Investec Focus Radio SA

Global growth is on the rise again, while the US has seen upgrades to its growth forecasts, despite the ongoing shutdown. But while the US seems in good shape, says Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International, there are early signs of softness in China, based on import numbers and high frequency data. Investec Focus Radio SA

South Africa’s economic story is balancing between risk and resolve, discipline and delivery. As the country prepares for its first Mid-Term Budget Policy Statement (MTBPS) under a coalition government, National Treasury faces a difficult equation: stabilise debt, restore credibility and still find space for growth. In this episode of No Ordinary Wednesday, Jeremy Maggs is joined by Investec’s Annabel Bishop, Tertia Jacobs, and Osa Mazwai to unpack the policy choices shaping the 2025 mini budget. Listen here or watch the discussion on Investec’s YouTube channel. [Add link when live] We explore: • Why fiscal consolidation remains the cornerstone of market confidence • How a commodity windfall and better tax receipts are buying Treasury time • The debate over lowering the inflation target and what it means for growth • And whether South Africa’s improving structural reforms can finally lift potential GDP Podcast key moments: 00:00 – Introduction 02:51 – What’s behind the debt-to-GDP ratio divergence? 05:03 – How closely are markets watching South Africa’s debt challenges? 06:40 – How does the debt trajectory intersect with SA’s long-term growth prospects? 08:28 – Inflation targeting expectations 09:35 – Would a lower inflation target risk dampening nominal GDP? 11:36 – Revenue vs spending 13:36 – Searching for a new fiscal anchor 15:21 – Is SA on the path to fiscal consolidation? 17:12 – What’s driving the government bond rally? 18:16 – Progress on structural reforms 20:44 – To what extent is the fiscal story intertwined with commodity cycles? 22:13 – What rating agencies are looking for 24:30 – How the mini budget could influence the MPC’s tone on interest rates 25:57 – What would success look like for the 2025 MTBPS? Read more on www.investec.com/now Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business, and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business. Investec Focus Radio SA

Are you concerned about keeping your children safe online in an age where screens are everywhere? In this episode of Everything Counts, host Motheo Khoaripe sits down with Emma Sadleir Berkovitz, founder of the Digital Law Company and Africa's leading authority on social media law and digital risk, and Ndivhuwo Mulaudzi, a cybersecurity awareness training specialist at Investec. Together, they unpack the realities of cyberbullying, online predators and managing children’s online behaviour in today’s digital world. From understanding the risks of social media, implementing parental control tools, teaching online safety and digital hygiene, to identifying the warning signs of online grooming, this conversation is a complete guide for parents, educators and guardians looking to keep children safe online. Learn practical strategies to balance screen time, encourage open communication, use parental control apps and educate children about internet dangers. Whether your child is just starting to go online or is already active on social media, this episode equips you with the knowledge, tools and confidence to navigate the digital world safely. Stay informed, stay prepared and make sure your children enjoy the internet while staying protected from online risks. 00:00 Introduction 01:30 Children are online from an early age: Should parents be worried? 02:30 Parental control and monitoring for kids online 04:00 Basic digital hygiene for kids: Online safety practices for families 05:45 Digital literacy and open communication is key to keeping children safe online 07:00 Parental advisory on online games 08:30 Understanding the online risks for children: Cyberbullying and online predators 10:00 Teaching online privacy: How to prepare your child for internet safety 11:50 The legal risks of sharing photos online 13:30 Emotional impact of cyberbullying and online extortion 15:30 How can parents reduce internet risks for their children? 16:20 How parental control tools can help to keep kids safe on the internet 18:15 Best parental control apps explained 21:30 Top online safety tips for parents 24:10 Warning signs for parents to look out for 27:14 Conclusion Investec Focus Radio SA

Japanese and emerging market equities led the way in October, returning 12% and 4% respectively, helping to lift global equities by 2%. Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International looks at how markets have been performing over the last month and year. Investec Focus Radio SA

Deepfakes that fool the eye. Voices that sound real. Attacks that never sleep. As artificial intelligence reshapes both offence and defence, cyber risk has gone mainstream. In this episode of No Ordinary Wednesday, Jeremy Maggs speaks with Investec cybersecurity experts Nomalizo Hlazo and Tash van den Heever about the new era of digital resilience where trust, adaptability and awareness are your strongest defences. Podcast key moments 00:00 - Introduction 01:27 - AI on both sides – Attackers and defenders in the digital arms race 02:52 - 2025: The year cyber risk went mainstream 03:46 - Why digital risk is compounding 05:05 - Building resilience through third-party and supply chain visibility 07:15 - Regulation tightens – Balancing compliance and agility 08:57 - Critical infrastructure under threat 10:32 - Building digital trust in a diverse and connected market 11:48 - The future of cybersecurity: Integrity, speed, and adaptability 13:16 - Quantum computing, AI agents, and hyperconnectivity 13:58 - Cybersecurity as a life skill 14:56 - Closing remarks Read more on www.investec.com/now Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business, and political news in South Africa, with an all-star cast of investment and wealth managers, economists, and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business. Investec Focus Radio SA

With three of the world’s leading central banks meeting this week, Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International says markets are pricing in a convergence of interest rates by developed markets in the coming months. The Fed is expected to cut this week and aggressively into next year, while the European Central Bank is expected to keep rates unchanged and the Bank of Japan is expected to hike. Investec Focus Radio SA

Are you wondering how to make your money work for you after retirement? In this episode of Everything Counts, host Motheo Khoaripe sits down once again with Kate Robson, Co-Head of Investec My Investments, and Johan Loubser, Head of Adviser Enablement at Investec, to unpack the realities of managing your money post-retirement. From understanding Regulation 28 of the Pension Funds Act and choosing the right financial advisor, to navigating investment and savings strategies, insurance needs, and avoiding impulsive financial decisions, this conversation is your complete guide to maintaining financial stability in retirement. Learn how to balance spending and investing wisely, when to seek a second opinion on your financial plan, and what to consider if you’re supporting loved ones as a breadwinner in your later years. Whether you’ve just retired, are planning to soon, or want to future-proof your finances, this episode gives you the tools, insights, and confidence to make every Rand count long after you’ve stopped working. 00:00 Introduction 01:50 Post-retirement financial management 05:00 How careful do you need to be with your money after retirement? 06:00 How to manage retirement funds before you retire 07:30 How a financial adviser can help with financial planning post-retirement 09:21 Understanding Regulation 28 of the Pension Funds Act 10:10 What should you look for in a financial adviser? 12:15 Should you get a second opinion on financial advice? 13:49 Investment and savings strategies post-retirement 17:00 Do you need insurance for retirement? 19:33 Managing retirement funds as a breadwinner 21:35 How to avoid being impulsive with the money you get after retirement 25:00 Key points to consider post-retirement 28:00 Conclusion Investec Focus Radio SA

There’s good news for the world economy, with the IMF forecasting solid growth for the world economy this year and next, and median inflation in the world’s leading economies declining in September. Meanwhile, says Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International, lower oil prices are also providing some stimulus. Investec Focus Radio SA

In this special IMF edition of No Ordinary Wednesday, Cumesh Moodliar, CEO of Investec South Africa, and Ruth Leas, CEO of Investec UK, unpack the signals from this year’s meetings in Washington – from the “three Ts” shaping investor sentiment (Trump, technology and tariffs) to the cautious optimism surrounding South Africa’s reform momentum. Podcast key moments: 00:00 – Introduction 01:20 – What themes dominated conversations at the 2025 Investec IMF Breakfast? 02:57 - What’s top of mind for global investors and banking leaders 06:31 - The IMF has raised its global growth projection to 3.2% for 2025, how does this shape the mood among international investors? 07:17 - Is there more confidence among investors in the UK or is caution still the prevailing mood? 08:17 – How seriously are investors taking IMF global debt warnings? 10:37 - What message did SARB Governor Lesetja Kganyago deliver to the global financial community and how was it received? 13:10 - What was Investec’s message about South Africa to international financiers? 13:58 – Is investor sentiment on the UK is improving? 15:12 - What signals are you picking up about investment appetite in the UK and Europe? 15:57 - Is there evidence that SA’s reform narrative is gaining traction? 17:59 – Is the global economy on a more stable footing? Read more on www.investec.com/now Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business, and political news in South Africa, with an all-star cast of investment and wealth managers, economists, and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business. Investec Focus Radio SA

In this episode of No Ordinary Wednesday, Jeremy Maggs speaks with Zane Bezuidenhout and David Smith, Global Equity Research Analysts at Investec Investment Management in the UK. Fresh from the Deutsche Bank Tech Conference in California, they examine what’s substance and what’s speculation in the current tech cycle – and why artificial intelligence, still in its very early innings, could redefine how we think about growth and value. Podcast key highlights  00:00 - Tech’s global dominance and its impact on markets  01:51 - Why technology remains too important for investors to ignore  02:47 - What makes tech companies fundamentally different from others  03:38 - The rise and power of hyper-scalers in the global economy  05:08 - The AI revolution and how it’s reshaping computing  07:34 - Tariffs, export controls, and geopolitical pressures on tech  08:44 - Robotics as a long-term investment theme  09:46 - Investec’s Promaths initiative and its national impact  11:44 - Semiconductor supply recovery after global disruptions  13:05 - Building an effective tech investment strategy  14:19 - Areas of the tech market showing signs of overheating  15:16 - Key tech stocks and companies to watch  16:58 - Global opportunities across Asia, Europe, and the US  18:24 - Common misconceptions about the tech sector  19:32 - Closing remarks and where to watch or listen further  Read more on www.investec.com/now Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business, and political news in South Africa, with an all-star cast of investment and wealth managers, economists, and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business. Investec Focus Radio SA

The trade dispute between the US and China took a new turn on Friday, as US President Donald Trump threatened 100% tariffs in response to Chinese measures against the US such as export controls on rare earths. Markets responded negatively to the news, says Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International, but the key move was perhaps in the US dollar, which no longer seems to be behaving as a safe haven. Investec Focus Radio SA

Are you worried about whether your retirement savings are safe and working as hard as they can? This episode of Everything Counts dives deep into the realities of moving your retirement savings offshore and what it means for South Africans planning for the future. Join host Motheo Khoaripe as he chats with Investec’s Kate Robson, co-head of My Investments, and Johan Loubser, head of adviser enablement, to explore the myths, benefits and risks of offshore retirement investing. From currency risk and diversification to tax rules, estate planning and offshore investment returns, they unpack everything you need to know to make informed decisions. Learn how offshore retirement plans can protect your savings, why spreading your investments across countries and currencies matters, and the steps to ensure your portfolio is aligned with your long-term goals. Discover why careful planning, expert advice and understanding the rules are key to making offshore investing work for you. Whether you’re just starting to save, considering retiring overseas, or looking for smarter ways to grow and protect your retirement savings, this episode empowers you to take control of your financial future. 00:00 Introduction 01:58 Offshore investing vs offshore retirement investing 02:45 Offshore investing for people retiring locally vs retiring abroad 05:15 Regulation 28 06:37 Is offshore investing only for the wealthy? 08:33 Benefits of offshore investing 09:48 Timing an offshore investment right 12:18 Matching your retirement savings to where you’ll spend 15:35 Tax implications of investing abroad 17:16 Estate planning with offshore investments 20:32 Risk vs reward of offshore investing 21:46 The role of a financial adviser in offshore investments 23:20 Where offshore retirement investing fits into a portfolio 24:52 Conclusion Investec Focus Radio SA

Global equities have had a good run since the Liberation Day jitters in April, with Japan and South Africa being standout markets. Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International says markets are awaiting the next moves, but clouding the outlook has been the US government shutdown, which meant that the September jobs numbers could not be released. September inflation data could also be delayed. Meanwhile South Africa’s PMI numbers are improving, which should have a positive Impact on GDP. Investec Focus Radio SA

The US market is trading ~40% above fair value. What could cause those lofty valuations to deflate? This week on No Ordinary Wednesday, Chris Holdsworth, Chief Investment Strategist at Investec Wealth & Investment International, unpacks the key findings of Investec’s latest Global Investment View, highlighting risks for global investors and where opportunities lie outside the US, including: Europe is loosening fiscal policy to support growth, China is rolling out stimulus, with commodities rallying in response and in South Africa equities remain cheap with commodities and improving SOEs providing tailwinds. Podcast key moments: 00:00 – Introduction 01:17 - The global investment strategy group keeps its global risk score unchanged 02:48 - What’s keeping valuations elevated in the US? 04:04 - AI driven investment providing a new growth engine 05:14 – Inflation risks in the US 05:41 - Why Europe and China look relatively attractive 07:18 – Why do SA risk assets remain cheap? 08:15 – Eskom, Transnet and the SA economy 09:44 - Local bonds have rerated 10:47 – What should investors be watching in the next 12 to 18 months Read more on www.investec.com/now Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business. Investec Focus Radio SA

There have been some mixed messages on the US data front recently. US GDP in the second quarter was revised upwards, even as labour markets have been softer and consumer confidence has been weak. Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International says with a key inflation indicator remaining sticky, this presents challenges for the Fed and the trajectory of interest rates. Investec Focus Radio SA

Worried about the personal risks when your phone and your digital identity, falls into the wrong hands? This episode of Everything Counts dives deep into the realities of phone theft and the ripple effects it can have on your banking, social media, passwords and more. Join host Motheo Khoaripe as he chats with Kevin Hogan, Head of Fraud Risk at Investec and cybersecurity expert Anna Collard to uncover how fraudsters gain access, the myths about phone security and the vital steps you must take immediately to secure your money and digital life. Learn about the importance of long passwords, biometric security, virtual cards for safer online shopping, spotting phishing scams, managing your digital footprint and using tools like remote wipe and password managers. Discover why acting fast, staying vigilant and adopting good digital habits can keep you one step ahead of fraudsters. Whether you’ve experienced phone theft or want to safeguard your digital world before it happens, this episode empowers you to protect what matters most. 00:00 Introduction 01:20 What do you do if your phone is stolen? 02:00 Phone security isn’t bulletproof: weak passwords are common 03:00 How to keep your phone secure: Strong passwords and facial recognition 04:00 Delink stolen device from your banking accounts 05:00 How fraudsters use your WhatsApp, iTunes and social media accounts 06:00 What do fraudsters look for once they have your phone? 07:30 Security tips for online shopping 10:00 The risks of using a credit card 10:40 What are virtual cards and how do virtual cards work? 12:00 How can you check if a website is legit? 13:00 Why you shouldn’t use instant EFT payments 15:00 Everyday habits that can lead to digital security risks 16:10 Don’t conduct financial transactions in public 16:35 Risk of not updating software 18:00 What is NFC and how does it work? 18:30 Paying using Apple Pay or Google Wallet 20:15 How secure are biometrics features on your phone? 21:00 Remote wipe function: What it is and how does it work? 22:00 What is a faraday pouch? 22:40 How to keep your email account safe 23:45 ISPs in South Africa don’t have 2FA for email 24:30 The value of a password manager 26:15 Digital mindfulness: How to stay safe online 27:00 The threat of social engineering 29:15 Update your passwords and change your passwords regularly 30:30 Conclusion Investec Focus Radio SA

It was a busy week on the monetary policy front last week. Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International discusses how the Fed opted to cut rates in response to a softer labour market (despite elevated inflation), while the Bank of Japan kept rates steady, but adopted a hawkish tone. Locally, he looks at how South African real rates remain high after the Reserve Bank left rates unchanged. Investec Focus Radio SA

South Africa’s logistics system may be strained, but it is not without promise. In the latest episode of No Ordinary Wednesday, host Jeremy Maggs is in conversation with Vernon Sinden, Head of Logistics at Investec for Business about how innovation, private partnerships and smarter supply chains can unlock growth and boost competitiveness. Investec Focus Radio SA

It’s becoming clear that the US labour market is cooling while at the same time inflation is increasing. Therefore, while markets are expecting a cut in US rates by the Fed this week, there could be some risk to the view that the Fed will cut rates another five times over the next year. Investec Focus Radio SA

Worried about the growing threat of cybercrime and fraud targeting your business? This episode of Everything Counts is your essential guide to understanding and combating modern business cybersecurity risks. Join host Motheo Khoaripe as he speaks with Professor Danny Myburgh, digital forensics expert, and Kevin Hogan, Head of Fraud Risk at Investec, to uncover the latest scams like business email compromise, ransomware, fake payment notifications and more. Learn how cybercriminals exploit trust, hijack email systems, use AI-driven tools to impersonate you and manipulate communication channels to steal from your business. Discover practical tips on securing your passwords, spotting fake payment instructions, protecting your email, adopting two-factor authentication and why independent verification is critical. Whether you’re a small business owner or part of a larger organisation, this conversation will empower you to strengthen your ‘human firewall’ and stay one step ahead of evolving fraud tactics. Tune in to make your business cybersecurity smarter, more resilient and ensure that when it comes to protecting your money and reputation, Everything Counts. 00:00 Introduction 01:25 Common cybersecurity threats businesses are facing 02:40 Increase in scams: Deposit scams, investment scams, crypto scams 03:10 Common types of banking fraud 04:00 How phishing works 05:00 The link between ChatGPT and fraud 05:50 What to look out for: Ransomware and data exfiltration 06:30 Cyberattack statistics in South Africa 07:50 What are fake payment notifications and instructions? 09:50 Social engineering: How fraud targets trust 10:30 Email hacking: Filters targeted by scamsters 15:00 What to do if your email has been hacked 16:20 What is email spoofing? 19:30 How often should you change your passwords? 21:20 Business banking tools to prevent hacks 23:00 Using a password manager 24:20 How cybersecurity training keeps your ‘human firewall’ strong 24:57 What does banking security look like? 27:00 Investec Global Client Support Centre 27:15 Conclusion Investec Focus Radio SA