BizNews Radio

Israel has declared war on Hamas after the worst terror attack in its history. In an interview with BizNews, it’s ambassador in South Africa, Eli Belotserovsky, describes how-  under a barrage of missiles - armed bands of terrorists penetrated Israel through tunnels, in boats and by paragliders. More than 700 people have died and over 2 000 wounded, while an estimated 150 have been taken to the Gaza Strip as hostages. The ambassador says Israel will destroy terrorist infrastructure that has been developed in Gaza Strip by Hamas. Meanwhile, he is sure there will be a “thorough investigation” into why the Israeli military and its intelligence services were caught off guard. - Chris Steyn

When discussing clean energy solutions, wind and solar often steal the spotlight. However, there's another potential source of energy that's worth exploring—wave energy. Some scientists believe that, if fully harnessed, wave energy could theoretically meet the world's electricity needs. However, technologies needed to harness wave energy are still in the developmental stages. In South Africa where we are surrounded by two vast oceans, a tech company called Impact-Free Water is working on a solution to produce electricity from waves and their solution could also provide fresh water. In an interview with Biznews, The Founder and CEO of Impact-Free Water, Simon Wijberg said his company aims to compete with other renewable sources in terms of cost but has the added benefit of providing energy 24/7 and there is a reduced need for storage. He and the Business Director of the company, Anton Berkovitz highlighted the challenges of limited funding available in South Africa for wave energy solutions and said it forced them to develop smaller units which turned out to be beneficial as it is easier to scale and made their system more commercially viable.– Linda van Tilburg

Join Stuart Lowman on the Fantasy Fund Manager podcast, navigating the thrilling journey through a 27-week investment competition. In this episode, delve into insightful discussions with financial experts Garreth Montano and Simon Du Plooy from Corion Capital, exploring market dynamics, investment strategies, and the impact of global economic shifts on local and international investments. Celebrate the winners, explore the market's highs and lows, and glean valuable insights into making strategic investment decisions in a fluctuating economic landscape. Remember, each dawn of Monday is your chance to pitch your winning stocks. With enticing prizes awaiting, the game is on. Rally your comrades and head to www.fantasyfundmanager.co.za to register—big thanks to our platinum sponsors, Sharenet, Terebinth Capital, ClucasGray Asset Management, and MoneyBetter. And mark your calendars: Subscribe now to our podcast to keep up with every episode.

Long-time property developer Francois Nortje has a vested interest in the country re-establishing its once-efficient logistics network. Then again, given its massive on the national treasury, so do all South Africans. However, we’re observing that the SACP/ANC government seems to misunderstand that simply firing the cadres it deployed at Transnet is not its silver bullet. In this interview with BizNews editor Alec Hogg, Nortje explains why Public Enterprises Minister Pravin Gordhan, at 74, is a significant part of the problem. There’s no disputing Gordhan’s massive contribution to the nation through his successful turnaround of SARS and steadfast resistance to the Zuptas. However, when it comes to managing an enterprise — be it public or private, Eskom, Transnet, or SAA — a communist, no matter how smart or well-intentioned, is operating far outside their circle of competence. The evidence suggests the only lasting solution to the ongoing Transnet disaster lies in a radical transformation of ANC leadership’s thinking, not in doubling down on the long-failed fantasy of a “Developmental State.” Given its track record, this approach, to paraphrase Albert Einstein, is insanity.

After the steep climbs in interest rates, we could finally be approaching the peak. That is according to Mark Perchtold, the founding director of OMBA Advisory and Investments. This perspective comes on the heels of remarks from prominent figures in finance. Bank of England Governor Ben Broadbent said it was an open question whether interest rates in the UK would continue to rise. At the same time, Jamie Dimon, the CEO of JP Morgan Chase, issued a stark warning to Wall Street, suggesting that the Federal Reserve might not be finished with its aggressive interest rate hike campaign in the battle against elevated inflation. During an interview with Biznews, Perchtold said, fortunately, inflation is trending downward, which could pave the way for central banks to announce rate cuts in the future. However, he cautioned that on the flip side of the coin, such rate cuts could potentially trigger a recession in developed countries. Despite ongoing geopolitical tensions, Perchtold remains bullish on China. He said China trades cheaply, and the bad news has been priced in."They have stopped making big policy changes and are supportive of platform business," he says. One of the changes that OMBA has made to its portfolios is moving some of its S&P 500 allocations into the S&P 500 Equal Weight Index.

This is the message Chris Pappas, the Democratic Alliance’s (DA’s) candidate for Premier in KwaZulu-Natal, has for those who have accused him of nepotism. He speaks to BizNews after the Public Protector and the Speaker of the uMngeni municipality were both asked to investigate him. Pappas says the Speaker already investigated a couple of months ago - and stresses that he has nothing to hide. He also confirms that he has received “lots of threats”, but is full of courage. “When you're a threat, and when there's money involved, and when there's power and positions involved, and you do not have law and order, and the criminal justice system is largely dysfunctional, and the value for life and moral engagement, has deteriorated to where it is, then you do have the situation that I'm sitting in at the moment. But you also can't let that deter you.” Pappas also talks about the latest polling data; lists his priorities after next year’s election; and details the actions taken over the last 23 months to turn his municipality into what DA leader John Steenhuisen described as a “a shining beacon on the hill while the rest of KZN lies in ruin.” - Chris Steyn

When GT Ferreira, Laurie Dippenaar, and Paul Harris founded the FirstRand group in 1998, they were determined to disrupt South Africa’s then-stagnant banking industry. Now worth R350bn, their venture is now second only to Naspers among listed South African companies - and is comfortably the most valuable financial services group in Africa. FirstRand’s disruptive ways continued this week when chartered accountant Mary Vilakazi, an erstwhile gifted child from Alexandria township, was named CEO to succeed the retiring Alan Pullinger. Vilakazi, 46, who has served as the group’s COO for the past five years, will break new ground when she takes over in April by becoming the first black woman to lead a major financial services group in South Africa. In this episode of UNDICTATED, BizNews editor Alec Hogg hears the journey of this quiet iconoclast from poverty into becoming the occupant of one of the country’s most prestigious corner offices - and explores how FirstRand might evolve under her leadership.

Twelve out of thirteen big businesses turned down requests from Parliament to provide sponsorship to the ninth BRICS Parliamentary Forum held in Johannesburg last week. “It is absolutely outrageous that the incumbent government still thinks that it's appropriate to be hosting these lavish talk shops that essentially disincentivise our Western partners from investing in this country - and we see that now having a direct impact on what corporate South Africa is willing to associate themselves with,” says Emma Louise Powell, the Democratic Alliance’s (DA’s) Shadow Minister of International Relations and Co-operations. It has also emerged that the Government spent over R75 million to deploy more than 5 000 cops to the fifteenth annual BRICS Summit in August. “…all of these foreign delegations…bring with them their own security contingent. So essentially these more than 5,000 police officers were deployed to keep our ANC…safe while people across South Africa continue to deal with rampant violence, rising crime rates and a scourge of crime that doesn't seem to be abating anytime soon,” says Powell. She also describes the “notable disinterest” from BRICS member states in the “shambolic” forum that “achieved altogether absolutely nothing”. - Chris Steyn

The UK has recently implemented significant changes in visa requirements and fees, including the possibility of a substantial increase in the immigration health surcharge (IHS). These changes are part of the efforts of the UK government to ease the burden on its National Health. The Director of Breytenbach Immigration Consultants, JP Breytenbach, told Biznews that South Africans aspiring to apply for a UK visa should be prepared for higher costs and careful planning. While the changes may appear daunting, various immigration options remain available, especially for skilled workers. The UK, he said, is still pro-immigration, even though it wouldn't always look that way.

In this episode of UNDICTATED, BizNews editor Alec Hogg sits down with Wayne Duvenage, CEO of the Organisation Undoing Tax Abuse, to discuss the arrest and legal troubles of Dudu Myeni — a close associate of Jacob Zuma and the former chairperson of South African Airways (SAA). Myeni, who was arrested near her Richards Bay home on Friday, faces corruption charges related to her involvement with BOSASA, a company infamous for public sector bribery. OUTA and the SAA Pilot’s Association fought a long court battle with Myeni, ending in a 2020 judgement that declared her a delinquent director, marking the beginning of her decline from affluence to infamy.