Investec Focus Radio SA

There’s been an almost universal rise in bond yields around the world over the past few months. According to Global Chief Investment Officer Chris Holdsworth, developed markets have seen the biggest rises, with France one of the hardest hit, as it grapples with a worsening fiscal situation. Investec Focus Radio SA

The US economy is running hot, with the latest indicators pointing to 5% GDP growth, ahead of market forecasts for third-quarter growth of 2.8%. This comes despite high oil prices and rising inflation and has implications for the US dollar and the prospects of the US being able to grow out of its debt problem. Investec Focus Radio SA

South Africa’s digital infrastructure is expanding rapidly, from data centres and fibre networks to satellites. But can the country provide the power, capital and regulatory certainty needed to turn digital investment into lasting growth?

On No Ordinary Wednesday, Jeremy Maggs speaks to Investec CIB’s Louise Pillay, a telecoms and media analyst, and David Abbey, a leveraged finance specialist, about what is driving demand, where the risk of overbuilding lies and what it will take to connect more of the country.

Chapters:

00:00 - Digital infrastructure as a growth engine

01:58 - How digital infrastructure has evolved

03:17 - Coverage versus digital inclusion

04:54 - What is driving demand for data centres and AI infrastructure?

06:08 - Is there a risk of overbuilding?

07:34 - Is grid access the bigger constraint for data centres?

08:45 - Power, water and social licence

10:53 - What makes a digital infrastructure project financeable?

12:04 - Can new rules speed up fibre rollout?

13:34 - Satellite versus fibre and mobile

14:47 - Does satellite change the economics of rural connectivity?

15:42 - How should policymakers regulate competing technologies?

16:38 - Who will fund the next phase of broadband build-out?

17:30 - What could change the outlook for the sector? Investec Focus Radio SA

In conversation with Head of Investec Equity Research Nkateko Mathonsi, former Gold Fields CEO Chris Griffith reflects on the high-stakes decisions that shaped his mining career, from investing through downturns to balancing business survival with its human cost.

In this episode:

00:00: Introduction

01:08: A $1bn ambition for Africa

02:28: From miner to CEO

05:31: Defending mining rights and the rule of law

13:43: The human cost of restructuring

20:48: Yamana: A question of timing

25:07: Balancing growth and shareholder returns

27:38: The people behind an illustrious career

29:42: Doing right when it matters

30:10: Quick-fire questions

30:33: Outro Investec Focus Radio SA

The Fed hiked rates last week amid resilient economic growth and higher inflation, much of it due to higher fuel prices at the pump, while the Bank of Japan also increased borrowing costs, with more likely to come. South Africa’s Reserve Bank is likely to follow suit this week, as inflation expectations remain elevated. Investec Focus Radio SA

Gains by Houthi rebels in recent days have placed further upward pressure on oil prices, with benchmark rates up about 3% on Monday morning, while bond yields have risen since the start of the war. Against this backdrop, the Fed meets this week to decide on interest rates, and, according to Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, many economists are expecting a hike. Investec Focus Radio SA

Oil, bond yields and inflation are sending a more cautious signal on the global outlook.

Growth has held up better than expected. But energy markets remain tight, long-term borrowing costs are rising, and central banks are weighing the risk of another inflation shock.

In the latest No Ordinary Wednesday, Ellie Henderson and Callum Macpherson of Investec UK discuss what the oil market, sovereign bonds and economic data are telling us now.

They also explore what this means for interest rates, corporate investment and the risks facing South Africa. Investec Focus Radio SA

Crude oil prices have risen over 20% in the last month, and this problem seems unlikely to be resolved quickly: prediction markets put only a 30% likelihood of normal flows through the Strait of Hormuz by December. Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management says with services inflation pressures also rising, and jobs numbers looking stronger, markets are pointing to rate hikes by the Fed. Investec Focus Radio SA

New Fed chief Kevin Warsh delivered a hawkish speech at the Jackson Hole symposium of central bankers on Friday, leading to a stronger US dollar and increased expectations of rate hikes this year and next year. Investec Investment Management’s Investment Strategist Osagyefo Mazwai examines what this means for the US economy, as well as emerging market currencies like the rand. Investec Focus Radio SA

South Africa’s growth challenge is shifting from reform to delivery. Tourism is part of that test.

International arrivals rose 12.3% in the first half of 2026. And phase III of the government-business Partnership now puts the sector firmly on the growth agenda, with a focus on air access, visas, safety and infrastructure.

On No Ordinary Wednesday, Jeremy Maggs and Investec economist Lara Hodes examine what it will take to turn that momentum into investment, jobs and sustained growth.

Read more on www.investec.com/now Investec Focus Radio SA