Investec Focus Radio SA

The US economy continues to grow, thanks to ongoing investment into AI, and despite federal government indebtedness and higher inflation because of rising fuel prices. One area where the strain is showing though, says Global Chief Investment Officer Chris Holdsworth, is in the housing market, where mortgage rates are climbing and applications are falling. Should weaker house prices follow, this will be a headwind for consumer spending. Investec Focus Radio SA

AI investment is supporting growth, but its wider benefits remain uneven. Where will global capital go next, and what will businesses pay to access it?

In this special edition of No Ordinary Wednesday, Cumesh Moodliar, CEO of Investec South Africa, and Andrew Lillywhite, head of bank funding group at Investec UK, share first-hand insights from their time at the 2026 IMF and World Bank meetings in Bangkok. Drawing on conversations at the meetings, they examine the forces shaping global investment. They also identify signals that could support investment, from more stable long-term interest rates to the potential impact of a stronger South African credit rating. Investec Focus Radio SA

The war in the Middle East continues to weigh on markets and the economy, with second round effects showing up in US inflation numbers, notes Investment Strategist at Investec Investment Management Osagyefo Mazwai. The tech sector was the biggest loser in the days following the US inflation print. Investec Focus Radio SA

The global economy is proving resilient, and company earnings remain healthy. Even so, Investec’s Global Investment Strategy Group has maintained a risk score of zero, reflecting a measured approach to portfolio positioning. The findings are published in the quarterly Global Investment View.

On No Ordinary Wednesday, Chris Holdsworth, Investec Investment Management’s Global Chief Investment Officer, joins Jeremy Maggs to explain the thinking behind the decision. Investec Focus Radio SA

The AI story has been great for investors so far, but it may be making the Fed feel uncomfortable. AI investment is helping to fuel growth and inflation, potentially forcing the Fed to maintain a tighter policy stance – even though, says Global Chief Investment Officer Chris Holdsworth, the sectors most likely to bear the burden of higher rates are those contributing the least to inflationary pressures. Investec Focus Radio SA

Stronger revenue offers an opportunity to reduce borrowing. Will spending pressures limit the gains?

Ahead of the 2026 Medium-Term Budget Policy Statement (MTBPS), Investec’s Annabel Bishop and Tertia Jacobs to examine the choices facing National Treasury.

Higher precious metals prices offer the prospect of better-than-budgeted tax revenue. But weaker growth, inflation pressure and higher borrowing costs complicate the outlook. How Treasury uses any additional revenue will matter for debt sustainability and investor confidence.

In this episode of No Ordinary Wednesday, our economists discuss spending discipline, the proposed fiscal anchor and why rising bond yields do not necessarily signal weaker confidence in South Africa. 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