BizNews Radio

Over the past year, the BizNews tribe has been introduced to some inspirational 'Kasipreneurs courtesy of SA's informal sector guru, GG Alcock. In this interview, we meet the man behind Lebzcafe', whose iKoffie brand is enjoying serious traction after he won the recent Amstel Entrepreneur competition. In this uplifting discussion, Lebohang Nyandeni shares his background, learnings and ambitions, with GG chipping in on what we can all learn from stories like Lebo's, explaining what impressed him - and the judges. - Alec Hogg

The civil rights movement of Solly Moeng, The United South Africa Movement (TUSAM), is gaining support from across the world. One of the speakers at the upcoming People's Summit for a People's Charter will be an ex-South African executive assistant Carmel Foster, who has lived in the United States (US) for almost two decades. Foster is credited for getting a law passed that validates and dignifies workers' rights after she lobbied extensively following her own experiences as a domestic worker. Foster, who has authored The Awakening based on her experiences, stresses the importance of “being able to have the guts to get up and say, I want change”. Foster, who is excited to collaborate with TUSAM says: “I feel a deep responsibility to give back and share the knowledge and experiences I've gained while residing in one of the world's superpowers…Together we can work on enhancing digital infrastructure to create employment opportunities and drive social economic development.” - Chris Steyn

The World Economic Forum predicts that 23% of global jobs will change in the next five years due to industry transformation through artificial intelligence (AI), text, image, and voice processing technologies. In its Future of Jobs 2023 report, the WEF says that the integration of large language models (LLMs) and AI will present a paradigm shift. While this could lead to significant productivity gains, there is the risk of job displacement and it could exacerbate socioeconomic disparities, which is of particular concern in South Africa. While there is generally a skills shortage in South Africa, AI is undoubtedly going to have a profound impact on the workforce. So, how should we mitigate the risk of AI? In an interview with Biznews, Anne Rutledge, the Executive Director of Talent Solutions at Resourgenix, said that South African companies are not fully ready for the AI revolution. Rutledge said that companies should take baby steps in the adoption of AI and should not automate everything at once. They should also be mindful of security risks in using AI tools. Rutledge warned against using tools like ChatGPT for CV writing and said that it should only be used as a guideline.. Rutledge also has advice on how the unemployed can gain AI skills and lists the functions that are in danger of being taken over by AI, and the jobs and skills that will remain in demand. In South Africa, she says, there is a scarcity of top talent and that AI will never replace the human touch.

Central banks are meeting worldwide; the United States kept interest rates on hold, while the United Kingdom raised them by 25 basis points. Governor Lesetja Kganyago kept rates steady in South Africa while our Turkish counterparts got a five percentage point increase. But what does this all mean for investors and, more importantly, Fantasy Fund Managers? Join host Stuart Lowman from BizNews as he explores week 21 insights in the Fantasy Fund Manager podcast with guests making sense of it: David Bacher and Garreth Montana from Corion Capital. There's also a discussion on a Bob-less Naspers and the rally in retailers. 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.

Today’s ‘results interview’ with South African super entrepreneur Discovery co-founder Adrian Gore goes well beyond a recap on solid financials for the year to the end of June. Discovery’s now widely mimicked ‘shared value’ business model has delivered superb returns for a group which has substantial businesses in SA and the UK, plus an enviable list of big-name partners whose operations circle the world. But Gore reckons if he were to do it all again, he’d be even more committed to the group’s revolutionary concept where customers are directly rewarded for making positive behavioural changes. And he’d have been more confident when negotiating those deals with global giants. In the interview, he also addresses localised criticism of South African Big Business’s apparent support of the political status quo, quantifies the cost of COVID claims - and provides feedback on revolutionary Discovery Green that’s bringing some of SA’s biggest electricity consumers together to invest in large-scale renewable energy projects. - Alec Hogg

The motives behind Public Enterprises Minister Pravin Gordhan’s rejection of the ESKOM board’s recommendation for a new CEO have been questioned. Ghaleb Cachalia, the Democratic Alliance’s (DA’s) Shadow Minister of Public Enterprises says that the Minister seems to be looking for somebody who meets his “specifications” rather than those of the board. Cachalia points out that representatives on the ESKOM board were “vetted and appointed” by the Minister himself. “These are people whom he trusts. The chairman of the board is an old acolyte of the minister. He has put him in places in the past all over the show to do business on his behalf. He's put him now in a very important position, but he doesn't value what he says. We need to know why.” Cachalia notes that the job of ESKOM CEO is a “hospital pass of note” - and that the struggling power supplier's new boss would need “nerves of steel” to be able to stand up to political interference. - Chris Steyn

With data going back to 1975, the Fraser Institute’s Economic Freedom Index provides empirical evidence of the direct correlation between the prosperity of countries and how much choice citizens have in how they may apply their energy and their money. This is reaffirmed in the just-released 2023 Index, which showed the ANC’s socialist economic policies continue to hurt the nation’s ranking on the Gold Medal of such indices - SA is down from 32nd at the turn of the century to 94th this year. Neil Emerick of the Free Market Foundation has been analysing the report for decades. He reckons it is the perfect template for Moonshot Pact political parties that can apply the data to develop a platform to campaign job-creating policies. Something which holds the key to winning the 2024 National Election. - Alec Hogg

The Maharishi Invincibility Institute, a non-profit and self-development organisation, recently made headlines when Anglo American announced that it would donate its 45 Main Street building in downtown Johannesburg to the institute. The building is estimated to be worth R100 million. The donation will support youth development and Johannesburg's urban renewal efforts. In an interview with Biznews, Dr. Taddy Blecher, CEO of the institute, shared his ambitious plans to turn the CBD into an Education Town. It would be a Herculean task. Derelict buildings vacated by big businesses are scattered throughout the city and have become symbols of Johannesburg's decline—a city that was once the vibrant heart of South Africa's economy. A recent fire in a hijacked building claimed the lives of 70 people. Dr. Blecher said he is not prepared to say it is too hard. He sees Washington's urban renewal, where a successful education institution changed a whole precinct, as an example that he would like to follow. The former actuarial scientist also draws inspiration from the remarkable success stories of his students from underprivileged backgrounds, and he boldly challenged Biznews to return in five years to witness the remarkable progress first-hand.

The battle to remove South Africa’s Public Protector, Advocate Busisiwe Mkhwebane, took four years and consumed more than R160 million of taxpayers' money, with her legal defence bent on dragging out the case and delaying her removal, employing every unethical and ethical legal tactic to avoid being held accountable. This tactic, known as the Stalingrad defence, has also been repeatedly employed by former President Jacob Zuma’s legal team to evade accountability. However, recently, this type of litigation suffered significant blows: President Zuma lost his private prosecution case against Advocate Billy Downer, and News24 journalist Karyn Maughan, and Advocate Mkhwebane was finally removed from her position as Public Protector. In an interview with Biznews, Constitutional law lecturer Pierre de Vos said that the Stalingrad defence strategy raises broader questions about South Africa’s legal system and the need for reforms to prevent the abuse of procedural rules in court cases. De Vos added that this tactic is not limited to the political field; it is a broader problem in the private sector where big companies and individuals with deep pockets undermine justice. Nevertheless, De Vos expressed optimism noting a shift in South African courts’ approach, indicating growing resistance against the Stalingrad defence. He said in recent court cases lawyers have been ordered to cover the cost of delays.

The most authentic voice of South Africa’s organised business comes from local chambers of commerce, whose membership has a high proportion of entrepreneurs and owner-managers because they rely less on government business than often too-beholden corporates. So, to really know what SA Business is thinking, there’s nobody better to listen to than Melanie Veness, who chairs the association of all SA’s chambers. She is no stranger to talking truth to power. As the long-serving CEO of the Pietermaritzburg and KZN Midlands chamber, Veness has taken on many controversial challenges, including during the July 2021 Riots when she was the voice of those hardest hit by the destruction. She is at her most feisty while explaining why businesses have ‘had it’ with Transnet, a once-efficient operation destroyed by being stuffed with incompetent and often arrogant ANC deployed cadres. Veness demands decisive action from Transnet management’s ultimate boss, Public Enterprises Minister Pravin Gordhan. Here’s why. - Alec Hogg