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 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

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

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

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

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

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

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

Moves by the US Treasury to intervene in the bond market failed to bring down yields meaningfully, and the continuing worsening of the US’s fiscal position may explain why. According to Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, the US’s debt-to-GDP ratio is above 100% and seems set to remain above that level, with tax hikes politically unpalatable and little room to cut spending in areas such as defense, healthcare and social security. Investec Focus Radio SA

What does leadership look like after the CEO title falls away? In this episode of Investec Minds, former Telkom Group CEO Sipho Maseko joins Investec's Nkateko Mathonsi and Louise Pillay to reflect on leadership, business transformation and South Africa's future. Drawing on his experience at Telkom, Vodacom and BP Southern Africa, Maseko shares lessons from leading one of South Africa's most significant corporate turnarounds and the personal cost of making difficult decisions. The conversation explores Africa's infrastructure deficit, satellite broadband, regulation, AI investment, digital transformation, pay TV, sport and the economics of content. Maseko also discusses the opportunities he sees for South Africa and the continent over the coming decades. His most powerful leadership insight? “People should feel you.” Investec Focus Radio SA

In this episode of Everything Counts, we unpack one of the most overlooked opportunities to improve your financial position: your tax return. Many people treat tax filing season as a simple compliance exercise and move on. But as our experts explain, your SARS tax return is actually a powerful financial health check that can help you avoid costly mistakes, stay compliant, and even unlock additional value. We dive into: ● Why you should rethink how you approach tax filing ● The risks of blindly accepting SARS auto assessments ● Common tax mistakes that could cost you money ● Medical aid deductions and what you might be missing ● Travel claims, cost-to-company structuring, and share incentives ● What happens during a SARS audit (and how to prepare) Whether you're a salaried employee, high-income earner, or managing multiple income streams, this episode gives practical, actionable insights to help you file with confidence and make sure you aren’t unknowingly leaving money on the table. 00:00 Introduction 01:15 Tax filing beyond compliance 01:48 What changes to report to SARS 03:50 Tax returns as a financial health check 04:43 The importance of keeping track of your own numbers 05:27 Should I accept SARS auto assessment? 06:45 Changes to tax auto assessments for 2026 07:37 How to submit medical aid tax certificate to SARS 09:30 Beyond medical certificates for tax 10:30 Disability claim SARS 12:06 Is travel allowance tax deductible? 15:30 Structuring a tax efficient remuneration package 17:13 Tax implications on shares 18:36 What does it mean if SARS is auditing you? 20:00 Tax verification vs audit 21:15 The value of a tax practitioner if you are audited 21:50 Audit mistakes to avoid 23:00 Tax audit tips for high net worth individuals 24:38 How to maximise your tax refund 36:40 Conclusion Investec Focus Radio SA

Artificial intelligence is moving faster than almost anyone expected. After attending two of the world's biggest technology conferences in Boston and San Francisco, Investec global equity analysts David Smith and Zane Bezuidenhout unpack what they learned from the executives shaping AI's future. From surging demand and infrastructure bottlenecks to agentic AI and the companies best placed to benefit, they explore what investors should be watching next. 00:00: Intro 1:01: Demand for AI even stronger than expected 2:07: Scale of demand has outstripped supply 3:30: What is Agentic AI? 4:44: When will agentic AI be truly embedded in our lives? 5:27: The rise of “intelligence per dollar” and “token optimization” 7:07: Are companies starting to see returns on their AI investments? 8:26: For investors, what distinguishes the winners in the AI race? 10:00: Continuity announcement: Investec Global Leaders Portfolio 10:54: Is China closing in on the US when it comes to AI prowess? 11:36: The increase of regulation 12:28: AI opportunities beyond the Mag 7 13:49: What could derail the AI investment story 15:16: One message for investors 15:57: Outro Investec Focus Radio SA

Although US earnings for the second quarter have mostly beaten expectations, markets appear to have wanted more. Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, says even companies such as Alphabet that have beaten forecasts have seen declines in their prices after results. Investec Focus Radio SA