Story audio is generated using AI

Africa did not wait for permission to lead the world in mobile money. We should not wait for permission to lead in AI.

When mobile money took hold on this continent, it showed what happens when technology is designed around African needs instead of being imported from elsewhere. It brought tens of millions of people into the financial system, created new businesses and became a model the rest of the world now studies.

AI presents a similar moment. The question for Africa’s leaders is whether we will shape this technology or simply inherit it. At Vodacom, we have made our choice. We intend to help build an AI economy that works for Africa, and we believe that depends on three things: trust, inclusion and responsible deployment.

Trust is our licence to innovate

Vodacom serves more than 240-million customers across Africa. They trust us with their conversations, their money and their personal information. That trust is the most valuable asset we hold, and every AI system we deploy must strengthen it.

We are already using AI to detect fraud, predict network faults before they affect customers, and make our services simpler and more personal. As these applications grow, so do legitimate concerns about privacy, bias and accountability. Those concerns carry particular weight in Africa, where mobile platforms have become the backbone of daily economic life.

Our approach is clear. Customers should know when they are dealing with AI. Their data must be protected. Systems must be tested for bias before they reach the market. And where AI informs a consequential decision, a person remains accountable for it.

We build in governance from the design stage because it makes us faster. Customers adopt what they trust, and companies that earn that trust will lead the next phase of digital growth.

Inclusion will decide who benefits

The economic stakes are significant. According to the GSMA, Africa’s mobile ecosystem contributed about $240bn (R4-trillion) to the continent’s economy in 2025, equal to 7.8% of GDP, and supported 13-million jobs.

Yet millions of Africans live within reach of mobile broadband and still do not use it. The barriers are well understood: the cost of devices and data, gaps in digital skills, and too few services that are relevant to people’s lives. If we fail to close this gap, AI will reward those who are already connected and leave everyone else further behind.

Connectivity therefore sits at the centre of Africa’s AI ambitions. Vodacom will continue to invest in infrastructure, affordable access and digital skills, because there can be no AI economy without people who can participate in it.

Vodacom will continue to invest in infrastructure, affordable access and digital skills, because there can be no AI economy without people who can participate in it

The technology itself must also reflect the continent. Most AI systems today are trained on data that barely represents African languages or experiences. Africa needs its own language models, local datasets and research capability.

Communities such as Masakhane are already proving what African researchers can build. Through the Vodacom AI Lab, our partnership with the University of Johannesburg and Amazon Web Services, we are investing in the skills and research that will allow more of that work to happen here.

Impact is the real measure

The strongest case for AI in Africa lies in the problems it is already solving.

In Kenya, Jacaranda Health’s Prompts platform uses mobile messaging and AI-supported analysis to identify maternal health risks and connect women to human care teams. Across the continent, AI tools are helping farmers detect crop disease earlier and use scarce resources more productively.

These examples share a principle that should guide every deployment: AI should strengthen human judgment and leave accountability with people. In health care, finance and other essential services, the cost of getting this wrong is measured in lives and livelihoods.

What Africa needs now

No single company or government can deliver this agenda alone. Three priorities demand urgent co-operation:

• Regulation that protects citizens and enables innovation. Clear principles on privacy, fairness and accountability are essential, and they must be proportionate enough to let African businesses build solutions for African conditions;
• Sustained investment in the foundations of the AI economy — reliable networks, affordable data, computing capacity and secure digital platforms; and
• Investment in people. Africa has the youngest population in the world. Giving that generation the education and skills to build AI, as well as use it, is the single greatest opportunity in front of us.

These priorities reinforce one another. Better infrastructure widens access. Wider access builds skills and sparks innovation. Trusted, relevant technology drives adoption. The commercial case and the development case point in the same direction.

AI’s success in Africa will be measured by whether it reaches the nurse in a rural clinic, the farmer facing an uncertain harvest and the trader building a business in an informal market.

That is the standard Vodacom will hold itself to. We invite governments, industry and researchers across the continent to hold themselves to it too.

• Joosub is CEO of the Vodacom Group

Story audio is generated using AI

Africa has one of the world’s youngest and fastest-growing populations. It is a potential advantage that could help transform the economic fortunes of the continent in the coming decades. The scale of this opportunity is matched by the challenge of creating meaningful and productive work for young jobseekers.

According to the World Bank, about 12-million young people enter sub-Saharan Africa’s labour market each year, but roughly only 3-million new formal wage jobs are created. And while a large, young population undoubtedly creates potential, on its own it doesn’t automatically create prosperity. This potential can be unlocked through deliberate action — driving a growth agenda that enables young people to put their capabilities to productive use, generating incomes that raise living standards and support economic growth.

The duty to prepare young people for future employment has historically fallen almost exclusively to governments and educational institutions. But in a world of work that is constantly evolving, at an ever-increasing pace, the core knowledge and skills being produced by our educational institutions need to be complemented by increasingly important capabilities like the ability to learn continuously, think critically, apply judgment, act with empathy and have the confidence, agility and resilience to navigate constant change.

This makes it vital for employers, irrespective of their size, to be active partners in this endeavour. We need to influence the knowledge and skills being produced by our educational institutions to address structural mismatches in the pipeline of young talent, partner in an ecosystem that delivers vocational training, create meaningful entry-level and first-time work opportunities and invest in the growth and development of our employees throughout their careers.

And while technological advancement and artificial intelligence will undoubtedly shift the landscape for educators and employers, our opportunity lies in recognising the diverse potential represented by the sectors and economies across the African continent and ensuring that we grow our young talent in a way that responds to actual demand and prepares them to step confidently into the future.

Africa’s youth are often portrayed as a ‘problem’ that needs to be solved or a workforce that is waiting to be prepared

At the Standard Bank Group, we are deeply committed to enabling talented young people to take their first career steps while simultaneously building a future-ready talent and leadership pipeline that ensures the continuity and sustainability of our business. One of the main ways we do this is through our award-winning graduate development programme, which celebrates its 30th anniversary next year. Here we aim to attract the best young talent we can find, across sectors, disciplines and markets, that are drawn to our purpose, our culture and all that we stand for. What makes this initiative so special is that more than half of the youngsters that have joined us since the programme’s inception in 1997 still work for us today, with many now occupying very senior leadership roles across our business.

While initiatives like this are an example of what collaboration can achieve, they don’t guarantee young people a livelihood. Young jobseekers need access to opportunities where they can apply their skills and grow, while aspiring entrepreneurs need access to finance, advice and markets. Creating those conditions requires co-ordinated action from the government, business, educational institutions and development partners.

The economic case for this investment and collective effort is compelling. Young people in productive work earn income that supports household spending and demand for goods and services. Growing businesses gain the talent to expand and hire others. A larger economically active population strengthens the tax base, giving governments more capacity to invest in public services and infrastructure.

Young people themselves should have a say in determining how that investment takes shape. Africa’s youth are often portrayed as a “problem” that needs to be solved or a workforce that is waiting to be prepared. Across the continent, many young Africans are taking their futures into their own hands, creating businesses and challenging established ways of working. Their curiosity, creativity and passion need to be contributing factors that influence decisions affecting their economic futures.

This principle is at the heart of the One Young World Summit, which will bring together more than 2,200 young leaders from more than 190 countries in Cape Town from November 3-6. Returning to the continent for the first time in 13 years, this gathering provides an opportunity for young people to engage with established leaders, share ideas and build partnerships around key challenges that will shape their future. Standard Bank’s sponsorship of this event is aligned with our purpose — Africa is our home; we drive her growth.

• Taylor is chief people and culture officer at Standard Bank Group

But there it was, at Oracle AI World this week: during the opening keynote address by Oracle co-CEO Mike Sicilia, he invited onto the stage Fabio Fazzino and Sophie Buresi, respectively group CIO and head of AI at QSRP, which holds the franchise rights for Burger King in Europe.

But it all made sense when the executives revealed one of the biggest obstacles to getting AI into their everyday business operations: employees have to trust the technology before they will rely on it. And earning that trust has proved harder than developing the AI itself.

“With the Oracle team, we studied and developed several AI agents that can use our data to improve operations in our restaurants,” said Fazzino. “This agent, by cross-referencing data such as sales, can warn me before a product runs out. This helps us act in time and prevent further lost sales.

“The second agent is about misbehaviour. This agent is able to highlight unusual transactions and collect relevant data so that our people can check, understand what’s happened and decide what to do next.”

Another agent compares photographs of disputed deliveries to help establish responsibility for complaints.

“We had a lot of ideas around AI use cases, but we decided to follow the guidance of the operations teams,” said Buresi. “The restaurant teams, the restaurant managers, they’re really the ones telling us what we should focus on and how to approach these issues.”

From the start, they became aware of an obstacle that is not related to the software itself.

AI trust is the biggest challenge we face today.

Juan Loaiza, Oracle

“Even if you have good data, AI and a useful product, you need to have trust from the ops teams so that the use case, the product, is actually used.

“And it’s not something easy to get. That’s why we’re working together with Oracle, with the restaurant teams, every day, every week, to collect the feedback and really make sure that we earn trust.”

The unlikely pairing of Oracle and Burger King highlighted a problem at the heart of AI adoption: companies can invest millions in systems that perform extraordinary tasks, but those investments may be wasted if employees don’t trust the technology enough to use it.

“Trust is what allows AI to work where the stakes are highest, and therefore the benefits will be the greatest,” said Sicilia.

On the opening day of Oracle AI World, the company announced a new Deep Trust AI Architecture that is designed to prevent AI agents from bypassing a company’s existing security controls and business rules, even when they access corporate databases directly.

“AI trust is the biggest challenge we face today,” Juan Loaiza, Oracle’s executive vice-president for AI Database Technologies, said in the announcement.

In a separate briefing, Gary Miller, Oracle’s customer success chief, said Oracle was increasing its use of AI to search its own software for flaws.

“We’ll have one model that will find a vulnerability,” he said. “We’ll have another model check that it’s a real vulnerability. And then we’ll have the models code the fix and test the fix.”

Miller said Oracle had issued more than 3,000 fixes in a recent quarterly patch update. He told Business Times that not all the vulnerabilities were found by AI.

“The interesting thing is that we’ve been running nearly every [AI] model we can against all of our codebase. We have 300 products. But some of the known vulnerabilities that humans found were not being found by the models.

“So now we are using our experts to fine-tune that. They’re giving the models hints like, ‘Hey, you should look for this, and you should look for that.’ So it’s a combination of humans and the frontier models finding issues.”

Spectrum, the American telecommunications group, uses AI assistants for HR requests among its approximately 100,000 employees. Its representative said sensitive decisions like pay changes remain under human control, and a dedicated team reviews responses daily for errors. It might be costly, but it retains employee trust.

“Trust isn’t something we can announce,” said Sicilia. “It’s something that we must earn.”

• Goldstuck is CEO of World Wide Worx, editor-in-chief of Gadget.co.za, and author of The Hitchhiker’s Guide to AI – The African Edge

The challenge now is to translate this into productive investment, stronger economic capacity and materially higher growth.

The economic backdrop underscores this imperative. The National Treasury has lowered its forecast for real GDP growth in 2026 to 1.2%, from 1.6% at the time of the February budget, and now projects only a gradual recovery to 2% by 2029. Growth remains too weak to materially lift employment and incomes, broaden the tax base or ease fiscal constraints.

The fiscal numbers are relatively encouraging. Gross debt stabilised at 78.4% of GDP in financial 2026 and is expected to decline to 76.6% by financial 2030. The growing primary surplus shows the government is generating enough revenue to cover non-interest expenditure.

However, debt-service costs will still absorb an average 20.6% of revenue over the medium term, while large redemptions push the gross borrowing requirement to R586.2bn in financial 2030. Fiscal repair must therefore reduce both the debt ratio and the burden of servicing it.

Gross tax revenue is projected to exceed the February estimate by R17.1bn, although the Treasury expects much of the commodity-price-driven increase to fade. The fiscal position cannot rely on cyclical windfalls; stronger growth must broaden the tax base.

South Africa’s investment rate remains well below what is required to support development needs. Real gross fixed capital formation contracted for two consecutive years and continued to decline in the first half of 2026.

This brings investment to the centre of the story.

South Africa’s investment rate remains well below what is required to support development needs. Real gross fixed capital formation contracted for two consecutive years and continued to decline in the first half of 2026.

Infrastructure investment is particularly important because it can alleviate the energy, transport and water constraints suppressing growth. Previous budgets committed more than R1-trillion to public-sector infrastructure over the medium term, focused on these areas.

The MTBPS reinforces this. Payments for capital assets are expected to grow 5.3% annually to 2030, faster than total expenditure at 3.6%, with a further R20bn earmarked for infrastructure projects being evaluated through the budget facility for infrastructure (BFI).

But the critical issue is converting plans, spending commitments and project pipelines into completed, productive assets that expand the economy’s capacity.

The Treasury estimates South Africa’s infrastructure efficiency gap at around 40%, suggesting that the country could achieve better outcomes from its existing public capital stock. Although planning and resource-allocation institutions are relatively strong, implementation remains weak.

The infrastructure finance & implementation support agency, operational since April, is intended to strengthen project preparation, financial structuring and implementation support, and is already supporting projects with a potential investment value exceeding R217bn.

The BFI provides a mechanism for evaluating projects and directing fiscal support towards credible proposals, with approved support exceeding R100bn. Alongside these measures, infrastructure bonds and public-private partnerships (PPPs) can help mobilise additional capital: more than R14bn has been raised through the infrastructure bond, while the PPP pipeline currently comprises 68 projects, including 31 at municipal level.

The next challenge is to translate fiscal credibility into lower risk, productive investment, stronger infrastructure delivery and fewer supply-side constraints

These mechanisms serve complementary purposes:

• better preparation can convert infrastructure priorities into implementable and bankable projects;
• disciplined project evaluation can direct scarce public funding towards viable investments; and
• appropriate financing and risk-sharing structures can crowd in private capital and expertise.

Municipalities are important to this growth story. Here, the MTBPS signals a harder link between funding and service delivery.

The Treasury has withheld transfers from municipalities that fail to pay creditors, is anchoring grants in credible funded project pipelines, and proposes stronger provisions around funded budgets, revenue management, accountability and earlier intervention in financially distressed municipalities.

That combination of investment and discipline is critical. More infrastructure spending without stronger implementation will not lift potential growth; equally, fiscal discipline that comes at the expense of productive investment risks undermining the very growth needed to sustain fiscal consolidation.

Maintaining the balance between fiscal discipline and productive investment requires a credible medium-term framework. The proposed fiscal anchor could provide this without imposing a rigid debt or deficit ceiling.

Sustained consolidation and a declining debt ratio can lower the sovereign risk premium and government borrowing costs. Because sovereign yields influence economy-wide financing conditions, this can reduce businesses’ cost of capital and improve the viability of private investment.

Macro-fiscal stability should provide the foundation for investment-led growth. The next challenge is to translate fiscal credibility into lower risk, productive investment, stronger infrastructure delivery and fewer supply-side constraints.

If fiscal discipline, infrastructure execution and structural reform reinforce one another, South Africa can move towards a cycle in which investment supports growth and growth strengthens fiscal sustainability.

• Marais is chief economist at Deloitte Africa

Story audio is generated using AI

South Africa cannot industrialise, create jobs or rebuild local economies while rationing growth capital to black enterprise.

South Africa often treats transformation finance as a social allocation to be weighed against “productive” expenditure but that framing is economically wrong. Patient capital for black-owned enterprises is productive infrastructure. It builds firms, capacity, employment, taxable income, supplier networks and assets in communities that remain excluded from mainstream capital markets.

The latest 10-year evaluation of the national empowerment fund (NEF) provides clear evidence. Between financial 2015 and 2024, the NEF disbursed about R8bn to 850 businesses. The evaluation estimates a primary economic return of R18.1bn, or R2.21 for every R1 invested.

More than half of surveyed businesses said they would have closed without NEF support, while about 55% reported revenue growth and improved profitability linked to the intervention. These are not abstract transformation outcomes. They are measurable additions to economic activity and resilience.

One investment creates several public returns

When a small or medium enterprise survives or expands, the impact travels through the economy. The firm pays wages. Employees spend those wages on food, transport, schooling, housing and services. Suppliers gain orders, contractors gain work and local demand becomes more dependable.

The NEF study shows that firms it supported generated average annual revenue of about R3.21m. The study estimated that 34% of revenue represented value add through labour and profits, equating to R1.1m per beneficiary business. It found that 95.2% of surveyed firms were registered with the companies & intellectual property commission and/or the South African Revenue Service, 77% of employees were black, 56% were black women and 55% were youth under 35.

This matters because SME impact is not captured by a single job count. A job produces household income and consumption, reduces vulnerability to shocks and can support several dependants. A growing firm creates a platform for skills accumulation, management experience, ownership and intergenerational assets. In financial 2025 alone, NEF-backed businesses supported 13,653 jobs (from investments made of only R1.1bn, an investment cost per job of only R80,569), alongside indirect work for contractors and service providers. The model works.

Geographic spread matters: capital can reshape township and rural economies

The spatial pattern is equally important. In the evaluation sample, 35% of businesses operated mainly in townships and 29% in rural areas or villages. Among respondents, 77% of township businesses and 50% of rural businesses said NEF support contributed to long-term business success. Nearly half of rural and township owners reported improved livelihoods for themselves and their employees.

Underinvesting in black industry has a compounding cost. Viable firms remain small, promising applications age while waiting for capital, machinery is not purchased, orders cannot be fulfilled and skilled workers are not hired. Ownership stays concentrated, industrial supply chains remain shallow, imports displace local production and the tax base grows more slowly than it could.

The NEF evaluation shows the scale of unmet opportunity. Only about 5.5% of financial applications were approved, and only 7.2% passed first screening. Some applications were not viable, but the report identifies constrained pre-investment capacity, weak application readiness, delays and a broken bridge between training and finance.

Public money would absorb defined developmental risks, while disciplined project preparation and co-investment would crowd-in additional capital

Underfunding the institution, therefore, does not merely limit the number of loans. It constrains the pipeline through which potential black industrialists become investment-ready employers.

The consequences are especially serious for women and youth. Although 57% of funded companies had some level of female ownership in financial 2024, women-owned businesses received 37% of total funding value. Youth and women each represented only about 29% of applications. If capital does not deliberately correct these gaps, yesterday’s ownership patterns become tomorrow’s industrial realities.

The National Development Plan 2030 (NDP) set the destination: eliminate poverty, reduce inequality, raise investment and exports, grow GDP by more than 5% on average, double GDP per capita and reduce unemployment to 6% by 2030. It envisaged a thriving small-business sector, lower barriers to enterprise and a more inclusive economy drawing historically disadvantaged people into productive activity.

The three pathways of the industrial development strategy 2026 (IDS) — decarbonisation, diversification and digitalisation — focus attention on critical minerals and beneficiation, energy-linked industry, automotive and steel value chains, agro-processing, health industries, services, security industries, digital infrastructure, capital equipment, technology and innovation.

The two strategies are complementary. The NDP defines economy-wide outcomes and a social compact for 2030. The IDS identifies industrial pathways, sector choices and enabling reforms. What both require is an implementation mechanism capable of converting policy intent into investable, black-owned productive capacity. That is where the NEF model is strategically valuable.

Leverage the NEF model

The NEF combines financial support with pre-investment guidance, post-investment monitoring, advisory services, turnaround support, mentorship and investor education. The evidence argues for scaling the model, not rationing it.

A larger public-capital anchor could be multiplied through co-funding with other development finance institutions, commercial lenders, pension and impact capital, corporate enterprise and supplier development funds, guarantees, and blended-finance structures.

Public money would absorb defined developmental risks, while disciplined project preparation and co-investment would crowd-in additional capital. The multiplier would arise twice: first in the financing structure and again through the economic activity of funded firms.

This approach should be tied directly to the IDS pathways and to measurable outcomes: new productive capacity, local procurement, exports, jobs, youth and women ownership, township and rural investment, supplier development, decarbonisation and digital adoption.

South Africa cannot reach the NDP’s objectives or revive industrial capacity while black entrepreneurs remain undercapitalised. Transformation funding is not a transfer away from growth. Properly designed, it is a way to generate growth, broaden ownership and make that growth more employment-intensive and spatially inclusive.

The question is no longer whether transformation finance creates value. The question is how much economic value South Africa is prepared to forgo by continuing to invest too little in it.

• Stemela is NEF divisional executive for strategy planning and significant investments

Story audio is generated using AI

Running a business in South Africa is tough, with one hurdle after another. The fuel relief announced in last week’s midterm budget offers some temporary relief, but costs could climb again in the new year.

Add the threat of possible drought in the next few months and uncertainty over US trade relations, and there’s barely time to catch our breath before the next storm hits. But have we become so preoccupied with weathering the next storm that we are overlooking the opportunities to shape a different future? The truth is our economic identity is not fixed, nor is its place in the global economy.

Look at our neighbouring countries. Rather than allowing past or present circumstances to dictate the future, some African countries are actively working to redefine theirs, and South Africa should be doing the same.

Botswana, for example, is taking a more active approach to economic positioning, with President Duma Boko using last month’s UN General Assembly to pursue investment, strengthen strategic partnerships and promote opportunities to help shape the country’s future beyond its traditional reliance on diamonds.

Like us, Botswana is not without its challenges, but its approach shows that a country does not have to remain defined by the industries or economic relationships that shaped its past but can actively change how the world sees it and where it looks for growth.

Rwanda too is deliberately putting itself on the global stage, recently announcing an agreement to host a Formula One African Grand Prix in the early 2030s. The race is years away, and its economic returns remain to be seen, but the effort to attract attention, relationships and investment through sport, tourism and infrastructure is undeniable.

This is not to suggest that we should copy these ideas wholesale, nor should we confuse international profile with broad-based economic progress. What they demonstrate, though, is the importance of having a clear proposition, communicating it consistently, and connecting ambition to practical investment.

We have to start looking elsewhere for opportunities to grow, diversify and reduce our exposure to risks we cannot control.

Despite our current challenges, we have considerable advantages of our own. South Africa’s financial markets, industrial base, professional services and established businesses give us assets to build on, but the challenge now is to turn these strengths into new opportunities across the continent.

There are huge advantages for SMEs, some of which are hanging on by a thread. Higher fuel costs feed into transport, distribution and food prices. High unemployment constrains household spending, while the prospect of a drier-than-normal summer adds another layer of uncertainty.

We talk a lot about resilience, which is important, but simply surviving the next shock cannot be our long-term economic strategy. We have to start looking elsewhere for opportunities to grow, diversify and reduce our exposure to risks we cannot control.

This is particularly important as South Africa confronts uncertainty over its African Growth and Opportunity Act (Agoa) benefits and an already strained relationship with the US. The answer is not to turn our backs on these important trading partners but to stop treating any single market or relationship as indispensable to our future.

We need to be more deliberate about cultivating alternatives, both on the continent and beyond it, but that does not mean every SME should start opening an office in another country or undertake an expensive expansion. Connecting with a distributor in Botswana or a supplier in Zambia is a good first step, helping both parties to benefit from shared expertise and better routes to market. A single well-chosen partnership could open the door to new revenue and future growth.

The World Bank estimates that deeper liberalisation of transport, telecommunications, financial and professional services under the African Continental Free Trade Area (AfCFTA) could increase intra-African services trade by 60%-64% by 2035, but trade within Sub-Saharan Africa still accounts for only about one-fifth of the region’s total exports. The potential is significant, but realising it will require businesses and governments to move beyond the rhetoric of regional integration and make cross-border trade work in practice.

Looking outward cannot become an excuse for neglecting the basics at home, though. As South Africans head to the polls, reliable water and electricity, functioning roads, efficient administration and well-maintained infrastructure will be top of mind for many.

The government has a role in making it easier to move goods, deliver services and do business across borders, with fewer delays and less red tape. Businesses, too, must do their homework by investigating demand, understanding local regulations, assessing payment risks and building the right relationships before committing resources.

South Africa should not surrender its position as a leading African economy. The next economic shock may be beyond our control, but the opportunities we pursue in response are not.

• Mtwentwe is MD of Vantage Advisory and host of the SAICABIZ Impact Podcast

Story audio is generated using AI

The battle for control of the iron ore and manganese ore mining house Assmang by JSE-listed African Rainbow Minerals (ARM) and Assore has taken a new twist, with the latter seeking to have senior ARM executive Kajal Bissessor declared a delinquent director.

Assmang is jointly controlled by Assore and ARM, each of which holds 50% share capital and voting rights.

The basis of Assore’s court application to have Bissessor declared a delinquent director is the failure by Assmang to file its tax returns for financial 2025 timeously.

Assore says this failure was due to Bissessor, who is chief commercial officer at ARM, failing to put the interests of Assmang ahead of those of ARM in her dual roles. It says in its particulars of claim the failure by Assmang to meet the tax deadline amounted to gross negligence.

But ARM has put the blame for Assmang’s failure to file its tax returns timeously on lack of information from Assore, which conducts marketing activities for the joint venture.

ARM has demanded access to Assore’s bank statements, a demand Assore has rejected on the grounds that it has already provided comprehensive financial information for tax and accounting purposes during the 20-year lifespan of the joint venture.

Assore sees the failure to submit the tax returns on time as part of a bigger plan to paint it as a rogue partner in the relationship, Business Times has learnt. This is illustrated in the group’s particulars of claim, in which it asks the court to safeguard its rights to be informed and partake in decision-making over the affairs of Assmang without being reduced to a junior partner.

Bissessor first attempted to weaponise the information requests ... [she] has caused Assmang harm by causing it to miss statutory filing deadlines and exposing it to the potential imposition of penalties, reputational damage and enhanced regulatory scrutiny

Assore

“The non-filing of returns was thus an illegitimate and unlawful means to advance ARM’s shareholder position through the guise of Assmang, and, in so doing, Ms Bissessor — as Assmang’s public officer — preferred ARM’s position to Assmang’s, as she adopted ARM’s cause even though this stood materially to prejudice Assmang, and knowingly and deliberately breached her statutory and fiduciary duties owed to Assmang,” Assore’s court papers read.

“Ms Bissessor first attempted to weaponise the information requests ... Ms Bissessor has caused Assmang harm by causing it to miss statutory filing deadlines and exposing it to the potential imposition of penalties, reputational damage and enhanced regulatory scrutiny.”

The tax return for the year in question was due by the end of June 2026, but had yet to be submitted as of this weekend.

The dispute pits two of South Africa’s prominent mining families — ARM is chaired by Patrice Motsepe, while Desmond Sacco sits on top of the Assore empire — against each other for control of Assmang.

The tensions, which have now culminated in Assore going to court, have been brewing for the past 16 months. Assore, which delisted from the JSE in 2020, accuses ARM of undermining the shareholder agreement governing the joint venture and of taking unilateral decisions.

Assmang is a material asset for both Assore and ARM, contributing meaningfully to their earnings bases.

Assore says in its papers that the tax issue is not an isolated event but forms a pattern of what it says has been a blatant disregard of its rights by ARM since July last year.

Assore contends that in this period, it has been denied access to critical reports — including those of quarterly Assmang management meetings and its weekly operations — and to information about management decisions concerning the appointment of material service providers.

Assore cites the appointment of several senior Assmang managers that were made without its knowledge, together with the suspension of senior staffers, as part of a pattern of ARM running the venture unilaterally and in breach of the shareholder agreement.

“Assore’s representatives were not only excluded from considering which candidates fell to be shortlisted for the SGM [senior general manager] positions but were further excluded/to be excluded entirely from the final appointment decision, with an ARM-only panel making the ultimate decisions in this regard,” the particulars of claim reads.

“ARM has continued to exclude Assore and has unlawfully and unilaterally made, or intends to make, the appointments of the Black Rock and Khumani SGMs.” These are two Northern Cape mining operations run by Assmang.

Motsepe and his Assore counterparts met early in September to try to resolve their differences, to no avail. Assore said Motsepe stuck to ARM’s position at the meeting, resulting in the decision to go to court. It wants an order declaring it is entitled to information related to Assmang operations and should be privy to decision-making, including the hiring of senior managers.

ARM informed the market two weeks ago about Assore’s application.

“Based on legal advice received, ARM believes that Assore’s claims and allegations have no substantive merit. ARM intends to defend the proceedings and will be bringing its own proceedings against Assore relating, inter alia, to its rights to manage Assmang in accordance with the shareholders’ agreement and to obtain the information and records required to comply with Assmang’s legal and regulatory obligations,” ARM said.

ARM Ferrous, which houses the Assmang investment, reported a 42% plunge in headline earnings in financial 2025 to R2bn, driven by lower contributions from the iron ore and manganese divisions.

Assmang reported sales of R33bn in the year ended June 2026, with ARM’s 50% share amounting to R16.6bn.

Motsepe’s Ubuntu-Botho owns about 43% of ARM, which is worth R32bn on the JSE.

Business Times

TimesLIVE

It is now seven league wins in succession for the Buccaneers and their coach Abdeslam Ouaddou and the question is who and how are they going to be stopped?

His notes in the club’s match-day programme, Ouaddou demanded his players to show commitment and turn possibilities into results and they responded.

Pirates have issued a powerful message about their intentions to defend the league and this win also put pressure on Mamelodi Sundowns.

Pirates improved significantly in the second half but even the most ardent Pirates supporter will agree they were not at their best from the start of the game.

But they did the job in this match exciting Soweto derby that was attended by French and Arsenal legend Thierry Henry, who was introduced before the start of the match.

Henry was treated to end-to-end football and there was a bonus in the form of an overzealous fan who ran onto the pitch in the closing stages as Pirates closed in on this important victory against the enemy.

Pirates could have won this match by a bigger margin, but they wasted numerous chances during their dominant spells after the break where they lacked the killer instinct that Ouaddou wanted to see and spoke about in the build-up to this 186th Soweto derby.

Pirates have completely dominated teams this season but it was always going to be difficult against Chiefs who usually rise to the occasion in the derby, even though they failed to win over the last seven meetings in the league.

The Buccaneers have momentum and their youthful players are gaining valuable experience but their depth is going to be tested in the coming months as they will be involved in the Champions league, Carling Knockout Cup, Nedbank Cup and the defence of their league title.

For Chiefs, they are unraveling and coach Fernando da Cruz will have to find a way of getting some consistency because they are falling behind AmaZulu and Milford FC.

AmaZulu and Milford FC are above Chiefs, who have a mission to at least finish third and return to the Confederation Cup, on the log.

Chiefs started the match on the ascendency but they failed to build from their good start and they allowed Pirates to score first and increased their lead after Chiefs had equalised.

Going into the match, there was interest as to how both coaches are going to set-up their teams and Abdeslam Ouaddou went with a mixture of experience and consistency and also showed trust in his emerging talent.

On the other hand, his Kaizer Chiefs counterpart Fernando da Cruz picked a team brimming with experience as he showed his intentions of winning this 186th edition of the Soweto derby clear but it was not to be.

Going into this match, Chiefs had failed to beat Pirates in their last six league matches with Pirates dominating with five wins and one draw and Da Cruz’s strong line-up showed that he wants them to stop the bleeding.

Ouaddou started with the experience of Sipho Chaine, Nkosinathi Sibisi, Deon Hotto, Thalente Mbatha, Tshepang Moremi and Yanela Mbuthuma and also rewarded the good form of emerging players like Lebone Seema, Nkosikhona Ndaba, Sipmphiwe Selepe, Simphiwe Masilela and Thapelo Mokobodi.

Ouaddou was forced improvise in his line-up by putting defender Hotto at right back because of the unavailability of Kamogelo Sebelebele and Bulelani Sigomoshe but the veteran did not offer much going forward as he had to content with Paseka Mako.

Pirates lacked proper balance and Ouaddou brought in Gamphani Lungu for Ndaba at the beginning of the second half with Hotto moving to his usual position at left back and his contributions in the match improved.

Da Cruz had injury issues of his own but he was able to field a strong line-up that had proven campaigners like Brandon Petersen, Thabo Moloisane, Ignacio Miguel Reeve Frosler, Paseka Mako Lebohang Maboe, Sibongiseni Mthethwa, Pule Mmodi and exciting attackers in Mfundo Vilakazi, Mduduzi Shabalala and Wandile Duba.

Duba went with confidence sky high after he scored a hat-trick against TS Galaxy in the Carling Knockout Cup during the week but it was Vilakazi who was in inspired form giving Frosler problems in their mini battle.

The 186th derby got off to a flying start with both teams going at each other and referee Luxolo Badi was called into action after eight minutes when he cautioned Frosler as he got frustrated after he lost out to Vilakazi.

Chiefs created the most chances but Wandile Duba and Pule Mmodi could not find the target which could have given them confidence.

The first chance came inside five minutes when on-form Duba was released by Mduduzi Shabalala with a defence splitting pass but he was denied by alert Chaine.

There was a moment of controversy after 23 minutes when Badi waved play on after Mbuthuma went down in the box under pressure from a Chiefs defender.

But the Pirates striker dusted himself off and moments later he was in the Chiefs penalty box and this time there was no one who could stop him riffled the ball goal wards and it rebounded from the body of Chiefs defender Thabo Moloisane on its way into the empty net.

Chiefs did not let the goal to affect them as they continued pushing forward and they benefited from a schoolboy error from Chaine who forgot the basics of goalkeeping as he allowed the ball to spill on the path of Mmodi who pounced from close range.

Pirates pulled away in the second half when they turned the ball in the midfield and launched a quick attack that saw Mokobodi unselfishly lay in the path of Moremi who is having a good run in all competitions.

Speaking at the Kgalema Motlanthe Foundation’s Drakensberg Inclusive Growth Forum on Saturday, Hodges said South Africa did not lack ambition or capital but needed stronger links between financing and viable projects.

“The question really should be, are we fit to make it relevant for today?” he said, referring to the development finance model.

Hodges said development finance institutions could help address barriers that prevent private investors from financing projects, including limited information about investment risks and small businesses that struggle to access conventional lending.

He cited the EIB’s work to improve access to financing for small and medium-sized enterprises, as well as its support for electricity grids, transport corridors, water infrastructure and undersea cables across Africa.

Hodges said the bank had worked in South Africa since 1994, completing its first transaction with the Industrial Development Corporation in 1995, followed by a transaction with the Development Bank of Southern Africa.

He also highlighted the Global Emerging Markets Risk Database, which pools lending-performance data from development finance institutions to provide a clearer picture of investment risks in emerging markets.

According to Hodges, the data showed an average default rate of about 3.5% for private-sector lending in Africa over 30 years, with recoveries of about 73%. He said better information could help investors assess risks more accurately and encourage banks, pension funds and insurers to commit capital.

Hodges also used an agricultural financing initiative in Malawi, called Kulima, to illustrate the need for an integrated approach to development finance.

He said small farmers often struggled to secure funding because their businesses were too small for commercial banks, while grants alone could not address their broader challenges. The initiative brought commercial banks and smaller farmers together, using grant funding to strengthen the network of small businesses and improve their access to markets.

Hodges said the experience showed that financing had to be accompanied by technical support and links to buyers if small businesses were to become viable.

He urged the private sector to help build similar partnerships and called on governments to provide effective regulation, procurement systems and long-term partnerships that made investment possible.

Hodges said the relationship between South Africa and Europe offered opportunities for both sides. Europe needed reliable economic partners, diversified supply chains and new markets, while South Africa needed investment, technology, infrastructure, skills and access to markets to move up the value chain.

Ultimately, he said, development finance needed to help convert these shared interests into economic growth and jobs.

Motlanthe said SA needed to mobilise more capital for productive investment in infrastructure, industry, agriculture and skills development, rather than allowing wealth to circulate among existing assets and a limited section of society.

He argued that a sovereign wealth fund could be financed through a defined share of future mineral and resource revenues, proceeds from state assets and other fiscally sustainable contributions. The aim would be to convert finite natural resources into lasting economic assets, including infrastructure, domestic supply chains and skills.

Motlanthe also called for greater use of retirement-fund capital to support domestic infrastructure and long-term productive investment, provided that safeguards protected fund members.

He said SA needed industrialists, manufacturers, agricultural producers and innovators who could establish enterprises, deepen domestic production and create jobs.

The former president also highlighted barriers preventing many South Africans from using their homes and land to access finance. He said people in townships, informal settlements and areas under communal tenure often lacked secure property rights or title deeds, limiting their ability to use their assets as collateral.

Motlanthe argued that reforms should recognise family and communal ownership, rather than assuming individual title deeds were appropriate in every case. He also cautioned that the costs and administrative requirements associated with property registration could prevent people from formalising ownership.

His address placed capital at the centre of the development challenge, arguing that investment should expand the economy’s productive capacity and improve living standards.

Finance minister Enoch Godongwana said economic growth was SA’s main challenge after years of fiscal consolidation. He referred to the cumulative effects of the 2008 global financial crisis, state capture, the Covid-19 pandemic and the July 2021 unrest, which had placed pressure on public finances.

WATCH | Inclusive Growth Forum | Arena Holdings CEO Pule Molebeledi moderates the panel discussion, putting questions to the speakers. https://t.co/21sdSWr3Wl

— Business Day (@BDliveSA) October 30, 2026

Godongwana said the government had to contain debt to protect its ability to fund education, healthcare and other essential services. But he acknowledged that fiscal policy alone could not generate the growth needed to address unemployment.

He identified infrastructure investment, skills development, support for small and medium-sized enterprises and a stronger industrial strategy as important parts of the response.

During a discussion moderated by Arena Holdings CEO Pule Molebeledi, former statistician-general Dr Pali Lehohla questioned when investment commitments would translate into visible infrastructure projects. He pointed to public impatience with the pace of delivery and asked whether SA had enough time to demonstrate progress.

WATCH | One of the keynote speakers, the minister of Finance Enoch Godongwana, Minister of Finance, speaks on South Africa’s budget priorities at the Annual Drakensberg Inclusive Growth Forum. https://t.co/dd4PhAATni

— Business Day (@BDliveSA) October 30, 2026

Godongwana responded that achieving an investment level of 25% to 30% of gross domestic product required contributions from both the public and private sectors. He said the investment figure under discussion related to public investment and should not be treated as the total required from the economy.

The exchange highlighted the challenge facing SA: securing investment is only part of the task. Government must also ensure that capital is converted into infrastructure and productive economic activity.

Earlier, Gugu Motlanthe, executive trustee of the Kgalema Motlanthe Foundation and director of the forum, warned that economic exclusion was undermining confidence in democracy.

She said the democratic settlement of 1994 was not intended to be the final destination and argued that SA needed to rebuild trust by putting people at the centre of public life and advancing economic transformation.

WATCH | Gugu Motlanthe, Executive Trustee of the Kgalema Motlanthe Foundation and Forum Director, sets the scene on day one of the Foundation’s Annual Drakensberg Inclusive Growth Forum, under the theme “The Courage to Move Forward”. https://t.co/iWBq1faWVJ

— Times LIVE (@TimesLIVE) October 30, 2026

She said young people continued to face barriers to employment and opportunity, while failures in local government and persistent inequality added to public frustration. She also warned against scapegoating migrants for problems rooted in poverty, inequality and failures of governance.

Gugu Motlanthe said black economic empowerment was imperfect but remained necessary, and argued that corruption carried out in the name of transformation should be condemned without abandoning the principle itself.

The forum brought together political and business figures to discuss geopolitics, investment in Africa and inclusive growth. The speeches repeatedly returned to the need to turn economic resources and investment commitments into productive capacity, jobs and better opportunities for South Africans.

Watch: Leaders debate reform ahead of November 4 elections

Business Day

Addressing the second day of the Kgalema Motlanthe Foundation’s Drakensberg Inclusive Growth Forum, Wu spoke on “Lessons for the Global South on Local Economic Development”, arguing that China’s experience showed how national planning and locally driven development could reinforce one another.

Wu said trade between China and South Africa reached nearly $15bn from May to August, an increase of almost 24% year on year.

He said South African exports to China grew by about 25% over the period, outpacing the 23% growth in Chinese exports to South Africa.

Agricultural exports to China reached nearly $500m, an increase of more than 35% year on year, he said. He also cited growth in South African exports of mechanical and electronic products, chemicals and passenger vehicles.

South Africa and China signed a new protocol in September covering South African cherry exports to China, with market-access negotiations for other agricultural products expected to follow, Wu said.

He argued that the zero-tariff policy could help South Africa diversify its exports beyond mineral resources and increase sales of higher-value products to the Chinese market.

Wu also said the policy could make South Africa a more competitive base for companies seeking to export to China, potentially attracting further investment from Chinese businesses.

He cited Chinese companies, including vehicle manufacturer Chery and cement producer West China Cement, as examples of businesses investing or expressing interest in investing in South Africa. He said such investment could support local industrialisation and create jobs.

Wu said China’s approach to local economic development was based on national planning combined with local governments developing strategies suited to their own resources and economic circumstances.

He highlighted China’s five-year plans, which he said helped co-ordinate national priorities and mobilise resources while allowing local authorities to pursue development opportunities in their respective areas.

He said China’s industrial strategies focused on encouraging research and development, stimulating consumption and creating a supportive business environment, rather than subsidising companies to produce particular goods.

Wu also pointed to the relationship between South African and Chinese provinces and cities, saying the two countries had established 66 sister-province and sister-city partnerships. He argued that local co-operation offered further opportunities to deepen economic ties.

He said China’s large domestic market would continue to expand and that Beijing intended to open it further to international trade during its next five-year planning period.

Wu said stronger co-operation between governments, businesses and communities could help both countries expand trade and investment and deliver greater economic benefits to their people.

Story audio is generated using AI

Tell me about INMED and the services it provides.

INMED South Africa is a nonprofit organisation that works with government, businesses, educational institutions and communities to improve people’s wellbeing and strengthen their ability to become self-reliant. Our work includes food security, health and nutrition, skills development, employment creation and community development. We support practical, locally led solutions, including aquaponics and climate-smart agriculture, that help communities grow food, build skills and create sustainable livelihoods.

What are your main tasks at work?

My role is to provide strategic leadership and ensure that our work delivers meaningful results for the communities we serve. I guide programme development and implementation, build relationships with our funders and partners, oversee organisational performance and support our teams to do their work well. I also spend a lot of time in our communities to have first-hand knowledge of their needs.

How did you end up doing what you do?

I grew up in a rural community, so I saw first-hand both the challenges people face and the resourcefulness they bring to solving them. That experience shaped my interest in community development, and I was fortunate to be able to study agriculture and rural development. My studies led me into work focused on food security, skills development and sustainable livelihoods. Over time, working alongside communities and partners strengthened my commitment to this work and led me to the leadership role I hold today.

What makes you good at what you do?

I listen carefully, stay focused on the purpose behind the work and try to bring people together around a shared goal. I’m also practical and persistent, so I can hold onto the bigger vision while working through the details needed to make it happen. Most of all, I believe in the potential of people and communities, and I try to lead in a way that helps others recognise and build on that potential.

What did you want to be when you were a child?

Believe it or not, as a child I wanted to be a soldier. As I grew older, in my early teens, my path changed. I became inspired by the legacy my paternal grandfather built through small-scale agriculture and the way he made the most of available resources, an approach that connects closely with what we call today the circular economy. I wanted to carry that legacy forward in my own way, using agriculture and community development to create opportunities and lasting impact.

Business Times

Story audio is generated using AI

The founder and chair of African Rainbow Minerals (ARM), Patrice Motsepe, has called on the government to tackle water infrastructure.

In a letter to shareholders in the group’s latest integrated annual report released this week, he said partnerships between the government and business had helped unblock bottlenecks to economic growth, especially in energy, logistics and water infrastructure.

It is imperative that we address the significant challenges in water infrastructure to fully restore the fundamental services needed for a thriving economy that attracts sustainable, long-term capital investment.

Patrice Motsepe

“The national power grid is now considered stable, and rail performance is recovering slowly. It is imperative that we address the significant challenges in water infrastructure to fully restore the fundamental services needed for a thriving economy that attracts sustainable, long-term capital investment,” he said.

President Cyril Ramaphosa in July unveiled a national water action plan that includes national departments addressing water infrastructure challenges. The test is how municipalities deliver services.

The group has identified the erratic bulk water supply from the Vaal Central Water Board in the Northern Cape as one of its top 10 residual risks.

According to its environment, social and governance report, water security is an important consideration for its Black Rock and Khumani mines. Black Rock experienced external water-supply interruptions during 2026 that were linked to maintenance and outages affecting regional water infrastructure.

As a result, the company is in continuous talks with the Vaal Central Water Board, the department of water & sanitation and other stakeholders on measures to bolster regional bulk-water infrastructure, including the Vaal Gamagara Water Supply Scheme.

Motsepe said the inclusion of mining as one of the key growth drivers in the government-business partnership to grow the economy and jobs in 2026 was a plus for the industry. He said that as a trillion-rand industry, mining was a key contributor to the country’s economy and a significant source of government revenue.

“The country’s new critical minerals and metals strategy classifies platinum, iron ore and manganese as high-criticality minerals that enable global energy-transition technologies,” he said.

ARM is diversified in its operations, with a R31bn market capitalisation. It mines platinum, iron ore, manganese and coal, and has an 11.73% interest in Harmony Gold, South Africa’s biggest gold mining company.

As part of its move to focus on energy transition technologies and environmental ambitions, ARM said in its environmental, social and ethics report, also released this week, it was not making any new coal investments and would rather continue running existing assets to the end of their economic lives.

“We are continually looking for opportunities to be more responsible and efficient in our coal-related activities,” the report said.

The project presents a clear, long-term value-creation opportunity to scale ARM’s PGM portfolio, enhance its global competitiveness and pursue further value-accretive organic growth

ARM

ARM’s coal footprint comprises a joint venture with Glencore that includes thermal coal operations at Goedgevonden. It is going towards where demand is headed following its announcement of the R15.2bn strategic investment in upgrading the Bokoni platinum mine in Limpopo.

ARM said Bokoni was a strategic, long-term growth asset and South Africa’s second-largest platinum group metals (PGM) mineral resource base. “The project presents a clear, long-term value-creation opportunity to scale ARM’s PGM portfolio, enhance its global competitiveness and pursue further value-accretive organic growth.”

The group announced the Bokoni’s 180ktpm (180,000 tonnes a month) expansion in July, saying it would move the dial for growth. The expansion comprises the refurbishment of the 60ktpm concentrator that will commence production in 2028 and a new 120ktpm concentrator plant to be commissioned by 2030.

Bokoni was acquired from Anglo American Platinum and Atlatsa in 2022 for R3.5bn. At the time, ARM committed to injecting R5.3bn for its development, which was halted due to the fall in the platinum pricing environment.

Bokoni has had a rough history. It had been placed on care and maintenance in 2017 after years of bleeding cash due to a string of losses in difficult trading conditions. ARM suspended Bokoni in June 2025 due to losses and the booking of a R2.5bn impairment at the mine, resulting in a section 189 retrenchment process to right-size the mine.

However, with the higher PGM price, ARM is expecting the project to deliver returns. It projects a net present value of R5.9bn “These returns are based on a long-term average real 6E basket price of R31,161 per PGM ounce and only up to the remaining 19 years of the purchase of concentrate agreement.”

In 2025 the ferrous business operated jointly with Assmang closed the Cato Ridge Works smelter and placed its Beeshoek mine on care and maintenance after the supply agreement with ArcelorMittal SA ended.

The group is facing a court challenge from Assore, its joint-venture partner for Assmang, over decision-making at Assmang, which it said it would depend on. The $195m lawsuit by US-based Pula Graphite was struck off the roll in October on procedural grounds.

The group said supporting local communities was important, and it had invested R109m in local economic development projects and corporate social investment initiatives in local communities.

Business Times

Story audio is generated using AI

Losing a high-performing employee can be devastating, as they leave with institutional knowledge, client relationships and an understanding of the organisation’s unwritten rules.

“Many organisations still approach succession as a process triggered by a resignation. By that point, though, the employee may have been disengaged for some time, and the business has limited opportunity to change the outcome. An exit interview may explain why someone left, but it cannot recover the time lost by waiting to identify a replacement,” says Natasha Bell, managing executive at Kelly by Adcorp.

She advises:

• Talent pipelining should begin before a vacancy exists and include identifying the roles critical to business strategy, the capabilities the organisation needs as it evolves and the internal and external talent available to meet these needs;
• Assess potential successors before a role becomes vacant;
• HR and business leaders should be part of the process;
• The real test of the pipeline is if it provides continuity in times of change; and
• When HR, decision-makers and recruiters co-operate, the organisation can take change in its stride without compromising strategy or putting the people who remain under undue stress.

Business Times

Story audio is generated using AI

As South Africans go to the polls on Wednesday, an advocate for township entrepreneurs says the often-neglected constituency will support parties and candidates committed to making business easier for them.

Bulelani Balabala, founder of the Township Entrepreneurs Alliance (TEA), told Business Times this week that the biggest priority for entrepreneurs voting in the local government elections was the removal of barriers to doing business in townships.

“The No 1 thing that all the founders are looking for is they want an enabling environment to trade. And I think that’s really the government’s mandate,” he said.

TEA is holding a township economy summit in Tembisa, Gauteng, on November 19 and 20. Attendance is free, with details available on the TEA website.

Balabala said local governments should be changing bylaws to benefit entrepreneurs and business founders of all stripes.

“I think when you look at townships, you know, by and large these are areas and segments of our country that have been largely considered consumer-based markets. But this is where commerce happens; consumption and production happen.

“Look at things like the spaza shop fund, which was an epic fail. And the only reason it’s an epic fail is that the funders or the development funders are not taking a development view when they’re dispersing the money.”

About 80% of the entrepreneurs mentioned the fact that there’s still a big infrastructural disparity in the various communities that they operate in

Bulelani Balabala, Township Entrepreneurs Alliance

Balabala said the TEA’s surveys among township entrepreneurs found that even though the market saw a widespread increase in the use of point-of-sale (POS) machines and POS devices, only 9% of these entrepreneurs confirmed that they actually have POS devices, while 95% expressed interest in them.

“About 80% of the entrepreneurs mentioned the fact that there’s still a big infrastructural disparity in the various communities that they operate in. Only 5% of the guys actually confirmed that they’re utilising AI tools effectively in the business.

“Only 24% of the guys effectively said they are using digital tools in general, not AI tools, just digital tools in general to optimise their business, apart from utilising them for social needs or social purposes individually.”

The township economy summit will host a “kasi pitching challenge”, in which the alliance will distribute about R150,000 to the top six pitchers. There will be an exhibition for corporates, government authorities and township businesses to showcase their products, goods and services.

Meanwhile, in its quarterly reform tracker released this past week, Business Leadership South Africa (BLSA) said governance reforms had declined for the first time, from 55.0 to 54.6, after the Constitutional Court declared the Public Procurement Act unconstitutional and invalid because parliament had not facilitated meaningful public participation at the National Council of Provinces stage.

“The sound finances score fell from 87.5 to 50, and National Treasury must now table a new bill. There was progress elsewhere. The Public Service Commission Act, signed on September 15 2026, will extend the commission’s oversight to local government, lifting that deliverable from 62.5 to 75, and the appointment of a director-general in the Presidency as head of public administration lifted the Public Service Amendment Act deliverable from 62.5 to 75.”

In last week’s medium-term budget policy statement, finance minister Enoch Godongwana announced that, over the medium term, national departments will receive 47.4% of available non-interest spending, provinces 42.6% and local government 10%.

“Reaching a 10% share is a significant milestone. It reflects the government’s commitment to strengthen service delivery where citizens live, work and raise their families. We are allocating an additional R21.8bn to the local government equitable share, to cover the higher bulk costs of free basic water, sanitation, electricity and refuse removal.”

Godongwana said that since he suspended equitable share transfers to 69 municipalities that persistently failed to pay all creditors, 37 of them had concluded council-approved repayment plans by the end of July, and they had paid R4.2bn to creditors.

Business Times

Story audio is generated using AI

The head of the National Business Initiative (NBI) has urged the government to partner with the private sector to ensure that historically disadvantaged South Africans participate in the green economy.

Shameela Soobramoney, CEO of the NBI, told Business Times that inclusion was a key feature in skills development for the green economy and the initiative was working to get the government and the private sector involved.

“If we are not deliberate about designing for inclusion, we will end up repeating the patterns of the past and the profile of where those opportunities go to. This is the opportunity to build with an end in mind from the beginning.”

Soobramoney was speaking to Business Times after a summit on youth inclusion in the green economy in Johannesburg earlier this month, which she said had drawn delegates from business, the government, civil society, academia and funders.

We can’t talk about collaboration… if we don’t create the processes and spaces that bring those people together

Shameela Soobramoney

“What we were looking at are the representatives of the sort of ecosystem that we need to take forward the recommendations that we had and the people who participated. We have taken time to develop [this], but deliberately so, because we firmly believe that we can’t talk about collaboration … if we don’t create the processes and spaces that bring those people together.”

She said the summit discussed an ambitious jobs target for the green project pipeline to 2030, including new energy vehicles, battery systems, electricity transmission, green hydrogen and other green energy and energy efficiency technologies.

“The pipeline information was based on public domain information indicating pipelines into these key sectors, be that new energy vehicles, looking at energy transmission, and of course renewables, from an indication of investments into wind and solar and so forth.”

Soobramoney said the jobs target included 72,000 low- and semi-skilled workers, 25,000 engineers, 25,000 technicians and 21,000 artisans.

Mpumalanga is a key province for the creation of such jobs as South Africa tries to ease dependency on fossil fuels, while the Eastern Cape is being prioritised for new energy vehicle manufacturing. This will be coupled with ancillary jobs.

Many of the value chains we are looking to implement in the transition cut across various government departments, and without the shared execution plan, it’s very difficult to pursue impact. All that we pursue is activity, and with activity [alone], we are not going to move forward

Joanne Bate, energy financier

“One of the credible sources is Green Cape, which does a renewable energy market intelligence report. That was talking about R161bn estimated in investment potential between 2026 and 2030, looking at the renewables industry.”

According to the Oxpeckers investigative environmental journalism unit, women make up between 12% and 21% of the technical workforce in the wind and solar energy sub-sectors. Women only make up 14% of senior management in these sectors.

Speaking at a panel hosted by Oxpeckers, Joanne Bate, an energy financier, said South Africa needs to complete its electricity market reforms and then rethink industrialisation.

“Many of the value chains we are looking to implement in the transition cut across various government departments, and without the shared execution plan, it’s very difficult to pursue impact. All that we pursue is activity, and with activity [alone], we are not going to move forward,” she said.

Hleziphi Siyothula-Mtshizana, an entrepreneur in the energy sector, said the skills that were needed in the sector were heavily skewed towards science, technology, engineering and mathematics. “We cannot shy away from that. So we need engineers, we need financiers, we need other aspects that support project development and project implementation.”

Business Times

Story audio is generated using AI

Business Leadership South Africa (BLSA), which represents some of the country’s biggest businesses, is expected to meet with the leadership of the Durban Gateway Terminal (DGT), which is grappling with congestion and vessel delays after a systems operating upgrade.

The DGT is the container-handling facility for Durban, South Africa’s busiest port, and took over control of the Durban Container Terminal Pier 2 in January as part of the government’s private sector participation drive. It is operated by International Container Terminal Services Inc, a Philippine-based group which owns a 49% stake through a historic 25-year concession awarded in 2025. Transnet has retained a 51% ownership in the terminal.

Problems started in August when it introduced a new operating software, Navis N4, resulting in downtime, delays and congestion. In response, the DGT is meeting with stakeholders and, as part of improving the system, is replacing the current trucking appointment system with a digital solution.

When delays like these happen, it’s really concerning, and I think it’s sort of like it makes us sit with egg on our faces because you’re jumping up and down and saying reforms, reforms, reforms

Busi Mavuso, BLSA CEO

Speaking during the launch of the BLSA quarterly report for the July to September quarter, CEO Busi Mavuso said the meeting was to understand the challenges they are faced with.

“When delays like these happen, it’s really concerning, and I think it’s sort of like it makes us sit with egg on our faces because you’re jumping up and down and saying reforms, reforms, reforms... and when you’ve got private sector operators coming in, you know, then you’re still experiencing those challenges,” she said.

She said, on a positive note, that terminal executives had engaged with companies and kept them updated every step of the way.

Mavuso said the BLSA’s quarterly reform tracker for July to September, released this week, underscored how South Africa was making progress led by digital transformation, freight logistics and energy reforms. The reform index 2026 for the September quarter rose to the highest level yet — 28.4% above the starting point when tracking began in March 2024.

The reform completion index rose to 72.5 in the third quarter of 2026, up from 71.3 last quarter and 28.4% above the March 2024 baseline. This is the highest reading since tracking began.

There was progress in digital transformation as the zero-rated government website gov.za went live; and in water, due to the introduction of the national water action plan.

Presenting the findings, Stuart Theobald, chair of Krutham, said the index pointed to the progress the government had made across multiple reforms.

He highlighted success in energy reform, pointing to more than 470 days without load-shedding. “We think it’s safe to say that load-shedding is a thing of the past,” he said.

In terms of logistics in the quarter, the rail access agreement was signed in September, enabling cargo owners to secure rail capacity directly and then hire an operator, and the cabinet approved Transnet National Ports Authority becoming a stand-alone, and the latest network statement was issued.

Krutham said despite delays at the DGT, the concession was one of the first efforts to concession a port. “It faced a lot of legal challenges in the process. It got to the point where the 25-year joint venture was implemented. It really is one for everyone to learn from... how we do the other port concessions that we’re expecting over the next year. So, it’s really important that it sets a precedent.”

However, Transnet faced setbacks after the Fundudzi Forensic Services report in April found R1.2bn in irregular and fruitless expenditure at Transnet Port Terminals (TPT) at Richards Bay over procurement of equipment.

Commenting on the reform tracker, Andrew Pike, head of ports, rail and logistics at Bowmans, said the increase in the freight logistics score was earned partly by some positive innovations in Network Statement Version 4. He said the most notable changes included the introduction of the concept of an “access seeker”.

“This means that cargo owners themselves may seek access to the network from the Transnet Rail Infrastructure Manager (Trim) and therefore they actually hold the allocated capacity. This makes cargo owners less beholden to the train operating companies (TOCs), notwithstanding that they still require a TOC to haul their cargo.

“A change is the introduction of lender protections, which were not available under [the previous] version; another significant improvement is that safety compliance costs are now carried by the infrastructure manager rather than by TOCs. Taken together with the other changes, these remove some of the risk for private sector access seekers and make participation in the network more attractive.”

Mavuso said the tracker showed there had been a lack of movement in the criminal justice system category of reforms. The worry is over the Financial Action Task Force’s (FATF’s) assessment of South Africa and inadequate government measures against corruption.

She said the FATF started its fifth round mutual evaluation of South Africa in mid-2026, after the country’s removal from the grey list in October 2025. She pointed to how South Africa had successfully addressed the FATF’s 22 items, the most challenging relating to state capture legacies, particularly weak law enforcement and prosecution capacity for complex crimes and money laundering.

“One requirement was to demonstrate a sustained increase in investigations and prosecutions of money laundering networks. The country was always going to be vulnerable in this current assessment round,” she said, adding that the disclosures at the Madlanga commission were likely to be an area of focus for the FATF.

Business Times

Story audio is generated using AI

Three years after Sean Summers returned to rescue Pick n Pay, the retailer is finally showing convincing signs that its turnaround strategy is working. Losses are narrowing, margins are improving, costs are coming under control, and the balance sheet has been rebuilt.

Yet the latest interim results also highlight how far the retailer remains from restoring sustainable profitability. The core supermarket business is still loss-making, sales growth remains subdued, and competitors continue to pull ahead through investments in stores, digital platforms and loyalty programmes.

Summers argues that the turnaround should be judged by the actions that ultimately drive profits, rather than the profit itself. “Everybody is so focused on the profit and getting back into profitability, and quite rightly so. But that is a whole lot of actions that need to be taken initially. You don’t return to profit and then start doing all of the good stuff after that. The profit flows from that, and that is the journey that we’re on.”

The six months to August showed progress in many of the areas management can directly control. Gross margins improved, expenses were tightly managed, and losses narrowed materially.

Justin Hollis, portfolio manager at Abax Investments, said the results provided evidence that the recovery was gaining traction. “Pick n Pay’s H1 2027 results provide evidence that its turnaround is gaining traction, with improved gross margins, disciplined cost control and a narrower core supermarket loss.”

But he noted that growth remains heavily reliant on Boxer, while the legacy supermarket business continues to struggle. “Pick n Pay supermarkets’ turnover was broadly flat at R36.4bn, and the trading loss after lease interest still substantial at R1.1bn, highlighting the scale of the profitability challenge.”

Boxer has become the group’s earnings engine and has played a pivotal role in restoring financial stability. Net cash has climbed to about R10bn, compared with net debt of roughly R11.5bn three years ago.

One of the most significant takeaways from the results is that most of the improvement came from cost control and margin expansion rather than stronger sales. Stephan Erasmus, investment analyst at Anchor Capital, said investors should not overlook that distinction.

He said Pick n Pay’s half-year performance was “better, but Pick n Pay is still losing money”. He added: “The headline loss narrowed by about a third, driven by margins and cost control rather than sales, which were essentially flat.”

Summers maintained that underlying sales trends were more encouraging than headline numbers suggest. He said Pick n Pay’s like-for-like sales continued to outperform the broader market despite pressure on household spending and geopolitical uncertainty.

Referring to the conflict in the Middle East, Summers joked that management had planned for a “black swan” event but not an “orange swan”. He said: “We could see that with the breakout in the Middle East, from where we were trending on like-for-like sales and growing solidly and consistently every single period, that all of a sudden that came off.”

Summers estimated the conflict cost the retailer about three percentage points of sales growth. “For every 1% of top-line sales that we lose, we lose about R140m-R150m of income, so it’s obviously material for us.”

The biggest saving is about flexibility and getting people to work the shifts that we need them to work

Sean Summers

Another significant development was the conclusion of labour negotiations and the withdrawal of the Section 189 consultation process. Management has argued that the exercise was not designed to cut jobs but to address inefficiencies in a labour model that had become increasingly inflexible.

“The biggest saving is about flexibility and getting people to work the shifts that we need them to work,” Summers said.

Historically, stores were heavily staffed during quieter weekdays and relied more heavily on temporary workers during busy weekends. The revised agreement will allow experienced permanent employees to be deployed when customer demand is highest.

“It lets Pick n Pay put its more experienced people on the floor at weekends, when stores are busiest, rather than relying on temporary labour. That arguably makes for a better shop as well as a cheaper one,” Erasmus said.

The benefits are expected to emerge gradually, with Erasmus estimating that meaningful savings will only begin flowing through from March 2027.

Store economics are also a major focus area. Pick n Pay is seeking to reduce space in outlets that have become too large for current trading levels, negotiating with landlords to reconfigure stores as leases expire. “Too many stores are simply too big for the trade they do,” Erasmus said.

Rather than pursuing aggressive expansion, management is focusing on improving existing stores.“We’ve endured a heavy onslaught [from competitor openings],” Summers said.

“Despite that, and us having less stores, we’ve managed to show the like-for-like growth that we have.”

The retailer is also increasing the proportion of supermarkets it operates directly, moving away from its roughly 50-50 split between corporate and franchise stores. Summers said the mix could eventually shift to two-thirds corporate-owned outlets.

Erasmus believes the strategy makes operational sense because it improves control and simplifies execution but cautioned that acquiring franchise stores consumes cash while the supermarket business remains loss-making.

To drive customer loyalty, Pick n Pay is investing heavily in fresh food and digital channels. The retailer is rebuilding relationships with farmers and suppliers while upgrading produce, bakery and butchery offerings. “We’re doing amazing work on re-establishing proper relationships with farmers again,” Summers said.

Erasmus believes fresh food offers the greatest opportunity to regain market share. “Fresh sales are growing more than twice as fast as sales overall.”

ASAP sales grew about 35% during the period, and the retailer recently introduced a subscription model to encourage adoption.

Meanwhile, Pick n Pay Clothing is refocusing on affordable basics after facing pressure from ultra-low-cost online competitors such as Shein and Temu. While the clothing unit was outperforming a flat market overall, Erasmus said growth was being driven by new stores while sales in existing outlets remained slightly negative.

The retailer’s target remains to achieve break-even in its core supermarket business by 2029. “Pick n Pay is making progress but still has significant ground to cover,” Hollis said.

“The principal upside lies in a successful recovery of the core supermarket business and the continued expansion of Boxer. Earnings forecast risk remains high given the multiple moving parts, the timing of strategic initiatives, as well as the tough macro and competitive environment.”

Business Times

Story audio is generated using AI

Chinese electric vehicle maker Leapmotor plans to grow its presence in South Africa and other African markets, with Egypt next on its expansion list, as it seeks to build its international business through its partnership with Stellantis.

Leapmotor International CEO Danilo Annese said recently that South Africa offers significant potential, but the relatively young brand needs to establish its value proposition with local consumers rather than simply replicate strategies used in Europe.

I think we are relatively young, and we need to find the key to convince the South African customers on the brand values, as we have done in other countries.

Danilo Annese, Leapmotor International CEO

“It’s a complex market. We want to enter in a proper way,” he said in an interview at the Paris Motor Show. “I think we are relatively young, and we need to find the key to convince the South African customers on the brand values, as we have done in other countries.”

Annese said Leapmotor was working with its local team to identify what would resonate with South African motorists and strengthen its presence in the country.

The company intends to grow its South African business in 2027, using Stellantis’s established dealer network and local operations to expand its reach without establishing a separate, company-owned dealership network.

Stellantis currently operates 34 dealerships nationwide and plans to expand that network to about 48 outlets over the next two years.

The company’s ambitions extend beyond Africa. Asked how much of its target of 1-million vehicle sales would come from emerging markets such as South Africa, Annese said it was too early to provide a detailed breakdown.

However, international markets already account for a growing share of the business.

“Today, year-to-date international markets represent 22% of the results of Leapmotor,” he said, adding that the proportion was expected to be higher by the end of the year.

Europe is currently the leading international region, followed by South America, while emerging markets account for a smaller portion of sales.

“But we are far from the potential we can have in these countries, including South Africa,” Annese said. “We will be there, and we will be closer to South African customers ... to improve the overall performance.”

Leapmotor’s product strategy will remain focused on battery-electric vehicles (BEVs) and range-extender electric vehicles (REEVs), rather than expanding into conventional petrol-powered models.

Range-extender vehicles use an electric motor to drive the wheels but incorporate an onboard combustion engine to generate electricity when required. The technology could help address concerns about charging infrastructure and electricity supply, which remain barriers to wider electric vehicle adoption in South Africa.

Annese said the technology could appeal to customers in markets where charging infrastructure was still developing, particularly those living outside major urban centres. He argued that vehicle adoption and infrastructure development would advance alongside each other, pointing to similar concerns in some European markets.

“As the adoption of BEVs grows, the infrastructure will follow,” he said.

Leapmotor, which entered the South African market in October last year, was founded in 2015 in China. Stellantis, which partly owns Leapmotor, is doubling down on Africa as a strategic growth region. Earlier this year, the company reaffirmed its FaSTLAne 2030 strategy for the Middle East and Africa, targeting a 40% increase in regional revenue while maintaining double-digit operating margins through greater localisation, regional manufacturing and a more focused portfolio.

Stellantis, which also owns brands such as Fiat, Opel, Peugeot and Citroën, aims for 90% of regional sales to come from 22 key vehicle programmes that are either produced in the region or sourced competitively from Asia, reducing dependence on imported vehicles and improving cost-competitiveness. The company’s goal is to increase its South African market share from about 1.5% to between 4% and 5% by 2030.

Stellantis said that by 2030, about 90% of vehicles it sold in South Africa would either be sourced from the Africa-Middle East region or imported from Asia, helping the company improve affordability and strengthen its competitive position.

Business Times

Story audio is generated using AI

The government is increasingly putting state-owned bulk grain storage silos and hospitality assets such as nature reserves into private sector hands as public-private partnerships ramp up.

With the fiscus facing competing interests and debt-servicing costs gobbling up about R1.2bn a day from the public purse, the state has pivoted to roping in the private sector to run its non-core assets so they don’t eat into public funds.

Hospitality facilities have been prioritised for private sector participation — with the government looking to play more of a regulatory role than run facilities that can be better run by hospitality groups.

This week, the iSimangaliso Wetland Park, which manages an area of 1,328,901ha, started a process to bring in private sector players to redevelop, manage and operate the Cape Vidal resort for a period of 50 years.

The Cape Vidal project aligns with the iSimangaliso commercialisation strategy that seeks to optimise asset utilisation and revenue generation.

“In this regard, iSimangaliso is actively responding to the government’s clarion call to foster partnerships and engage the private investment community in undertaking infrastructure development that supports service delivery,” iSimangaliso said in a tender document.

Cape Vidal offers travellers pristine beaches, incredible surroundings, and an abundance of wildlife that can be found within the area

iSimangaliso tender document.

“Cape Vidal is characterised by a naturally protected bay that provides favourable conditions for swimming and snorkelling.”

“Cape Vidal is located in the eastern shores section of the iSimangaliso Wetland Park and is accessed through Bhangazi gate, bordering the town of St Lucia. It is a rare beach and bush destination. Cape Vidal offers travellers pristine beaches, incredible surroundings, and an abundance of wildlife that can be found within the area.”

The eastern shores section offers activities including ski-boating, surf fishing, whale spotting, wildlife and night-drive safaris, bird spotting, picnicking, swimming, snorkelling and turtle viewing.

To unlock the commercial potential of the facility, iSimangaliso is eyeing private capital to redevelop and upgrade the Cape Vidal resort to an attractive — at least three- to four-star — tourist destination.

The project term is 50 years, including a development period of four years at most and an operations period of 46 years.

The project comes shortly after Ezemvelo KZN Wildlife, which manages more than 800,000ha of high-value land in KwaZulu-Natal, launched a hunt for a private-sector partner to manage the vast estate, which includes more than 90 protected areas, as the government pivots from managing nature reserves.

The idea to commercialise Ezemvelo was first touted in 2007 but was not taken further. However, faced with financial pressures and competing interests from the fiscus, the government has now opted to introduce private partners in a move that puts hospitality groups on alert.

The entity had no choice but to revisit the 2007 idea in response to funding constraints and government directives, guided by the national public-private partnerships framework.

Ezemvelo KZN Wildlife faces financial and operational challenges in maintaining its extensive biodiversity estate — forcing it to adopt commercialisation as a critical component of its strategy for turning the financial tide by capitalising on its underperforming capital assets.

In Gauteng, the provincial government has dangled the Suikerbosrand Nature Reserve before the private sector in a move that might see the facility operated by tourism and hospitality groups for at least 25 years.

This comes as the government becomes more amenable to private sector custodianship of state-owned assets.

The Gauteng environment department issued a request for proposal to operate the approximately 18,000ha nature reserve, situated between the East Rand towns of Heidelberg and Alberton.

The reserve, situated just off the N3, was valued at R3bn in 2009.

The winning bidder is granted the right to develop, operate, and manage the Suikerbosrand Nature Reserve concession, the province’s largest nature reserve, which is managed by the environment department.

The mooted concession will see the state retain the title to the land and assets, with the private sector set to pay a monthly lease fee, which the department said cannot be less than R80,000.

The reserve has been on the receiving end of criticism by visitors, who have pointed out its dilapidated state. Its main revenue-generating activities are now limited to hiking, cycling and occasional game sales, with its hotel and other tourist facilities lying dormant.

The DA last year called on the Gauteng government to pour more investment into unlocking the reserve’s full potential.

Most of the tourist accommodation facilities, including those presently operational, are in a state of disrepair due to, among other things, lack of maintenance.

The reserve accommodation and conference facilities can accommodate about 1,900 people.

With the public purse stretched by competing interests, the Gauteng government, led by premier Panyaza Lesufi, has opted to woo private capital to invest in the reserve, which is among five owned by the state.

Some of the tourism facilities at Suikerbosrand include:

• Self-catering accommodation through 29 units at three separate locations;
• A full-service caravan park with 240 stands;
• A conference centre with capacity for 120 delegates across a variety of meeting rooms;
• Cycling routes;
• Facilities for day visitors, which include a restaurant, swimming pools, picnic spots and children’s playgrounds; and
• Hiking trails with overnight huts/accommodation.

The North West government is also looking for private sector partners to operate state-owned bulk grain storage silos for the next 25 years.

The three silos — Springbokpan, Kraaipan, and Vryhof — have a combined storage capacity of 180,000t of grain.

These silos have historically been used mainly for grain from the maize triangle farming communities. Silos that were once used to full capacity have deteriorated over time due to poor maintenance and use.

“The objective is to secure a strategic partner with the necessary capital, experience and capability to rehabilitate, develop, and manage the silos sustainably, restoring them to commercial viability and maximising socioeconomic benefits for the North West farming community,” the North West department of agriculture & rural development said.

“Despite the condition of the two silos (Kraaipan and Vryhof), the potential remains for revitalisation through strategic investment and professional management.”

Business Times

Story audio is generated using AI

Born from Safair, established in 1965, FlySafair in its modern iteration has grown into South Africa’s pre-eminent low-cost airline, accounting for 60% market share of domestic travel — a feat that seemed impossible when the brand went to market in 2014.

Before the October 16 2014, launch, Safair had spent decades operating cargo flights and leasing aircraft behind the scenes to other major airlines (including SAA and Kulula).

It was only in 2014 that the group began flying under the FlySafair brand — with its then management vowing to disrupt and democratise air travel.

The airline was initially blocked from starting its operations after two competitors brought an application to interdict it, based on it not meeting the 75% domestic ownership requirements.

In response, FlySafair restructured its shareholding, giving South African employees a 25.14% stake in the company.

This would, a decade later, become an issue again, culminating in the R7bn deal to buy the airline by a consortium led by Harith General Partners in one of the biggest airline transactions in modern history.

The Competition Tribunal, the final authority on mergers and acquisitions in South Africa, this week gave the deal the green light — with the consortium taking full ownership of the airline.

For Harith, founded and chaired by Tshepo Mahloele, the FlySafair deal adds to the group’s infrastructure spanning rail, airport operations, logistics, and border-post management, supporting the movement of people and goods across South Africa and the region.

This transaction represents far more than an investment in an airline. It is a demonstration of long-term South African capital backing a successful South African business.

Harith CEO Sipho Makhubela

Harith CEO Sipho Makhubela said FlySafair adds commercial aviation to this track record, extending Harith’s network across key parts of the transport sector.

“This transaction represents far more than an investment in an airline. It is a demonstration of long-term South African capital backing a successful South African business. FlySafair has built an exceptional airline with a trusted brand, strong management team and a market-leading customer proposition.

“Our role is to support that success with patient capital while enabling the next phase of growth. Harith Aviation Consortium’s investment in FlySafair recognises aviation as an important driver of connectivity and economic activity. Reliable and affordable air travel expands access to opportunity, supports tourism and trade and contributes to broader economic growth.”

The deal jumped the Competition Tribunal hurdle after Harith’s 20 years of existence, a period in which it has grown its asset base to more than $3bn.

Harith’s intention is for the airline to continue operating under its existing strategy and leadership, with a focus on sustaining performance, long-term value creation, and bolstering Harith’s strategy to secure an integrated transport network in Africa.

“We are excited about the road ahead with our incoming shareholder and about the opportunities to strengthen our foundations and to grow the South African passenger aviation market,” Elmar Conradie, CEO of FlySafair, said.

“Throughout this process, it has been business as usual for our customers and our people, and that continues. As the remaining conditions are met, we look forward to embarking on a new chapter for FlySafair.”

South Africa’s aviation remains an important enabler of economic growth. According to Airports Company South Africa’s 2025/26 integrated annual report, international tourist arrivals increased to 10.5-million in 2025, up from 8.9-million in 2024, supporting increased travel demand.

Prior to its financial collapse, deregulation, and Covid restructuring, SAA historically dominated the South African market with over 90% market share.

Coincidentally, Harith’s first prize was SAA, and its consortium, Takatso, was picked in 2021 as the preferred strategic equity partner to buy a 51% controlling stake in SAA, while the state retained the remaining 49%.

Takatso was expected to inject R3bn into SAA as a shareholder loan to help the airline stabilise and grow after emerging from voluntary business rescue post-Covid.

However, the deal collapsed in 2024, ending a turbulent multi-year attempt to partially privatise the national carrier — where the difficulties of doing business with the state were laid bare.

SAA has not fared better since then, with taxpayers again bailing it out to the tune of R1bn this month to keep it afloat. SAA has consumed roughly R50bn in total government bailouts and financial support over the years, facing a renewed cash flow and liquidity crisis in late 2026.

The government has again started a process to find a strategic partner for SAA. The domestic market has changed materially over the past decade, with low-cost carriers like FlySafair alongside regional and full-service operators like Airlink, Lift, and CemAir dominating the market.

While deregulation of the domestic market in 1991 was essential to remove restrictions on route entry, capacity, frequencies and fare setting, SAA was unable to keep up with the development of the market, with low-cost carriers taking market share.

For example, since bursting onto the scene in 2014 with just two aircraft operating between Johannesburg and Cape Town, FlySafair now boasts a fleet of more than 30 jets.

The ownership makeup of the airline came under scrutiny in 2022 when two industry competitors lodged complaints with the national and international regulatory authorities over the ownership structure of ASL Aviation Holdings, owners of FlySafair.

In establishing an outfit called FlySafair in 2014, ASL set up a shareholding structure whereby 25% remained in its direct possession, and the remaining 75% was held locally by two other shareholders.

The local shareholders consist of Safair Investment Trust, which holds 50%, and an employee share scheme designed by ASL to ensure compliance with local ownership requirements. It has a 25% stake.

Africa is the next frontier

South Africa’s greatest future opportunity is on the continent. The Single African Air Transport Market seeks to liberalise African aviation and make it easier for airlines to connect African cities. South Africa has the infrastructure, skills and experience to play a leading role.

The opportunity extends beyond passenger travel. South Africa is well positioned to be the largest exporter of pilot training, aircraft maintenance, aviation engineering, simulation, safety expertise, technology and professional skills.

As a pan-African player, FlySafair is looking to seize this opportunity. The airline is already connecting South Africa with its African neighbours: Mauritius, Zanzibar, and Zimbabwe—with Zambia and Namibia routes expected in the new year.

Business Times

Story audio is generated using AI

Dis-Chem is stepping up its e-commerce ambitions, betting that a more seamless digital health-care offering can help drive market share gains, increase customer spending, and strengthen its position as a one-stop health-care provider.

Drawing inspiration from Checkers Sixty60, the group hopes to build a health-care e-commerce platform with the scale and customer adoption that Shoprite’s on-demand delivery business has achieved in grocery retail.

The pharmacy retailer has invested about R240m in rebuilding its digital infrastructure, including a new app designed to allow customers to search for products, order prescription medication and shop for health and personal-care products through a single platform.

Rui Morais, Dis-Chem’s CEO, said the company’s existing online offering had been constrained by separate processes for pharmacy and front-shop purchases. The new platform is designed to remove that friction, allowing customers to navigate both parts of the business through a single digital journey, from search and checkout to fulfilment.

The app has initially been made available to a controlled group of about 22,000 customers, whose feedback will inform its development before a broader rollout in the final quarter of the calendar year.

Morais said the investment was intended to address shortcomings in the retailer’s previous technology infrastructure, which had limited its ability to develop an integrated online proposition.

The strategy comes as competition in online retail intensifies, with Shoprite’s Sixty60 service demonstrating the potential scale of app-based ordering and delivery in South Africa.

Morais said Dis-Chem’s online sales remained small but argued that there was no fundamental reason a well-executed health-care retail offering could not make a significant contribution to revenue over time.

A benchmark for that ambition is Sixty60, which has significantly increased sales and now represents 11.1% of the South African supermarket business. “We have really strong ambitions for it to be significant over the medium term. We don’t see why there shouldn’t be any reason, if someone does health-care retailing properly, why you couldn’t get to that same number,” he said.

While Dis-Chem currently relies on an external service provider for last-mile delivery, Morais indicated that this arrangement would eventually change as the group seeks greater control over the customer experience.

We have really strong ambitions for it to be significant over the medium term.

Rui Morais, Dis-Chem’s CEO

The retailer believes digital ordering can also increase spending rather than simply shift purchases from stores to online channels. Morais said the average basket on the app was already larger than the average in-store basket, partly because the retailer could identify customers and use their purchasing histories to tailor promotions.

That creates an opportunity to encourage shoppers to add relevant products to their orders through personalised offers, while minimum thresholds for free delivery can further support basket growth.

The digital push comes as Dis-Chem delivers some of its strongest market share gains on record. Reporting interim results for the six months to August, the group grew revenue 8% to R23bn despite a subdued consumer environment, while front-shop volume growth of 5.5% significantly outperformed overall market growth of 0.1%.

Morais described the gains as the strongest he had seen in his 16 years at the retailer.

The performance has been driven largely by the Better Rewards loyalty programme, which has returned R1.5bn in value to customers since its launch a year ago. Active membership grew 27% to 8.2-million customers, while programme members accounted for 86.1% of total sales.

Dis-Chem also reported industry-leading pharmacy revenue growth of 10.4%, extending market share gains in its core health-care categories.

Central feature

The retailer believes its digital investments can amplify those gains by creating a more connected healthcare ecosystem spanning retail pharmacy, clinics, virtual doctor consultations, medical insurance and life cover. “The asset stack is invested in. It’s now about execution,” Morais said, referring to the group’s broader integrated health-care strategy.

A central feature of the new app is prescription digitisation. Customers will be able to submit prescriptions electronically, enabling pharmacists to check medical scheme benefits and prepare medication before customers arrive, reducing waiting times and improving collection efficiency.

Dis-Chem sees this as an important component of a broader integrated health-care journey. Over the past year, the group completed 1.43 million nurse consultations, with 153,000 patients referred to virtual doctors, illustrating the scale of healthcare services already delivered through its network.

The digital overhaul is taking place alongside continued investment in physical stores. Dis-Chem is targeting 30 new stores during the 2027 financial year.

Business Times

Story audio is generated using AI

South African Breweries (SAB) is experiencing a growing divide in consumer spending patterns, with strong demand for premium beer brands such as Corona and Stella Artois contrasting sharply with mounting pressure on its traditional core beer portfolio as cash-strapped consumers prioritise food and transport over discretionary purchases.

The brewer reported record third-quarter volumes, underpinned by mid-30% growth in its premium beer portfolio, led by Stella Artois and Corona, as well as low-30% growth in its Beyond Beer category, which includes brands such as Brutal Fruit and Flying Fish, often referred to as ciders.

However, performance in its mainstream beer portfolio, including Castle Lager, Hansa and Carling Black Label, remained more challenging, reflecting financial strain among lower-income consumers.

The low-income consumer has been under significant pressure currently

Richard Rivett-Carnac, SAB CEO

SAB CEO Richard Rivett-Carnac said the company had delivered a solid set of results despite difficult economic conditions affecting many of its customers. “The low-income consumer has been under significant pressure currently,” he said.

Higher fuel and diesel prices have increased transport costs, while persistent food inflation has left many households with less disposable income. As a result, consumers are increasingly directing their spending towards essential items.

This trend poses a challenge for SAB because its core beer portfolio relies heavily on consumers who are now having to make tougher decisions about how they spend their money. At the same time, the brewer faces pressure from rising operating and distribution costs linked to higher fuel prices.

The company is therefore walking a fine line between recovering inflationary cost increases and keeping its products affordable.

Rivett-Carnac said SAB was managing costs tightly and using hedging strategies to limit the extent of price increases passed on to consumers. “We are very aware that it’s increasingly difficult to pass on price increases to consumers in this environment,” he said.

Protecting affordability, particularly within the core beer portfolio, remains a key focus as the company seeks to maintain volumes while managing rising input costs.

Premium beer has emerged as one of SAB’s strongest growth drivers. Corona and Stella Artois delivered growth of more than 30%, reflecting years of sustained investment in building their presence in South Africa’s premium beer segment.

Rivett-Carnac said SAB had invested heavily in marketing, retail visibility, availability and product quality to establish both brands. Despite pressure on household budgets, middle- and higher-income consumers are increasingly choosing premium brands.

However, Rivett-Carnac cautioned that current growth rates should not be viewed as permanent.

While SAB will continue investing in Corona and Stella Artois to sustain momentum, he said it would be unrealistic to expect mid-30% growth to continue indefinitely as the brands mature.

Beyond Beer is another area delivering significant growth. The portfolio, which includes Brutal Fruit and Flying Fish, recorded low-30% growth, outperforming the broader category and highlighting changing consumer preferences.

Another growing segment for the brewer is non-alcoholic beer, where demand continues to increase quarter after quarter. SAB’s portfolio includes Castle Free, Corona Cero and a recently introduced alcohol-free Brutal Fruit variant.

The category is attracting consumers who want to participate in beer occasions without consuming alcohol, whether for health and wellness reasons or because they are driving. It is also creating new opportunities for distribution.

Rivett-Carnac said SAB was intentionally expanding the availability of its non-alcoholic products into grocery stores that do not hold liquor licences, including mainstream supermarket aisles. This provides access to retail channels where conventional alcoholic beverages cannot be sold, broadening the company’s consumer reach and route to market.

SAB will continue evaluating opportunities to extend alcohol-free variants across its portfolio as consumer demand develops.

The brewer is also monitoring broader trends that could influence future alcohol consumption, including the rise of weight-loss drugs such as Ozempic and the rapid growth of online gambling.

Rivett-Carnac said GLP-1 medications were not yet having a material impact on the South African beer market, although the company was keeping a close watch on developments in more mature international markets.

Online gambling, however, is emerging as a more immediate concern. SAB has conducted consumer surveys that indicate high levels of participation in online betting among its customer base.

Rivett-Carnac said the industry believes online gambling should be regulated similarly to alcohol and tobacco, with appropriate taxation, safeguards and consumer protections.

Kashifa Ancer, project lead of Rethink Your Drink, an alcohol harm reduction campaign by the DG Murray Trust, said the government needed to clarify its commitment to minimum unit pricing and clearly show where alcohol tax and pricing reform is heading.

“These developments tell us that government understands that pricing and container sizes affect consumption patterns, and if we want to address alcohol harm, we must prevent heavy drinking.”

Looking ahead, SAB’s growth strategy extends beyond premiumisation. The company has invested almost R20bn in recent years to enhance the capacity and capabilities of its breweries and strengthen its manufacturing and distribution network.

Although SAB does not expect dramatic growth in South Africa’s domestic beer market, it sees considerable opportunities to expand exports of beer and Beyond Beer products into the rest of Southern Africa. Rivett-Carnac said the company continues to assess opportunities to grow its footprint and support both domestic demand and regional expansion.

With Khulekani Magubane

Business Times

The forum was hosted by the Kgalema Motlanthe Foundation.

TimesLIVE

Addressing the second day of the Kgalema Motlanthe Foundation’s Drakensberg Inclusive Growth Forum, Ramokgopa said the region had the mineral resources and renewable energy potential needed to support manufacturing but lacked sufficient electricity infrastructure to turn those advantages into economic growth.

He said electricity had historically been treated as an instrument for private accumulation rather than the public good and argued that the state had a central role to play in using energy to drive development and industrialisation.

Ramokgopa said Africa’s energy deficit remained a major obstacle, noting that about 600-million people on the continent lacked access to electricity.

Growing demand from data centres and artificial intelligence presented an opportunity for South Africa to attract investment, he said, pointing to the country’s undersea cable connections, electricity generation potential and renewable energy resources.

However, the region would struggle to benefit from the opportunity unless it could supply reliable, affordable electricity.

Ramokgopa also called for more mineral processing to take place in Africa. He said the region held substantial reserves of critical minerals needed for technologies such as solar panels, wind turbines and batteries, but high electricity costs made local processing less competitive.

Expanding electricity transmission infrastructure and regional interconnectors was essential to move surplus power to neighbouring countries and support regional energy security.

Ramokgopa said South Africa planned to add 102GW of new generation capacity, with 60% expected to come from renewable sources. He said regional co-operation and investment in electricity infrastructure would be necessary to turn the continent’s resources into industrial development and jobs.

Business Day

The nationwide demonstrations, which fall on Halloween, come two weeks after riots and looting caught security forces off guard, leaving damaged shops, public buildings and businesses in cities across France. Interior minister Laurent Nunez has vowed not to let a repeat happen.

“Everyone is on deck to ensure an extremely firm response to any trouble,” Nunez told a news conference earlier this week as he set out details of security arrangements for a day he described as carrying “a very high risk” of unrest.

Authorities are also alert to the possibility that rioters could use Halloween masks to conceal their identities. Nunez noted that laws already allow police to ban face coverings when public order is at risk.

The US embassy advised travellers to avoid areas where demonstrations or large gatherings are planned.

The protests gathered pace in late September as Macron’s minority government launched 2027 budget talks. Facing public debt approaching 120% of economic output and rising borrowing costs, the government is under pressure to rein in spending, narrowing its room for manoeuvre.

Pupils angry at the dilapidated state of many schools, crowded classes and a university admissions system widely seen as unfair have been joined by trade unions and a re-emergent “Yellow Vest” movement demanding action on the cost of living.

Protests spread across Europe

The protests have inspired youth-led protests across Europe, with demonstrations planned in more than 30 German cities on Saturday.

The French government’s promises to reform education and ease fuel costs have failed to calm discontent.

“When I was little, I was told young people were the future,” said Aaron Berthier de Grandry, a 15-year-old high school pupil in the Paris suburb of Nogent-sur-Marne who plans to join his third consecutive weekend of protests.

“Well, if we, as the future of France, lack resources, that means France will end up collapsing.”

The unrest has handed a political boost to far-right leader Marine Le Pen, who leads opinion polls before April’s presidential election, while potential centrist successors to Macron remain divided.

The troubles are the latest blow to an economy which data on Friday showed was already shrinking in the third quarter.

The Chamber of Commerce estimates losses to retailers exceed €1bn (R18.64bn). Other estimates put the total at double when including uninsured damage and lost revenue.

Along Paris’ main shopping boulevards, early Christmas lights glow around boarded-up windows and security grilles. Among the shops targeted in previous unrest were outlets belonging to luxury brands including Hermes, Louis Vuitton and Burberry.

The government is pushing ahead with a controversial law making rioters liable to pay up to €10,000 (R186,457) for damage caused by themselves or by groups they are deemed to be part of. Rights groups and some lawyers say the measure risks undermining the right to peaceful protest.

Reuters

The top federal prosecutor in Alaska, US attorney Michael Heyman, said at a press conference that a Wednesday New York Times article about the effort had driven a “surge” of FBI resources, adding that he had assigned several prosecutors to the case and that investigative steps were taking place “intensely and swiftly”.

“Every Alaskan deserves a fair election, and they’re going to get one,” he said. “Anyone who tries to illegally deceive voters and interfere with the election, they’ll answer for it.”

The Alaska contest is widely seen as one of the US Senate races that could sway control of the chamber, now narrowly held by Trump’s Republicans.

Trump ordered suit, claims ‘fraud at highest level’

The justice department’s (DOJ) legal actions in Alaska and California, where the Trump administration is trying to prevent some ballots from being counted, represent an extraordinary federal intervention in state-run elections, which are administered locally under the US constitution.

When the DOJ filed the civil suit against Alaska a week ago, Trump told reporters: “I’m the one that said do it.”

Heyman declined to offer specifics when asked what possible crimes were being examined, saying he would let the Alaska investigation proceed, though Trump has called ⁠for a prosecution of Senate candidate Mary Peltola, a Democrat.

“This is voter fraud at the highest level,” Trump told a Florida rally on Friday.

The DOJ asked a federal judge on Friday to ensure the preservation of ballots that “may be impacted by voter confusion”. The court filing requested the judge’s help obtaining documents from the Democratic campaign and others to determine “whether Daniel J Sullivan’s candidacy is frivolous or fraudulent”.

The DOJ has also sued Alaska to preemptively block the state from certifying the results of the ​Senate race if the Republican incumbent, Dan S Sullivan, loses due to the presence of a third candidate, named Daniel J Sullivan jnr.

‌It is not clear what, if any, laws may have been broken. Both parties have engaged in “ballot stacking” by propping up lesser-known candidates to syphon votes from their opponents.

If Democrats take one or both chambers of Congress, they intend to launch investigations of the Trump administration and increase pressure on the president to end the war against Iran.

The New York Times reported this week that staffers from the Peltola campaign and the Democratic Party’s Senate campaign arm helped recruit Daniel J Sullivan jnr, a retired teacher living in a remote fishing village, to appear on the ballot. Reuters has not independently confirmed the Times’ reporting.

Peltola has denied knowing about any effort to recruit the second Sullivan, and the Democratic senatorial campaign committee has also denied involvement. The retired teacher has denied co-ordinating with Peltola’s campaign.

Surge of voting nationwide despite uncertainty

Election officials around the country said they are bracing for further disruptions from the Trump administration, which has sued about 30 states seeking unredacted voter rolls.

“The new tactic is just to create enough confusion and enough uncertainty and enough doubt through the filing of all these lawsuits to lay the groundwork to ultimately, I think, challenge the results once the dust settles after Tuesday,” said Jonathan Diaz of the nonpartisan Campaign Legal Centre.

Trump has long sought to sow distrust of election results, falsely claiming for years that his 2020 election loss to Democrat Joe Biden was the result of widespread fraud. Voter fraud in the US is extremely rare, studies and investigations have found.

Despite any uncertainty, a record 49-million people have cast early ballots, more than any other midterm election in US history, according to the University of Florida’s Election Lab, with even the American-born Pope Leo casting a ballot by mail.

The DOJ has also pushed forward a legal case in California, issuing subpoenas to election officials as part of a criminal probe into alleged voting by noncitizens, according to copies of documents seen by Reuters.

A US appeals court on Friday rejected the department’s request to temporarily block California from counting any mail ballots from more than 20,000 registered voters who the Trump administration alleges are likely noncitizens, the second time the court has done so this week.

A lower court judge had denied the administration’s request, finding it would potentially disenfranchise thousands of legal voters.

Trump said on Friday he would attend weekend rallies in Iowa and Kansas, a day after cancelling them, telling reporters at the White House that Republicans in those states had called him and asked him to reconsider.

Reuters

In addition to core functional upgrades, this version introduces improved push notifications so you only see what matters most, and enhanced security controls to better safeguard your account data. Update to the latest version today in the App Store or Google Play to check out everything new and enjoy our best app experience yet!

App Store: https://apps.apple.com/za/app/business-day-sa/id443935519

Google Play: https://play.google.com/store/apps/details?id=com.businessdaylive.ui

Story audio is generated using AI

Poland is building a $34bn (about R566bn) transport hub linking rail, road and air routes as part of its ambition to connect travellers across Europe. It is one of the country’s biggest infrastructure projects to date.

Having made great strides since the devastation of World War 2 and the era of Soviet rule, Poland is a high-income industrialised economy — and aims to grow further through the transport hub, known as the Central Communication Port (CPK).

The CPK is being established as the country’s transport sector undergoes a “renaissance”, adding to infrastructure that makes travel easier for commuters, who have a choice of buses, trams and high-speed trains.

It will feature a new airport designed to handle up to 44-million passengers, a cargo city and a bus terminal, and will connect to 480km of high-speed train infrastructure, making it one of Europe’s largest intermodal transport hubs.

The project is in line with the country’s long-term ambitions — set out in its integrated rail network plan — to construct a new 4,700km railway system capable of accommodating 720-million passengers by 2050. It also aims to promote the concept of “Poland in 3 hours”, reducing travel times between major cities.

The CPK has been part of the government’s vision since 2016, although political changes have contributed to delays. Construction is now under way, changes are being made, and there is greater buy-in from stakeholders and improved co-ordination. The project aims to make rail travel competitive with that of other countries, including Germany and Russia.

Poland’s railway industry is more than 100 years old, and the country has a rail network extending over 19,180km. Its biggest reforms came in 2001, when infrastructure management was separated from transport operations, paving the way for an independent infrastructure manager.

Alan Beroud, chair of Polskie Koleje Państwowe (PKP), speaking at a railway infrastructure development conference in the capital, Warsaw, last week, said the establishment of an independent infrastructure manager had paved the way for a model in which the manager’s role was to ensure equal access to infrastructure.

He pointed to the 150 licensed carriers, the development of the passenger and freight transport markets, and the investment attracted to the network.

“Over 25 years, not only [has] the state of the infrastructure ... changed, but also the way it is maintained, diagnosed, traffic is managed, and the network is operated. The scale of investment has also changed,” he said.

Between 2004 and 2026, spending on railway infrastructure investment exceeded 150bn Polish zlotys (about R636bn), he added.

However, Poland’s rail network is a tale of two sectors: passenger rail services are booming, while freight is struggling. Similar to South Africa’s Transnet, its trucks handle most of the country’s freight needs and there are bottlenecks facing rail freight sector.

Beroud said that while the country’s railway network was one of the fastest-growing in the EU, bottlenecks still had to be removed.

“The removal of cross-border bottlenecks and the creation of a single market [are] the only way to rebuild Europe’s global culture of competitiveness, resilience and economic sovereignty,” he said.

Poland is also building its capacity as a rolling stock manufacturer. One of the country’s largest manufacturers, PESA Bydgoszcz, exported trains to Ghana in 2024, marking its first foray into Africa.

Commenting on rail transport in South Africa, Jan Bończyk, sales director at PESA, said the country needed a solid rail policy to strengthen transportation, not only for cargo but also for passengers. In Poland, for example, there were 16 regions, each responsible for organising passenger transport in the rail sector.

“You are thinking only about the cargo business, and about the transportation of minerals,” he said. “In parallel, you should develop considerable commuter transportation. That’s the idea, which is absolutely without any doubt present in Europe, and you have to do the same.“

“[This] means with the priority of the rail sector. That’s the idea, which is absolutely without any doubt present in Europe, and you have to do the same.

Bończyk said passenger rail could be strengthened in South Africa because of the country’s urbanisation.

“You have lots of cities and towns for the people. So demand for this means of transportation will be huge,” he said.

You are thinking only about the cargo business, and about the transportation of minerals. In parallel, you should develop considerable commuter transportation. That’s the idea, which is absolutely without any doubt present in Europe, and you have to do the same.

Jan Bończyk

Poland’s rail sector may offer some interesting insights for South African planners.

The Polish Railway Chamber — which represents 500 members — believes the sector is strategic for that country. However, while passenger rail was thriving, freight continued to move largely by road, said Radoslaw Karwicki, the chamber’s spokesperson.

“We have a big road transport lobby, and a lot of people are employed there,” he said. “The previous government had a lot of ideas. The railways were refurbished, but it was slow, and the project was badly planned and was suspended.”

The new administration has ensured that projects stayed on schedule, he added.

“We would like our trucks to move from the road to rail, but unfortunately there are far too many of them, and our infrastructure does not allow for that. Also, due to the speed. Cargo train speed is slower.”

Bończyk said that while Poland had broken records in passenger rail transport, freight remained a difficult issue, particularly because of the war in Ukraine.

“In Poland, the finances of rail are very difficult because passenger rail is supported by the government, and intermodal cargo transport is not.”

The challenge was the war in Ukraine, particularly in transporting goods from China to the rest of Europe, he said. Transportation routes had changed “a lot” since the war began, and some had to be abandoned. About 5,000 containers destined for Poland were stuck in Ukraine.

“The Russian bombings of Ukraine are mainly on the railway lines. I mean, the war has lasted for four years in Ukraine.”

Poland is also discussing the possible introduction of hydrogen-powered vehicles, he said.

However, the country would not move away from diesel entirely.

“PKP is planning to purchase 12 new diesel locomotives. So, in case of a massacre or war in Poland, it’s [possible to] continue operating in the event of electricity [supply] and electrically fuelled vehicles being destroyed.”

Business Times

The shares have lost about 30% this year, cutting the company’s market value to about R21bn, less than half of rival Clicks’ R49bn. Clicks shares rose 1% on Friday.

According to Dis-Chem’s results for the six months to end-August, revenue increased 8% to R23bn. However, higher costs and investment spending weighed on the bottom line, with headline earnings per share (HEPS) falling 12.8% to 64.3c.

The interim dividend was cut by 12.9% to 25.62c a share.

The decline in earnings came despite growth in both the retail and wholesale businesses. Dis-Chem said its retail revenue increased 8.2% to R19.6bn, while wholesale revenue grew 9.6% to R18.4bn.

The group’s total income rose 9% to R7.2bn, boosted by an improvement in the retail income margin. However, group expenses increased 12.1%, faster than revenue growth. Retail expenses increased 13.7%, while employment costs increased 12.8%.

Rui Morais, the CEO, said the group had continued to invest in its operations and digital capabilities, with spending on its innovation hub, X, bigly labs, increasing during the period.

The unit is responsible for developing the retailer’s digital systems and services. Since its launch, Dis-Chem has spent R240m on digital infrastructure and re-platforming.

The investment includes work on a new app, which was initially made available to only 22,000 customers, with a wider release planned for the final quarter of the 2027 financial year.

Morais admitted that Dis-Chem had previously underinvested in its digital capability. He said the recent investment was intended to improve how customers interact with the group and make pharmacy services more efficient.

The group is also changing its store format. Its Store of the Future model combines pharmacy, health and beauty services in a redesigned retail space. Morais said early trading at these stores had been encouraging, with initial trading densities 25% higher than those of the older-format stores.

Dis-Chem opened 14 retail pharmacies during the six-month period, bringing its total to 328 at the end of August. It plans to open 30 pharmacies in the 2027 financial year.

The retailer’s loyalty programme, Better Rewards, has also helped attract customers. Active membership increased 27% to 8.2-million, while members generated 86.1% of sales. The programme has returned R1.5bn in value to customers through discounts and other benefits since its launch in October last year.

However, Morais said customers remained under pressure, with more shoppers timing purchases around payday and looking for promotions.

He said the retailer’s front-shop volume growth was partly driven by customers switching between retailers rather than an increase in overall consumer spending.

“Customers are increasingly shopping during promotions and consolidating their spend around payday,” Morais said.

Dis-Chem said its front-shop volumes grew 5.5%, compared with 0.1% for the wider market, according to NielsenIQ data for the 52 weeks to September 27. The front shop includes products such as personal care, beauty and household goods, while the pharmacy business sells prescription and other healthcare products.

The group is also facing competition from larger retailers expanding into health and personal care. Morais said the scale and digital capabilities of supermarket groups were an important competitive challenge for Dis-Chem.

Morais said he expected earnings to improve in the second half of the financial year as the group’s investment spending became more evenly spread across the year.

Business Day

Business Day

The helicopter was flying from Badrinath, a prominent pilgrimage destination for Hindus located in the mountains, to Dehradun city, the Uttarakhand Civil Aviation Development Authority (Ucada) said in a statement.

Five passengers and the pilot were killed, ANI reported, citing Ucada’s CEO, Prateek Jain.

“The helicopter lost communication while it was flying over Joshimath valley. At the same time, the tracking system could no longer track the helicopter,” the authority said.

The entire fleet of the operator, Trans Bharat Aviation, had been grounded “as a precautionary measure”, it added.

A joint search-and-rescue operation was carried out by the district administration, disaster management teams and troops in the region, officials said.

Reuters

Business Day

Business Day

Business Day TV spoke to Richard Rivett-Carnac, CEO of SAB, the local operating arm of AB about the group’s domestic performance, competition in the beer market and how changing consumer preferences are shaping demand.

Business Day

Business Day

Reddit shares tumbled 23%, while Pinterest slumped 8%.

Reddit said search engine referrals fell by more than 1-million on average each week in October.

Total daily active unique visitors could fall by a low double-digit percentage in the fourth quarter from about 130-million if referral traffic continues to fall, Reddit added.

JPMorgan analysts said the expansion of Google’s AI Overviews and AI Mode, along with changes to how machine-translated content ranks, has pushed search traffic down.

A reset in expectations is appropriate, and the near-term outlook is increasingly clouded, Piper Sandler analysts added.

Reddit said in a filing it had extended its cloud services agreements with Amazon Web Services and Google through 2029, committing to spend $880m and $580m, respectively, over three years.

Pinterest’s third-quarter revenue of $1.17bn missed the LSEG-compiled estimate of $1.21bn. It forecast fourth-quarter revenue of $1.425bn to $1.475bn, below Wall Street estimates.

RBC analysts said changes to the EU’s de minimis exemption hit cross-border sellers sooner and harder than expected, leaving Pinterest’s European revenue flat.

Reuters

Story audio is generated using AI

Cape Town International Airport reported 60 flight delays on Friday as taxi-related unrest affected staffing levels and caused longer queues, particularly at domestic departure security screening points.

Airports Company South Africa (Acsa) said the delays had affected 44 domestic departures, 11 international departures and five arrivals as of 1pm. The average delay was about 60 minutes, with no flight cancellations reported.

Acting regional GM Malcolm Koopman apologised to passengers for the disruption, which came on one of the busiest days of the week for domestic travel.

“We recognise the frustration and inconvenience this has caused, particularly on what is traditionally a busy Friday for domestic travel,” he said.

Koopman said airport teams were working to improve passenger processing times while prioritising the safety and wellbeing of travellers and staff. The airport has prioritised resources for terminal operations and security screening, brought in additional personnel from other airports and introduced measures to improve the flow of passengers through security checkpoints.

It has also freed up apron stands to accommodate arriving aircraft.

Passengers have been urged to arrive at the airport four hours before international departures and three hours before domestic flights until further notice.

Acsa advised travellers to plan their journeys in advance, monitor traffic updates and check their flight status with their airline or through the Acsa mobile app.

Passengers who have missed their flights should contact their airlines directly for assistance.

The airport said it would continue monitoring the situation and provide further updates if there were significant changes.

TimesLIVE

Sowetan

Shares of Amazon.com were down 6.5% in premarket trading after the company reported a sharp cash outflow in the third quarter and signalled another increase in capital expenditure next year, on top of already elevated outlays.

Intel tanked more than 25% after the chipmaker warned it would burn cash this year due to a weak market for personal computers, manufacturing bottlenecks and heavy spending to expand production.

Several companies have tapped the bond market to finance their hefty AI investments, fuelling concerns that higher borrowing costs could make such spending harder to justify.

Amazon and Intel were set to wipe out about $300bn in combined market value, if losses hold, putting the Nasdaq-100 on track to erase roughly $1-trillion. That would add to the index’s nearly $1.4-trillion loss in market value so far this month.

I don’t think this is a broader reset … It’s more of a rotation out of an extremely popular technology trade and into safer havens

Art Hogan, B Riley Wealth chief market strategist

“It’s more a question of what is priced into a stock and how much investors are expecting. Alphabet, Amazon and Intel fall into the category where it doesn’t take much to trigger a significant disappointment, and the punishment can be pretty harsh,” said Art Hogan, chief market strategist at B Riley Wealth.

“I don’t think this is a broader reset … It’s more of a rotation out of an extremely popular technology trade and into safer havens.”

Alphabet slipped 1% after a record selloff in the previous session when the Google parent reported disappointing results in its search-advertising business and a sharp increase in cash outflows.

Meta also reported cash burn in the September quarter, while Microsoft stood out by delivering a big cash-flow beat, though it raised $25bn through a debt sale.

The broader semiconductor market, too, was under pressure, with Nvidia down 3.2% and AMD sliding 8.3%. Server makers Dell and HP lost 11.8% and 9.5%, respectively.

Energy giants Chevron and Exxon Mobil rose 1.6% and 2%, respectively, after reporting third-quarter profits above estimates.

At 8.15am US times, Dow E-minis were down 42 points, or 0.08%, S&P 500 E-minis were down 86.5 points, or 1.12%, and Nasdaq 100 E-minis were down 768.75 points, or 2.6%.

The S&P 500 and the Nasdaq were on course for weekly gains, as the AI trade got a brief reprieve earlier this week when Anthropic unveiled its US IPO filing.

The Nasdaq, however, was set to break a two-month winning streak in October, while the S&P 500 and Dow remained on track for gains.

Nine of the 11 S&P 500 sectors were set for monthly gains, barring communication services, which was headed for its worst month since April 2022, and technology.

The concerns around AI spending coincide with expectations that the US Federal Reserve would raise interest rates by more than 50 basis points by mid-2027, according to LSEG data, even after the central bank held rates steady earlier this week, as expected.

Among others, social media platform Reddit slid 21.7% after CEO Steve Huffman warned that total daily active unique visitors could fall by a low double-digit percentage in the fourth quarter.

Reuters

Air Chefs is the in-flight catering arm of SAA.

Seshibe was found guilty on four of the six allegations he faced before a disciplinary hearing panel.

The guilty finding by retired labour court and labour appeal court judge president Basheer Waglay relates to him increasing salaries for three employees without board approval, resulting in irregular expenditure and a breach of the Public Finance Management Act.

Seshibe this week wrote to Air Chefs board chair Mongezi India and SAA board chair Sedzani Mudau to consider a mutual separation by agreement after a guilty finding.

If the proposal is accepted by the Air Chefs and SAA boards, it would mark the end of Seshibe’s contract, having worked two years of his five-year contract as Air Chefs CEO.

Read: Harith’s R7bn FlySafair deal cleared for final take-off

In his report, Waglay afforded an opportunity to Seshibe and Air Chefs to submit written representations in aggravation and mitigation of sanction.

“I explore the possibility of a mutually agreed separation of our employment relationship on terms that are fair, reasonable and acceptable to both parties,” said Seshibe in a letter to the board chair.

“This letter does not constitute a resignation, notice of resignation, or unilateral termination of my employment. I am not resigning from my position.

“My proposal is not intended to circumvent the disciplinary process, disregard the findings made, or diminish the seriousness with which the company has approached the matter.”

Seshibe said Air Chefs and SAA face huge challenges, with operational, financial and organisational demands that require the attention of the leadership ― hence his proposal.

Seshibe, a board member of President Cyril Ramaphosa’s foundation, came to the entity in October 2024 on a five-year contract.

My proposal is not intended to circumvent the disciplinary process, disregard the findings made, or diminish the seriousness with which the company has approached the matter.

Matshela Seshibe, CEO of Air Chefs

He was placed on special leave in August while acting as SAA group CEO. The acting contract was terminated at end-August.

The disciplinary report shows, Seshibe explained there were three different reasons for the three different increases for employees. According to him, in one case the increase had taken place due to broader remuneration benchmarking and salary harmonisation exercise done to address identified disparities across the company. The second case of increase was due to a promotion and third was due to changes to an employee’s working from a four-day-per-week basis, to five days a week.

The internal disciplinary report found his conduct also resulted in irregular expenditure in approving an ad hoc remuneration adjustment for Zandile Mzilikazi, whose salary was adjusted last year by about 18.4% after her reassignment from strategic projects and business support to operations GM.

He was found not to have followed the legal framework of the company in doing so.

The same finding was made regarding his approval of an acting allowance for Mphume Spayile in the GM position. He got an increase of 28.57% in excess of the prescribed policy threshold.

Seshibe was also found guilty of failure to formally disclose a close professional, mentoring and personal relationship with Mzilikazi, triggering concerns of a conflict of interest.

Seshibe stated he and Mzilikazi previously worked together before joining Air Chefs and emphasised there was no romantic relationship.

The disciplinary findings did not include one about a romantic relationship.

Seshibe was also found to have breached the company’s policy in not getting board approval for ad hoc remuneration adjustments for Air Chefs employee and executive committee member Gloria Maile.

*Correction: 30/10/2026: This story was updated to reflect that Seshibe made comments in a letter to the board chair and not the judge president. The story also reflects the different reasons for salary increases.

Business Day

Retired South African Police Service (SAPS) Col Louis Bester is being cross-examined.

Video courtesy of SABC.

Sowetan

Texas has been the Democratic Party’s great unrealised hope for three decades: a vast and fast-changing state that often seems within reach, only to slip away.

On the eve of a midterm election that could decide control of the US Senate, Democrats are dreaming again about breaking the Republican stranglehold on the Lone Star State, even as they brace for heartbreak.

Most polls show Democrat James Talarico, a 37-year-old state representative, seminarian and former schoolteacher, narrowly ahead of Republican attorney-general Ken Paxton. In the governor’s race, Democratic state representative Gina Hinojosa is trailing three-term Republican governor Greg Abbott by just a few points.

No Democrat has won statewide office in Texas since 1994, the longest drought in the nation. Ending it would reverberate far beyond this state of 31-million people, redrawing America’s political map before a wide-open contest for the presidency in 2028.

“This is the most competitive election between the parties that we have seen here since the early stages of Republican hegemony,” said James Henson, director of the Texas Politics Project at the University of Texas at Austin (UT). “If Talarico or Hinojosa win, it’s a political earthquake.”

For the first time since 1972, Democrats are contesting every state and federal race, testament to a party that says it is investing in its future rather than just individual candidates.

Interviews with more than 40 voters, activists and organisers on both sides of the partisan divide revealed three potential cracks in the Republican coalition — Latinos jolted by President Donald Trump’s immigration raids, conservative women uneasy about Paxton’s alleged marital infidelity and, to a lesser degree, Republican men squeezed by rising prices and the war with Iran.

Tyson Jex, 33, a suburban father of three, has always voted a straight Republican ticket. This year he’s undecided.

“We have conservative people in power, but it doesn’t seem like anything changes,” he said.

Two playbooks

Many Texas Republicans remain confident in their chances on November 3, believing the political fundamentals are still in their favour.

About 49% of Texas voters identify with or lean toward the Republican Party, compared with 40% for Democrats, according to UT polling.

Then there’s the money: Republicans have spent more than $300m (R4.99bn) on ads supporting Paxton, dwarfing the $102m (R1.7bn) spent for Talarico, according to FEC data.

Dave Carney, Abbott’s chief strategist and a veteran of Republican campaigns in Texas, added that the party’s ground game is peaking late by design. “We’re going to win, absolutely,” he said, referring to both Republican candidates.

For their part, Talarico and Hinojosa have focused relentlessly on the cost of living and the outsize political influence of billionaires such as Elon Musk, who poured nearly $160m (R2.66bn) into Texas to buoy Paxton.

“We have an affordability crisis because we have a corruption crisis,” Talarico said at a rally in the city of Temple last week to thunderous applause.

Republicans, meanwhile, have leaned into culture war issues. In ads, Paxton has hammered Talarico over his support for transgender rights and branded him a heretic for his progressive Christianity.

Rallying for Paxton last week at a brewery in the small town of Sanger, just north of Dallas, speakers riled up a raucous crowd by painting Talarico as a radical leftist and describing the election stakes as existential.

“If we lose one race this cycle, Texas will be a battleground state for the rest of our natural lives,” warned state representative Andy Hopper.

Neither the Paxton nor the Talarico campaign made its candidates available for an interview.

Latino backlash

Tarrant County, home to the city of Fort Worth, is the most conservative of Texas’ big urban counties and is seen as a bellwether. In the 2020 presidential race, Joe Biden was the first Democrat to carry it since Lyndon Johnson in 1964, winning by less than 2,000 votes; Trump easily won it back in 2024.

The challenges facing Republicans among Latinos and women voters come into focus here.

Latinos helped deliver Texas to Trump in 2024, giving him 55% of their votes in a dramatic swing away from Democrats, according to exit polling.

Now, their enthusiasm is surging in the opposite direction. Among likely Latino voters, Talarico leads 54% to 41%, and Hinojosa 56% to 42%, UT polling shows.

About 1.56-million Latinos had cast ballots by Wednesday, nearly double the number who had voted at the same point in 2022’s midterms, according to TargetSmart, a data firm that works mainly with Democrats.

Latinos make up about 28% of early voters, up from 20% at the same time four years ago, the data shows, while white, rural turnout is lagging significantly behind 2022 levels.

“Higher Latino turnout is almost certainly going to be good for the Democratic candidates,” said Tom Bonier, a senior adviser at the firm.

While Hispanics account for nearly a third of Texas’ eligible voters, their 2024 turnout trailed that of non-Latino whites by more than 20 points, according to the Census Bureau.

This year feels different for people such as Rick Arredondo, a 52-year-old welder in Fort Worth’s heavily Latino northside. He rolled up to a polling station on his bike last week, eager to vote for the first time in his life.

He said he would cast his ballot for Democrats after immigration agents detained and deported his neighbour.

“Anybody who is my skin colour is fair game,” said Arredondo, a US-born citizen who now carries his passport for fear of being swept up in a raid. “Politics finally reached me in my little corner of the world.”

Down the street, Vanessa Dalay, 23, said she had skipped past elections but wouldn’t make the same mistake again.

“The deportations have radicalised me,” she said.

For Carlos Ronquillo, a 35-year-old house painter who voted for Trump in 2024, his anger over the raids has been compounded by economic struggle.

“I’ve got a diesel [pickup], and I’m spending over $200 [R3,330] to fill it up,” Ronquillo said while getting a tyre fixed at a Fort Worth shop. “That’s bad enough. But then you have ICE taking everybody, not just the criminals they said they would.”

Chuck Rocha, a Democratic strategist advising the Talarico and Hinojosa campaigns, said that in focus groups many Latinos still back closing the border and deporting lawbreakers.

“But none of us signed up for [ICE] to be in our community, picking up our cousins and our aunts and uncles,” he said.

Trouble at home

Republican organisers say a different issue is troubling women voters, one particular to Paxton, who beat incumbent John Cornyn in the party primary with Trump’s backing.

Paxton’s wife, state senator Angela Paxton, filed for divorce last year on “biblical grounds”, accusing him of adultery. Paxton has declined to discuss the matter publicly.

Jill Tate is president of the Texas Federation of Republican Women, a grassroots group with more than 10,000 members in 160 clubs. She estimates about 40% of the conservative women her members are talking to have doubts about Paxton because of his marital problems.

“I’ve never seen us have to work quite so hard to win in my 30 years,” Tate said while canvassing in Allen, a deeply conservative suburb of Dallas.

Lauren Stewart, a 25-year-old Republican in Temple, said her religious upbringing made it hard to overcome her reservations about Paxton.

“I might skip voting in that race,” Stewart said. “I’ve heard that from a lot of my friends, too.”

Among likely Republican voters, 71% of men view Paxton favourably, compared with just 59% of Republican women, UT polling shows.

That might not matter in a typical year. But with polls showing Democrats more energised, it could be crucial.

“This is an election where small increments of voters matter,” Henson said.

Reuters

Story audio is generated using AI

Foton is to soon launch a plug-in hybrid model of its Tunland V9 double cab bakkie in South Africa.

Due to arrive in January at a price yet to be confirmed, the Tunland V9 PHEV was unveiled this week during the BAIC Foton Africa Partners Conference in Gqeberha.

The Tunland V9 range was first launched in South Africa in November 2025 in 2.0l mild-hybrid turbodiesel variants comprising 4x2 and 4x4 versions, and the new PHEV combines rechargeable electric driving with the flexibility of a petrol engine.

The PHEV pairs a 2.0l turbocharged petrol engine with front and rear electric motors, a 32.8 kWh battery and a four-speed hybrid transmission. The powertrain delivers a combined output of 350kW and up to 800Nm of torque, promising a 0-100km/h acceleration time of 7.9 seconds.

An electric driving range of up to 110km allows shorter commutes without using fuel, while the bakkie has a combined petrol-electric driving range of 1,000km. The vehicle can be charged at home overnight, and the battery has the capability to be juiced up from 30-80% in as little as 30 minutes on a DC fast charger.

A 220V external power supply allows the vehicle to power compatible tools, camping appliances and lighting.

The V9 is one of South Africa’s largest bakkies, with a length of 5.6m and a width of more than 2m. Its 1.65m wide load bed is one of the industry’s widest, and it has a 3.5 tonne towing capacity.

In addition to its workhorse capability, the Tunland V9 PHEV is a luxurious double cab with SUV-like features such as nappa-like leather seats, a 14.6-inch central touchscreen, a 12.3-inch digital instrument display, wireless smartphone connectivity, wireless charging and a voice-controlled panoramic sunroof.

Driver-assistance technology includes adaptive cruise control, automatic emergency braking, lane-keeping assistance and lane-departure warning.

A generous 250mm ground clearance and a 4x4 system with front and rear electric differential locks gives the electrified Tunland real off-road capability, and there are 15 drive modes for various types of terrain including rocks, mud and sand.

The Tunland PHEV will compete against electrified double cabs such as the BYD Shark and Changan Hunter Reev. The price is yet to be confirmed, but it is likely to be higher than the R799,900 commanded by the current top-of-the-range Tunland V9 model.

INCREASED FACTORY OUTPUT

The Tunland V9 PHEV will be imported from China while diesel-powered variants will be built at the BAIC Foton factory in Gqeberha, where the smaller Tunland G7 bakkie range is also assembled. Completely knocked down (CKD) manufacture of the G7 at the plant started in 2025.

Established in 2016, the Gqeberha plant had a slow start building small volumes of semi-knocked down (SKD) vehicles, but numbers have increased significantly since CKD production of the Tunland G7 began. Anticipated build volumes are around 250 Tunlands a month based on current demand for the bakkie. There are multiple different vehicles built on the same line, including the BAIC X55 and B30 SUVs, and medium and heavy trucks, with the goal of building 10,000 units per annum by 2027.

Business Day

“I know what the Golf means for Volkswagen and for Wolfsburg. That’s why this decision was really not an easy one for us,” said Thomas Schäfer, CEO of the German auto group’s volume brands.

“We simply can’t afford this work right now.”

Management’s decision was a sign of belt-tightening reaching the embattled group’s headquarters, with Schäfer warning that the plant had fallen behind and flagging a €300m (about R5.56bn) cost deficit.

Factories in Emden and Zwickau were making progress, according to the memo. Those two sites are among four in Germany threatened with closure under a ramped-up restructuring to face the threat of Chinese competition and falling demand in key markets. Wolfsburg is not one of the four.

Reuters

President Donald Trump has said Brazil’s election on Sunday looked “rigged” but has pointed out that he offered no endorsement in the hotly contested race. Trump has also said he gets along well with incumbent leftist President Luiz Inacio Lula da Silva, the 81-year-old former union leader who beat the odds to clinch reelection by 3.5 percentage points.

The US official and the person familiar with the matter, who both spoke on the condition of anonymity, said Trump has no current plans to support Bolsonaro’s political ambitions even as the administration allowed him into the country, though they said the president could change his mind.

The Trump administration’s posture suggests the president may be reluctant to cause a fresh crisis in relations with Brazil, which have gone through ups and downs in recent months.

Last-second departure

A third US official, also speaking on the condition of anonymity, said Bolsonaro’s political capital had fallen now that he is in self-exile. Many conservatives in Brazil who had expected him to lead the opposition in the coming years have criticised his flight.

The White House referred a request for comment to the state department, which did not reply. The Brazilian government and a representative for Bolsonaro did not respond to requests for comment.

Flavio’s father, former President Jair Bolsonaro, is imprisoned in Brazil for attempting a self-coup to stay in power after losing his re-election bid in 2022.

Some Brazilian officials, also speaking on the condition of anonymity, said Bolsonaro’s departure helped Lula by weakening the conservative opposition in Brazil’s Congress.

Bolsonaro’s flight was a last-second decision that came after a Brazilian Supreme Court justice ordered him to turn in his passport, granting a request by federal police who are investigating him over two alleged money-laundering schemes, US officials and others familiar with the matter said.

The police request came in just minutes after the election was called for Lula, according to Brazilian media reports, a timeline that some conservatives have pointed to as evidence of political motivation.

Supporters of Lula’s government point out that, days before the election, Flavio’s brother, Eduardo, suggested publicly that Flavio should leave Brazil if he lost. Eduardo, a former congressman who himself lives in the US, was convicted in Brazil in June of courting interference from the ​Trump administration in his father’s trial.

Argentine authorities said that Flavio Bolsonaro, his wife and two daughters crossed a bridge into northern Argentina at 10.50pm on Tuesday before boarding a chartered aircraft at 11.30pm. Bolsonaro and his family then flew to Miami via Ecuador.

It is unclear how Bolsonaro travelled from his home in Brasilia to the bridge crossing 1,300km away, or exited Brazil without the knowledge of Brazilian customs officials. But during that journey, Bolsonaro contacted multiple US officials regarding his departure, according to one of the US officials.

Jason Miller, a Trump adviser who is close to the Bolsonaro family, helped arrange the flight from Argentina, the person familiar with the matter said. During Bolsonaro’s journey, US secretary of state Marco Rubio recommended to Trump that Bolsonaro be admitted, a recommendation the president signed off on, according to the US official.

During Bolsonaro’s two-leg flight, state department officials scrambled to determine the best legal route for admitting him and his family, discussing the matter with department of homeland security personnel, the official said. Ultimately, US authorities granted them humanitarian parole at the border, a temporary status given to individuals when urgent humanitarian concerns or a significant public interest are at play, the official added.

In an ​open letter posted on X on Wednesday, Bolsonaro declared himself “the elected president”. He then deleted that version and updated it with another letter in which he said he ​was Brazil’s rightful “leader”.

Brazilian politics ‘telenovela’

The Bolsonaro departure was the latest chapter in a tumultuous period in Brazilian politics and in US-Brazil relations.

Bolsonaro’s father was president from 2019 to 2023, then lost re-election to Lula and was jailed last year for his self-coup attempt. Lula himself spent 17 months in jail in 2018 and 2019 on corruption charges that were later annulled.

Last year, the US slapped sanctions on the judge overseeing the trial of the elder Bolsonaro and other Brazilian officials. Washington lifted the sanctions after Trump and Lula had a notably cordial interaction at the UN General Assembly.

During the campaign, Brazil objected to what it called attempts by some US officials to boost the Bolsonaro campaign, and the government has refused to seat the incoming US ambassador to Brazil, a close Rubio ally, in part due to those objections.

Reuters reported last week that two conservative state department officials successfully pushed for the Brazil sanctions as well as terrorist designations of two Brazilian organised crime groups, measures aimed at tilting the election in Bolsonaro’s favour.

Still, even as Trump has attacked the way Brazil conducted the election, he has refrained from criticising Lula.

“I like Lula, I get along with him very well,” Trump told reporters on Monday. “I just think it had a very bad look, the election.”

Reuters

Story audio is generated using AI

The former head of the Investigating Directorate Against Corruption (Idac), Andrea Johnson, and a former top police officer with the rank of major-general have been arrested by members of the Madlanga commission’s investigative task team.

Police spokesperson Amanda van Wyk confirmed the arrests on Friday. She did not name the pair but sources earlier disclosed that Johnson was one of those arrested.

They will face charges related to defeating the ends of justice, assault with intent to cause grievous bodily harm as well as contraventions of the National Prosecuting Act, Van Wyk said.

“This emanates from an incident that took place on June 26 2018, wherein the former major-general from the South African Police Service (SAPS) had allegedly assaulted a brigadier under his command. She sustained injuries and she subsequently opened an assault with intent to cause criminal bodily harm case at the Silverton Police Station.

“The investigation has so far has revealed that one of the suspects, the female suspect, a former National Prosecuting Authority (NPA) employee at the time, had [allegedly] interfered with the particular case that was reported at Silverton.”

The duo is expected to appear before the Pretoria magistrate’s court on Friday afternoon.

Van Wyk said they cannot rule out further arrests in the matter as investigations continue.

TimesLIVE

The country has the world’s largest chrome deposits and is the largest exporter of chrome ore. Production exceeded 23-million tonnes in 2025, another record. However, abundant minerals do not guarantee competitive manufacturing.

Electricity and energy minister Kgosientsho Ramokgopa offered ferrochrome producers electricity at 62c/kWh, down from 80c/kWh two years ago, as Eskom reports surplus generating capacity. The attraction is obvious. So is the scale of the task: only 11 of the 66 furnaces operating in 2008 remain. Cheaper power tackles a large cost. It does not, by itself, make a furnace worth running.

Electricity accounts for 30%-40% of ferrochrome production costs. Tariff relief therefore matters. The National Energy Regulator of South Africa’s decision on the amended tariff arrangements for Glencore and Samancor provides relevant context. At about 3,500kWh-4,000kWh per tonne of ferrochrome, the proposed tariff implies an electricity bill of about R2,170-R2,480 per tonne. That is just one part of the investment calculation, not its conclusion.

At an assumed ferrochrome spot price of $4,500 per tonne, estimated cash costs of $3,600-$4,200 leave a nominal spread of $300-$900. A spread is not a return on investment. The comparison depends on product specifications, exchange rates, operating costs and the treatment of fixed costs.

Capital expenditure, financing and the risk of changing prices or electricity arrangements must also be counted. A furnace can earn an operating profit and still fail to justify the capital needed to keep it running.

China makes that distinction harder to ignore. Its ferrochrome industry combines scale, integrated supply chains and substantial processing capacity. Estimates that Chinese smelters can obtain electricity below four US cents per kWh suggest a potentially significant advantage. But tariffs, currencies, supply arrangements and production economics must be compared on the same basis.

Some estimates put the margin advantage over South African producers at $1,200-$1,500 per tonne; those figures still need like-for-like verification. The competitive problem is broader than the power bill.

Cutting South Africa’s tariff from 80c to 62c improves one line of the cost base. The others remain: transport, feedstock, production efficiency and access to markets. Unless these improve too, cheaper electricity may offer relief without recovery.

Start with transport. Transnet’s deterioration has pushed mineral freight from rail to road, raising producers’ costs. Estimates suggest that rail once carried about 80% of chrome; roads now reportedly carry a similar share. Road transport is estimated to cost $50-$80 more per tonne than efficient rail.

A separate measure illustrates the burden: in 2025 about 9-million tonnes of the 23.4-million tonnes of chrome ore exported moved by truck — more than 826 trucks a day — at a road transport premium of about 40% over rail. The impact varies by route and shipment. But a meaningful share of the saving at the furnace can disappear on the road.

The deeper problem is industrial structure. Between 2000 and 2020, China built a model of importing South African chrome ore, processing it at home and capturing more of the downstream value. Chinese ferrochrome output has since expanded to about 9.5-million tonnes in 2025, about 60% of global supply. Scale, integrated supply chains and established industrial capacity reinforce one another. A tariff concession cannot reproduce them overnight.

South Africa once accounted for more than half of global ferrochrome production. Its position has since deteriorated sharply. Restarting furnaces could recover capacity, but capacity is not market share. Nor does it automatically confer bargaining power or the ability to compete with integrated producers.

Industrial policy should therefore measure more than the number of furnaces alight. A co-ordinated strategy would set measurable targets for competitive production, exports, investment and downstream value addition, with clear accountability for delivery. Electricity pricing would sit alongside rail rehabilitation, trade measures and investment in higher-value products. The aim would be a production base capable of competing in alloys and stainless steel semi-products, not merely a higher furnace count.

That ambition has a formidable infrastructure bill. The draft national rail master plan puts the cost of projects needed to restore rail as the backbone of South Africa’s logistics and mobility system at R1.9-trillion. Spread evenly over a decade, that would average about R190bn a year. This is a measure of the investment challenge, not a confirmed annual funding commitment. The practical questions are which projects come first, where the capital comes from and whether restored infrastructure lowers costs for industries such as ferrochrome.

Using Eskom’s surplus capacity to support industry has a reasonable economic case. Idle generating capacity has a cost; smelters can buy electricity that might otherwise go unused. But discounted power must be judged against the value it creates: sustainable jobs, export earnings and domestic processing, weighed against the cost of support. A restarted furnace is not necessarily a durable industrial gain.

The danger is that tariff relief repairs margins while leaving the causes of closure intact. If global supply rises, prices weaken or logistics costs stay high, reopened plants could become uneconomic again within two to three years. That is a risk scenario, not a forecast. A credible investment case must test less favourable conditions, rather than assume current prices and subsidised electricity will endure.

For investors, this is the decisive distinction. South Africa has the minerals and much of the industrial infrastructure needed to make ferrochrome. It may now have more electricity at a lower price. What remains uncertain is whether those assets can be connected to reliable logistics, competitive downstream production and sustained demand.

Cheap power can buy time. It cannot buy a competitive business model. The test of South Africa’s smelting strategy is not how many furnaces restart, but how many can remain profitable without indefinite policy relief.

• Mabasa, a development economist and critical mineral specialist, is executive manager in the office of the deputy minister of mineral and petroleum resources. Zulu, a mining engineer, is manager at IMR Metallurgical Resources.

Business Day

The Natives’ Land Act had been gazetted the day before. Plaatje then travelled the Free State, recording evicted families on the roads with their stock, because a law had turned their tenancy into a crime overnight.

More than a century later, the paper that should protect South African families is still missing for many of them. In written replies to questions in parliament, the human settlements minister put the title deed backlog at 1,229,164 by September 1 2025.

Separately, President Cyril Ramaphosa told parliament in June that the state had acquired about 2.5-million hectares under its proactive land acquisition strategy, land generally leased to beneficiaries on short terms that limit their ability to borrow and invest.

Zambia faces a similar problem and has decided to attack it systematically. In a statement in January, Sylvia Masebo, Zambia’s minister of lands and natural resources, counted roughly 1.2-million numbered properties nationally, only about 450,000 of them holding a registered title deed.

Under the national land titling programme (the minister calls it a project), run with contractor Medici Land Governance, more than 232,000 offer letters had been issued by then. The programme aims for 4-million certificates of title. That remains a target, not a result.

What matters for policymakers is the method. Locally recruited enumerators visit homes with tablets, record who holds each plot and who shares it, and map its edges with the help of high-resolution aerial imagery. The state keeps responsibility; the contractor supplies tools and teams.

Rwanda went further and faster. In less than three years of a national programme launched after 2010, it demarcated 11.4-million of about 11.5-million parcels, according to the World Bank, at under $6 (R100) per parcel. World Bank evaluations of the pilots found that the change in investment in soil conservation roughly doubled, with the effect particularly pronounced for women.

The business case is plain. A registered owner can borrow against a house, sell it at a fair price, leave it to children without a family feud, and pay municipal rates that fund services. A bank cannot lend against a plot whose owner it cannot verify. Each unregistered home is an asset the formal economy cannot see.

The Roman statesman Cicero argued in On Duties that states and cities were founded chiefly so that each person could keep what was his own. One may debate how far he took the idea, but the core holds: a government that cannot say who owns what has skipped one of its first jobs.

In Switzerland, where I live, almost nobody thinks about the land register. As an investor I have come to see that boredom as an asset: the record is trusted, so proving ownership and passing property on are part of a smooth, predictable process.

Where the tools can help

Mapping software, satellite and drone images and searchable digital registries cut the cost per parcel dramatically. None of it replaces the moment when two neighbours stand at a fence and agree where it runs. Zambia’s door-to-door approach and Rwanda’s participatory adjudication both put that human step first and let the machines record the result.

In July 2009, the AU heads of state meeting in Sirte adopted the Declaration on Land Issues and Challenges in Africa. They undertook to lead land policy, fund it, strengthen tenure for women, and asked the AU Commission to help member states learn from one another.

Zambia, Rwanda and South Africa each hold part of the answer. A regional exchange of registry staff, survey methods and dispute procedures would cost little compared with the value it could unlock.

Five practical steps for South Africa would be to:

• Publish the 1.2-million backlog by municipality on a public dashboard, updated monthly, so progress can be tracked by voters and lenders.
• Borrow the Zambian field method for state housing: local enumerators, tablets, aerial imagery and on the spot confirmation by families and neighbours.
• Convert the leases on state-acquired farmland into transferable title on a published timetable, as the Presidency has signalled.
• Fund dispute resolution properly. The department itself costs a typical ownership dispute at about R10,000; budget for it rather than letting files stall.
• Invite Zambian and Rwandan land officials to a working exchange with provincial human settlements departments and the deeds office under the AU framework.

Plaatje wrote so that the world would not forget families who lost the right to the ground beneath them. The most practical tribute is a registry that works. Every title deed handed over is a small promise kept, and a country keeps its large promises one household at a time.

• Dr Fekete is an investor, computer scientist, philosopher and author. His latest book is Find Your Meaning in 60 Days In the Age of AI and Robotics.

Business Day

Story audio is generated using AI

A Durban high court judge has asked why police have not arrested men armed with sticks who marched through Durban in recent weeks.

Judge Peter Olsen was listening to arguments in the urgent high court interdict being sought by police minister Firoz Cachalia and KwaZulu-Natal provincial commissioner Lt-Gen Nhlanhla Mkhwanazi against March and March, its founder Jacinta Ngobese-Zuma, her husband Xolani and other respondents after weeks of tension around the home affairs refugee reception centre on Che Guevara Road.

The urgency they claim is based on intelligence of an alleged threat to burn down the centre, alongside fears of retaliation after the killing of a foreign national in the Durban CBD last week.

The application seeks to stop March and March from ongoing protests, associated violence, intimidation, arson, damage to property and the blocking of access to buildings for at least two weeks.

Representing the police, advocate Nalini Govender said it wasn’t the state’s intention to stifle the constitutional right to protest, but rather to preserve law and order and critical infrastructure and prevent further violence and attacks.

She said police are “stretched” and, due to the local government elections set for November 4, are unable to control the unlawful gatherings and ongoing violence.

“Police simply can’t absorb another week of this wanton violence,” she said.

Olsen questioned why police — who were mandated to act against illegal activity — were unable to stop men carrying sticks when they marched in Durban. He said these were considered weapons, which were not allowed in a gathering, and asked why police didn’t arrest them.

Govender said police were unable to control the crowds or arrest the armed men because the men formed splinter groups and started demonstrations elsewhere.

She said the state had submitted photographs, which showed Ngobese-Zuma “postulating” with armed men in masks before a protest in Durban last week.

She said despite efforts by a Col Lushaba to negotiate with Ngobese-Zuma, she refused to back down and continued with marches.

“There is irrefutable proof that a causal link is well established between the second respondent [Ngobese-Zuma] and the men in masks and brandishing weapons,” she said.

Govender said the state was asking for a temporary order stopping March and March and the rest of the convenors from holding protests for two weeks.

Olsen asked Govender what the state was asking for in final relief, and she responded that she would have to take further instructions.

Advocate Sandile Kuboni, acting on behalf of the respondents, agreed with Olsen, saying they could not respond to the state’s final relief if it were not listed.

The matter was adjourned for Govender to take further instructions.

TimesLIVE

Finnish police said on Thursday they had launched a criminal investigation into suspected breaches of environmental law at the construction site of a planned Google data centre in northern Finland.

The project is part of a plan announced last month by Alphabet’s Google to invest $15bn in AI infrastructure in Finland, which the US company described as its largest investment in Europe.

Authorities have said Tuike Finland, a subsidiary of Alphabet’s Google, conducted forest clearing and drainage at a planned site near the town of Muhos before the environmental impact assessments required under Finnish law had been completed.

A Google spokesperson said the company would co-operate with the police investigation and continue to focus on maintaining compliance at its sites.

Drainage probe

“We are investigating whether the company’s operations have breached the Water Act and resulted in environmental damage,” detective superintendent Kari Pakanen said, adding that a guilty finding could lead to a corporate fine.

Pakanen declined to say whether any individuals could become a target of the investigation.

Preliminary information showed ambiguities and shortcomings in the drainage and water management at Tuike’s site, police said in a statement, adding that they would give an update in December but that the investigation would extend into 2027.

On October 6, Finland’s Supervisory Agency (LVV), which oversees environmental permits and assessments, ordered Google to halt preparatory measures altering the environment at Muhos as well as a separate site.

It is up to regulator LVV to decide on any permits to restart the work at the data centre sites, Pakanen said.

An LVV spokesperson said it was unclear how long it might take before the agency grants the relevant permits.

“We’ve partnered closely with the government and communities in Finland on infrastructure for over a decade and are actively responding to enquiries from LVV and other authorities,” the Google spokesperson said.

Finland’s appeal

Finland’s cool climate, low-carbon electricity and government endorsement of AI projects have contributed to making the country one of Europe’s main destinations for data centre investments in recent years.

Similar in size to Germany but with a population of less than 6-million people, Finland has had less vocal opposition to data centre buildouts than other places, including in the US.

AI data centres are among the main drivers of a projected rise of up to 40% in Finland’s electricity consumption in the coming years, if all agreed grid connection projects go ahead, grid operator Fingrid has said.

Google’s planned investments in Finland include data centres, electricity grid improvements and clean energy and battery projects to power services such as Gemini, Search, Maps and YouTube.

Supporting Google’s plan, Finland’s Prime Minister Petteri Orpo last month said that the deal would be a boost for the economy, downplaying concerns that it would suck up energy and push up power prices.

The prime minister’s office did not immediately respond to a request for comment.

Reuters

Passengers are “experiencing longer-than-usual queues at security screening due to operational staffing constraints associated with the ongoing taxi-related unrest,” the airport confirmed in a statement.

Looks like I’m going to be ordering a Uber eats while standing in the line to the security gates at Cape Town Airport. If you’re flying out today, be prepare to queue in a line winding all around the airport. pic.twitter.com/5SsHYppvYv

— craigbjacobs (@craigbjacobs) October 30, 2026

Officials have asked travellers to arrive four hours before international departures and three hours before domestic departures.

Flights are delayed and some travellers have complained of missed flights because of the long queues.

Hi there, Cape Town airport operations are currently being impacted by unrest in the area, which has resulted in disruptions. If you're concerned about making your flight, please send us your flight number via DM and we'll check the latest status for you. -AP

— FlySafair (@FlySafair) October 30, 2026

There should be a metro train straight from the airport to Cape Town station.

The End https://t.co/LUfRO2Wr7w

— Justine Limpitlaw (@JustineLimLaw) October 30, 2026

Hundreds of travellers are delayed at the Cape Town International Airport after staff shortages were reported amid taxi violence.

— Modiegi Mashamaite (@Didi_Mash) October 30, 2026

This is a developing story.

TimesLIVE

She faces charges relating to obstructing and defeating the ends of justice.

⚖️🚨 Former head of the Investigating Directorate Against Corruption Andrea Johnson was arrested around 5am on Friday. She faces charges relating to obstructing and defeating the ends of justice. Download our App, follow our WhatsApp channel and get the latest news! pic.twitter.com/vqInwQxEYR

— Sowetan (@Sowetan1981) October 30, 2026

She is due to appear at the Pretoria magistrate’s court on Friday.

Johnson resigned from her job in July after coming under scrutiny at the Madlanga commission.

Sowetan

“The Algarve will host the prologue and the first special stage. Morocco, with the aim of exploring its territory in its entirety, from north to far south, will host 11 stages and a rest day in Agadir,” ASO said in a statement.

The 49th edition of the Dakar Rally, initially scheduled to run from January 1 to January 15 2027, will now take place from January 9 to January 23 2027, subject to approval by the FIA’s World Motor Sport Council.

“The relocated 49th edition of the Dakar will meet the sporting standards that have always made it the most demanding rally-raid event,” Dakar director David Castera said. “Despite the short timeframe we have had to work with, we have designed a true Dakar.”

Dakar 2027 will feature a total distance of 7,824km, including 4,341km of special stages, from Loule-Faro to Marrakech.

ASO said on Sunday that the decision to move the race out of Saudi Arabia was “exceptional and one-off”. The 50th edition of the Dakar Rally in 2028 would return to the kingdom, which has hosted the event since 2020.

Morocco hosting the race means the Dakar Rally will return to Africa for the first time since 2008. The event started in 1978 as a race from Paris and across the Sahara to the Senegalese capital, Dakar, in West Africa, and has long been regarded as the world’s toughest motorsport challenge.

It was later staged in South America between 2009 and 2019 after leaving Africa for security reasons.

Reuters

The Swedish audio-streaming giant is considering charging subscribers an additional $4-$5 a month for the service, according to the FT report. Spotify did not immediately respond to a Reuters request for comment.

Here are a few more details:

• The service would let paying subscribers use AI to create their own versions of songs, such as transforming a folk song into a dance track or making one artist appear to cover another’s music, the FT report said;
• Under Spotify’s plan, royalties from fan-created remixes would flow back to original artists, and plays would count towards the original songs in Spotify’s charts, the newspaper said;
• Spotify has struck licensing deals with Universal Music Group, independent label group Merlin and French music company Believe for the remix feature, the FT said; and
• The company is still negotiating with Sony Music and Warner Music to implement the feature, according to the FT report.

Reuters

The International Air Transport Association (Iata) and Airlines for America, in separate previously unreported letters reviewed by Reuters, urged the CDC to reconsider the plan announced last week that takes effect on November 3 and is aimed at preventing entry by people exposed to Ebola.

“It is unreasonable for the US government to require all airlines serving the US market to modify their procedures to accommodate the collection of attestations from each individual (passenger and crew) flying to the US in less than two weeks,” Iata, which represents more than 370 member airlines in more than 130 countries, said in the letter dated Tuesday.

The new CDC order requires all US-bound airline passengers and crew members to file digital or paper attestations. The CDC did not immediately respond to a request for comment.

Airlines for America, which represents United Airlines, American Airlines, Southwest Airlines and Delta Air Lines, said in a separate letter to the CDC that the plan was unworkable.

“Changes to check-in systems, digital signatures, station procedures and training cannot readily be completed in the allotted time,” the group said, calling on the CDC to “reconsider a more proportionate and measured US response”.

Airlines for America said that in 2025 US customs and border protection screened about 130-million air passengers, but fewer than 25,000 of them had a connection to the DRC.

Iata also questioned why the plan only applied to air travellers. “The US government has clearly decided the risk of the importation of Ebola into the US is high enough to justify this global process. It is difficult to understand why other modes of transportation, maritime and surface, were not included in this mandate,” it said.

The CDC in May adopted rules barring foreign ‌airline passengers who had been in the DRC, the centre of the this year’s outbreak, in the three weeks before. The restrictions were extended to US citizens in July.

Airlines for America urged the CDC to exempt crew members, the US military and jumpseat travellers, calling the plan “overly stringent, costly and burdensome to Americans and the US airline industry”.

As part of the Ebola measures, the CDC since earlier this year has barred foreign nationals from the US if they were in Uganda or South Sudan in the three weeks before.

The Bundibugyo strain of the virus spread undetected for months before ​the outbreak was declared in May. It kills about half of those infected and has no approved treatment or vaccine.

The outbreak is confirmed to have killed about 4,700 people in Africa, according to the Africa CDC.

Reuters

Tech companies and publishers have been involved in a growing number of cases under litigation over content published on social media or used for AI training.

Under European Union law, print media are allowed to seek payment for the digital use of their content, and France has sought to strictly enforce the EU rules.

A previous agreement between Meta and press associations determining the amount due expired in 2024, and the two sides have since failed to agree. French media have received no payment since 2025.

The associations, in turn, reached out to France’s competition authority, which issued two interim measures against Meta in July.

They required the company to resume talks with media groups, provide them with information about the revenue of its social media platforms and the use of protected content and not to degrade the manner of displaying content from the press.

Meta appealed those decisions in August, which the court rejected on Thursday.

“The court concluded that Meta’s practices, specifically regarding the methods used to determine the amounts payable as ‘neighbouring rights’ to press publishers, may constitute an abuse of a dominant position, which is prohibited under both European and French competition law,” the court said in a statement.

A Meta spokesperson said the company was disappointed by the ruling. “We are assessing next steps but will continue to comply with the interim measures and negotiate in good faith, and hope the publishers will do the same,” the spokesperson said.

DVP, which is one of the media associations and which includes the French newspapers Le Monde and Les Echos, issued a statement welcoming the decision.

“DVP will continue to doggedly defend its members’ interests with the Competition Authority and through negotiations with Meta,” said DVP board chairman Jean-Marie Cavada.

Reuters

The hackers behind the raid were from North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis. The attackers targeted Binance wallets on 10 blockchains and shifted most of the funds in about 20 minutes, TRM Labs said in a statement.

Binance said it worked with partners to freeze the affected assets with about $3bn located so far. It did not mention the status of the remaining $3.3bn, and its co-founder Yi He said the exchange would cover “all hacking losses”.

Binance said its deposits were unaffected and it expects to resume withdrawal services in the next 48 hours.

It’s the biggest hack in history.

Aravind Srinivasan, head of GSR’s OTC business

TRM said several features of the attack matched earlier heists linked to North Korea, including a 2025 hack of crypto exchange Bybit that the US Federal Bureau of Investigation (FBI) had attributed to Pyongyang.

“We make this judgment with high confidence,” it said in a statement.

North Korea’s mission in Geneva and its embassy in China did not immediately respond to requests for comment.

The incident could be the world’s biggest crypto heist, according to analytics firm Chainalysis and other industry experts.

“It’s the biggest hack in history,” said Aravind Srinivasan, head of large crypto market maker GSR’s systematic OTC business.

Markets reacted immediately in Asian trading on Friday.

Bitcoin dropped more than 3% to a six-week low of $76,368 and ether fell more than 3% to a two-month low of $2,178. BNB, a token originally launched as Binance Coin that can be used to pay Binance fees, was down 5% over the past 24 hours at $709.70, according to market aggregator CoinGecko.

Shares in crypto exchange Coinbase Global slid 4.8% while those of bitcoin buyer Strategy fell nearly 6% in extended US trading.

Hacked laptop

An initial investigation suggested the breach may have started with a hacked laptop belonging to one of its engineers, which let an attacker gain access to one of its systems and make unauthorised withdrawals, Binance said.

“The incident stems from multiple factors. Our security team is tracing the full attack path through the compromised computer which may be the entry point of the incident,” Binance said.

Beyond the potential loss of assets, the security breach was likely to have wider ramifications for crypto, which had already been under pressure due to higher US interest rates and softer demand from exchange-traded fund buyers, analysts said.

It’s becoming very hard to counter hacks as AI can find vulnerabilities faster than you can fix them.

Bernardo Brites, CEO of Trace Finance

“It may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralised exchanges, as well as counterparty, solvency and liquidity risks,” said Tim Sun, senior researcher at HashKey Group, based in Hong Kong.

Binance, which allows users to buy, sell and trade digital assets, has 335-million registered users globally and had about $162.8bn in assets under custody as of the exchange’s 2025 annual report.

“User funds remain safe,” Binance said in a statement.

Binance has secure asset fund

Binance runs a secure asset fund for users, which is a reserve held entirely in bitcoin that is intended to protect user assets in cases of security breaches, according to its website.

“It’s becoming very hard to counter hacks as AI can find vulnerabilities faster than you can fix them,” said Bernardo Brites, CEO of Trace Finance, a payments and stablecoin infrastructure company.

“My view is that users will move away from smaller and medium-sized exchanges, [it is] becoming too risky to park your money somewhere that couldn’t cover a hack of meaningful size.”

Stablecoin issuer Tether said it had frozen nearly $1.57bn in assets linked to the incident, while Circle froze more than $800m.

World Liberty Financial, a crypto company linked to US President Donald Trump and his family, said on Thursday it had worked with cryptocurrency custodian BitGo to freeze funds stolen in what it described as a Binance hack. Binance’s Yi said $27m in stablecoins and about $2m worth of World Liberty tokens had been frozen.

Crypto firm Ripple also froze roughly $200m in funds, Yi said. Jack McDonald, senior vice-president of stablecoins at Ripple, said the company was closely monitoring reports of a potential exploit involving Binance and was freezing affected funds and coordinating with relevant parties.

Incident adds to crypto thefts

Miguel Morel, CEO of blockchain intelligence firm Arkham, said data indicated that billions of dollars appeared to have been hacked from Binance by an unknown actor.

The incident adds to a string of crypto thefts. Last year attackers stole $2.9b worth of cryptocurrency across nearly 150 attacks, according to researchers at TRM Labs. In September cryptocurrency exchange Bitget said roughly $350m in crypto had been stolen from its platform, underscoring the industry’s vulnerability to hackers.

Authorities have warned that organised crime groups are increasingly using cryptocurrencies to move funds across borders outside the traditional financial system.

Binance.US, a separate cryptocurrency exchange, said it was not affected by the security incident.

Coinbase said it was unaffected and was monitoring the situation.

In an unrelated incident earlier on Thursday, prediction market operator Polymarket temporarily halted trading after a security incident involving a third-party provider. It later resumed trading and said it would fully reimburse affected traders.

Reuters

The world’s No 2 palm oil producer is expected to deliver about 19.8-million to 20-million metric tons in 2027, analysts said, which is about 15% above production in 2016, when a strong El Niño curbed yields, but just below this year’s expected near-record output of 20.28-million tons.

“We’re looking at a shortfall in production next year, no question about it, but nowhere near as dramatic a shortfall as implied by many people,” said Julian McGill, managing director of agricultural commodities advisory firm Glenauk Economics.

Still, a steeper decline in top producer Indonesia will leave a supply deficit in the world’s most widely used edible oil.

El Niño weather has brought dryness to much of Asia and is expected to intensify in the coming months, hitting global food production, which has kept palm prices elevated despite Malaysia’s stocks hitting unprecedented levels in September.

As a historical reference for the potential impact on production in 2027, plantation analysts at Malaysian banks have cited the strong 2015/2016 El Niño, which led to a 13.2% drop in Malaysia’s crude palm oil output in 2016.

Better rains

McGill said Malaysia has recorded far fewer months with rainfall below 100mm than during 2015-16’s strong El Niño, while parts of Indonesia’s Central and South Kalimantan are approaching the dryness seen that year.

“For Indonesia, we expect a decline of around 2-million metric tons compared to 2026 while Malaysia will see a much more modest decline of less than 0.5-million metric tons,” he said.

The Indonesian Palm Oil Association (GAPKI) estimated production to reach 53.7-million tons this year and has forecast output will drop to 51.7-million tons in 2027.

“We have been seeing rains almost every day in Malaysia across all the growing areas,” Mohd Haris Mohd Arshad, CEO of Malaysia’s SD Guthrie, one of the world’s largest palm oil producers, told Reuters.

“However, for the first time ever, we are seeing forest fires happening in Papua New Guinea and in Irian Jaya. So you will probably see Indonesia suffer a lot more potentially than Malaysia.”

Production in Peninsular Malaysia will likely be less affected than Sabah and Sarawak on Borneo in 2027, when trees will face the full impact of the dry spell, said MR Chandran, chair of agritech firm IRGA.

However, production in Sabah and Sarawak is expected to rise sharply in October after dry August weather accelerated fruit ripening through September, he said.

Chandran estimated Malaysia’s palm oil production in 2027 at 20-million tons.

Malaysia’s weather agency has forecast El Niño to peak between March and May 2027 with maximum temperatures expected to exceed the local record of 40.1°C set in 1998.

Reuters

The Ghana unit, the first of MTN Group’s African businesses to report quarterly results, said on Friday that revenue for the quarter ended September was up 35.7% to 8.2-billion cedis (R11.71bn).

Service revenue increased by 35.7% in the third quarter, taking service revenue growth for the first nine months of the year to 33.5% at 23.15-billion cedis.

Earnings before interest, tax, depreciation and amortisation (ebitda) increased by 42.1% to 5-billion cedis and was up 40.6% to 14.3-billion cedis for the first nine months.

Profit after tax rose 42.6% to 2.62-billion cedis, with year-to-date profit 43% higher at 7.75-billion cedis.

The group said growth was well diversified across the group’s key revenue streams. Data revenue increased by 39.9% in the third quarter, driven by sustained demand for data and digital services, continued smartphone adoption, increased customer usage, portfolio optimisation and customer value management initiatives.

Voice revenue increased by 27.1% year on year, while digital revenue grew by 98.1% in the third quarter, reflecting continued customer adoption of gaming, video and content services.

Mobile Money revenue increased by 26.5% year on year, supported by continued expansion across core wallet and advanced financial services and increasing digital payment adoption.

The group’s customer base also continued to expand, providing a strong foundation for future growth. Mobile subscribers increased by 12.7% to 34.3-million, active data subscribers grew by 16.1% to 22-million, and active Mobile Money (MoMo) users were up 6.9% to 18.9-million.

In the third quarter alone, the group added about 1.5-million mobile subscribers, 700,000 active data subscribers and 600,000 active MoMo users.

The performance was achieved against the backdrop of a generally more favourable operating environment compared with the previous year, with improving macro-economic conditions providing a more supportive environment for businesses and consumers.

Inflation remained well below previous-year levels, while the currency experienced periods of volatility during the third quarter, reflecting domestic and external market dynamics. Nevertheless, currency performance remained considerably more stable than in previous periods, contributing to a more predictable operating environment and helping to moderate cost pressures across the economy, CEO Stephen Blewett said.

“Against this backdrop, we continued to execute on our growth strategy by driving higher data consumption, increasing fintech adoption, expanding our home broadband footprint and deepening engagement across our digital platforms,” he said.

During the quarter the group achieved a significant milestone with the notification from the National Communications Authority of the award of spectrum in the 700MHz and 3GHz bands for 5G and mobile broadband services.

Blewett said that while global economic conditions remain subject to uncertainty from geopolitical developments and trade-related tensions, Ghana’s macroeconomic outlook remains constructive.

“We expect the operating environment to remain relatively stable, supported by continued progress on inflation management, fiscal consolidation and foreign exchange stability. Against this backdrop, we remain firmly focused on executing our Ambition 2030 strategy and leading Ghana’s digital future.”

He said the group would remain focused on capturing opportunities across its connectivity and fintech businesses.

Business Day

Stats SA’s rebasing of GDP to 2022 from 2015 — in line with the international best practice of periodically updating national accounts to reflect current conditions — revised the size of the economy that year up 4.9% to R6.99-trillion from the previously stated R6.667-trillion.

The largest change occurred in the mining industry — whose size was raised by 12.5% due to the inclusion and better coverage of illegal mining — while the second biggest adjustment of 9.1% was in finance, real estate and business services, primarily because of improved methodology for compiling owner-occupied housing estimates in real estate activities.

With the rebasing, Stats SA also tweaked movements in real GDP since 2018, with the 6.2% contraction previously stated for 2020, at the height of the Covid-19 pandemic, now revised to a shrinkage of 6.8%. Last year’s GDP growth has also been revised lower to 0.9% from 1.1%.

Before the 2026 revision, Stats SA previously published benchmarked and rebased GDP estimates in 2021, with 2015 as the base year. Though the recommendation is to benchmark and rebase every five years, the update from the 2015 base was delayed due to the pandemic to allow for a return to normal economic activity.

The latest exercise updated the source data and improved the methodology for the nonobserved economy (NOE) — the extent of economic activity missing from statistical data collections and administrative sources — as well as owner-occupied rent.

The revised series shows a notable shift in the composition of economic activity. Before the pandemic, the data reflected consistent growth in the observed and nonobserved economies, but afterwards, the NOE increased significantly.

Improvements in the benchmarking increased the contribution to the overall economy of NOEs to 8.7% from 8%, with the largest contributors being trade, transport and communication, as well as manufacturing, while agriculture accounted for the least.

Finance, real estate and business services remains the largest contributor to South Africa’s economy among the 10 industries measured, with its contribution to GDP edging up to 21.8%.

Three other industries have also seen their weighting tick up, namely mining and quarrying (up 0.5 percentage points), trade, catering and accommodation (0.3 percentage points) and transport, storage and communication (0.1 percentage points).

The troubled manufacturing sector has, however, retreated further, with its contribution easing to 11.9% from 12.4%, pushing its standing lower to being the fourth largest GDP industry compared with third before the rebasing. The industry has deteriorated sharply since 1995, when it was South Africa’s largest sector, accounting for 21.5% of GDP.

South Africa’s GDP, which is compiled quarterly and annually, measures production — what industries supply — as well as consumption, which focuses on demand for goods and services by local residents and the rest of the world.

On the demand side, household final consumption expenditure saw the largest revision in the rebasing and benchmarking exercise, with increased levels in nine of the thirteen household expenditure categories. Housing, water, electricity, gas and other fuels accounted for 60% of the R315bn increase in household final consumption expenditure.

The latest GDP review highlights the resilient foundations in key sectors of the economy and signals that structural reforms are beginning to yield some positive results, North-West University Business School economist Raymond Parsons said.

“The services sector seems to have done most of the heavy lifting to anchor economic activity, and household consumption is still revealed as a vital engine of growth. Fixed investment, on the other hand, remains a lagging factor,” he said.

“Though the new GDP data has improved the look of various key ratios, the absolute metrics do not change and remain a valid reality. Looking ahead, and despite the real positive pockets of improvement in the economy, the broader outlook still reveals vulnerabilities at various levels.

“The headwinds and tailwinds that need to be navigated by South Africa remain the same. The revised GDP picture emphasises why accelerating the pace and implementation of key structural reforms are nonetheless still needed to unlock South Africa’s true economic potential, if South Africa is to break out of its current narrow 1%-2% growth corridor,” Parsons added.

Update: October 29 2026

This article has been updated with new information and comment.

Business Day

The Benguela railway in Angola will join the Tanzania-Zambia Railway line to Tanzania’s port of Dar es Salaam, linking the Lobito corridor on the Atlantic coast with the central corridor on the Indian Ocean coast.

Hassan gave no date for completion of the initiative in comments to reporters on Thursday.

In 2025 China signed a $1.4bn (R23.27bn) pact with Zambia and Tanzania to modernise the Tazara railway, which it had financed in the 1970s to facilitate copper exports and fuel imports.

This week Italian construction firm Webuild said it had won a tender to build a section of the Zambia Lobito Railway Corridor. Tazara has been widely seen as a counterweight to the US- and EU-backed Lobito Corridor, a route from Angola through Zambia to the DRC.

Angola has also invited Tanzania to invest in an oil refinery, with state energy firm Tanzania Petroleum Development Corporation assessing the viability of a partnership in the Lobito oil refinery project, Hassan said.

Tanzania has not said whether it will take up an equity stake in a refinery being built in Kenya by Nigerian businessman Aliko Dangote.

East African governments have been offered a 30% stake, and Rwanda and Kenya have so far committed to buying shares.

Tanzania and Uganda are discussing plans to jointly build another refinery in Tanzania’s port of Tanga.

Reuters

But Johannesburg should not be the standard by which we measure our cities. The fact that Cape Town may be better run than Johannesburg does not mean it is working for everyone who lives in it.

There is another Cape Town, one where children grow up hearing gunshots, families bury relatives killed by gang violence and residents live with the fear that they could be next. For many people on the Cape Flats, the city’s reputation bears little resemblance to reality.

From April to June the Western Cape recorded 1,071 murders, down 6.7% from 1,148 during the same period in 2025. Yet its murder rate remained 13.9 per 100,000 people, well above the national rate of 8.5. Eleven Cape Town police stations featured among the country’s 30 highest murder stations.

Mfuleni recorded 73 murders in those three months, the highest of any police precinct in the country. Nyanga recorded 56, while Philippi East and Delft each recorded 53. Behind every statistic is a person who will never return home, a family forced to grieve and a community left to live with the consequences of violence that has become part of everyday life.

The scale of gang violence is equally disturbing. A written response to a question in the Western Cape parliament recorded 794 gang-related murder victims across Cape Flats precincts in 2025, involving 714 cases. Of those cases 574 remained unsolved and only two resulted in successful convictions.

When these staggering statistics are raised, the City of Cape Town points to its Law Enforcement Advancement Plan (Leap), which deploys municipal police officers in high-crime areas to support the South African Police Service. There has been progress: murders in Leap deployment areas fell to 262 from April to June 2026, from 294 in the same period in 2025.

These interventions do matter, but declining murder figures in some areas do not mean the crisis has been resolved. Policing is primarily a national government responsibility, but that does not absolve the city of scrutiny over the interventions it controls and whether they are enough.

What troubles me most is how normalised this violence has become, and how neatly it fits into the geography of Cape Town’s inequality. The violence is concentrated in communities that have long been marginalised, far removed from the neighbourhoods that feature in tourism campaigns and glossy accounts of the city’s success.

Cape Town’s inequality extends beyond crime. While some residents enjoy world-class infrastructure, others lack reliable access to water, adequate sanitation and refuse removal. There is something deeply tragic about a city celebrated for its beauty while so many of its residents cannot feel safe in their own neighbourhoods.

Would the response be different if tourists were being killed at the same rate as residents in gang-affected communities? Would the urgency, political pressure and public outrage be the same? It is difficult not to wonder whether the violence that threatens Cape Town’s reputation attracts a different kind of attention from violence that has devastated communities for generations.

This is not an argument that Cape Town is worse than Johannesburg, nor that the city has done nothing to address crime. It is an argument that we have set the bar too low. We have become so accustomed to comparing Cape Town with failing municipalities that we have stopped asking what a genuinely well-run city should look like.

A city cannot claim success simply because its administration performs better than others. It can’t call itself a model of urban living while thousands of residents face conditions that undermine their safety and dignity.

Cape Town is beautiful, has enormous potential and has made progress in areas where other municipalities have struggled. None of that should be dismissed, but nor should it obscure the reality of residents whose lives bear little resemblance to the city’s carefully cultivated success story.

Cape Town deserves recognition for what it gets right, but it must also be held accountable for what it gets wrong. You can’t claim to be the best city in the country, let alone the world, while so many of the people who call it home are fighting simply to survive.

• Roos is Business Day parliamentary reporter.

A rise in oil and gas prices to multiyear highs caused by disruption linked to the US-Israeli war with Iran has generated huge amounts of cash for the industry, which has been reporting results this week.

But the price rises have also increased inflation for everyone, sharpening the appetite for scale to justify production in the mature North Sea Basin, which the British government views as a secure, domestic supply source.

Oil and gas mergers and acquisitions involving a UK target or buyer have reached $19.6bn (R325.73bn) year-to-date, exceeding the $16.5bn for all of 2025, according to LSEG data. That makes 2026 the strongest year for activity since at least 2022, when Russia’s full-scale invasion of Ukraine led to a previous energy crisis.

Among the analysts and bankers who spoke to Reuters, James McCormack of investment bank and research firm Cavendish said the pool of potential buyers was relatively small, but that did not preclude more deals.

He described the UK North Sea as “an increasingly concentrated market when it comes to credible buyers with the balance sheet, tax capacity and decommissioning capability to execute material deals”.

As relative costs are especially high in ageing oil and gas fields, Cavendish, in a report published in September, said the pressure was on for mergers.

Companies that can offer diversification, liquidity and development capital are attracting premium valuations, while sub-scale operators face growing pressure to merge, seek capital in deeper markets or accept takeover approaches

James McCormack, Cavendish

“Companies that can offer diversification, liquidity and development capital are attracting premium valuations, while sub-scale operators face growing pressure to merge, seek capital in deeper markets or accept takeover approaches,” it said.

Alexander Franke, an energy consultant at Oliver Wyman, also predicted the need to contain costs would drive more activity, with the caveat that the pace would depend on the oil price outlook.

Any unexpected fall in energy prices could deter buyers, while sustained rises could boost cash flow and funding for acquisitions.

UK tax rate adds to case for deals

British taxes are a further incentive to maximise efficiency, the bankers and analysts said.

An energy profits levy, introduced by the previous Conservative government and increased under the current Labour government, has pushed the headline tax rate on UK upstream oil and gas activities to 78%.

“There’s been a lot of tax-driven consolidation in recent years,” Greig Aitken, director of corporate research at Wood Mackenzie, said.

Others also highlighted the advantage of scale in the tax context.

“There’s still a rationale for two UK North Sea players to combine so that the enlarged company can take advantage of the tax credits as well as operational synergies,” Tony White of advisory firm MKI said.

Shifting strategy could make investors pause

Apart from the unpredictability of energy prices, investment decisions are complicated by the uncertainty of government policy.

The British government has said it remains committed to achieving net-zero greenhouse gas emissions by 2050, but it approved earlier this month the development of the Jackdaw North Sea gas field.

In its autumn budget statement on Wednesday, it reiterated its long-term commitment to keeping oil and gas in the energy mix, though it did not announce any new measures for the oil and gas industry.

The decision on Jackdaw followed years of debate as environmental campaigners said there was no justification for investment in fossil fuel production, while others said the project would provide jobs and a domestic source of natural gas at a less environmental cost than imported supplies.

BP’s North Sea sale

The biggest oil companies for years have been withdrawing from the ageing North Sea to focus on bigger prospects elsewhere.

Shell has opted to manage its remaining North Sea exposure through partnerships and joint ventures, including the creation of Adura with Norway’s Equinor.

BP, the last major with a significant North Sea focus, in July announced plans to sell its oil and gas fields in the basin as part of a portfolio overhaul to improve profitability.

Analysts have estimated the sale could raise $2bn and trigger another wave of consolidation.

“Most likely the buyer is another North Sea consolidator. Value will be driven by infrastructure and tax synergies rather than by reserves alone,” Cavendish’s McCormack said, naming UK companies EnQuest, Neo Next+ and Ithaca as possible buyers.

The next round of bidding will be in December, one person with knowledge of the process said. BP had no further comment.

Amjad Bseisu, CEO of EnQuest, has said he is interested in the assets. The company had no further comment.

Ithaca declined to comment, while Neo Next+ did not respond to a Reuters request for comment.

Start of a broader consolidation cycle

UK-listed companies have drawn rival bids, including from international would-be buyers. London-listed Genel Energy in September raised its offer to $436m for Britain’s Capricorn Energy, outbidding Norway’s DNO.

Israel’s Ratio Petroleum outbid Serica Energy with a sweetened $196m offer for Pharos Energy in August. Serica said it continues to evaluate acquisition opportunities in the UK North Sea and international markets.

This month Gulf Keystone Petroleum and ShaMaran Petroleum announced a $601m all-share merger, while Ithaca Energy has agreed to buy three offshore oil assets from Canada’s Suncor for C$1.2bn (R14.27bn).

Even Pharos CEO Katherine Roe, a former investment banker, said she was surprised by the bidding war for the company.

She said rising costs and limited diversification left smaller producers more exposed to political, operational and energy price risks, but that consolidation can improve efficiency and investor returns.

“To receive a cash bid at a 30% premium with liquidity in a way that’s just not achievable on a daily basis is the best outcome for shareholders,” Roe said.

Reuters

The US government is set to announce the outcome of its annual review of SA’s eligibility for Agoa benefits in 2027 on Monday. In February, President Donald Trump approved a one-year extension to Agoa in a decision largely viewed as providing temporary relief to the continent’s exporters. But the decision cast doubt on the durability of the 25-year-old trade preference programme.

Agoa allows eligible African manufacturers to regain duty-free access to the world’s largest consumer market for selected products, including vehicles, clothing and agricultural goods.

Tau, who addressed the National Economic Development and Labour Council about Agoa on Thursday, said the US remained a valued partner.

Read: Rebasing lifts the size of South Africa’s economy 5.3% to R8.044-trillion

Bilateral trade reached $28.8bn in 2025, and more than 600 US companies are operating in the country, supporting about 134,600 jobs.

“In the last year alone, more than $5bn in investment commitments have been made by US companies, demonstrating increased investor confidence … South Africa supplies 12 of the 50 minerals the US considers critical, and we are ready to partner on beneficiating them at source,” Tau said.

The government was confident the US would acknowledge, recognise and “favourably respond to the very generous offers that South Africa has made during our ongoing negotiations over the last year or so”, Tau added.

“This is what is in the best interest of our two nations … as well as of partners in the African continent.

“Whatever the outcome, our economy will remain stable, our exporters will keep trading, and the government stands ready to support our economy, particularly the hard-working SA business community and their employees, who are the backbone of our society and communities from which we all come.”

South Africa was prepared “whatever the decision”, Tau said, adding the government was opening markets across the African Continental Free Trade Area, India, Southern African Development Community (Sadc), the EU, the UK, the Association of Southeast Asian Nations, China and Mercosur, the South American economic and political integration bloc.

Whatever the outcome, our economy will remain stable, our exporters will keep trading, and the government stands ready to support our economy

Parks Tau

“We have concluded negotiations with the EU on cumulation to protect hybrid and electric vehicle exports and secured an interim arrangement for steel. New markets have opened for our citrus, avocados, grapes and apples,” he said.

Tau met US trade representative Jamieson Greer in Washington DC last month.

“Our meeting was preceded by two rounds of discussions at senior officials’ level, where substantial progress on addressing the issues was made. Recently two rounds of senior officials’ talks were followed,” he said.

SA remained committed to engagement, and “our doors remain open for dialogue”. Tau said the government had engaged constructively on all concerns raised by the US.

US ambassador Leo Brent Bozell III caused a stir recently by saying the US was running out of patience with South Africa over trade, land expropriation, foreign policy and bilateral relations.

Relations between the two countries deteriorated sharply amid US claims of “white genocide” in South Africa, allegations the government has strongly rejected.

Read: South Africa eyes China export boom under zero tariffs

Tau said the government had tabled “practical proposals through the proper channels [and] it would not be appropriate to set out their detail in public while that engagement continues”.

“What I can say is that every proposal respects due process, preserves our constitutional values and imperatives, is aligned with our obligations under World Trade Organisation rules, and reinforces our duty to protect animal health, local producers and SA consumers.”

Tau added that some principles are “not up for negotiation. Transformation is a constitutional and developmental imperative. Land reform operates within our Constitution and under the authority of our courts.

“Within that framework, South Africa remains open to practical arrangements that grow trade and investment between our two countries. These matters are best resolved through diplomatic and trade channels, and that is where we will continue to pursue them.

“Let me be clear: South Africa will be ready, whatever is decided on November 2. Our door to the US remains open, our economy is resilient, our exporters are resourceful, and this government stands behind them.”

Business Day

Some of his observations related to issues raised in the column, while others were ostensibly triggered by it, but all focused on whether the European destination market dependency of the local industry has created strategic vulnerabilities that policy ought to respond to.

Litheko makes three propositions:

• In accepting that changes in the European motor market expose us to external developments over which we have limited control, Litheko encourages us to draw a distinction between reduced European demand and an appetite in Brussels to close its markets to South African manufactured vehicles. He suggests profitability and other challenges experienced by European carmakers do not translate to a narrowing of trade preferences under the bilateral relationship between Europe and Southern Africa.
• We need to distinguish the European impasse from policy considerations aimed at expanding the domestic market in a manner that widens the opportunity set for those who assemble locally for the South African market. Put simply, distinguish the existing margin of preference into the EU from a protective push (through tariffs) here at home to carve out a piece of demand for local manufacturers (making imports more expensive).
• The third, related to the first, concerns the “substitutability” of the European market for new markets. Whether in Africa (where he asserts low new vehicle affordability, funding, infrastructure and regulatory market failures make this difficult) or whether in relation to seeing Chinese motor activity “exclusively through the lens of import competition”.

While I agree with Litheko on the point on Chinese trade (this newspaper reported yesterday on German motor giant Mercedes-Benz placing primacy on Chinese technology and demand as part of a strategy reset. Litheko understates the jitters being exhibited by the European mandarins in Brussels across product markets. He seems to suggest the bilateral agreements that give preference to South African assembled vehicles are inviolably durable. Yet recent signals suggest this may not be the case.

The introduction of an Article 28 process (to review preferences negotiated in the 1990s and introduce a 50% duty for steel products) and the early October read-out from a meeting between the EU trade commissioner and the Chinese trade minister earlier this month indicate a eurozone that is ready to reconsider its preferences. To reassert the primacy of an export strategy that relies heavily on European sales without considering this context is a catechism rather than strategy.

We cannot wish this away, nor, in the case of the domestic market, as Litheko suggests have a general aversion for tariffs save for bakkies. To do so using the scarecrow of tariff-enabled inefficiency overlooks the use of trade instruments as price normalisers, in instances where price formation is artificially distorted (due to subsidy enabled cutthroat price wars in key producer nations, for example).

Nor are tariffs the proverbial blue pill. The aim is to provide well-calibrated policy support to those who reveal a preference to assemble here at deepening levels of local content. Recently, Thailand announced an excise tax reform that provided cascading preference for those assembling in Thailand at higher levels of local content and relatively higher excise taxes for those importing fully built vehicles.

No instrument exhibits inherent deadweight losses. Economic theory informs us that calibration and behavioural intent matter. While I may agree with Litheko that we need not abandon the relationships we’ve built with the eurozone, it is not a sufficient response when our “friends” consider, in the face of understandable diplomatic and geopolitical pressure in their own market, revising the preferences they afford us.

What to do when market conditions prompt others to reconsider their fidelity to you? We plan for such a likelihood today, rather than revert to hope or doctrine.

• Cawe is chief commissioner at the International Trade Administration Commission. He writes in his personal capacity.

Business Day

There is a risk of slipping into cliché in doing so: yet another vindication of the perennially underfunded, underappreciated brilliance of South African creative practitioners working with limited resources to produce world-class theatre. A sort of ‘hulle weet nie wat ons weet nie” take on the performing arts. But bound up in this there is always some element of “cultural cringe”, a combination of envy and insecurity in the way that former colonies regard former colonial powers. In any case, in the arts world comparisons can be odious. Each creation is its own, beautiful thing.

Having said all that, pairing these productions is, inevitably, flattering to the local Into the Woods. Director Sylvaine Strike and designer Marcel Meyer work wonders with a minimalist set, using a dozen flexible planks of wood and simple but effective costume design to create a self-contained theatrical world. As for the cast — it is hardly surprising that numerous Lamta students are cast in professional productions before they graduate. These performers could hold their own in any company, on any stage around the globe.

Sondheim initiated a new kind of musical with his wordy, witty compositions, full of characters self-consciously singing and talking their way through dilemmas by turns profound and superficial. For Into the Woods, a collaboration with librettist James Lapine, he applied that endearing combination of earnest endeavour and neurotic humour to the fairytale world of the Brothers Grimm. When the musical premiered in 1987, it offered new manifestations of Rapunzel, Cinderella and Little Red Riding Hood, along with Jack and his giants, as well as the bakers and witches and princes (and wolves and hens and cows) populating the popular folk stories retold by the Grimms.

In a sense, of course, these were not entirely new versions — they benefited from the cumulative insights of 20th-century psychology, which had shown how such archetypal narratives express basic human desires, fears and needs. The parent-child relationship is central to all of this, and Into the Woods is replete with abandoned, exploited, abused or misunderstood daughters and sons. Sondheim famously explained how his own difficult upbringing informed his interpretation of the tales: “The father uncomfortable with babies is my father and the mother who regrets having had children is my mother.”

The parent-child relationship is central to all of this, and Into the Woods is replete with abandoned, exploited, abused or misunderstood daughters and sons.

Sondheim

The other central theme (and the musical’s key refrain) is “I wish ….” The woods are a place of fantasy, longing and transformation. Sometimes this entails freedom and redemption, sometimes violence and cruelty, sometimes both. It is perfect material for Strike, whose best work — from her commedia dell’arte interpretations of Molière to her first musical with Lamta, the smash hit Spring Awakening – has explored the dark impulses motivating most behaviour.

Beyond the threshold of cynicism, however, is a deep and abiding love for humans in all our messy complexity. The “pure” yearning to have a baby is driven by the same biological urges as the lascivious thrill of sex with a hot stranger or seeking brutal revenge on those who harm our offspring. Likewise, those who show self-sacrifice and kindness in one moment may, in the next, demonstrate a willingness to throw others under the bus (or into the giant’s mouth) to protect themselves. Like the composite Cubist face that Meyer employs to depict a vengeful, grieving giant — who no doubt has her own reasons for sowing wanton destruction — we are fractured and fracturing creatures, our identities cohering only for brief moments.

If this sounds rather grim … well, that is only appropriate. But Into the Woods is also very funny and the music soars into the sublime. Above all, the accomplished performances, sharp choreography and inventive staging of this production cannot but leave audiences smiling, no matter how dark the woods get.

• ‘Into the Woods’ is at the Theatre on the Bay until November 14.

Business Day

Electricity & energy minister Kgosientsho Ramokgopa said the debt is growing by about R3bn a month, about R100m a day. At that pace it will be near R150bn by July, when the next tariff takes effect, and Eskom’s own trajectory puts it at R358bn by 2031. Debt that size tends to land on whoever is still paying.

It arrives as Eskom is selling less electricity: sales fell 6.2% in the year to March, yet a 12.74% tariff increase lifted revenue 4.1% and helped profit more than double to R30.3bn. Which brings us to a question many households ask: you installed solar or simply cut back, so why is a sizeable charge still on the bill? Because buying electricity and keeping a connection available are two different services.

The wires remain when consumption falls

A bill pays for energy, the network that delivers it, administration and, often, subsidies. Buying fewer units reduces the energy. It does not remove the transformer outside, the cables along the street or the crew who arrive after a fault. The transformer on the corner is indifferent to how virtuous your geyser timer is.

Think of a sectional-title levy. Spending fewer nights in your flat does not reduce the cost of maintaining the lift, gate and roof. The lift does not accept your holiday itinerary as a maintenance plan.

The network must also cope with busy moments. Kilowatt-hours measure energy used; kilowatts measure the rate of use. A 2kW heater running for three hours uses 6kWh. Three such heaters running together need 6kW at once. A solar household may buy little during the day but still draw heavily at 6.30pm on a July evening when its batteries cannot cover the peak.

For decades South African tariffs recovered most network costs through the price of each unit. When sales fall the same costs are spread over fewer units, the unit price rises, and more customers have reason to cut back or leave.

That is why tariffs are being unbundled. The National Energy Regulator of South Africa has approved Eskom tariffs that separate energy, network and service charges, and an August draft pricing policy adds a standby charge for connected self-generators.

Eskom’s 2027/28 proposal, which closed for comment on October 2, would raise Homepower and Homeflex service fees and trim energy rates within an 8.83% average increase. That explains why part of the bill survives falling consumption, not whether the amount is fair.

Who picks up the difference?

When network costs ride on unit sales, customers who buy more contribute more. Raise unit prices to cover a shortfall and the burden lands on whoever still buys: tenants and households that cannot afford panels.

Fixed charges bring their own problem. Take a R300 monthly fee. At 600 units it adds 50c to the average cost of each unit. At 150 units it adds R2. The fee is unchanged; its weight per unit has quadrupled. Low consumption can reflect solar, efficiency or poverty, and a uniform charge treats them alike.

Installer GoSolr puts the average residential fixed fee at R543 a month after a rise of about 28% in April. In Johannesburg, solar households must move to postpaid tariffs, where three-phase customers pay R1,761 a month before using a single unit.

Pricing therefore distributes costs as well as recovering them. Supporting poorer households is a public purpose; covering avoidable losses is not.

A network charge can be justified without every cost inside it being justifiable. It matters most when explaining falling sales.

Solar is not the only change

Eskom attributes the decline to weak industrial demand, embedded generation and energy efficiency. Industrial sales fell 22.5%, or 9.7TWh, more than four-fifths of the total drop. Factories buying less power cannot be explained by suburban rooftops. Wheeling, where a business buys wind power through the grid, is like shopping elsewhere but keeping the same delivery service: the wires are still needed.

Eskom is also looking for new buyers. In August chair Mteto Nyati told the Financial Times that Eskom was talking to Amazon, Microsoft and Google about AI data centres. “We’ve got this power that we cannot sell,” he said.

A large, steady data centre load could put idle assets to work if its revenue exceeds the extra cost of supplying it. But national surplus is not local capacity: data centres often need new substations and grid reinforcement. Signed on a discount with those upgrades charged to everyone else, a data centre becomes another cost for households, rather than relief.

Municipal finances deserve the same scrutiny.

Paying for infrastructure, not for leakage

Stellenbosch University’s Josh Dippenaar and Bernard Bekker studied all 165 licensed municipal distributors and found an average surplus margin of about minus 7% in 2023. Solar-related cost shifts existed but were moderate, while billing errors, faulty meters and theft could outweigh them in distressed municipalities. “The idea that municipal electricity revenue is broadly a ‘cash cow’ is not accurate,” Dippenaar said.

Nor, on the evidence, is solar emptying it. Maintenance and asset replacement belong in a network charge. Excessive losses, inaccurate billing and poor collection do not. The Treasury recommends reinvesting at least 8% of electricity revenue in the network; engineer Rakesh Maharaj estimates the national average is below 1%.

Residents can test any increase with four questions. Is the fixed charge traceable to a published cost-of-supply study? Are energy, network, service and subsidy charges shown separately? Are solar customers charged for the capacity they use at peak and credited fairly for exports? Does the tariff application disclose loss and collection rates?

• Mafinyani is senior partner in financial engineering & artificial intelligence at specialised finance, risk and applied technology firm Intellica Analytics.

My first decision was to choose between expanding public transport, adding taxi lanes or building more parking. Every option promised happier passengers and greater profits, but each came with a price.

Fortunately, I was spending virtual money in an AI simulation at the Oracle AI World conference in Las Vegas. Heathrow’s actual expansion decisions remain in slightly more experienced hands.

The game, called Cleared for Growth, uses Oracle’s enterprise performance management (EPM) AI technology to demonstrate how airports can assess competing investment priorities. It was developed with Heathrow around a real business challenge: increasing passenger capacity while improving the passenger experience and profitability.

The opening screen of Oracle’s Great AI Expedition introduced me as a “tech-savvy hero” whose mission was to make smart growth choices. A friendly cartoon robot offered assistance while a digital passport recorded my progress in the form of AI Miles.

The first challenge, getting passengers to the airport, presented three investment choices, each with a projected cost, increase in passenger satisfaction and financial return.

A public transport expansion, involving a new Heathrow rail station, would cost £100,000, increase passenger satisfaction by 5% and contribute £50,000 to profitability. Additional taxi and limousine lanes would cost £175,000, improve satisfaction by 10% and generate £120,000. Expanding parking would cost £250,000, lift satisfaction by 15% and add £105,000 in profit.

These were figures created for the simulation, illustrating the arithmetic behind airport investment. More expensive options could deliver greater passenger satisfaction without necessarily producing the best financial return.

The next challenge, Boarding the Plane, examined how to move passengers efficiently from the terminal to their aircraft. The options included buses, automated boarding technology and jet bridges, each addressing a different aspect of the journey.

By the end my Heathrow had £725,000 remaining in its virtual wallet, passenger satisfaction of 55% and profitability of £575,000. Had AI aided the decisions, both of those numbers would have increased somewhat.

Gary Miller, Oracle’s customer success officer and executive vice-president, told Business Day the exercise was developed from Heathrow’s own requirements. “It’s a game we built, but it’s actually real agents. You play the game and you get to optimise.”

The simulation uses Oracle EPM AI to evaluate players’ choices, demonstrating how the technology can assist with planning decisions. “It was a real business case that they had and we made a game out of solving that business case.”

The game demonstrates decision-making technology, rather than AI taking over Heathrow’s physical expansion planning. The airport already uses Oracle software across a range of business operations.

Heathrow handled almost 85-million passengers in 2025 and supports more than 90,000 people working on site. It uses Oracle Fusion Cloud systems to manage finance and human resources. Oracle fusion data intelligence combines financial information with passenger data to improve reporting and planning. Oracle billing and revenue management handles complex financial transactions with airlines.

The systems help Heathrow manage operations that extend far beyond the movement of aircraft. Alan Petrie, Heathrow’s head of corporate data & analytics, described the value of the technology earlier this year, saying it “lets us go beyond just the numbers by combining revenue and passenger data to provide meaningful insight into what’s happening in our business”.

Miller said the Heathrow simulation could be adapted for other airports, allowing them to examine their own investment decisions. The exercise also showed the competing demands on airport management. Passengers may prefer shorter queues and easier terminal access, while the airport must consider the cost of providing those improvements.

Miller said the central problem came directly from Heathrow. “You were balancing investment, passenger experience and profitability,” he said. “We want to make more money, but we want to make it a better experience. So how do you solve that problem?”

• Goldstuck is CEO of World Wide Worx, editor-in-chief of Gadget.co.za, editor of GadgetWings, and author of ‘The Hitchhiker’s Guide to AI – The African Edge’.

Earlier this week AI tech leader Anthropic filed for an initial public offering (IPO) on the Nasdaq Stock Exchange, making it the first frontier AI model company to do so. This follows an interesting year, in which negative sentiment about AI safety delayed the filing. There is still some regulatory and environmental scrutiny, broader risk disclosures and potential political pressure, but it seems unlikely they would prevent the listing.

Valuations and pricing could affect the timing of the actual listing. Analyst estimates have oscillated between $1-trillion and $2-trillion, and currently sit in the middle of that. The target capital raise is about $100bn, which would be a new record, beating SpaceX’s $86bn capital raise earlier in the year. In terms of revenue, Anthropic managed $16bn in the third quarter with a net income loss mainly due to revaluations of financial instruments held. Free cash flow from operations remained positive, albeit fairly low.

One of the main concerns about Anthropic is its hefty valuation, which is premised on exponential long-term growth. Though we have seen this growth in the AI tech sector playing out, there is the rising competition from frontier models, cost to compute, cloud dependency and excessive capital outlay to maintain AI model efficiency, which brings about an existential crisis for any large language model (LLM) developer.

One of the main concerns about Anthropic is its hefty valuation, which is premised on exponential long-term growth.

Anthropic remains reliant on hyperscalers such as Microsoft, Alphabet and Amazon. It is estimated that Anthropic has committed more than $500bn in compute spending to its partners. Further, there was a deceleration in its revenue in the third quarter, which will raise interest.

Overall, there is certainly more optimism about the AI trade. The increase of frontier models and rise in cloud rental prices, though raising competition and input costs for companies such as Anthropic, highlight the excessive demand. Agentic AI has proved to be a multiplier for AI companies across the value spectrum. There are concerns about interinvestments in the AI ecosystem and the huge capital outlay required, with Amazon, Alphabet, Meta and Microsoft set to spend about $2-trillion over the next two years alone.

Though it does raise credible alarms, in particular the bifurcation of markets with increased spread between outperformers and underperformers, increased market concentration and limited breadth to market rallies, it should remain under control provided the business case and the healthy margins remain intact.

The payback period for this capital expenditure varies between two and three years for compute assets like GPUs and AI servers, three to five years for purpose-built AI data centres, and more than eight years for infrastructure real estate assets. While this is a secular trend, capital allocation remains essential. One aspect of tech we remain bearish on is general software, not because of its current fundamentals but due to their existential question.

One aspect of tech we remain bearish on is general software, not because of its current fundamentals but due to their existential question.

In our global equity portfolios we have remained constructive on hyperscalers such as Amazon, Microsoft and Alphabet, which are among the largest beneficiaries of the AI trade. We have also maintained our exposure to semiconductor counters like Micron, TSMC and Broadcom, which have all benefited from the shortage of chips. In the long term we are more comfortable on the computational chips than the memory chips because of the latter’s commodity-like behaviour once demand-supply dynamics normalise.

Nvidia remains among the largest beneficiaries in our portfolios, having transitioned from chip designer to AI accelerator to AI systems provider to AI factory platform and now AI infrastructure company, capturing and creating value along the value chain and evolving with it.

To end with an actual Einstein quote: “Two things are infinite: the universe and human stupidity; and I am not sure about the universe.”

• Smith is chief investment officer at Absa Investments.

Business Day

About 10,000 years ago a radical change began: not in human nature but in our institutions. Humans learned to cultivate grains, domesticate animals and settle in territories. They observed the skies, anticipated the seasons and worked the land.

Agriculture brought settlement, and settlement brought rules governing ownership and exchange. It also brought kings and empires. Then, 300 years ago, the Enlightenment transformed the relationship between the individual and political authority. Individual rights, private property, competitive markets and the rule of law produced an abundance our ancestors could not have imagined.

At the heart of that order are two concepts: the individual’s right to own property and the right to transfer it through exchange and contract. Property settles what belongs to whom; a contract lets people agree on what to do with it. These rights matter because they allow strangers — even those separated by continents — to co-operate.

Our instincts of solidarity and altruism serve us well in families and close-knit communities, but a modern economy cannot treat every stranger as a neighbour, or as an enemy. It needs rules that encourage co-ordination without familial trust. Austrian-born British economist Friedrich Hayek called the result the “extended order”: millions of people co-ordinating their activities without any central authority directing the whole.

Yet the conceit Hayek warned against persists: the belief that a ruler, or governing party, can direct society’s resources and dispense them benevolently. That is not progress but a return to the age of kings, dressed in modern language. Whether free exchange or benevolent rule produces greater prosperity is not merely a matter of opinion; its consequences can be measured.

Return to fiefdoms

The “Economic freedom of the world” report has done that annually for three decades. Its research provides a framework for comparing countries and examining how individual economic freedom relates to outcomes such as income, longevity and other measures of human flourishing. The report shows countries in the most economically free quarter earn about seven times the income per person of those in the least free.

Their citizens live longer, with less corruption and healthier environments. Even the poorest 10% in the most free countries earn several times more than their counterparts in the least free. These findings suggest the institutions that allow individuals to exchange property and pursue opportunities are central to the creation of abundance.

Of the report’s five headline areas, one is foundational to the others: Legal System & Property Rights measures judicial independence, impartial courts, secure property, the enforcement of contracts and reliable policing. South Africa performs poorly on almost all of them. In the 2026 report it scored 4.88 out of 10 for impartial courts, 5.08 for property rights, 5.44 for legal integrity and just 1.83 for police and crime (which puts it 151st out of 165 on this measure).

South Africa’s figures reveal weaknesses in the institutional foundations on which a prosperous society depends:

• The protection of people and their property is undermined when the police cannot reliably prevent or respond to crime.
• Confidence in the justice system suffers when courts are not perceived as sufficiently impartial or the legal institutions lack integrity.
• Property rights and contractual obligations become hollow promises when individuals cannot rely on the law to uphold them.

What the report measures, businesses feel: construction sites held to ransom by extortion gangs, copper cable vanishing faster than it can be replaced, and commercial disputes taking years to reach judgment. And who guards the guardians? Evidence before the Madlanga commission suggests that all too often it is the police who are the criminals.

Some of these measures rely on perception surveys, but that is no reason to dismiss their importance. What, after all, are “animal spirits” if not a subjective view of the future? Confidence in the security of one’s property, the fairness of the courts and the enforceability of agreements shapes the decisions people make about investment and enterprise.

Rethinking the state’s role

For 30 years South Africa has pursued a state-driven development path while failing to secure the most basic conditions for economic freedom. The language of the “developmental state” and the national democratic revolution has promised transformation, yet the institutions responsible for protecting property and enforcing the law remain deeply deficient.

When individuals cannot confidently exercise their rights, the spark of enterprise dims, and with it the drive on which prosperity depends. The cost is counted in businesses never started, factories never built and jobs never conceived; this in a country with one of the highest unemployment rates.

What South Africa needs is a rethinking of the state’s role. It should be strong enough to protect people and enforce the law, yet restrained enough not to threaten the rights it exists to secure. Law and order is not one government function among many; it is the function that justifies government at all. A state that cannot protect its citizens and their property has failed in its first duty, whatever else it attempts.

Even the US, whose founding ideals helped shape the modern tradition of individual freedom, has recently demonstrated how fragile those principles can be when political power becomes arbitrary and concentrated. Liberty is not a permanent achievement.

The great discovery of the Enlightenment was not that governments could organise society more efficiently, but that free individuals, protected by impartial laws, could organise their own affairs in ways no government could anticipate. South Africa does not need to abandon that inheritance; it needs to complete it.

Prosperity cannot be legislated into existence. It must spring from institutions that allow individuals to build, exchange, plan and invest without fear of arbitrary interference. It is time to stop promising young South Africans their future and give them the freedom to build one.

• Emerick is deputy chair of the Free Market Foundation.

Business Day

The ANC has governed nationally for 32 years, but its record is complicated by the damage of former president Jacob Zuma’s years in office, when state capture and institutional decay undermined public confidence.

Under President Cyril Ramaphosa, the party has attempted to turn the page, but that effort has yet to translate into functioning municipalities. Water shortages, failing infrastructure, poor financial management and unreliable services remain the everyday reality for too many residents.

The ANC’s manifesto promises greater investment in infrastructure maintenance, with municipalities expected to spend at least 8% of the value of their municipal assets annually on renewing essential services. It also promises to fill critical senior management vacancies within 120 days. These are measurable commitments. The question is whether a party that has struggled to hold municipal administrations accountable can deliver them.

The DA offers a different proposition: professional administration, merit-based appointments, transparent procurement and a greater role for private-sector expertise where municipalities cannot deliver. Its record in the Western Cape and Cape Town gives it a tangible advantage. But its performance will also be scrutinised.

In the 2021 local elections, the DA won 58% in Cape Town; it now faces the prospect of a tighter contest, with its own internal polls projecting them to get 51%. The party must show that good governance can attract voters beyond its established support base and that its model can work in more complex metropolitan coalitions.

For the DA, ActionSA and the FF+, it presents a particular challenge. All compete, in different ways, for voters who prioritise administrative competence, accountability and opposition to ANC rule.

ActionSA’s appeal rests on its promise to restore basic services, fight corruption, improve municipal safety and put South African residents first. Its emphasis on immigration may mobilise voters frustrated by pressure on local services, but it risks allowing national political battles to overshadow the practical work councils are elected to do. The party must prove that its ambitions can translate into durable municipal representation rather than simply splitting the opposition vote.

The EFF offers a more radical alternative, framing the election as a fight against inequality, unemployment and the collapse of municipal services. Its support could benefit from voters who feel that neither the ANC nor the DA has adequately addressed their economic circumstances. But the party must show that its promises can be implemented through municipal budgets and administration, not only through confrontational politics.

The MK party poses a more direct threat to the ANC, particularly in KwaZulu-Natal. Its appeal draws on anger among former ANC supporters, loyalty to Jacob Zuma and a strong current of Zulu nationalism. Its local government programme promises improved water and electricity supply, infrastructure repairs, more transparent procurement and 400,000 verified full-time jobs across municipalities it governs over five years.

Yet MK’s organisational instability and leadership upheaval raise questions about its ability to administer councils. Its opposition to the existing constitutional order is also a serious concern: voters should distinguish between dissatisfaction with the governing party and support for weakening the constitutional framework that protects democratic accountability. Winning votes is one challenge; running financially distressed municipalities is another.

The contest between MK and the IFP will be especially important in KwaZulu-Natal, where both seek to consolidate support among voters who have historically backed the ANC or the IFP.

The IFP promises to promote local employment, support small businesses and informal traders, and prioritise South African residents in economic opportunities. Its prospects will depend on whether it can retain its established base while persuading voters that it offers a credible alternative to both the ANC and MK.

Smaller parties, including the FF+, may also wield influence beyond their vote share if coalition governments become necessary. Their ability to negotiate stable administrations could matter as much as their ability to win seats.

Ultimately, the election is not a referendum on which party can express the most convincing anger. It is a test of whether parties can turn that anger into functioning councils, sound finances and reliable services.

The ANC must defend its record; the DA must demonstrate that its model can expand; and its challengers must prove they can govern. Voters deserve more than a change of political leadership. They deserve municipalities that work.

Sinner, who will be nudged off his top spot by Zverev by the end of the year, has announced a coaching change as long-time mentor Darren Cahill bows out. His new coach and former top 10, Sweden’s Magnus Norman, has been at the helm, steering Stan Wawrinka to the end of his own illustrious career at the Swiss Indoor in Basel.

If Wawrinka’s claim, at 41, that “I’ve always dreamt of being able to finish feeling good, being competitive — and that was what I was able to do” is anything to go by, then clearly Norman is the man for the job in terms of enabling Sinner to stage a confident comeback.

This first foray has been brought forward to the Six Kings Slam in Riyadh in December 2026, as opposed to the Australian Open in 2027. And why? This lucrative exhibition event, with a $1.5m appearance fee and $6m kitty, has been delayed to avoid any Middle East war risks.

Sinner has walked away with the trophy for two years running, so it’s a happy hunting ground for him, and because it’s not an ATP event, there are zero ranking points to be gained and none to defend.

Easy to see why coach Norman would back this decision.

Meanwhile, another popular but less altruistic ATP drawcard, Australian maverick Nick Kyrgios, has also announced his return to competition at the Kooyong Classic Exhibition in 2027, after a one-month cocaine ban.

The ITIA accepted he had used the drug outside official competition at a nightclub in Magaluf, though beaten in round one, in straight sets, two days later at the Mallorca Open by compatriot Adam Walton.

The fact Kyrgios ultimately agreed to undergo rehabilitation, having slumped to No 918 in the world and admitted to suffering depression, contributed to reducing his suspension.

Ironically, it’s more typical to be banned for testing positive for an illegal substance that improves rather than impedes one’s court performance.

However, nothing about Kyrgios is typical, nor is his frivolous disregard for his talent.

As for the existing talent on tour, there are others also taking strain. Former Top 10 Andrey Rublev lost his opening match at the Vienna Open to No 14 American Tommy Paul in straight sets. A surprising result, given Carlos Alcaraz had declared Rublev to be “unplayable” in his practice session with the Russian prior to the tournament.

While Alcaraz might be relieved to see the back of him, this will be the third time in a row Rublev has suffered a first-round loss.

Meanwhile, the Spaniard himself is off to a flying start in the Austrian capital, looking to shake off his premature round three loss to Zizou Bergs in Shanghai. He dismissed another Russian, world No 24 Karen Khachanov, 6-4 7-6 in a match brimming with shots for the highlights reel, from both players.

Alcaraz is intent on keeping his ATP Masters 500 winning streak alive, which he has since his Queens Club Championships triumph last year.

Zverev is also competing in Vienna, where his focus is on at least reaching the quarterfinals, whereby he assumes the No 1 mantle. The German, however, did not look convincing in his opener, narrowly avoiding getting trounced by Spain’s Next Gen Martin Landaluce in a nailbiting three-setter 7-5 3-6 7-6.

Further afield, former world No 1 Daniil Medvedev won the Kazakhstan Open, defeating qualifier Nikoloz Basilashvili. This is Medvedev’s 25th title and the first occasion he has successfully defended one, which should boost his quest to qualify for the ATP Finals in Turin.

The WTA Finals in Indian Wells, kicking off in a week, boasts a more predictable singles lineup: world No 1 Elena Rybakina leads the race after recently lifting her fourth trophy of the season in Ningbo.

Former No 1 Iga Swiatek has been less fortunate, incurring a left thigh injury during the Asian Swing, which seals her withdrawal from the WTA Finals, the first time the Pole will not compete at this elite event since 2019.

The rule provision sees Linda Noskova automatically qualifying, as the reigning Wimbledon champion and both top-seeded Americans, Jessica Pegula and Coco Gauff, have already qualified. The other shoe-in qualifiers are Brisbane champion Aryna Sabalenka, Roland Garros champion Mira Andreeva and Qatar champion Karolina Muchova.

Recently there has been little talk of the teenage world No 19 Alexandra Eala, who shot to fame in reaching the 2025 Miami Open semis as a wild card. However, she is once again making waves and shooting up two places in the rankings by gaining a last-eight berth at the Toray Pan Pacific in Tokyo.

The final Masters 1000 and final opportunity to top up on ranking points unfurl in Paris next week.

Business Day

With operations in more than 50 countries, the group is one of the JSE’s largest ICT services firms. It operates mainly through two divisions, Logicalis and Westcon International, the latter distributing security and networking technology products.

“AI adoption is accelerating investment in IT infrastructure as it expands into the enterprise and the edge of the internet, increasing the need for secure networked environments,” the group said as it reported interim results for the six months to end-August.

CEO Jens Montanana’s company has benefited from this investment with Datatec saying AI infrastructure investment is driving demand for its products and services.

“IT infrastructure is expected to account for a growing proportion of private and public-sector budgets. AI infrastructure investment is supporting growth in hardware and software,” the company said.

“Trading remains robust. The group’s focus is on improving operating leverage, quality of earnings and cash generation, and improving Logicalis Latin America’s financial performance.”

Datatec reported 18% growth in gross invoiced income to $4.835bn compared with the same period last year. Of this, $2.024bn was recognised as revenue, up 13.9%.

Earnings before interest, tax, depreciation and amortisation (ebitda) fell 7.8% to $128.1m, but adjusted ebitda, which excludes restructuring and corporate action costs, rose 16.6% to $150.7m.

HEPS, which strip out the effect of one-off items, rose 1.4% to 22.3 US cents, while underlying earnings per share jumped 56.5% to 30.2 US cents.

The group warned that its performance in the second half “will be impacted by the Westcon International minority investment and refinancing transaction and additional shares in issue as a result of the scrip take-up of the special dividend”.

In June, Datatec, through Westcon International, concluded agreements with General Atlantic’s Atlantic Park Strategic Capital II Designated Activity Company and Atlantic Park Strategic Master Fund III for the refinancing of Westcon International Group Holdings (WIGHL), the intermediate holding company of the Westcon group, and a minority investment in WIGHL.

“We are pleased with the value created from the Westcon refinancing transaction, which returned R7.1bn ($438m) to shareholders,” Montanana said.

“This continues to advance Datatec’s value realisation journey, bringing total returns to shareholders since inception to $1.5bn.”

Montanana has been working to restore value Datatec has lost over the years, much of it in its international operations, which make up the bulk of its business. This has led to a series of corporate actions to slim the group down.

He said the results reflected “the continued excellent performance at Westcon and record results from Logicalis International, with weak operating results in Logicalis Latin America”.

“The quality of earnings improved with continued operating leverage. Strong AI infrastructure demand supports a robust full-year outlook,” he said.

The group declared an interim dividend of 250c, up 42.9% on the previous comparable period.

Datatec’s share price closed 2.02% lower at R59.77 on Thursday.

Business Day

Left unchecked it could cost South Africa its recently regained sovereign credit upgrades, not through macroeconomic weakness but through structural economics of its dominant utility.

In a 1962 paper economists Harvey Averch and Leland Johnson showed that when a regulator allows a monopoly a return exceeding its actual cost of capital it has an incentive to overinvest, expanding its return-generating asset base rather than controlling costs or prioritising maintenance.

Eskom is regulated on exactly this basis: the National Energy Regulator of South Africa (Nersa) allows Eskom a return on its regulated asset base (RAB), recovered through tariffs. Because the RAB determines both the allowed return and depreciation, every major capital programme pushes tariffs higher. Nersa’s allowed return rises from 4% in 2026 to 6% in 2028, with a long-term target of 8%, while Eskom’s actual cost of capital, calculated from its 2026 financial statements, is 0.3%-2.1%.

Building more capacity would make sense if sales were rising. Instead, industry, agriculture and affluent households are cutting consumption or defecting to private generation. Sales fell from about 225TWh in 2013 to about 190TWh in 2025, leaving an increasingly low-usage, low-income residential base and municipalities unable to pay the rising tariffs.

At first glance the Averch–Johnson effect (A-J effect) does not apply. Eskom’s MYPD6 application puts its pretax real cost of capital at 10.8%, well above the 4%-6% Nersa allows for 2026-28. But 10.8% is a notional figure: the cost of borrowing on its own creditworthiness, not what it actually pays.

Eskom’s 2026 audited statements show R361bn of equity, R80bn of shareholder loans and R356bn of debt. Having last paid a dividend in 2008, its equity effectively costs it nothing and that zero-cost tranche keeps growing as debt relief advances are converted into equity, even as Nersa’s allowed return climbs to 6%.

A weighted average of the three gives a nominal cost of capital of 4.1%-4.3%, or 0.3%-2.1% in real terms (assuming inflation remains in the Reserve Bank’s 2%-4% tolerance band). Nersa’s allowed return therefore exceeds Eskom’s actual cost of capital by 1.9-3.7 percentage points from 2026 and the gap will widen each year as the return climbs towards 8%. This is precisely the A-J condition.

State ownership creates rather than blunts this incentive. Zero-cost equity, shareholder loans, Treasury guarantees and development finance debt at rates as low as 0.25% exist because of state ownership, pushing the true cost of capital below its allowed return.

The Treasury’s debt relief conditions bar greenfield generation capex and new borrowing, apparently to 2028/29. But they constrain spending, not preparation, and Eskom has spent the period securing environmental authorisations. This restriction lifts just as the incentive to build peaks.

The latest Integrated Resource Plan (IRP), the government’s roadmap for new generation, finds that the least-cost plan includes no new nuclear, a conclusion confirmed by independent studies such as that of Meridian Economics. Yet, the final IRP was “policy adjusted” to specify 5,200MW of new nuclear.

Eskom’s appetite is larger: it holds an environmental authorisation for up to 4,000MW next to Koeberg and has applied for another for up to 5,200MW at Thyspunt. In 2025 electricity & energy minister Kgosientsho Ramokgopa said South Africa needed nuclear “capacity of at least 10GW to be deemed credible”. A utility pushing for more capacity than national planning calls for is a clear signal of the A-J effect.

Nuclear cost estimates vary widely. Lazard’s 2025 report puts overnight costs (excluding interest) at $8,475-$13,925 per kilowatt, while the US Energy Information Administration estimates $8,255. The UK’s Hinkley Point C cost roughly $20,000 per kilowatt, while proponents claim $5,000 is possible.

The Electric Power Research Institute reports nuclear cost overruns of 1.3-4.6 times. With no recent nuclear construction experience, the Koeberg refurbishment overruns and Medupi and Kusile costing about R306bn against a R150bn budget, South Africa should expect the higher end of this range.

At $8,000/kW and R16.50/$, a 9,200MW build would add R1.2-trillion in generation assets, more than doubling Eskom’s RAB. At Hinkley Point C’s realised cost it would add R3-trillion, quadrupling the RAB.

Major grid upgrades are essential to connect new wind and solar plants, regardless of their effect on the RAB. The A–J effect helps explain Eskom’s fight to retain grid ownership. Its Transmission Development Plan states: “The National Transmission Company South Africa’s capital plan is limited by its balance sheet and its allowable revenue stream.” The required 14,494km of lines, costing R112.5bn over five years, competes for the same revenue envelope as a far larger nuclear programme.

Major grid upgrades are essential to connect new wind and solar plants, regardless of their effect on the RAB. The A–J effect helps explain Eskom’s fight to retain grid ownership.

Eskom remains a major fiscal risk despite an improved financial position. Gross debt fell from R424bn in March 2023 to about R320bn by mid-2026. But the government remains heavily exposed through the debt relief programme and R328bn in guarantees. Eskom accounted for 73.6% of the state’s total guarantee exposure in 2025/26, according to the 2026 Budget Review.

Profitability has relied on tariff increases and debt-to-equity conversion, but its debt and contingent liabilities remain a big sovereign risk. Major grid investment and nuclear ambitions would add to that exposure as national debt service costs rise from R432bn in 2026/27 to a projected R469bn in 2028/29.

None of this requires bad faith at Eskom: the incentive is structural. When the allowed return exceeds what its capital actually costs, expanding the asset base is the rational path to higher revenue. Eskom’s state-underwritten capital costs far less than the return Nersa permits, and the gap widens each year to 2028 as Eskom prepares for nearly twice the nuclear capacity the national plan calls for.

The remedies are unglamorous: remove the grid from Eskom’s balance sheet, subject the nuclear investment to independent least-cost adjudication and give Nersa a prudency test. South Africa regained sovereign credit upgrades through two decades of fiscal discipline. It would be a grim irony to surrender them to a power station whose own modelling was never required.

• Gordon is an independent research economist, and Becker an independent energy analyst.

Another US-set adaptation of Scandi noir, this time from two novels by bestselling Swedish husband-and-wife writing team Alexander and Alexandra Ahndoril, who write under the penname of Lars Kepler.

Created by Rowan Joffé, this tense thriller series sees a stellar cast, led by the grizzly, determined Liev Schreiber, the furious Zazie Beetz and a terrifyingly evil Stephen Graham, face off in a desperate race to uncover the hidden secrets of a serial killer in Philadelphia.

Graham is Jurek Walter, the enigmatic psychopath locked up for a series of brutal killings years earlier; Schreiber is Jonah Lynn, the former cop who put him there; and Beetz is FBI agent Saga, raised by her godfather Jonah after a family tragedy. When a ghost from the past returns to reopen the “Sandman” killings, Jonah and Saga are determined to prove that the imprisoned Walter is still responsible even if he is in permanent solitary confinement.

The Night Logan Woke Up — Mubi.com

Canadian queer cinematic provocateur Xavier Dolan’s 2022 miniseries displays many of the director’s dark, emotional flare and interest in melodrama that place him in a line of filmmakers that include Todd Haynes, Rainer Werner Fassbinder and Douglas Sirk.

As he often does, Dolan directs and stars in a story of past secrets and shame that boil over when a family is forced to confront its traumatic past. In 1991, a shocking tragedy forever changed the residents of a small town in Quebec and haunted the Larouche family with a dark secret. Three decades later the past inevitably begins to return, forcing the family to a fateful reckoning before it’s too late.

SCTV: The Greatest Show You’ve Never Heard Of — Netflix

Canada’s Second City Television sketch comedy show still holds a beloved place in the hearts of those who were part of it and their legions of adoring fellow comics and fans.

Following a recent airing of episodes from the original show, Netflix now offers this documentary that features interviews with surviving members such as Eugene Levy, Martin Short and Rick Moranis and pays loving tribute to fallen fellow pioneering cast members John Candy, Catherine O’Hara and Harold Ramis.

A Couple of Lies — Netflix

The latest entry in the growing list of Netflix series that might best be described as bourgeois Scandi noir, this miniseries is based on a book by Swedish author Stefan Ahnhem, who was a writer of television adaptations of Henning Mankel’s Wallander books before he turned to penning noir himself.

Here his lens focuses on two couples involved in one of those luxury house swaps you see on BBC Lifestyle shows. One is a wealthy Swedish couple in Stockholm, and the other are the residents of a magnificent house in Sicily. Both desperately need some time away to work on their struggling marriages. Things start off promising, but soon each couple discovers disturbing secrets about the other and finds themselves racing to protect their hidden lives at all costs.

Do Not Fear the Dead: Ghosts Among Us — Mubi.com

As Halloween approaches and can finally be dispensed with, this selection of gentler, more ruminative explorations of different attitudes to ghosts from Southeast Asian and German filmmakers offers an alternative to the malevolent ideas of most ghost stories. They offer heartfelt and often humorous takes that show that the dead need not always be feared.

Business Day

Inspired by real events, Primetime follows American television presenter Chris Hansen (Robert Pattinson), whose NBC reality TV series To Catch a Predator became a ratings sensation in 2004-07.

The film is set in 2006. Hansen, working with producer Andie Bender (Merritt Wever), oversees sting operations. In the setup, men are lured into houses believing they are meeting underage children, only to be confronted by Hansen and his cameras.

Among those recruited as TV bait is aspiring actor Dan Plum (Skyler Gisondo), whose involvement offers another perspective on the enterprise. Pattinson’s performance as Hansen carefully reveals the deep insecurity beneath his relentless ambition. Constantly comparing himself with more successful figures, Hansen is consumed by a desire for fame and recognition.

At times Pattinson appears almost reptilian, observing those around him with cold, calculating intensity. Hansen’s commitment to exposing wrongdoing becomes increasingly difficult to separate from his determination to make a name for himself. There is something distinctly predatory about his pursuit of success, troubling the neat division between predator and prey on which To Catch a Predator depends.

Wever is excellent as the harried Bender, whose commitment to the project and qualms about its ethics seem curiously dependent on its success. She treads the line between the pressures of keeping the programme afloat and the ease with which moral reservations give way to professional ambition.

Gisondo is impressive as “Decoy Dan”, bringing a tightly controlled earnestness to an aspiring actor who sees the sting operations as a career opportunity. His vulnerability during the first encounter also exposes reality TV’s potential to cause harm.

Blurring the lines

Oppenheim’s background in documentary filmmaking informs Primetime’s visual approach. The security footage and VHS-style imagery lend the film a rough authenticity that evokes the television of the mid-2000s.

Period details, such as the popular drama Lost as a ratings rival, reinforce this sense of time and place. And the curious appearance of former NBC executive Jeff Zucker as himself, among a cast of actors portraying real-life figures, further blurs the distinction between fiction and documentary.

The surveillance footage also places viewers in the uncomfortable position of watching the sting operations unfold, making us participants in the spectacle of exposure. To Catch a Predator effectively appointed itself judge and jury, voyeuristically subjecting suspected sexual predators to public humiliation in the name of protecting children.

Oppenheim explores the uneasy morality of an enterprise whose targets draw hatred and anger even as its methods invite scrutiny. By drawing us into these encounters, he raises questions about our own responsibility as viewers. We are, after all, consuming the very entertainment whose ethics the film calls into question.

It has been a remarkable year for Oppenheim, whose Elizabeth Holmes documentary You Can See Everything, co-directed with Nathan Fielder, has become an unlikely US box-office hit. The film took more than $45m in its first 10 days. Both films suggest a fascination with controversial public figures and the uncomfortable questions surrounding their pursuit of success.

In Primetime, this produces a seedy, unsettling portrait of ambition, anchored by excellent performances and a distinctive visual approach. Its interest in the people behind the cameras extends to those watching, implicating the audience in the spectacle it depicts.

The film leaves us to consider how easily the pursuit of justice can become a form of exploitation and what responsibility we bear for the entertainment we consume.

• This article appeared first on The Conversation.

The writer, Laura O’Flanagan, is a PhD candidate in the school of English at Dublin City University.

Neither man is on the ballot, but Republican President Donald Trump and Democratic former president Barack Obama took prominent roles on the campaign trail on Wednesday, with less than a week to go before congressional races that could shift the balance of power in Washington.

While Trump has been on a weeks-long blitz that has underlined Republican concerns about losing control of Congress for the final two years of his presidency, Obama had kept a relatively low public profile until the past week, during which he has delivered blistering speeches criticising Trump.

Thirty-five of the 100 Senate seats and all 435 seats in the House of Representatives are being contested next Tuesday. Nonpartisan analysts generally favour the Democrats’ chances of capturing a majority in the House, with the contest for the Senate seen as very close.

On Wednesday, Obama appeared in Morrow, Georgia, near Atlanta, where he urged voters to support Democratic senator Jon Ossoff, who faces a challenge from Representative Mike Collins, a Republican.

While delivering the standard Democratic critique of Trump for imposing tariffs and going to war in Iran, Obama also said America’s values were on the ballot, as he recalled the vision of slain civil rights leader Martin Luther King Jnr, who is buried in Atlanta.

“There is a moral component to the choices we face right now,” Obama said. “We are not going to fix the system that’s broken; we’re not going to unrig our economy, so long as we’ve got a culture where anything goes, where people in the highest offices of the land think it’s OK to lie and cheat and bully, if we continue to have a culture where money is deemed the only measure of our worth.”

Trump’s public approval rating has fallen to a near record low, with Americans increasingly sour on the high cost of living and the Iran war, but he remains an animating force in the party and has campaigned hard to increase Republican turnout.

Americans have been voting for weeks, with 40-million ballots already cast, according to the University of Florida’s Election Lab. A total of 45.9-million Americans voted early in the last midterm elections in 2022.

Addressing a rally inside a modest college gymnasium in the Ohio town of Chillicothe, the president appeared with Senator Jon Husted of Ohio as he faces a challenge from Democratic former Senator Sherrod Brown.

Trump attacked Brown for supporting immigration policies the president said had overwhelmed Springfield, Ohio, with Haitian migrants. “The town went to hell,” he said.

Trump spread false claims during the 2024 presidential campaign that Haitian immigrants in Springfield were eating cats and dogs, allegations local officials repeatedly said were untrue.

Trump faces protesters

Enthusiastic crowds have cheered Trump at rallies throughout the campaign, but hundreds of protesters lined his motorcade route in rural Chillicothe, raising banners that read, “Republican against Trump”, “Grab them by the ballot” and “GOP: Guardians of paedophiles”.

During the rally, protesters interrupted Trump several times, including at least one who shouted about deceased convicted sex offender Jeffrey Epstein.

“I threw Jeffrey Epstein the hell out of Mar-a-Lago,” Trump said in response.

Trump and Epstein socialised in the 1990s and early 2000s, but Trump has said they later had a falling out and that he barred Epstein from Mar-a-Lago, Trump’s private club in Palm Beach, Florida.

Justice department releases from the Epstein files have included references to Trump, as well as many other prominent figures. The department has cautioned that some materials contain allegations that were unverified or uncorroborated.

Protesters have interrupted Trump at virtually all his recent rallies. He typically accuses them of being paid protesters as they are carted off by security.

In Cleveland on Saturday, Obama poked fun at Trump’s taste in interior decorating, saying, “He’s got the White House looking like Saddam Hussein opened a Cheesecake Factory,” referring to a chain of casual dining restaurants.

Trump defended his White House decor and said Obama left the property deteriorated.

“The White House, I think, is the number one symbol of our country, and we can’t have a White House with broken windows, with broken stone that hasn’t been painted in 30 years,” Trump said in Ohio.

Tight races

Democrats will need to pick up seats in traditionally Republican-leaning states such as Ohio, Iowa or Alaska to overcome the current 53-47 Republican majority in the Senate.

The New York Times reported that aides to Mary Peltola, the Senate Democratic nominee in Alaska, worked with the campaign’s lawyers and senior staff at Senate Democrats’ campaign arm to recruit two candidates who are on the ballot and could syphon votes from incumbent Republican Senator Dan Sullivan.

Representatives for Peltola did not immediately respond to requests for comment.

“Mary Peltola should resign from the race. I think she should be criminally prosecuted for what she did,” Trump told reporters before departing for Ohio.

In Michigan, where Republican Mike Rogers and Democrat Abdul El-Sayed are locked in a tight race for the Senate seat being vacated by Democratic senator Gary Peters, both campaigns are relying on high-profile allies to energise supporters and boost turnout.

Rogers spent the day campaigning with Senator Ted Cruz of Texas on a four-stop bus tour culminating in Imlay City, a small community northeast of Detroit.

El-Sayed, meanwhile, was scheduled to join Peters and fellow Michigan Senator Elissa Slotkin for an evening canvassing rally in Downriver, southwest of Detroit.

Reuters

Thirty-two years after the structural dismantling of single-party tyranny in 1994, South African local governance remains severely compromised by the lingering myth of the majoritarian “silver bullet” — the flawed proposition that conferring absolute power on a single political machine yields administrative efficacy.

Absolute majorities do not produce institutional excellence; they produce structural hubris, executive impunity and compounding decay. Single-party dominance inevitably fosters an environment in which municipal decisions are insulated from scrutiny, decisions are taken by solitary central committees, and public administration degenerates into self-serving cartels.

Democratic governance is not an episodic ritual conducted once every five years; it requires continuous, unyielding oversight. Coalition governments are a fundamentally better, far more effective, outcome in an evolved democratic environment.

Multiparty administrations dismantle the centralised dominance of single-party regimes, establishing continuous, daily institutional checks and balances. True democratic maturity relies on structural circuit-breakers — governance partners willing to enforce statutory compliance, fiscal discipline and uncompromising public service.

However, the efficacy of an evolved coalition framework relies entirely on the systematic elimination of political entities that are unfit for public stewardship.

Electorates must not empower political machines that place communities in jeopardy: the practitioners of graft, the architects of compounding municipal tariffs, those who surreptitiously preserve the spatial geography of apartheid, and parties built explicitly to serve narrow identity politics or big-money donors at the expense of the collective good.

Once those entities incapable of constitutional fidelity are eliminated, the criteria for governance readiness must turn on democratic humility. Votes must not be squandered on the majoritarian arrogant — mayoral candidates who openly threaten to abandon council seats if denied absolute rule or who sneer at smaller voter blocs as irrelevant.

No single-party messiah is coming to salvage South African local government. The evolution of our democracy demands that the unbridled hubris and structural entitlements of the majority-demanded mindset power gluttons are starved of legitimacy, replacing autocratic majoritarianism with rational, accountable and rigorous coalition governance.

Ike Boss

The Boss Group

SA’s relative decline set to continue as technology forges ahead

Anthony Butler may be well-intentioned, but who is he kidding? (“Cajoling reluctant voters will not help, so what will?”, October 29).

At two critical points in South African history — 1960, when Harold Macmillan spoke of the winds of change, and in 1994 when the transition came — the opportunity presented itself for the country to form a reasonably constituted federation.

On the first occasion the arrogance of Hendrik Verwoerd caused him to reject any reasonable assessment of where Africa was going. On the second, the hubris of the ANC, emerging from a bush war, led it to the improbable belief that it could dispose of all the institutional knowledge in Africa’s most sophisticated economy and govern.

The physical and institutional ruination is visible to all. The country now faces a period of long-term decline, with vast swathes of the populace disillusioned and some hopeless.

With rapidly accelerating technology in advanced countries, the relative decline in South Africa will continue. No immediate solution presents itself, but sensible people who can should be taking stock.

Errol Price

Via Business Day online

Technocrats who once led thriving municipalities have been sidelined

Peter Bruce’s most recent column refers (“Well-run cities and towns should be rewarded”, October 29).

Back in the day (when municipalities were localised communities, not merged into metros) the mayor and councillors were not paid, apart from reimbursement for expenses incurred in carrying out their duties.

Only municipal managers and municipal employees (the people who actually did the work) were paid. Party politics was never apparent — mayors and councillors were volunteers who just wanted to make a difference in their communities.

It worked really well. Municipal managers and employees were technocrats and largely apolitical. This all unravelled when the ANC changed the municipal demarcations to form the megametros we know today, though as I recall it was the National Party that introduced the first paid mayor before 1994.

Now, as with all state, provincial and municipal governance, leadership has come under the control of “professional” party politicians who essentially look after themselves and their connections and have little interest in the communities they are supposed to serve.

Hence the lack of interest by voters (the “community”). Municipal leadership should not be about political contestation but about supplying the services needed by the communities they serve.

It is ludicrous to think that there could soon be an MK politician as mayor of eThekwini, responsible for delivering services to the suburb I live in. It’s just never going to work, whichever way one looks at it.

Ian Ferguson

Via Business Day online

JOIN THE DISCUSSION: Send us an email with your comments to letters@businessday.co.za. Letters of more than 200 words may be edited for length. Anonymous correspondence will not be published. Writers should include a daytime telephone number.

Business Day