imported. The revenue collector contended the amount at stake comprises about R94m in import VAT and a further R30m in penalties and interest. Shortly after, Sars detained the vessel and the fuel on board.

Ocean Ark and Astron instituted review proceedings in the Gauteng High Court challenging Sars' detention, seizure, deemed-importation, and refusal-to-release decisions.

Pending that review, they approached the Western Cape High Court for interim relief that the vessel be released against financial security instead of remaining physically detained.

On April 24, 2026, the Western Cape High Court granted that relief. The court ordered the release of the MT Essien against a Lombard Insurance guarantee of over R522m. 

Ocean Ark and Astron argued that Sars did not need to keep physical control of a vessel worth about R400m where it had been offered financial security covering both the value of the vessel and the alleged tax exposure.

Astron also alleged the continued detention was causing them commercial harm, costing about R1m per day, through ongoing charter costs and alternative shipping arrangements.

But before the vessel could be released as per the April 24 court ruling, Sars applied for leave to appeal the release order. Sars' application paused the release order.

Ocean Ark and Astron then brought an application under section 18(3) of the Superior Courts Act. That provision allows a court, in exceptional circumstances, to order that its judgment may still be enforced despite a pending appeal.

Although the court reaffirmed that the applicants would suffer “catastrophic financial losses”, the application failed because the loss was not enough to overcome the court’s concern that the vessel could “sail beyond the court’s reach”.

The court's view on this risk was strengthened by the fact that the MT Essien is a foreign-flagged vessel, and Astron’s time charter was nearing expiry.

The fate of the MT Essien now depends primarily on the SCA’s decision in Sars' appeal against the April release order, and ultimately on the Gauteng High Court review.

BUSINESS REPORT

The latest Business Partners Limited SME Confidence Index found that 9 in 10 South African small and medium enterprises (SMEs) have experienced operational pressure from recent fuel price increases, underscoring the short-term financial pressures facing the sector.

More broadly, the survey points to a growing number of businesses shifting their focus from expansion to short-term survival.

For business owners, this response is understandable. When costs rise unexpectedly, cash flow tightens, or sales come under pressure, the immediate priority is often to stabilise the business as quickly as possible.

While securing short-term finance is often critical and can provide much-needed relief, the urgency to resolve short-term financial challenges can sometimes lead SMEs to make funding decisions that inadvertently create bigger problems down the line.

While every business’s situation is different, there are three common funding mistakes SMEs should avoid:

• Using the wrong type of funding for the problem

Taking on longer-term debt to address a temporary cash flow gap may leave the business carrying unnecessary costs for years.

Before seeking finance, business owners should clearly identify whether the challenge relates to working capital, equipment, expansion, or a temporary cash flow shortfall.

Funding should support the specific need instead of simply providing access to additional cash.

The right funding structure can strengthen a business.

The wrong one can place further pressure on already strained finances. 

• Taking on debt before addressing underlying operational issues

Funding can provide breathing room, but it cannot fix an unsustainable business model.

When financial pressure emerges, many SMEs focus exclusively on raising additional capital without first examining the factors driving the problem.

Rising costs, declining margins, poor stock management, inefficient processes, delayed debtor payments or pricing issues can all create cash flow pressure that funding alone will not solve.

Additional funds may temporarily relieve the symptoms, but unless the root causes are addressed, businesses will find themselves facing the same challenge again a few months later – only with higher repayment obligations.

Before pursuing external funding, business owners should conduct an honest assessment of their operations and identify areas where efficiencies can be improved, costs can be better managed, or revenue collection can be strengthened.

This not only improves business performance but can also enhance the likelihood of securing funding on favourable terms.

• Waiting too long to seek funding

Ironically, one of the biggest mistakes SMEs make is delaying funding discussions until their options become limited.

Many business owners view funding as a last resort and only approach lenders once cash reserves have been depleted and the situation has become critical.

At that stage, the business may have fewer financing options available, and management teams are often required to make rushed decision-making under significant pressure.

The strongest funding applications are typically made when a business still has sufficient time to plan, assess different solutions and demonstrate a clear path forward.

Accessing finance should therefore form part of a broader resilience strategy rather than just an emergency response.

In an environment where fuel costs, inflationary pressures and broader economic uncertainty continue to affect SMEs, short-term financial pressure is becoming an increasingly familiar reality for many business owners.

The key is to take a measured and strategic approach to sourcing funding, carefully assessing the business’s needs, repayment capacity and growth objectives. When aligned with a clear purpose and sound financial planning, funding is a valuable tool for supporting sustainable business growth. 

Jeremy Lang, Managing Director at Business Partners Limited.

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BUSINESS REPORT 

Every entrepreneur reaches a point where growth demands more than ambition.

Customers are increasing. Revenue is growing. New market opportunities are emerging. The business has proven that there is demand for its products or services. The logical next step is expansion, and expansion often requires capital.

This is where many small businesses begin asking the wrong question.

"Where do I find investors?"

A better question is:

"Have I built a business that investors are ready to invest in?"

This is an important distinction.

Investor readiness is not about raising capital. It is about building an investable business.

The misconception about access to finance

While access to finance remains a legitimate challenge, another reality often goes unnoticed.

Institutional investors, development finance institutions, private equity firms and venture capital funds are actively looking for businesses with the potential to scale.

Capital is available for businesses that demonstrate strong governance, financial discipline, commercial viability, and sustainable growth potential.

The challenge is that many promising businesses have not yet developed the organisational maturity that gives investors' confidence.

In other words, there is often a gap, not in opportunity, but in preparedness.

South Africa's greatest opportunity

South Africa's services, manufacturing and logistics sectors collectively contribute between 82% and 84% of the country's Gross Domestic Product (GDP).

These sectors are home to thousands of MSMEs that drive innovation, create employment, and strengthen local value chains.

Many of these businesses have survived the difficult early years.

They have customers, recurring revenue, and growing demand. Yet commercial success alone does not automatically translate into investment readiness. Investors evaluate far more than financial performance.

They assess governance structures, legal compliance, financial reporting, operational systems, leadership capability, risk management, and scalability. These are the foundations of an investable business.

Why promising businesses still struggle to secure funding

One of the biggest misconceptions among entrepreneurs is that investors are looking for good ideas. They are not.

They are looking for businesses that are capable of responsibly managing investment capital and delivering sustainable returns.

That requires evidence. Evidence that the business has systems. Evidence that risks are understood and managed. Evidence that growth can be achieved without compromising operational excellence. This is why many businesses receive feedback such as, "You're not ready yet." It is rarely a rejection of the business. It is often an invitation to become investment ready.

The airport and the taxi rank

Imagine this. Investors are waiting at the airport. Small businesses are waiting at the taxi rank. Both are trying to reach the same destination—economic growth, business expansion and long-term value creation, but they are waiting in different places, operating within different systems and speaking different languages.

Investors make decisions based on governance, due diligence, risk and investment returns. Entrepreneurs speak about opportunity, passion, customers and innovation. Neither is wrong.

But unless there is a place where these worlds meet, too many investment opportunities will continue to be missed.

That meeting point is investor readiness. Investor readiness programmes help entrepreneurs understand what investors expect, while equipping businesses with the governance, financial management, legal compliance and strategic planning needed to meet those expectations.

Bridging the gap

At 22 On Sloane, we recognise that preparing businesses for investment is just as important as connecting them with investors.

Our Investor Readiness Programmes are designed to bridge the gap between entrepreneurial potential and investment opportunity. Through structured business support, governance strengthening, financial preparedness, market strategy and investor engagement, we help MSMEs become businesses that investors are ready to back.

Because successful fundraising is rarely about having the best pitch. It is about building the best business.

A shift in mindset

Perhaps the conversation around MSME finance needs to evolve.

Instead of asking, "How do we help entrepreneurs find investors?"

We should also ask,

"How do we help entrepreneurs become investable?"

Those are two very different questions. One focuses on searching for capital. The other focuses on building a business worthy of capital. And in today's investment landscape, the businesses that succeed will not necessarily be those with the boldest ideas.

They will be those that have done the work to become investment ready. Because investor readiness is not about raising capital.

It is about building an investable business. Having an investable business and the world of investors will be your oyster.

Ready to Take the Next Step? Follow us and look out for an important announcement to help you scale your business.

Bernadette Bule is a business and partnerships manager at 22 On Sloane. 

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BUSINESS REPORT 

The Household Affordability Index increased in July according to the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) on Wednesday.

The PMBEJD Household Affordability Index food basket for July was at R5 530.52. “The average cost of the Household Food Basket increased by R28.11 month on month and the average cost of the Household Food Basket increased by R87.81 year on year.”

Mervyn Abrahams, Director of the PMBEJD said that foods in the basket that increased in price in July 2026 by 5% or more include: apples. “Foods in the basket which increased in price in July 2026 by 2% or more include: maize meal, cooking oil, salt, potatoes, frozen chicken portions, stock cubes, eggs, wors, beef tripe, tomatoes, butternut, cabbage, cremora, tinned pilchards, peanut butter, and polony.”

Abrahams added that foods in the basket that decreased in price in July 2026 by 5% or more include: carrots.

“Foods in the basket which decreased in price in July 2026 by 2% or more include: cake flour, samp, onions, soup, tea, beef liver, fish, spinach, green pepper, baked beans, bananas, oranges, and margarine.

Abrahams said that food baskets increased in price in: Joburg (R50.07), Cape Town (R69.26), Springbok (R164.70), and Mtubatuba (R129.49).

“Food baskets decreased in Durban (-R40.31), Pietermaritzburg (-R2.56), and Mthatha (-R74.15).”

Abrahams added that Statistics South Africa’s latest Consumer Price Index for June 2026 shows that headline inflation was 5.0%.

“CPI food & non-alcoholic beverages inflation was 0.4% month-on-month and 1.6% year-on-year. Stats SA’s Producer Price Index for May 2026 shows agriculture was -7.4%, of which products of crops and horticulture was -15.4%, and live animals and animal products was 3.2%. The June Producer Price Index is expected to be released on 30 July 2026.”

Abrahams said that in July 2026, the average monthly cost to feed a child a basic nutritious diet was R980.66. “Over the past month, the average cost to feed a child a basic nutritious diet increased by R3.14 (0.3%). Year-on-year, the average cost to feed a child a basic nutritious diet increased by R23.26 (2.4%).”

Abrahams added that the Child Support Grant of R580 per month is 32% below the National Food Poverty Line of R855 per month (in May 2025 prices), and 41% below the average monthly cost to feed a child a basic nutritious diet (R980.66).

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BUSINESS REPORT 

Muzi Dladla

One of the questions I explored during a panel discussion at the 6th Government Social Media Summit was deceptively simple: As artificial intelligence becomes increasingly capable, what should remain uniquely human? 

It is a timely question. Much of today's conversation is captivated by what AI can do. It can analyse vast amounts of data, recognise patterns, generate content and translate languages in real time. The pace of innovation is extraordinary and with it comes understandable excitement.

Yet I left the discussion convinced that we may be asking the wrong question.

For several years, the debate has been framed as though Artificial Intelligence (AI) and Human Intelligence (HI) are competing forces. Will AI replace analysts, lawyers, teachers or even leaders? Implicit in these questions is the assumption that the more intelligent machines become, the less valuable human intelligence becomes. 

I believe precisely the opposite.

The future will not belong to artificial intelligence alone. It will belong to augmented intelligence, where AI enhances human capability rather than replaces it.

This is not a new idea. Human progress has always depended on tools that extend our capabilities. We invented calculators to perform arithmetic, GPS to calculate routes and search engines to retrieve information at extraordinary speed. None of these technologies made us less intelligent. They simply allowed us to focus our minds on more complex problems. 

Psychologists Evan Risko and Sam Gilbert describe this as cognitive offloading: the deliberate use of external tools to reduce cognitive demand while preserving our capacity for reasoning, creativity and judgement.

Artificial intelligence is simply the latest chapter in that story.

Building on this, Steven Shaw and Gideon Nave argue that the emergence of generative AI presents a new challenge they describe as cognitive surrender. The concern is no longer simply that humans delegate cognitive tasks to technology, but that they begin accepting machine-generated conclusions without sufficient scrutiny or independent reasoning. 

But it also introduces an important distinction.

Cognitive offloading is delegation, while cognitive surrender is abdication.

When I use a calculator, I delegate arithmetic. I still decide whether the answer makes sense. When GPS recommends a route, I remain responsible for deciding whether that route is safe or appropriate. The technology performs the computation. I retain the judgement.

Artificial intelligence becomes problematic only when we begin delegating the judgement itself.

This is the concern increasingly raised by scholars. The risk is not that machines become more intelligent. The greater risk is that humans become less intellectually engaged, accepting algorithmic outputs without questioning them, understanding them or placing them in context. 

History reminds us that society's greatest failures have rarely been failures of information. They have been failures of judgement.

No algorithm understands legitimacy. No machine experiences empathy. No model can weigh competing constitutional rights or appreciate the social consequences of a decision. Artificial intelligence can estimate probabilities. It cannot determine what ought to be done. This distinction is not theoretical. It is one we confront in practice.

At Sasria, in partnership with the Council for Scientific and Industrial Research (CSIR), we have been developing predictive risk analytics that combines machine learning, behavioural science, sentiment analysis and geospatial intelligence to better understand emerging social risks. We developed the Four Levels of Defence, a model designed not merely to predict unrest, but to strengthen society's resilience against it. 

The technology can identify patterns across millions of data points that no individual analyst could reasonably detect. But it cannot explain what those patterns mean. Rising negative sentiment may indicate genuine social instability, political mobilisation or simply a temporary public reaction to an isolated event. 

The algorithm detects the signal. Human intelligence interprets the context. That is not artificial intelligence replacing human intelligence. It is artificial intelligence augmenting it.

Moreso, this is where research on Hybrid Intelligence converges. The strongest outcomes are achieved not when humans compete with AI, but when each contributes what it does best. AI expands our capacity to know. Human intelligence remains responsible for interpreting that knowledge through the lens of ethics, context and accountability. 

That has profound implications for leadership.

The organisations that will thrive will not necessarily be those with the most sophisticated algorithms. They will be those that combine technological capability with sound judgement, effective governance and ethical leadership. 

Perhaps, then, we should change the question.

For years we have measured AI by asking how much human work it can automate. Perhaps we should instead ask how much human capability it can elevate.

There is an important difference. One future replaces people. The other empowers them. 

As governments, businesses and society continue investing in artificial intelligence, we should be equally intentional about investing in human intelligence. Because while AI may transform how we work, communicate and govern, it cannot replace the qualities that make leadership distinctly human. 

The future will not be shaped by those who build the smartest machines. It will be shaped by those who continue asking the smartest questions.

And perhaps that is the real promise of augmented intelligence. Not that machines will one day think like humans, but that humans, supported by intelligent machines, will think better than ever before.

* Muzi Dladla is the executive manager for stakeholder engagement at Sasria.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.

BUSINESS REPORT

Industrial minerals producer Idwala Industrial Holdings has signed a renewable energy supply agreement with NOA in a move aimed at reducing electricity costs, improving long term price certainty and supporting the company's decarbonisation strategy.

The agreement will see NOA supply renewable electricity through a wheeling arrangement that complements Idwala's existing and planned embedded solar generation facilities, creating a blended energy solution across some of the group's most energy intensive operations.

The deal comes as energy intensive manufacturers continue to face above inflation electricity tariff increases from Eskom, placing pressure on the competitiveness of locally produced industrial minerals against imports.

Wayne Brown, Managing Director of Idwala Industrial Holdings, said the agreement would deliver meaningful long term savings while strengthening the company's operations.

"The wheeling agreement with NOA secures competitively priced renewable electricity across our lime and calcium carbonates operations. The savings this unlocks, relative to the prevailing Eskom Megaflex tariff, represents a sustained reduction in a key component of our cost base," Brown said.

Electricity is one of the largest controllable input costs in the production of lime and calcium carbonate, materials that support industries including steel, construction, agriculture, water treatment, plastics, paints and paper manufacturing.

According to Idwala, the savings generated through the agreement will be reinvested into modernising production facilities, improving energy efficiency, advancing the company's decarbonisation roadmap and supporting skilled employment at its operations.

"Importantly, this initiative reinforces the resilience and competitiveness of our existing operations, which remain at the core of Idwala's business," Brown said.

Karel Cornelissen, Group Chief Executive of NOA, said the transaction reflected the growing role of renewable energy in helping businesses manage rising electricity costs.

"Industrial customers such as Idwala are increasingly seeking ways to improve cost predictability and reduce exposure to electricity tariff volatility. As the country's energy market evolves, wheeled renewable energy is becoming a practical tool that allows businesses to secure competitively priced electricity," Cornelissen said.

He added that the partnership demonstrated the benefits of South Africa's evolving electricity market.

"This partnership demonstrates that the opportunities created through electricity market reforms are delivering measurable value for customers, while driving much needed investment in new generation capacity and enabling more flexible procurement options that address real operational challenges around energy costs and long term planning," he said.

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BUSINESS REPORT 

Valterra Platinum reported a standout financial performance in the six months to June 30, but there were three work-related fatalities over the period.

The group declared a R15.1 billion dividend after it increased earnings before interest, tax, depreciation, and amortisation (EBITDA) fourfold.

However, during the period, three lives were lost in work-related incidents: Michael Ramodike, Thato Makuwa, and Mongezi Mbusi. “We are devastated by these losses,” said CEO Craig Miller.

A base interim dividend of R32.50 per share, or R8.6bn, was declared, in line with the 40% of headline earnings dividend policy, and an additional dividend of R6.5bn or R24.50 per share would be paid out.

The total R57 per share payout equates to a payout of 70% of headline earnings. It marks the 18th consecutive dividend declaration since reinstatement in 2017.

Miller said company-wide safety stoppages were implemented to refocus teams on safety behaviours following the fatalities. Leadership accountability, engagement, and visibility on operational risks across the operations were also subsequently strengthened.

He said the strong financial results were a consequence of solid metal-in-concentrate (M&C) production increasing by 4% to 1.5 million PGM ounces, and sales volumes rising by 18% to 1.7 million PGM ounces, in line with higher refined production.

In addition, the PGM basket price increased by 85% to $2,801 per PGM ounce and by 66% to R45,993 per PGM ounce, marking its strongest six-month average level since the first half of 2021.

The average realised platinum price was 106% higher than in the first half of 2023, with rhodium and ruthenium 94% and 167% higher, respectively.

The four-fold increase in EBITDA to R33.4bn represented the third highest interim profits in the group’s history. Headline earnings per share was 1633% higher at R82.02 per share.

The unit cost of R20,677 per PGM ounce was flat on the prior year. All-in sustaining costs (AISC) of $996 per 3E oz sold was down by 21% over the prior period. Net cash stood at R24bn, and the balance sheet was strong with liquidity headroom of R55bn.

“We continue to advance our world-class growth projects, while our renewed operating philosophy is driving strong operational efficiencies across the portfolio,” said Miller.

He said they made good progress with the Sandsloot Underground project at Mogalakwena, where the feasibility study was on track to reach an investment decision during the first half of 2027.

“Our focus on operational optimisation, cost discipline, and value creation has led to an 18% increase in chrome yields at Amandelbult, and a 15% year-on-year improvement in mass pull and improved concentrator recoveries at the Mogalakwena North Concentrator.”

“We have reaffirmed our 2026 M&C and refined production guidance. The business is well positioned to continue this positive delivery momentum through the second half of the year,” said Miller.

He said they are focused on ensuring the assets operate sustainably in the lower half of the industry cost curve.

M&C operational performance in the first half of 2023 improved over the prior period, as the first half of 2025 was characterised by inclement weather-related impacts across the portfolio, the most severe being the flooding event at Amandelbult.

Own-mined production increased by 9% or 85,700 ounces to 1,011,800 ounces, mainly due to Amandelbult whose operational performance significantly improved.

This was partially offset by weaker performances at Mogalakwena, Mototolo, and Unki. POC volumes declined by 6% primarily due to reduced ounces from third-party producers.

Refined PGM production (excluding tolling) increased by 25% to 1,741,900 ounces, due to higher M&C production, inventory optimisation, and the proactive re-phasing of processing maintenance and annual stock counts into the third quarter, which allows cost savings and a more evenly distributed refined production throughout the year.

The group spent R6.3bn in the first half to maintain the integrity of its assets while advancing value-accretive projects, said Miller.

BUSINESS REPORT

Clemence Schmid

More than 460 million tonnes of plastic is produced every year, with around 19 million tonnes leaking into the environment, contributing to greenhouse gas emissions, harming biodiversity, and affecting livelihoods and public health. If current trends continue, global plastic use could triple by 2060.

The transition to a circular economy for plastics is, therefore, becoming an economic, environmental and strategic imperative. From the recent gathering at London Climate Action Week to the upcoming UN climate change conference in Turkey and the next phase of Global Plastics Treaty negotiations, there is growing recognition that building a circular plastic economy will require transformation, not incremental change.

This is not just a waste issue. Plastic pollution is a systems failure, driven by inefficiencies across the full material lifecycle, from production and design to use and recovery. Treating plastic solely as waste overlooks its broader economic dimension: lost material value, increased system costs and growing pressure on natural resources. Together, these challenges represent a $4.5 trillion missed economic opportunity.

Reframing the challenge

There is no debate that plastic pollution represents a significant challenge. International ambition has played an important role in elevating the issue on the global agenda. The next challenge is translating that ambition into coordinated action, investment and systems change.

That means looking beyond end-of-life management and rethinking modern consumption models, product design, policy frameworks and value retention systems that can help create a self-sustaining circular economy.

While Global Plastics Treaty negotiations did not conclude in 2025, their continuation presents an opportunity to consider what is already working in practice. Many countries are demonstrating that meaningful progress is possible today, even as negotiations continue. These experiences offer valuable lessons for the next phase of the treaty process and show how national efforts can help inform global action.

Innovation is no longer the bottleneck

Proven solutions are already being deployed. Across countries and value chains, governments, businesses and communities are strengthening collection systems, improving recycling infrastructure and redesigning products for circularity.

In Africa, for example, the absence of harmonized regional standards for food-grade recycled plastics has been slowing investment and innovation. Collaboration between the African Organization for Standardization (ARSO), Africa Circular Economy Alliance (ACEA), African Union, United Nations Environment Programme (UNEP) and Circularium Africa Advisory led to the creation of the African Standard for Recycled Polyethylene Terephthalate (rPET) for Food Contact. The standard establishes common testing and safety requirements, helping unlock investment, support regional trade and accelerate circularity.

In the Philippines, which generates 163 million flexible plastic sachets every day and loses an estimated $890 million worth of recyclable materials annually, a new plastics recycling working group brings together government, business, civil society and development partners. The initiative supports innovative recycling technologies, strengthens collection systems and advances a full value-chain approach, including food-grade recycling.

Throughout the World Economic Forum’s Global Plastic Action Partnership’s network, 25 countries are developing National Plastic Action Roadmaps tailored to their national contexts. While countries bring different perspectives to the treaty negotiations, many converge around practical priorities: improving waste management systems and product design, strengthening markets for recycled materials, attracting investment, creating jobs and reducing pollution. This demonstrates that there is already significant alignment on many of the actions needed to accelerate the transition to a circular economy for plastics.

Nigeria's roadmap, for example, shows that a package of circular economy measures could increase plastic circularity to 58%, reduce plastic pollution by 67%, lower greenhouse gas emissions by 39% and create nearly 97,000 jobs by 2040 compared with business as usual.

A window for action

What links these examples is not innovation alone, but coordination across governments, businesses and financial institutions. The countries and organizations making the greatest progress are aligning policy, finance and industry action in ways that create lasting value. Innovation is not the bottleneck – it is coordinated, multistakeholder models that unlock progress, because even the most ambitious leaders face systemic barriers that no single entity can overcome alone.

Coordinated action is the critical link, enabling policy movement across regions and greater access to much-needed finance, in turn sending clear and consistent market signals that can drive the replication of successful initiatives at speed and scale.

The treaty process has generated unprecedented global attention and momentum around plastic pollution. The next phase offers an opportunity to build on that momentum by learning from the action already underway across countries and regions.

Piecemeal and siloed approaches remain insufficient to address the plastic pollution challenge at the scale required. Future progress will depend on frameworks that strengthen collaboration, build resilient economies, protect ecosystems and unlock sustainable growth.

As the treaty process resumes, leaders must build on what already works, using proven methods as the foundation for global scale. Plastic pollution is a systems issue and must be treated as such – no other approach will facilitate the change we urgently need and upon which our environment, economies, health and well-being depend.

* Clemence Schmid is the director for Global Plastics Action Partnership at the World Economic Forum.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.

BUSINESS REPORT

In a disconcerting twist of international relations, Iran has launched an attack on the United States (US), threatening a fragile ceasefire agreement that had only recently been established.

This development, which echoes previous conflicts, has sent ripples through global markets, raising concerns over escalating tensions in the Middle East.

Bianca Botes, Managing Director at Citadel Global said on Wednesday, "As the dust settled from this latest incident, US markets exhibited mixed results. The S&P 500 ended the day marginally higher, buoyed by investor optimism, while the tech-heavy Nasdaq saw a decline of nearly 1%. The Dow Jones Industrial Average, however, reached new record highs, reflecting a divide among investors on the immediate impact of global events."

Across the Pacific, the situation was markedly different. The KOSPI, South Korea's leading index, fell sharply by over 8%, signalling strong headwinds for technology stocks amid rising geopolitical uncertainties.

The bearish trend extended across the Asian continent, with the MSCI Asia Pacific Index—excluding Japan—dipping by 3.5%. Investors appear to be adopting a cautious stance, weighing the implications of Iran's aggression against the backdrop of their own economic recovery efforts.

The turmoil in the Middle East has major implications for oil prices, which have seen a surge of nearly 4%, now hovering near the critical threshold of $85 per barrel.

"As fears of sustained conflict loom large, market analysts remain vigilant, considering the effect on global oil supply and prices. Meanwhile, gold, often regarded as a safe haven in times of turmoil, is stabilising at around $4,025 per ounce—indicative of investor apprehension," Botes added. 

"Amidst this, traders are looking toward the Federal Reserve's interest rate announcement, which is expected later today. Market speculation suggests there is only a 38% probability of an interest rate increase; however, the broader impact will likely be driven by the Fed's tone and guidance on future economic policies. Analysts assert that the central bank's approach will play a critical role in shaping market sentiment following today's news," Botes said. 

In currency markets, the South African rand is trading at R16.74 against the dollar, R19.08 against the euro, and R22.26 against the pound, reflecting broader global volatility and investor sentiment.

The rapidly unfolding situation raises critical questions about stability in the region and its far-reaching effects on global markets. Investors are advised to remain alert and consider diversifying portfolios in light of increasingly unpredictable geopolitical developments.

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BUSINESS REPORT 

National Savings Month traditionally focuses on encouraging South Africans to save more and spend less. However, for those who already have an investment portfolio, the real challenge is whether they have the discipline to stay fully invested when anxiety pushes them to act.

Investor behaviour, not market performance, is one of the greatest destroyers of long-term portfolio value. You can either panic and make unwise short-term spending decisions, or you can stay the course.

Staying calm, disciplined and focused are essential for investment success – and that’s why we call it the ‘patience premium’.

Tuning out the noise

In an era of constant external shocks, it is easy for investors to get spooked. The reality is that stories of volatility are part of the world we live in. Bad news that comes to us can make us anxious, but we also have to realise that in terms of investing, reality can be different.

For example, we've had the Middle East crisis, which affected consumers’ pockets through the inflationary effects of rising fuel prices. But when you look at the markets, global equities have actually had a good year to date. Many emerging markets excluding South Africa have also had a strong rally. So, I think tuning out that noise and looking at diverse investment options for the long-term is always best.

 The eighth wonder of the world

A critical pillar of wealth creation is the power of compounding – when money grows exponentially over time. Sometimes even referred to as the eighth wonder of the world, because compounding is such a phenomenal force. 

However, benefitting from compounding requires the emotional maturity to stick to a plan even during periods of high volatility. It’s about starting early, staying disciplined and leveraging the tools at our disposal. 

Tools that can help investors achieve discipline include  strategies like fixed monthly debit orders for their retirement annuities, tax-free savings and investment accounts. These are tools that need to be leveraged by all South Africans. It removes the pain of handing over your money every month and automates discipline. Another important consideration  is understanding the distinction between a conventional bank account or bank deposits for short-term savings versus a long-term financial plan for retirement. You need both, so that you have liquidity for payments you need to make in the short term but also have funds being more appropriately invested for long term wealth creation.

Appropriate buckets for every goal

To manage the psychological stress of investing, Noor suggests categorising funds into specific “buckets” rather than making blanket decisions. Here are examples of how to consider your investment approach: 

• Short-term (The Bailout Fund): For goals within a 12-month period or emergency liquidity for example, Money Market accounts offer a conservative vehicle with a large degree of capital protection. If you don’t have any appetite for volatility for that particular portion of funds, you can keep your money protected but also easily accessible. But remember, in this low-interest rate environment, it’s not the best solution for capital growth over the long term. To beat inflation, you need other solutions.
• Medium-term (The five-year plan): For goals like an education fund for a child who wants to study in five or six years for example, Noor suggests multi-asset solutions may be useful tools to ensure capital growth.
• Long-term (The retirement plan): Equity funds have proven to be very successful vehicles for real long-term growth. For example, equities fluctuate and are deemed more high risk, but there is a plethora of research on the long-term benefits of diverse investment portfolios that include a mix of equities.
•  

Capital protection through diversification

I advocate for diversification – when investors spread their eggs across different baskets. 

Diversification makes the investment journey more palatable through all the market cycles. A multi-asset solution and a diversified portfolio may not achieve as much as a single asset class over a 10-year period, but it makes the journey a lot smoother.

A diversified portfolio might include a mix of active and passive investments, conservative and aggressive investments, different asset classes, local and offshore investments, different currencies, emerging and developed market investments, and traditional and non-traditional investments.

Seek an empathetic human guide

Ultimately, the role of an Independent Financial Advisor (IFA) is to act as a guide and objective sounding board. Just like building a puzzle, IFAs can take complex information, look at your circumstances and all investment options, and assemble a wise financial plan.  

If you are unable to put your plan on paper, it’s going to be very difficult to follow through without help. That’s why it’s good to talk to a trusted advisor. 

This Savings Month, seek out advice to ensure you don’t get in your own way. Just start. Use all the tools at your disposal and start right away. As the ancient Chinese proverb goes, the best time to plant a tree was 20 years ago, and the second-best time is now. Get help to plant and take care of that tree.

* Noor is the head of retail distribution at Ashburton Investments.

PERSONAL FINANCE

There is growing concern across Southern Africa over South Africa's dominance in agricultural trade, with neighbouring countries increasingly introducing import restrictions in an effort to boost their own farming sectors, according to the Agricultural Business Chamber of South Africa (Agbiz).

Wandile Sihlobo, Chief Economist at Agbiz on Tuesday said countries such as Botswana and Namibia have repeatedly imposed temporary bans on South African agricultural products, most recently targeting fruit and vegetables, arguing that the measures are necessary to create space for domestic producers.

“The rationale these countries use for their policy actions is to grow their domestic farming activities. Blocking South Africa to create space for their industries is the approach they deem necessary,” he said.

Sihlobo added that these countries are all part of the Southern African Customs Union (SACU) and of the African Continental Free Trade Area (AfCFTA); the frequent bans of agricultural products from South Africa undermine the spirit of these agreements.

“The developmental ambition to improve domestic agricultural production is understandable and should be supported by all countries in the region, as it ultimately adds to regional agricultural and economic prosperity.”

Sihlobo said that pursuing this policy objective in a way that undermines regional economic integration is risky and introduces uncertainty in regional agricultural trade.

“By mid-July 2026, two countries in the AfCFTA region were still publicly pushing the approach of restricting agricultural products from South Africa. First, Governor Lesego Moseki of the Bank of Botswana called on his country’s leadership to accelerate efforts to reduce reliance on food imports, among other consumer goods.”

Sihlobo added that while they understand the arguments behind Governor Moseki’s call, we believe the best approach to accelerating agricultural development is to lean on farm technologies that South African agribusinesses can offer.

“The Citrus Growers Association of Southern Africa (CGA) offers a good example of how this can be done. The CGA shares the cultivars and best practices with the region to accelerate production across Southern Africa. This can be replicated for various farming inputs to boost Botswana’s agricultural production.”

Sihlobo said that the industry should avoid what Botswana has been following: regular restrictions of vegetable and fruit imports from South Africa.

“Any policy to increase domestic reliance on food production needs to be carefully crafted to avoid disrupting regional food supplies and possibly triggering avoidable food inflation in Botswana.”

Sihlobo added that Mozambique’s Minister of Agriculture, Roberto Albino, also recently voiced an intention to pursue import substitution and reduce the country’s reliance on certain food imports from South Africa.

“As in Botswana, such efforts ought to be supported. We all want shared prosperity in Southern Africa. There are lessons and technologies that Mozambique can learn from South African agribusinesses to boost its agricultural production.”

Sihlobo said that an improvement in agricultural production in Mozambique would help boost its economy.

“Agriculture is around 20-25% of Mozambique’s GDP, and its growth would have a material positive impact on the country. But the approach to these agricultural expansion efforts in our region should be one that doesn’t encourage irregular, protectionist trade practices.”

Sihlobo added that the borders must remain open for food trade, while the various domestic governments, together with farmers and agribusinesses, work to improve their production.

“South Africa’s agriculture must not be viewed as a threat, but as a key collaborator and provider of essential inputs. Beyond these regional trade frictions, the message is clear for South Africa: the Southern African region can no longer be the main absorber of agricultural exports.”

Sihlobo said that as South Africa looks further afield to deepen agricultural exports, there also needs to be ongoing consultations with the region to address lingering trade frictions that undermine the spirit of the AfCFTA.

BUSINESS REPORT

Renewable energy company Rhino Energy Solutions has commissioned a 648 kWp solar plant at Dolphin Coast Landfill Management, operated by Veolia, marking another step in South Africa's transition towards cleaner industrial operations while supporting more sustainable hazardous waste management.

The installation, located in KwaDukuza in KwaZulu Natal, is expected to generate approximately 826 MWh of renewable electricity annually, reducing the facility's dependence on the national grid while lowering carbon emissions and improving long term energy cost certainty.

The project was officially opened by the Deputy Minister of Forestry, Fisheries and Environment together with the Mayor of KwaDukuza. Developed alongside Dolphin Coast Landfill Management's advanced Liquid Treatment Plant, the solar installation reflects growing collaboration between private investment, engineering expertise and environmental stewardship.

Rhino Energy Solutions Chief Executive Rogan Davies said the project represented far more than simply installing solar panels.

"The DCLM project is a critical example of how true value creation extends beyond financial returns. The goal was not just a solar project. It was about building infrastructure that protects the environment, conserves precious resources, drives operational efficiency and leaves a positive legacy for future generations," Davies said.

Dolphin Coast Landfill Management is one of South Africa's leading hazardous waste management facilities, specialising in the treatment and disposal of both liquid and solid hazardous waste. The facility plays an important role in supporting the country's environmental objectives through responsible waste management and resource protection.

The addition of renewable energy aligns with the facility's broader commitment to environmental sustainability while strengthening operational resilience against rising electricity costs.

Building solar infrastructure at a hazardous waste landfill presented significant engineering challenges.

The corrosive environment created by hazardous waste disposal required a specialised design capable of withstanding decades of exposure. Rhino Energy Solutions installed a ground mounted solar array supported by 3CR12 stainless steel structures selected specifically for their corrosion resistance and durability over the system's expected 25 year lifespan.

The solar plant comprises 1,080 photovoltaic modules installed in an east west configuration, allowing greater module density while generating electricity more consistently throughout the day to better match the site's operational energy requirements.

Construction also had to be carefully coordinated to ensure the facility's waste management activities continued uninterrupted, with the electrical integration designed to comply fully with existing infrastructure and grid requirements.

According to Rhino Energy Solutions, industry standard PVsyst modelling indicates the system will operate at a performance ratio of almost 80%, reflecting strong efficiency under real world operating conditions.

The project is forecast to prevent approximately 778 tonnes of carbon dioxide emissions every year. That is equivalent to removing around 170 passenger vehicles from South Africa's roads annually or the carbon captured by nearly 12,800 tree seedlings grown over a ten year period.

Over the solar plant's anticipated 25 year operating life, total avoided carbon emissions are projected to reach approximately 19,450 tonnes.

By integrating renewable electricity directly into its treatment operations, Dolphin Coast Landfill Management will improve energy security, reduce exposure to rising electricity tariffs and strengthen its environmental credentials.

The project also highlights the increasing role renewable energy is playing across South Africa's industrial sector, where businesses are investing in cleaner energy solutions to improve competitiveness, reduce operating costs and support national decarbonisation objectives while maintaining critical infrastructure and services.

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BUSINESS REPORT 

South Africa must accelerate domestic resource mobilisation and deepen structural reforms to strengthen economic growth and reduce its dependence on external financing in an increasingly fragmented global economy.

This is an assessment of the African Development Bank (AfDB), which came on Tuesday during the launch of the bank's 2026 Regional Economic Outlook Reports and Country Focus Reports.

The South Africa report highlighted the need to scale up development financing while addressing long-standing structural constraints.

Speaking at the launch, Dr Kennedy Mbekeani, the AfDB's director general for the Southern Africa Region, said geopolitical tensions, shifting trade patterns and declining development assistance were forcing African economies to become more financially self-reliant.

"The global economic order is fragmenting, and geopolitical dynamics are reshaping trade, global supply chains, and capital flows," Mbekeani said.

He said the imperative for "strengthening regional economic integration and homegrown development financing options and national sovereignty has become even more urgent today than ever before."

The AfDB's South Africa Country Focus Report shows that while the country's economy has begun to recover, growth remains too weak to tackle unemployment, poverty and inequality.

According to the report, South Africa's economy expanded by an estimated 1.1% in 2025, up from 0.5% in 2024, supported by improved agricultural output and stronger activity in finance, business services, trade and hospitality.

Growth is projected to edge up to 1.2% in 2026 and 1.6% in 2027 as energy supply improves and structural reforms under Operation Vulindlela continue.

However, the bank cautioned that the economy has averaged only 1.1% annual growth between 2022 and 2025, constrained by electricity shortages, logistics bottlenecks, local government failures, weak investment and persistent structural challenges.

Mbekeani warned that headline growth alone was insufficient if it failed to improve living standards.

"No one eats real GDP growth rates or drinks macroeconomic indicators, especially in enclaved economies where the benefits of GDP growth rate do not translate directly to improved well-being for all citizens," he said.

He added that despite Africa's resilience, unemployment, limited access to finance for small businesses, low incomes and high inflation continued to undermine development across the continent.

The bank believes South Africa can strengthen its development financing by improving tax collection, enhancing public financial management, expanding public-private partnerships, mobilising institutional investors and leveraging diaspora capital.

Economist Liandra da Silva said South Africa has made notable progress in addressing electricity shortages and improving rail logistics through reforms, although water infrastructure constraints, governance weaknesses and low investment continue to limit growth.

"The tensions in the Middle East completely disrupted the recovery that we expected both from a growth perspective, from an inflation perspective and also from monetary policy effectiveness as well," Da Silva said.

Beyond South Africa, the AfDB expects Southern Africa's economic growth to moderate this year as the region contends with external shocks.

Mbekeani said Southern Africa's growth is projected to ease to 2.1% in 2026 from 2.3% in 2025, reflecting the impact of global uncertainty and weaker domestic economic activity across several economies.

Despite these headwinds, he said Africa remains one of the world's strongest-performing regions.

"Africa's macroeconomic performance in 2025 remains strong, and the medium-term prospects are encouraging," Mbekeani said.

The continent's economy expanded by an estimated 4.4% in 2025, up from 3.5% in 2024, with 36 countries recording positive growth and 22 expanding by more than 5%.

Mbekeani noted that Africa accounted for 12 of the world's 20 fastest-growing economies in 2025 and projected the continent's growth would remain above 4% in 2026 before strengthening further.

The AfDB argues that Africa has sufficient domestic financial resources to fund its own development if governments implement the right reforms.

Mbekeani said adopting better tax administration could generate an additional $469 billion annually, while stronger non-tax revenue mobilisation could raise another $311.6bn each year.

He added that Africa's institutional investors already manage approximately $4 trillion in assets, yet only 2.7% is invested in productive sectors on the continent.

"Tackling informality could yield $125bn annually in Africa, while improving investment efficiency could save up to $299bn and addressing other forms of financial leakage such as illicit financial flows, corruption, risk mispricing, tax evasion and other forms of leakage could save up to $587bn annually," Mbekeani said.

He called on African governments, development partners and the private sector to work together to strengthen Africa's financial architecture and mobilise capital that supports sustainable, inclusive growth across the continent.

BUSINESS REPORT

The development of South Africa’s Deep Space Ground Station in Matjiesfontein, Western Cape was reaffirmed on Monday. The plan was reaffirmed following a visit by the South African National Space Agency (SANSA) CEO, Humbulani Mudau, to Laingsburg.

The national infrastructure project is funded by the Department of Science, Technology and Innovation (DSTI).

SANSA said Mudau and Matjiesfontein community representatives' meeting entailed that key stakeholders would review project progress and strengthen collaboration as construction advances.

“The engagement underscored a shared commitment to positioning South Africa as a globally competitive space nation while ensuring that local communities benefit from the economic, educational and social opportunities created by this nationally significant investment.”

Mudau said that the Matjiesfontein Deep Space Ground Station represents far more than critical national infrastructure.

“It is an investment in South Africa’s scientific leadership, technological independence and future competitiveness within the global space economy,” he said.

Mudau added that while the facility strengthens their sovereign space capabilities, it will also create opportunities for skills development, innovation, education and economic participation for surrounding communities.

“Achieving this vision depends on strong partnerships with municipalities, local leadership and residents who are integral to the project.”

SANSA said that during discussions with municipal officials, they outlined its long-term vision for the Matjiesfontein facility as a catalyst for regional development and inclusive economic growth.

It highlighted opportunities to stimulate local economic activity through skills development, community infrastructure initiatives, science education and greater participation in South Africa’s growing space sector.

SANSA noted that particular emphasis was placed on inspiring young people—especially young women and girls—to pursue careers in science, technology, engineering, mathematics and innovation (STEMI), helping to build the country’s future scientific workforce.

“The project presents an opportunity to increase public awareness of South Africa’s space programme while creating lasting value for communities in the Karoo region.”

SANSA said that the Laingsburg Municipality reaffirmed its proven track record in supporting major strategic infrastructure developments, including regional renewable energy projects and upgrades to the N1 transport corridor, and expressed its continued commitment to supporting the successful implementation of the SANSA project.

“Both SANSA and the Municipality agreed that transparent and consistent engagement with local communities will remain essential throughout the construction phase.”

SANSA added that clear communication regarding employment opportunities, procurement processes and community benefits will help manage expectations, build trust and ensure that the project delivers meaningful and inclusive outcomes.

“The meeting further reinforced the shared understanding that successful national infrastructure projects are built on strong partnerships between government, municipalities, communities and industry.”

SANSA said that the construction of the Deep Space Ground Station remains on schedule for completion within the next 18 to 24 months, with the project continuing to meet the highest engineering, construction and quality standards.

“Fully funded by the South African Government through the Department of Science, Technology and Innovation, the facility represents a significant investment in South Africa's sovereign space infrastructure,” it said.

“Once operational, the ground station will strengthen the country’s deep space communication capabilities while supporting international scientific collaboration in a manner that advances South Africa’s strategic national interests.”

SANSA added the Matjiesfontein facility forms an important component of SANSA’s long-term vision to expand South Africa's space capabilities, strengthen scientific excellence and contribute to national socio-economic development through innovation.

“SANSA and the Laingsburg Municipality concluded the engagement by reaffirming their shared commitment to ensuring that the project delivers lasting scientific, economic and social value for both the region and the country.”

SANSA concluded that they envision Matjiesfontein evolving into one of South Africa’s premier space science and technology hubs, demonstrating how national investment in scientific infrastructure can drive inclusive local development and inspire future generations.

BUSINESS REPORT 

The National Treasury and the Department of Cooperative Governance and Traditional Affairs (Cogta) have warned municipalities that future equitable share allocations will depend on improved compliance, despite the decision to release the remaining withheld July 2026 transfers from 31 July.

Finance Minister Enoch Godongwana said the release of the outstanding Local Government Equitable Share allocations should not be interpreted as an indication that affected municipalities had met the requirements of the Municipal Finance Management Act (MFMA) or addressed weaknesses in their financial governance.

Godongwana had earlier this month withheld equitable share transfers to 69 municipalities because of concerns over financial mismanagement. The decision followed a comprehensive assessment process and active monitoring of compliance in terms of section 216(2) of the Constitution and the applicable provisions of the MFMA.

He said National Treasury’s assessments identified material and ongoing weaknesses in the management of unauthorised, irregular, fruitless and wasteful expenditure (UIFWE), financial misconduct investigations, disciplinary processes, consequence management and broader municipal financial governance.

"I want to make it clear that the decision to release the remaining transfers does not mean that the affected municipalities have satisfied the requirements of the MFMA, the Municipal Regulations on Financial Misconduct Procedures and Criminal Proceedings, or the requirements previously communicated in my letters addressed to the respective mayors and the press statement released by the department earlier this month," he said.

Treasury decided to release the funds on 31 July because the withholding period had reached nearly 30 days and extending it could have adversely affected the delivery of basic municipal services.

"The equitable share is an important source of funding for basic services, particularly services provided to poor households. National Treasury must therefore balance its constitutional responsibility to enforce financial management requirements; with the need to avoid communities carrying the immediate consequences of failures by municipal institutions and officials," Godongwana said.

He stressed that the release should be viewed as a conditional measure intended to protect service delivery while requiring municipalities to correct serious governance deficiencies.

Since the process began, 20 municipalities have received their full equitable share allocations. The remaining 49 municipalities will receive outstanding allocations on Friday, with 21 municipalities having already received partial transfers while 28 municipalities had not received any allocations to date because of non-compliance.

Godongwana said the first formal reporting deadline remains 30 September 2026. Municipalities must submit quarterly reports and supporting evidence and demonstrate progress in addressing and reducing UIFWE.

"National Treasury will then require further measurable improvement during October and November 2026," he said, adding that Treasury would continue supporting municipalities to avoid another withholding of equitable share transfers in December 2026 and March 2027.

Minister of Cogta Velenkosini Hlabisa said the departments had agreed that municipalities must use public funds prudently and meet their financial obligations.

“That money must be used prudently and every organ of the state that needs to be paid the obligation lies with the municipality to do so,” Hlabisa said.

He said Cogta, Treasury, the South African Local Government Association (Salga), provincial governments and municipalities would work together ahead of the next allocation cycle in December

“A simple message going forward to all municipalities is that when communication letters are sent, municipalities must respond,” Hlabisa said.

He added that government departments that owe municipalities billions of rand for services rendered should also be held accountable, arguing that municipalities need those payments to settle debts owed to Eskom, water boards, medical schemes and pension funds.

With local government elections approaching, Hlabisa warned against allowing municipalities to collapse under financial strain and urged organised labour to participate in efforts aimed at restoring municipal financial stability.

“That is why we will follow a similar approach with national departments and provincial departments. We want to urge the labour sector to be part of this engagement because workers become the ones who suffer when stringent measures are introduced,” he said.

BUSINESS REPORT

For many South Africans, a smartphone is no longer a luxury. It is a bank card, navigation system, communication tool, camera, entertainment centre and workplace rolled into one. The same can be said for laptops, smartwatches, tablets, cameras and even bicycles, which have become integral to the way people work, exercise, travel and stay connected.

Yet while these portable valuables have become increasingly essential, many consumers underestimate both their true value and the financial impact of losing them. National Savings Month affords a good opportunity to prevent financial consequences before it’s too late.

The growing reliance on personal technology and mobile assets means consumers should be thinking more carefully about how they protect the items they carry with them every day, particularly during periods of increased travel and activity such as during the July school holidays.

Many South Africans would struggle to get through a day without their smartphones or laptops. The inconvenience of losing these items is significant, but what often catches people off guard is just how expensive they have become to replace.

The rising value of everyday essentials

Over the past decade, personal technology has evolved rapidly. Smartphones that once cost a few thousand rand can now cost as much as a second-hand vehicle, with the latest models costing upwards of R30 000. Premium laptops, professional cameras, smartwatches and wireless devices can quickly add up to tens of thousands of rand in value. Bicycles are also costly to replace, with prices ranging from R5000 to R100 000, depending on the make and model, and the activity it's intended for.

What makes these possessions particularly vulnerable, is the fact that they rarely stay at home. They travel on the roads, in busy places, in backpacks, handbags, third-party vehicles, coffee shops, airports, shopping centres and workplaces, exposing them to a range of risks including theft, accidental damage and loss.

Many consumers also accumulate valuable devices over time without fully recognising their combined worth. A smartphone, smartwatch, laptop and pair of premium earbuds can collectively represent a substantial financial investment. When you add a bicycle, replacing these items after a theft or accident can create unexpected financial strain.

The hidden cost of lost valuables

For professionals working remotely or hybrid, a stolen laptop can disrupt productivity and income generation. A missing smartphone can mean losing access to banking applications, business communications and important personal information. For photography enthusiasts, cyclists and content creators, replacing specialised equipment can be particularly costly,” Sibeko says.

There is also the challenge of inflation and advancing technology. Consumers may remember what they originally paid for an item several years ago, only to discover that an equivalent replacement now costs significantly more. This can lead to unpleasant surprises when attempting to replace essential possessions out of pocket.

Common misconceptions about insurance cover

Personal valuables are not automatically covered in every circumstance, and replacement values need to be updated. Consumers should ensure they understand exactly what cover they have in place and whether it adequately reflects the items they own and how those items are used.

Another common misunderstanding is assuming that because an item is used both at home and while travelling, it is protected in every environment without any additional consideration.

The reality is that insurance needs can vary depending on the nature of the asset, its value and how frequently it is taken outside the home.

Understanding policy terms, limits, exclusions and requirements is an important part of making sure cover aligns with real-world risks.

Protecting the things that matter most

As technology becomes increasingly embedded in daily life, protecting these assets should form part of broader financial planning.

Portable valuables have become essential tools that enable modern life. Whether it is a smartphone that keeps you connected, a laptop that supports your career or a bicycle that helps you stay active, these items play an important role in our everyday routines. Taking steps to protect them, including ensuring you have appropriate insurance in place, can help avoid significant financial setbacks, and save you money and time should the unexpected happen.

* Sibeko is the executive head of personal lines at Miway Insurance.

PERSONAL FINANCE

Harmony Gold Mining Company has reduced funding costs and strengthened liquidity after concluding new syndicated multi-tranche, multi-currency loan facilities of $500 million, A$500m, and R7 billion.

The transaction reduces Harmony's funding costs relative to the refinanced facilities, extends its maturity profile, and strengthens liquidity, while demonstrating strong support from the banking market, the mining group said in a notice to the JSE news service Tuesday.

The facilities will be used, in part, to refinance Harmony's existing dollar and rand syndicated facilities entered into in 2022, to refinance the MAC Copper acquisition bridge facility, and to support general corporate purposes.

"The successful conclusion of these facilities reduces Harmony's funding costs, strengthens liquidity, and optimises our capital structure," said CEO Beyers Nel in a statement.

"Importantly, the transaction extends our maturity profile and provides funding capacity in the currencies most relevant to our growth pipeline. This ensures that our balance sheet remains well-positioned to support disciplined investment in our strategic growth objectives,” said Nel.

Harmony has introduced Australian dollar-denominated funding, reflecting the evolution of its portfolio following the acquisition of MAC Copper (total transaction value of about $1.25bn) and the development of the Eva Copper Project (about $1.55bn to $1.75bn).

“As the group builds a meaningful Australian copper business alongside its South African gold operations, this funding structure improves financial flexibility, enhances the alignment between funding sources and underlying assets, and supports the disciplined execution of Harmony's long-term growth strategy,” said Nel.

Citi and Nedbank through its Nedbank Corporate and Investment Banking Division acted as joint global coordinators and mandated lead arrangers on the refinancing.

The financing attracted strong support from the banking market, with approximately 93% lender participation and commitments totalling around three times the targeted amount, said Nel.

“The significant oversubscription reflects the strength of lender confidence in Harmony and resulted in a substantial scale-back of commitments,” said Nel.

The four sustainability-linked loans have an original term to maturity of three years and include two one-year extension options, which could extend the final maturity date by a further two years.

The loans align with the company's environmental, social, and governance (ESG) and sustainable development targets. As part of the transaction, Harmony and the lending group have agreed on progressive sustainability targets, or key performance indicators (KPIs), over the next three financial years:

These include cumulative renewable electricity installed capacity, reduction in potable water consumption from external sources, and additional annual expenditure on committed mine community development initiatives.

“If the KPIs are met, Harmony will receive a margin reduction of up to 5 basis points, while a similar margin increase will apply if all targets are missed. The transaction does not result in any changes to Harmony's debt covenants,” Harmony’s directors said.

Last month, Harmony said in a production update it would meet its annual gold production guidance for the 11th consecutive year for the 12 months to June 30, 2026, with production expected to be between 1.4 million and 1.5 million ounces, underground recovered grades of about 5.80g/t, all-in sustaining costs within guidance, and capital expenditure slightly below plan.

BUSINESS REPORT

Business Leadership South Africa (BLSA) has warned that deteriorating municipal governance has become one of the biggest threats to South Africa's economic growth, saying businesses are increasingly being forced to compensate for government failures at significant cost.

Speaking during PSG's Think Big series on Tuesday, BLSA CEO Busi Mavuso said the upcoming 2026 local government elections represented far more than a political contest, arguing that they would determine whether municipalities can once again become engines of economic growth and attract much-needed investment.

"I think this year's municipal elections are rather important because when you look at the state of our municipalities, a lot of them are seriously eroding and deteriorating," Mavuso said.

"A lot of them are failing to provide the basic services for which they were designed. From a business perspective, this is particularly concerning because even some of the bigger metros are failing, which places a huge burden on businesses to increasingly manage around state failure."

She said companies were spending billions of rand on backup power, water storage, private security, road repairs and alternative logistics simply to remain operational.

"The cost of doing business has become one of the biggest constraints on economic activity," she said.

Although it is difficult to quantify the total economic cost of municipal dysfunction, Mavuso said poor service delivery was increasingly influencing investment decisions by multinational corporations.

She cited examples of manufacturers operating in the Nelson Mandela Bay region that have been forced to maintain public infrastructure themselves, including electricity substations, roads, schools and water leaks.

"You have Volkswagen, for instance, adopting four substations, which means that if there is anything wrong with those energy substations, it is VW's responsibility to make sure that it is taken care of. They adopt substations, potholes, schools, leaks – absolutely everything. You cannot continue to operate an environment like that," she said.

According to Mavuso, South Africa is weakening its case for attracting global investment because multinational companies compare investment opportunities across different countries.

"Capital is not sentimental. Investors allocate capital based on risk, stability, predictability and returns. If our infrastructure deteriorates, if municipalities fail, investors will redirect capital elsewhere," she said.

She described the City of Johannesburg's decline as a matter of national economic concern rather than simply a local government issue.

Mavuso noted that Johannesburg generates about 16% of South Africa's gross domestic product and hosts around 70% of the country's corporate headquarters, making the city's performance critical to the national economy.

"Joburg's decline has reached a point where silence would be irresponsible from a business perspective. We refuse to accept that the failure of the City of Joburg should be normalised," she said.

Despite the challenges, Mavuso said business remained committed to partnering with government to improve municipal performance, similar to the collaboration that has helped stabilise Eskom and improve Transnet's operations.

She said BLSA had contributed R20 million towards Operation Vulindlela's municipal reform programme, but stressed that meaningful partnerships require committed political leadership.

"We would now like to take that same business-government partnership to the City of Joburg, but our condition is that we need a counterparty in the city that is serious about turning it around," she said.

Among the reforms she welcomed are proposals to ring-fence municipal utility revenues, professionalise municipal administrations and allow the National Treasury to intervene earlier when municipalities show signs of failure.

She criticised the current management of municipal finances, citing National Treasury figures showing that the City of Johannesburg collected R11.9 billion in water revenue while spending only R1.3 billion on water-related infrastructure.

"The money is actually there. We are paying for our services, but it is not being spent on maintaining the infrastructure it was collected for," she said.

Mavuso also argued that South Africa's broader economic reform programme must continue without interruption if the country hopes to attract investment and create jobs.

She warned that recent signs of slower implementation at Eskom and Transnet were already beginning to undermine investor confidence.

Looking ahead to the municipal elections, Mavuso urged voters and political parties to recognise that local government performance has national consequences.

"The issue of municipalities is not just about one municipality. It is a national economic issue. If cities cannot provide reliable electricity, water, roads, safety and basic governance, they weaken South Africa's growth story," she said.

BUSINESS REPORT

MultiChoice’s adjusted earnings before interest and tax (EBIT) soared 160% to €143 million in the six months to June 30, and it saw the highest increase in subscribers in a decade in June, the interim results of its JSE-listed parent Canal+ showed Tuesday.

Canal+’s share price was the top mover on the JSE in the morning, following the release of the interim results, with the share price higher by 6.6% to R55.30, which is marginally below the R56.60 that the group traded at on its listing on the JSE in May this year.

The global media and entertainment group reported that the sharp increase in EBIT at South Africa-based MultiChoice was due in particular to synergies of €120 million (including Showmax discontinuation impact).

CANAL+ CEO Maxime Saada said: “In South Africa, we delivered a standout month in June, with the highest new subscriber uptake in a decade, and we secured long-term rights to the most watched sports competition, the Premier Soccer League.”

Canal+’s adjusted EBIT before exceptional items was equally robust, rising by 68% to €433m in the half year.

Saada said a turnaround was underway at MultiChoice. During the six months, the content offering had been strengthened through the securing of long-term rights to the Premier Soccer League in South Africa, and Men's 2027 and Women's 2029 Rugby World Cups across sub-Saharan Africa.

MultiChoice’s production slate currently includes its first major South African film production, The Road Home, Heist of Benin, and the screen adaptation of the bestselling novel Americanah.

Successful content and marketing initiatives at MultiChoice included the World Cup advertising campaign featuring Idris Elba and the launch of the Novelas+ channel in South Africa.

The equipment price for new subscribers had been reduced, lowering the barrier to entry.

The distribution network was expanded - the number of points of sale increased by over 15% since March.

Subscriber acquisition was up 40% compared to the first half of 2024 in MultiChoice countries. June 2026 saw the best subscriber acquisition month in South Africa in a decade.

"Our strong first-half results reflect our strategic progress. Revenue increased by 40% and adjusted EBIT by 68%, reflecting our increased scale following the acquisition of MultiChoice, and we continued to generate very strong free cash flow, benefiting from cash optimisation initiatives and seasonality effects,” said Saada of the group’s results.

"In Africa, we have grown our combined subscriber base by 7%, and as part of the MultiChoice turnaround plan, we reduced entry costs for new subscribers and expanded our sales network,” he said.

Saada said they were well on track to achieve the 2026 synergies target of €250m in adjusted EBIT. The full-year and medium-term guidance was maintained while remaining cognisant of the macroeconomic and geopolitical backdrop.

“Following the acquisition of MultiChoice, our increased scale is starting to deliver the benefits we expected. We have achieved half of our €250m synergies target and remain well on track for the year,” he said.

BUSINESS REPORT

The emboldened “coal at all costs” narrative has resurfaced to once again conflate the complex issues of energy, climate change and development, and broad narratives that informs the just energy transition and broader energy sector reforms in South Africa.

This was loud and clear at the recently held Coal & Energy Transition Day in Johannesburg 

The world is changing and external and internal pressures and opportunities to realise an energy transition are mounting. Numerous factors influence this new tempo and bandwidth but primarily it is the ensuing geopolitical crisis and the global energy outlook, and domestically, the resolution of the load shedding crisis that was part of our lives in the recent years.

Historically, South Africa’s energy sector has been dominated by coal with Eskom as the main broker retaining a monopoly over the sector.

But, with financial and operational crises coupled with the imperatives of realising an energy transition away from fossil fuels, tensions have surfaced across various spheres with various arguments on the future of coal.

These renewed narratives remain focused on various technologies, from nuclear, gas, renewables mainly solar and wind, and green hydrogen as well as coal.

What is encouraging in our “loud democracy” debate regarding renewable energy, climate change and fossil fuels is that citizens are engaged and concerned. 

However, in the contrast Mis(dis)information, narrative manipulation and dangerous rhetoric often show up in different areas of these conversations, sometimes highlighting the very deep levels of the vested interests. 

This suggests that conversations related to South Africa’s energy security and climate future are important concerns for South Africans.  The central question is not whether the energy system will change, but whether that change will be planned, financed and socially managed — or disorderly, expensive and unjust.

Let us shed our biases and optimise opportunity 

First is the role that fossil fuels play in the threats posed by climate change. Renewables have the potential to significantly reduce GHG emissions by replacing generation technologies such as coal.

This is essentially transitioning from one energy value chain to another. Complexities related to financing, policy, regulation, political will, jobs, local economies and other socio-economic issues are crucial to consider.

Conversely, others believe that renewables are a foregone idea that seeks to limit South Africa’s development, and Africa at large.

This is cited often especially when considering that the west developed its nations with fossil fuels, and in recent years have ramped up some their coal fired powered stations 

The second argument for coal has nothing to do with coal – but the issue of loadshedding and its implications.   

Whilst decarbonisation has been flagged, the real problem was created as result of the operational crisis of existing coal plants.

These included of unplanned breakdowns, inadequate generation capacity, mismanagement and corruption, deliberate sabotages of criminal nature, a long history of political interference hindering maintenance of certain plants, and the very real inevitability (which has actually already happened) of plants reaching their economic lifespan, as it happened with the decommissioning of the Komati Power Station in Mpumalanga 

Third is the conversation related to the energy transition.

This is the moving away from fossil fuels towards renewable sources of energy generation. This matter includes climate/green finance, policy and regulatory hindrances that suppress the building of renewable power plants, structuring and implementing a truly just transition that leaves no one behind, and much more. 

We must honestly and genuinely delve into the complexities associated with coal and renewables within the broader energy transition conversation in South Africa. The discussion about coal should be about its role in a just, evidence-based and people-centred transition, and not the artificial false choice between energy security and climate action. 

Responsibilities are shared but differentiated. 

The PCC’s value is this discourse is to connect it to public-interest outcomes which is reliable and affordable energy, credible emissions reduction, worker and community protection, economic diversification, environmental rehabilitation, and local industrial development.

Companies must meet labour, environmental, closure and rehabilitation obligations. Government must provide enabling policy, public services and social protection.

Developed-country partners should provide additional, high-quality climate finance. Private investors should price transition risk responsibly and support inclusive outcomes rather than externalising costs.

Does the current situation justify the narrative of a new lease of life for coal. While coal is still central to South Africa’s economy and energy supply, the long-term sustainability of coal faces challenges from depleting reserves, environmental pressures, and the global push toward cleaner energy sources.  

We have an opportunity to embed just transition principles in the context of the current coal debates and to entrench best practices in the system that will enable justice across the sector. But an approach of this manner requires leadership and political will from all affected stakeholders

What we need is to transcend the narrow resources discussion and dissect it into the political, social, economic and broader discourse on our development paradigm, encompassing deeper conversations on energy generation, climate change mitigation, energy security, IPP procurement process, primary energy costs, future and sustainability of the national power utility, and more.

Blessing Manale, Executive Manager, Communications and Consensus Building.

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BUSINESS REPORT 

Boxer Retail’s share price fell 3.3% on Tuesday morning after the value retailer said its trading margin was likely to be flat in the 20 weeks to July 19 due to selling price deflation across its shopping basket.

The JSE-listed Pick n Pay subsidiary stated in a trading statement on Tuesday that they were operating in an environment of “slowing momentum in a highly constrained trading environment.”

The reported deflation resulted from deflation across key commodity categories, particularly maizemeal, rice, and flour, which all experienced double-digit deflation during the period.

The share price was trading at R73.18 on Tuesday morning, 4.8% higher than the R69.89 it was trading at a year ago.

Turnover for the period grew 7.2%, with like-for-like growth of 2.2%. This represents a slowdown compared to the 10.9% turnover growth (3.7% like-for-like) recorded in the second half of the 2026 financial year.

Like-for-like volume growth - like-for-like turnover less internal selling price inflation - remained positive, sustaining the trend of the past three years.

Boxer's market share increased over the period, based on Boxer's calculations using data reported by NielsenIQ, a global consumer intelligence company. Boxer aims to deliver the lowest basket prices compared to its competitors through a curated range of 3,000 essential food and grocery items, including market-leading brands and exclusive Boxer labels.

Internal selling price inflation, as measured on a volume-held-constant basis, was -1.9%, representing a further slowdown from the -0.7% and -1.6% previously reported for the first half of the 2026 year and the second half of 2026, respectively.

“As a consequence of both strong other trading income growth and tight margin control, management's current assessment is that Boxer is on track to maintain its trading profit margin for the first half of 2027, at the same level as in the first half of 2026,” the directors said.

During the period, 19 new stores were opened, consisting of 6 Superstores and 13 liquor stores. The group has opened a net average of 50 stores over the past three years.

“Boxer has a strong 2027 store opening pipeline, and management remains confident the group will meet its previously communicated 2027 store rollout target of 25 Superstores and 35 liquor stores,” the directors said.

“Boxer expects turnover growth to accelerate over the latter part of 2027, due to an anticipated uptick in selling price inflation and an improved turnover contribution from new stores, given that the majority of the 2027 store openings are scheduled for the second half of the financial year.”

On July 1, Boxer and FNB eBucks announced plans to expand the access of its 99 cents bread benefit, one of the country’s most practical savings initiatives. From July 1, FNB Easy, Aspire, and Prime Life customers who shop at Boxer qualify for the 99 cents bread benefit, for up to four loaves of bread per month.

Since launching the 99 cents bread initiative in September 2024 with Pick n Pay, FNB had seen a strong impact, with over 6.3 million loaves issued and more than R9.6 million in direct savings delivered to customers.

BUSINESS REPORT

Former Calgro M3 executives Wikus Lategan and Wayne Williams have expanded beyond large scale property development into the hospitality industry with the launch of Zomerlust Boutique Hotel and SMEUL Restaurant in Paarl.

The founders of ION Holdings officially opened the 15 room boutique hotel and fire driven restaurant in May, marking their first hospitality venture while continuing to pursue major property developments across South Africa.

Located on Paarl's historic Main Road, Zomerlust occupies a Provincial Heritage Site with the earliest recorded structure on the property dating back to 1792.

The development team originally intended converting the site into a residential project before recognising the commercial opportunities presented by the Cape Winelands tourism market.

Lategan said the move into hospitality was driven by the same principles that had underpinned their success in property development.

"When it comes to our latest Cape project, the naysayers will say we know nothing about hospitality, but sound business principles apply across industries," he said.

"In property development, you are a problem solver, and the developer who solves them in the shortest amount of time and most efficiently is the most successful. We've brought that same thinking here."

The restoration project was completed over approximately six months and included the careful refurbishment of the heritage building using local craftsmen, with all work approved by Heritage Western Cape. The hotel features 15 individually designed rooms created by interior designer Misi Overturf, with each room offering a unique design inspired by the Boland landscape.

Despite managing large development projects elsewhere, both Lategan and Williams remain actively involved in the day to day running of the hotel.

"Guests like to see owners on the ground. It's something that is important to us both when we visit small hotels and now as owners of one," Williams said.

The hospitality offering also includes SMEUL Restaurant, led by acclaimed chef Kevin Grobler, whose career includes serving as Head Chef at the Michelin starred JAN restaurant in Nice. Grobler also earned an Eat Out One Star award during his time at Vrymansfontein in Paarl.

The restaurant centres on wood fired cooking and open flames, with its name referencing the Afrikaans word for "smoulder".

Since opening in May, the restaurant has attracted a growing base of regular customers.

"We knew Paarl wanted something new in the dining arena and it's been heartwarming to see everyone's commitment here pay off," Lategan said.

While hospitality is a new venture, ION Holdings continues to focus on major property developments. Its flagship Vorentoe student accommodation project, adjacent to the University of Johannesburg, is expected to deliver approximately 2,000 student beds across multiple phases with an estimated completion value of between R800 million and R1 billion.

Beyond bricks and mortar, both founders said their approach to business remained firmly centred on people.

"The most important capital within any organisation is its people," Williams said.

"That belief doesn't change whether you're delivering thousands of homes or running a 15 room hotel. We create environments where people can grow, are remunerated above market average, and share in the success of what we build together. You build the culture first, and the business follows."

Lategan said creating employment opportunities remained central to the company's broader vision.

"If we are in a position to create jobs, we must do so intentionally. We must create meaningful opportunities where people can grow, earn with dignity, and build better futures for themselves and their families. Uplifting people is not a side initiative for us. It is central to how we measure success," he said.

Reflecting on the values that shaped his business philosophy, Lategan added, "He always said that without your people, there can be no business, and that has stayed with me in every decision I've made."

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BUSINESS REPORT 

Kumba Iron Ore has declared a cash dividend of R7.90 per share for the six months to June 30, 52% lower than the half year payout last year, as the group is focused on cost optimisation, capital allocation discipline, and enhancing cash generation.

"Kumba's first-half performance reflects the impact of a challenging external environment and difficult operating conditions. Despite these headwinds, we delivered EBITDA of R10.9 billion and an EBITDA margin of 35%," said Mpumi Zikalala, the chief executive of the Anglo American subsidiary that mines premium iron ore in the Northern Cape.

She said the strength of their balance sheet and cash generated from operations of R10.1bn, together with the group’s confidence in the long-term fundamentals of the business, had enabled the board to declare an interim dividend of R2.5bn, of which the empowerment partners would receive R800m.

“Our sustainability commitments remain integral to value creation, and we delivered R24bn of enduring shared value to our stakeholders," she said.

“Across our asset portfolio, resource development activity is progressing, and we continue to invest in sustaining life of mine, maximising the value of existing infrastructure, and enhancing our asset quality,” she said.

At Sishen, the ultra-high dense media separation (UHDMS) project is advancing, with overall progress at 45%, engineering substantially completed at 96%, and structural steel installation progressing well. Pre-shutdown mechanical and electrical works for the main tie-in remain on track, supporting the next phase of execution.

At Kolomela, the Ploegfontein concept study has been completed, and pre-feasibility studies have commenced.

In parallel, energy resilience was being strengthened to support lower energy costs and a lower-carbon steel value chain.

“We have entered into an offtake agreement with Envusa to receive renewable energy from a 63 megawatt (MW) solar photovoltaic (PV) plant that will be constructed at Sishen and is expected to displace around 35% of Sishen’s current scope 2 emissions at steady state.”

The plant will be built on a disused waste dump, reducing rehabilitation requirements at closure. Completion of Sishen's solar PV plant in 2028, together with Kolomela’s 11 MW of wheeled renewable energy, is expected to lift Kumba’s renewable energy penetration to 45%, she said.

In March, Kolomela began receiving renewable energy as part of the 11 MW offtake agreement with Envusa Energy, a joint venture between Kumba's ultimate holding company, Anglo American plc, and EDF Power Solutions. Renewable energy is powered by a combination of wind and solar projects, which has reduced Kolomela’s scope 2 emissions by 84%.

“As we move through the second half of 2026, we will continue advancing our UHDMS project and strengthening logistics performance through our strategic partnerships. We will maintain a consistent, disciplined approach to capital management, balancing investment in safe and sustainable operations with margin-enhancing, life extension opportunities to create long-term stakeholder value,” she said.

The business value of the UHDMS technology includes: lowering the cut-off grade from 48% to 40%, which reduces the stripping ratio, increasing the volume of premium grade products from less than 20% to above 50%, and increasing Sishen's life of asset by six years, with the option to further extend the life of the asset.

Kumba’s share price was unchanged at R258.74 on Tuesday morning, a price 16.5% down from R310.02 a year ago.

BUSINESS REPORT

Many businesses only recognise downtime once a system has failed. By that stage, the cost is already evident in interrupted transactions, delayed work, frustrated employees, and customers forced to wait.

The more difficult risk is the one that builds before the outage. Systems slow down, alerts go unresolved, backups are assumed rather than verified, and teams start creating workarounds that quietly become part of daily operations.

Productivity drops long before anyone declares an incident. That is why downtime should be treated as an operating risk, not a technical inconvenience.

Research from Splunk estimates that unplanned downtime now costs Global 2000 companies $600 billion annually, with an average cost of $15,000 per minute.

The same research points to broader consequences, including lost revenue, customer churn, regulatory exposure, and an average 3.4% drop in stock price after a downtime incident.

Those numbers relate to very large global enterprises, but the same operational pattern is visible in smaller businesses that depend on stable systems to trade, serve customers, and make decisions.

In South Africa, where many mid-market businesses run lean IT teams and depend on a small number of critical systems to trade, invoice, serve customers, and manage operations, downtime can quickly become a cash-flow, service, and reputational issue.

Downtime starts before the outage

Many businesses still think of downtime as a major outage, when the more common problem is degraded performance that builds over time.

Downtime does not need to take a system offline to cost the business money. It often starts as delayed reports, inaccessible customer data, slower warehouse processes, or manual workarounds that teams accept because they have no better option. Over time, those small failures become expensive through overtime, rework, missed service levels, delayed billing, and management attention pulled away from growth.

A warehouse system that slows down for two hours every morning may not be classified as an outage, but if it delays picking, dispatch, invoicing, and customer updates, the business is already paying for downtime before anything has technically gone offline.

Reactive IT is an expensive habit

Reactive IT support often gives businesses a tidy record of problems rather than a stronger operating environment.

Tickets get closed, but root causes remain. When the same issues return, the organisation is not solving downtime but simply learning to live with it.

Waiting for users to report problems is not a support model. It is a delay. Infrastructure should be watched before failure, and backups should be tested before the business needs them. Otherwise, the organisation is merely hoping the basics work.

Uptime Institute’s 2026 outage analysis found that 57% of respondents said their most recent major outage cost more than $100,000, while one in five reported costs above $1 million. The same analysis notes that failures to follow established procedures remain a leading driver of human error-related outages.

Many incidents are not caused by one dramatic technical failure. They come from complexity, weak processes, unclear ownership, and issues that should have been identified earlier.

Proactive management changes the economics

The point of managed IT is not to make impressive promises about eliminating every incident. No serious provider should claim that.

The point is to reduce the frequency, severity, and duration of problems by managing the environment before users experience them.

That means monitoring infrastructure health, verifying backup integrity, keeping endpoints patched, properly managing access, reviewing alerts, maintaining documentation, and tracking recurring issues until the root cause is addressed. None of this is glamorous. It is also where a great deal of business continuity is protected.

Splunk’s 2026 downtime research notes that downtime events are not caused by one category of failure. It attributes 43% to network or IT environment issues, 32% to cybersecurity, and 24% to application or infrastructure failures. This reinforces the point that businesses need visibility across the environment, not a narrow response to the most recent issue.

Visibility before disruption

Leadership does not need to sit inside the IT function to hold it accountable. It needs enough visibility to know whether risks are being managed before they become business disruptions.

Leadership should know whether IT is finding problems early or waiting for users to report them. It should also know which systems pose the greatest operational risk, whether backups have been tested, and whether recurring incidents are being resolved or closed.

If IT spends most of its time recovering the same ground, the business has a resilience problem, not a support problem.

Downtime is not only about availability but about confidence. When systems are stable, teams move faster. When systems are unreliable, everything slows down, even if nobody calls it downtime.

At EQPlus, I believe managed IT must prove its value before the business is already frustrated, through the quiet discipline of monitoring, managing, and resolving issues before small ones become expensive ones.

Businesses cannot prevent every incident. But they can choose whether they discover problems early through disciplined management, or late through disruption. That difference is where the real cost sits.

Frik van der Westhuizen, CEO of EQPlus.

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BUSINESS REPORT 

The Department of Agriculture has launched a new self-vaccination application portal that will allow livestock owners to obtain official authorisation to vaccinate their own animals against Foot-and-Mouth Disease (FMD), in a move aimed at strengthening South Africa's response to the disease.

Minister of Agriculture, Willie Aucamp, said the live online system would give farmers greater control in protecting their herds while helping to curb potential FMD outbreaks more quickly.

“This live system hands crucial control to farmers, allowing them to apply for official authorisation to vaccinate their own animals and curb potential FMD outbreaks faster than before,” he said.

Aucamp He said the launch marked the beginning of a broader effort to involve the private sector in combating the spread of FMD.

“This step is only the beginning and I can assure all stakeholders that the Department of Agriculture is committed to enabling the private sector to help tackle this FMD outbreak.”

Through the new system, cattle owners and managers can register on the FMD Reporting platform and follow a structured application process that complies with South Africa's biosecurity requirements, legal provisions, traceability measures and vaccination reporting obligations.

The process consists of three stages.

Firstly, livestock owners or managers must apply to become an "Authorised Person" through the FMD reporting system, enabling them to administer FMD vaccinations in accordance with the relevant legislation.

Once approved, they are required to notify the provincial director of veterinary services or the relevant state veterinarian at least five days before administering the vaccine. This notification can be submitted through the online portal or in writing.

After vaccinations have been completed, authorised persons must submit a vaccination report within 14 days, providing details of the vaccines used, the number and type of animals vaccinated, and the location where the vaccinations took place. These reports can also be submitted electronically or in writing.

Aucamp said farmers also have the option of using approved private-sector reporting platforms, including those operated by RMIS, SAAI and Buffalo Analytics, provided those systems have been approved by the Director of Animal Health.

“It should be noted that all the information received from any third-party system will be shared with the Department of Agriculture (DoA) and uploaded on its system,” Aucamp said.

“The onus is on the livestock owners and managers to check if their chosen system has been approved for use by the Director of Animal Health.”

According to Aucamp, the data collected through the reporting systems will help government monitor the progress of the national vaccination programme while supporting South Africa's efforts to regain international recognition for its animal health status.

“It will also enable us to efficiently provide up-to-date information on the success of South Africa’s vaccination programme to the World Organisation for Animal Health (WOAH) when we are in a position to apply to WOAH for FMD-Free status with vaccination once again.”

The minister also urged organised agricultural associations to work closely with approved vaccine importers to determine the number of vaccine doses required by their members, enabling suppliers to plan procurement and distribution more effectively.

He encouraged vaccine importers to engage with veterinarians to assess demand in different regions and ensure adequate vaccine availability.

Under the voluntary vaccination programme, farmers choosing to vaccinate their livestock will be responsible for purchasing the vaccines.

However, Aucamp said government would continue supplying vaccines to areas where new FMD outbreaks are detected and to farmers who cannot afford the cost of vaccination.

“The cost of the vaccines purchased in this voluntary vaccination rollout will be for the account of the farmers that do the voluntary vaccination of their cloven-hooved animals,” he said.

“The government will continue to provide vaccines to all areas where new outbreaks of FMD have been reported, as well as to those farmers that cannot afford to pay for the vaccines themselves.”

BUSINESS REPORT

Zimbabwe has taken another step in its economic reform agenda after the International Monetary Fund (IMF) approved the completion of the first review under the country's 10-month Staff-Monitored Program (SMP), citing strong implementation of agreed reforms and continued macroeconomic stability.

The review, approved by IMF management on July 27, marks an important milestone in Zimbabwe's efforts to rebuild its economic credibility, clear debt arrears and re-engage with the international financial community.

Unlike IMF lending arrangements, Staff-Monitored Programs are informal agreements between a country's authorities and IMF staff and do not provide financing or require approval by the IMF executive board. Instead, they are designed to help countries establish a track record of sound economic policies.

According to the IMF, Zimbabwe's implementation of the program through the end of March 2026 was strong, with all quantitative targets and structural benchmarks achieved and most indicative targets met.

The IMF said Zimbabwe's economy remained resilient despite a more challenging global environment. Economic growth reached 8.3% in 2025, supported by improved agricultural production, strong mining output and favourable gold prices. Inflation also remained subdued, reflecting tight monetary policy and relative exchange rate stability.

Looking ahead, the IMF expects Zimbabwe's economy to grow by 5% in 2026 before moderating to an average of 4.2% over the medium term. Inflation is expected to remain in single digits, while the country's current account surplus is projected to narrow but stay positive.

However, the Fund warned that the outlook faces downside risks, including the potential impact of a major El Niño weather event and renewed conflict in the Middle East.

On the fiscal front, Zimbabwe exceeded its end-March primary budget balance target, benefiting from stronger-than-expected revenue collection. The IMF welcomed the government's commitment to remain within its approved 2026 national budget while saving any additional revenues to build financial buffers for possible food security requirements in 2027.

The Fund also highlighted measures aimed at reducing fiscal risks, including tighter controls over gold delivery incentives, adopting a rules-based approach to liability management and strengthening safeguards around domestic arrears clearance.

It said further improvements in public financial management, budget execution and commitment controls would be essential to prevent the accumulation of new arrears and preserve fiscal credibility.

The IMF also praised the Reserve Bank of Zimbabwe for maintaining a tight monetary policy stance to contain inflation and support exchange rate stability.

The Fund welcomed the introduction of a ZiG-denominated term deposit facility, describing it as a positive step toward greater use of market-based monetary policy instruments. It added that reducing reliance on non-negotiable certificates of deposit over time would strengthen monetary policy transmission and deepen domestic money markets.

The IMF also endorsed Zimbabwe's plans to further liberalise the foreign exchange market and reform the country's foreign exchange intervention framework.

While acknowledging the country's progress, the IMF noted that one indicative target relating to protected social and priority spending had been missed, underscoring the need to improve budget execution and ensure vulnerable households receive timely support.

The Fund stressed that continued reforms in governance, fiscal risk management and public financial management would be critical to enhancing transparency, accountability and investor confidence.

It added that sustained progress under the Staff-Monitored Program, alongside efforts to reconcile debt data and develop a credible arrears clearance and debt resolution strategy, would help Zimbabwe advance discussions with international creditors and strengthen its broader re-engagement process with the global financial community.

BUSINESS REPORT

Parmi Natesan

Recent public debate surrounding governance at the Public Investment Corporation (PIC) has focused on individuals and appointments. While these are matters for the relevant appointing authorities and the applicable legislation, the discussion presents an important opportunity to reflect on broader governance principles that extend well beyond a single organisation.

The Institute of Directors in South Africa (IoDSA) believes that the debate should centre on two fundamental questions. First, what level of independence should be expected of the chairperson of a governing body? Secondly, what competencies should be expected of those entrusted with leading the boards of institutions that manage assets of significant public importance?

These are not merely theoretical questions. They go to the heart of public confidence in the governance of South Africa's institutions.

King V recommends that the chairperson of a governing body should be an independent non-executive member.

The chairperson is responsible for leading the governing body in the objective, ethical and effective discharge of its governance responsibilities. The chairperson shapes board culture, facilitates robust debate, encourages constructive challenge, manages board dynamics and helps ensure that decisions are taken in the best interests of the organisation.

King V provides that independence should be assessed objectively, considering whether any interest, position, association or relationship would, from the perspective of a reasonable and informed third party, be likely to unduly influence or create bias in decision-making.

This is particularly important in the public sector, where boards often operate within legislative appointment frameworks. While enabling legislation may prescribe how appointments are made, good governance requires careful consideration of how governance arrangements support objective decision-making and public confidence.

Equally important is the question of competence.

King V identifies competence as one of the core characteristics expected of every member of a governing body. This includes acquiring sufficient knowledge of the organisation, its industry, applicable legislation and governance responsibilities, exercising due care, skill and diligence, and continually developing governance competencies.

Furthermore, King V requires that governing bodies be composed with an appropriate mix of competencies, diversity and independence to enable them to discharge their responsibilities effectively. It also emphasises the importance of succession planning, director induction and ongoing professional development.

Chairing a governing body is a specialised leadership role. It requires considerably more than technical expertise or experience in another field. Effective chairs must be capable of facilitating independent debate, building consensus where appropriate, holding executive management to account, managing conflicts constructively and ensuring that the governing body functions as an effective collective.

Appointment to political office should not, in itself, be regarded as evidence of competence to chair a governing body. Chairing one of South Africa's most significant public institutions requires specialised governance capabilities that are developed through experience, training and the continual application of sound governance principles. The same standard should apply irrespective of whether appointments are made in the public or private sector.

As South Africa continues to professionalise directorship and strengthen governance across both the public and private sectors, greater attention should be given to ensuring that those appointed to chair strategically important institutions possess not only integrity and experience, but also the governance competencies necessary to fulfil the role effectively.

The current public debate presents an opportunity to elevate the conversation beyond individual appointments. Ultimately, good governance depends not only on who serves on a governing body, but on whether those individuals possess the independence, competence and governance capability required to discharge one of the most important responsibilities in public life.

* Parmi Natesan is the CEO of the Institute of Directors in South Africa (IoDSA).

** The views expressed do not necessarily reflect the views of IOL or Independent Media.

BUSINESS REPORT

Somewhere in a South African head office this quarter, an AI proof-of-concept that impressed the executive committee six months ago is being switched off or shelved.

It demoed beautifully, but it never made it into production. And the post-mortem will probably blame the model, the vendor, the hype or even AI technology itself.

That instinct is almost always wrong. When an enterprise AI project fails, it is rarely the intelligence that lets you down.

The core of the problem is that it is far easier to build a controlled, impressive demo than it is to scale it into production software.

Projects usually collapse due to unexpected infrastructure and computing costs, and a lack of true enterprise-grade readiness.

Teams often treat these projects as technology-first experiments, measured by technical accuracy rather than tangible business value, while entirely neglecting the human change management and real-world workflow quirks needed for everyday employee adoption. The experimental excitement and momentum then give way to reality. That reality-check, however, includes both a rude awakening and a difficult pill to swallow: in a more holistic sense, the project’s failure reflected deeper shortcomings in AI readiness across the business.

The pilot held a mirror up to the organisation, the organisation did not like what it saw, and the mirror (AI) took the blame – then got smashed.

The scale of this is in no way anecdotal. MIT's NANDA initiative reviewed more than 300 enterprise deployments for its 2025 study, The GenAI Divide, and found that roughly 95% delivered “no measurable impact on the bottom line”. Only about one in twenty reached production with real value. MIT puts much of that down to weak workflow integration and systems that never learn. In my experience across African financial services, telecommunications and the public sector, there is a more basic thread running beneath it all: fragmented, ungoverned, poorly integrated data.

The uncomfortable part is that most organisations do not know this is their problem, because they are confident about data they cannot actually reach. In Cloudera’s own Data Readiness Index 2026, 89% of EMEA IT leaders claimed they had complete visibility into where their data resides, yet only 26% of them said that data was fully governed. The distance between what leaders believe they can see and what they can actually govern is exactly the reflection in the mirror we're talking about. In a similar vein, Gartner in 2025 already predicted this paradox to lay waste to 60% of corporate AI projects by the end of 2026 because they lack AI-ready data.

Faced with a stalled pilot, the temptation is to smash the mirror and blame AI-hype for overselling a tool that isn’t useful and promptly scale back AI ambitions. In other cases, they might swap the model, simply spend more, or even bolt on an agent. It feels like progress and it ends up changing nothing, because the flaw being reflected sits upstream. There is also a nasty twist in the economics: a flashier AI is far more expensive to run (and still won’t make the picture in the reflection prettier automatically).

This is where tokenisation stops being a little billing footnote and becomes the whole story. Generative AI is metered by the token. You pay for the volume of text and content going in and coming out, not for whether the answer was worth anything. On a clean, governed foundation, that is affordable. On a messy one, it is a slow leak that turns into a flood scarily quickly. 

Fragmented data forces you to stuff more context into every prompt to compensate. Data nobody trusts pushes teams to route everything to the largest, most expensive model, because the cheaper ones cannot be relied on with inputs no one has vetted. Unreliable answers trigger retries, and every retry is another metered call.

Agents also make this cost growth exponential rather than linear. An AI agent does not ask once and stop.

It reasons, re-reads, calls tools and loops. Anthropic's own engineers found that a single agent burns through about four times the tokens of an ordinary chat, and a multi-agent system roughly fifteen times as many, before anything even goes wrong. Point that machinery at a weak data foundation and a bad decision isn’t the only thing that’s going to happen. It produces a bad decision at speed, then invoices you generously for the privilege. In its latest lookahead, Gartner now predicts that more than 40% of agentic AI projects will be cancelled by the end of 2027, and the first reason it lists is escalating cost.

So the token bill is not some separate issue from the data one, either. Essentially, it is the meter that prices it. An organisation can probably debate data governance in the abstract for years, but it cannot really argue with the invoices.

The local picture drives this home for me, though. In the EMEA findings of our own index, 42% of leaders admitted that complicated access requirements were their primary barrier to using the data they can see, and only about a third have their data sources fully integrated across environments. Add the pressures particular to this market – POPIA obligations, tight budgets, scarce skills – and running expensive demonstrations on shaky foundations becomes a cost most South African organisations cannot absorb for long.

The fix is unglamorous, which is precisely why it works. Before buying more intelligence, make the data beneath it accessible, integrated and governed, so that governance travels with the data instead of living inside one provider's platform, and so the Protection of Personal Information Act (POPIA) leaves you with an audit trail rather than a liability. Then bring the AI to that governed data, hold your options open through open standards, and let cost become something you can plan for instead of something that plans for you.

And none of that is as exciting as a model rollout or an agent launch. But the organisations getting real, everyday value from AI in this country are not the ones running the most pilots with the most resources. They are the ones that fixed the plumbing first, regardless.

You can’t blame the mirror for what is reflected and a fancier one won’t change anything either. What that means is: a successful AI project starts with the unglamorous parts. It starts with the data – every time.

Warren Olivier, Regional Vice President for Africa, Cloudera. 

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BUSINESS REPORT 

For many South Africans, saving remains one of the most difficult financial habits to maintain. While rising living costs and economic uncertainty undoubtedly play a role, the biggest obstacle may not always be what’s in your bank account, but what’s happening in your mind.

According to Liberty, understanding the psychology behind financial decision-making can help people develop healthier saving habits and build greater financial resilience over time.

Many people believe that successful saving is simply a matter of discipline or earning more money. In reality, behavioural science tells us that our brains are wired to favour immediate rewards over future benefits.

This tendency, known as present bias, explains why it’s often easier to spend money today than to save for a goal that may only be realised years from now. Whether it’s retirement, buying a home or building an emergency fund, long-term financial goals can feel distant and abstract, making them easy to postpone.

Another common behavioural barrier is what psychologists refer to as future self-disconnect. Research suggests that people often think about their future selves almost as though they are someone else, making it harder to prioritise financial decisions that will benefit them years from now.

When we struggle to identify with our future selves, saving can feel like sacrificing today’s happiness for someone we don’t yet know. The challenge isn’t a lack of ambition, it’s understanding how our brains naturally make decisions.

Turning good intentions into good habits

Behavioural science also shows that successful savers don’t necessarily have stronger willpower. Instead, they create systems that reduce the need to make difficult financial decisions repeatedly.

Automating monthly savings, separating savings into specific goals, and celebrating small milestones can make long-term financial objectives feel more achievable.

Breaking larger ambitions into smaller, measurable targets also creates a sense of progress that keeps people motivated.

The more tangible a goal becomes, the more likely we are to stay committed to it. Small wins build confidence, and confidence builds consistency.

The South African reality

South Africa continues to face significant financial pressures, with many households balancing increasing living costs, debt obligations and competing financial priorities. These realities make saving more challenging, but behavioural science suggests that financial stress also affects the way people think.

When people experience financial pressure, their attention naturally shifts towards immediate needs. That leaves less mental capacity for long-term planning. Recognising this is important because it reminds us that better financial outcomes are not achieved through guilt or self-criticism, but by building practical systems that make saving easier.

South Africans have also demonstrated the power of collective financial discipline through initiatives such as stokvels, where accountability, shared purpose and consistent contributions help members achieve financial goals together.

The enduring success of stokvels reminds us that financial wellbeing is about more than numbers. Social support, routine and accountability all influence the financial choices we make.

Building financial resilience, one habit at a time

Liberty believes that financial freedom is built through consistent actions rather than perfect decisions. Understanding how behaviour influences money management allows individuals to create habits that support their long-term goals, even during challenging economic times.

Financial resilience isn’t built overnight, nor does it require perfection. By understanding the psychology behind our financial choices and putting simple systems in place, every South African can take meaningful steps towards a more secure financial future.

* Naidoo is the head of behavioural science, insurance and asset management at Standard Bank Group.

PERSONAL FINANCE

It was a moment of profound irony, the sort that often reshapes the trajectory of technological history. For years, the prevailing wisdom in the West was that China’s AI ambitions would be stifled by scarcity—a supposed desperation born of limited access to the high-end chips that serve as the engines of modern intelligence.

Yet, while Western companies retreated into the guarded fortresses of proprietary code, the Chinese ecosystem executed a pivot that caught the giants of Silicon Valley off guard: they embraced the expansive, collaborative power of the open-source spirit.

This was not merely a tactical decision; it was a philosophical divergence.

While Western AI development largely adhered to the "walled garden" model—each firm treating its architecture as a singular, guarded asset rather than a shared foundation—the open approach in China had yielded something unexpected: a potent combination of higher quality and lower costs. The "wisdom of crowds," it turned out, was faster and more efficient than the siloed ingenuity of individual corporations.

The shift in the West began to reveal itself in the most public of ways. When Jensen Huang, the CEO of Nvidia—a man who has become the modern architect of the silicon age—published a paper on X advocating for an open-source approach, it served as a watershed moment.

His endorsement, quickly bolstered by titans like Elon Musk and Satya Nadella, signaled that the winds of strategy were changing. One might argue that for a chipmaker like Nvidia, the incentive is clear: an open ecosystem invites more players, drives more adoption, and ultimately, creates an insatiable demand for the hardware that keeps the lights on.

Yet, the appeal transcends simple economics; it touches on the fundamental desire to lower the barriers to entry in an industry becoming increasingly cost-prohibitive.

However, the drama of this new era is characterised by its schisms. Conspicuously absent from this open-source choir is OpenAI and Anthropic.

The arc of OpenAI, in particular, reads like a classic fable of disruption: founded on the idealistic promise of open access, it now finds itself navigating the gravitational pull of massive economic reward, tilting toward the closed systems it once sought to dismantle.

Sam Altman now occupies a complex middle ground, advocating for a bifurcated reality, while Anthropic stands firmly on the side of the closed system.

As we examine this raging debate, we must recognize that these leaders are not merely debating technology; they are jockeying for dominance.

For the public, the stakes are far higher than market share.

The resolution of this tension—the balance between the frantic pace of innovation and the necessity of safety—is the central challenge of our time. An open approach may invite rapid experimentation, inevitably trading some short-term security for long-term robustness.

Conversely, a closed system prioritizes control at the expense of communal progress.

For the burgeoning tech sector in Africa, this global pivot is not just an observer’s drama; it is a strategic opening.

The move toward an open-source infrastructure could provide the very leverage needed to foster locally developed solutions, allowing African technologists to build upon a global commons rather than being beholden to the closed gatekeepers of our times.

Innovation, as history has shown, rarely happens in a vacuum. It thrives in the fertile soil where ideas are exchanged, tested, and refined. Understanding these risks and benefits is not just academic—it is the prerequisite for making the decisions that will define the next century of progress.

Wesley Diphoko is a technology analyst and writer.

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