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.

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.

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.

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.

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.

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.

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.

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?

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

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.

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.

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.

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.

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.

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

Property is often seen as one of the more reliable ways to build long-term wealth. It’s tangible, familiar and, for many South Africans, an important part of their financial plan. But investing in property comes with risks that can be easy to overlook, from hidden costs and changing rental yields to considerations around what happens if you’re no longer able to earn an income. In this episode of Everything Counts, we look beyond the property itself to explore what it really takes to build a resilient property investment strategy. Motheo Khoaripe is joined by Sinenhlanhla Sithomo, head of insurance business at Investec, and Elsie Rateiwa, head of financial services at Lightstone Property, to unpack the risks, potential returns and the importance of protecting the income behind your investment. 00:00 Introduction 01:05 Investment property as part of a broader wealth strategy 01:39 What are the risks of investing in property? 03:10 Is buying property in Cape Town a good investment? 04:52 The need for liquid cash when you own an investment property 05:48 Risk of buying multiple properties in a concentrated area 06:25 What are the hidden costs of investing in property? 07:30 How to financially prepare to buy a house 08:28 How to calculate cash flow resistance 09:51 How to calculate a realistic return on investment in property 10:40 Protecting the income that maintains your property investment 11:42 The benefits of having life insurance and mortgage protection insurance 12:07 Does mortgage protection insurance cover you if you become disabled? 13:34 Why people don’t see themselves as assets to insure 14:25 What insurance do I need for investment property? 16:40 Life cover vs mortgage protection cover for property investments 18:25 What to consider if you have multiple investment properties 21:50 How long to see return on investment in property? 24:52 How to identify a good area to buy investment property in? 25:36 Key takeaways for investing in property 26:53 Conclusion

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.

The US Federal Reserve finds itself in a difficult position. The US economy has been shedding jobs, and wage growth is soft. At the same time, says Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, government debt continues to grind higher while inflation remains elevated, mainly the result of higher energy prices – meaning there’s a chance of rates being hiked in the coming months.

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.”

The easy gains may be over, but the case for bonds is not. Annelise Peers, Chief Investment Officer at Investec Bank Switzerland, and Awongiwe Booi, Fixed Income Analyst at Investec Investment Management in South Africa, unpack why attractive yields, easing inflation and South Africa’s underpriced reform story could make fixed income a source of return, not just protection, and what could still spoil the opportunity.

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

While global equities are up strongly over the last year, there’s been a clear slowing in momentum in the last six months. According to Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, this implies that much of the strong US earnings performance has been priced into the market.

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

We've all heard the advice. Save more. Spend less. Start earlier. In this episode of Everything Counts, Motheo Khoaripe is joined by Investec's Nirvashni Rajkumar (KZN team leader for the Investec financial planning team) and Dorothy Asomaning (Investec Wealth & Investment Wealth Manager) to explore why saving is about much more than building a bigger bank balance. Together they unpack how lifestyle inflation quietly limits our choices, why earning more doesn't always lead to greater financial freedom, and how giving your money a clear purpose can change the way you think about your future. In this episode, we discuss: • Why traditional conversations about saving no longer resonate. • How lifestyle inflation quietly reduces financial freedom. • Why financial freedom is about choice, not income. • How to give your savings a meaningful purpose. • The realities of saving while supporting family. • Why behaviour shapes financial outcomes more than good intentions. • The simple question that can change the way you think about saving. If you've grown tired of traditional savings advice, this conversation offers a different perspective on what saving is really for. Watch now and subscribe for more conversations that prove when it comes to money, everything counts. 00:00 Introduction 01:20 Has saving lost its meaning? 04:21 Why saving has become uninspiring 07:10 Can you accidentally out-earn your freedom? 08:23 The discipline of saving 16:40 Lifestyle inflation and financial choice 15:10 Saving while supporting family 18:50 What future is your money building? 20:35 Why behaviour matters more than willpower 25:00 Giving your savings a purpose 26:37 Closing thoughts

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.

Increased competition among LLMs and uncertainty about the return on investment on AI capex are all weighing on the market performance on momentum stocks, such as semiconductor firms. Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, looks at some of the dynamics in global stock markets.

Are South African consumers past the worst of the fuel shock? Household budgets have been hit by higher fuel prices, rising inflation and pressure on real wages. But fuel prices are starting to fall. The risk is timing. Will relief arrive before households are forced to cut back further? Host Jeremy Maggs unpacks the consumer outlook with Annabel Bishop, Investec chief economist, on No Ordinary Wednesday.

In this episode of Everything Counts, we unpack the real-world impact of geopolitical tension on global travel, from grounded flights and closed airspace to the human stories behind stranded passengers. What happens behind the scenes when airlines, advisors, and entire systems are forced to respond in real time? Host Motheo Khoaripe is joined by Paolo Giuricich, Head of Investec Travel, and Otto de Vries, CEO of ASATA, to explore how the travel industry navigates air travel disruptions, and what it means for you as a traveller. From operational chaos to extraordinary collaboration, and a powerful story of one family’s journey home, this conversation reveals a simple truth: travel works best when everything goes right, but its true value shows when everything goes wrong. Topics covered: ● How global conflict disrupts air travel systems ● What happens when major travel hubs shut down ● The role of travel advisors during crises ● Why travel insurance matters more than you think ● A real-life story of resilience, uncertainty, and getting home 00:00 Introduction 01:10 How global conflict affects air travel 02:05 What did airspace closures in the Middle East mean for travellers? 06:03: Managing safety and expectations during airspace closures 07:15 How Investec helped customers stranded due to airspace closures 09:16 Behind-the-scenes crisis management during global travel disruption 10:50 The role of relationships within the travel industry 12:55 How travel insurance works during global travel disruption 16:37 A family stranded in Doha: How Investec helped 24:37 Benefits of using a travel advisor 26:37 Key takeaways from airline disruption management 28:17 Conclusion

Global GDP growth looks set to be around 3% this year, as the global economy deals with headwinds from a supply shock because of the war with Iran and tailwinds from artificial intelligence spending, says Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International. While US and Chinese growth is set to slow marginally over the coming year, offset by rising growth in Europe, Japan and emerging markets ex-China.

Despite the war in the Gulf, the last six months have been good for global equities. While the US market’s performance has been in line with the overall global performance, the standout has been South Korea, which, says Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, has helped emerging markets to outperform.

The global economy has held up but that does not mean risk has faded. At the halfway point of 2026, growth has been stronger than feared and inflation has cooled, but not enough. Central banks remain cautious while energy markets are still exposed to Middle East disruption. For South Africa, the global backdrop feeds directly into the rand, inflation, capital flows, commodity prices and the Reserve Bank’s room to move. In the latest episode of No Ordinary Wednesday, Jeremy Maggs speaks to Investec economists Ryan Djajasaputra and Annabel Bishop about what could shape the second half of the year. They discuss global growth, interest rates, fiscal credibility, South Africa’s investment case and the under appreciated risk of El Niño. Read more on www.investec.com/now Key highlights: 00:00 - Introduction 01:34 - Why inflation and interest rates surprised markets 04:26 - Global growth: Resilience amid uncertainty 06:13 - What global trends mean for South Africa 09:10 - South Africa's structural growth challenges 10:46 - Rethinking emerging markets 14:08 - Fiscal policy, debt and investor confidence 18:59 - The biggest global and local risks ahead 22:06 - South Africa's outlook: Risks and opportunities 24:57 - The key global indicators to watch 26:16 - South Africa's economic outlook

Athletes often have a decade or two to earn what needs to last a lifetime. So how do they turn short careers into long-term financial security? In Part 2 of the Everything Counts: Sports Edition Wrapped episodes, host Motheo Khoaripe is joined by Springbok World Cup winner and Investec Sports head Schalk Brits, Investec financial adviser Vumi Dludlu, and wealth manager Moses Bokaba. Together, they unpack what athletes can do to move beyond simply earning money and start building lasting wealth. From investing and retirement planning to family responsibilities, financial structures and life after sport, this conversation explores the practical decisions that can help turn income into long-term security. In this episode: ✔ Why a first contract should trigger structure, not lifestyle inflation ✔ Why saving alone isn't enough to build wealth ✔ The importance of liquidity, investing and long-term planning ✔ How financial strategies differ across sports and career paths ✔ Why athletes need tailored financial advice ✔ Preparing for life after sport before retirement arrives ✔ Building wealth that can support future generations While the examples come from sport, the lessons apply to anyone looking to make smarter financial decisions and build a more secure future. 00:00 Introduction 01:05 What athletes should do after signing a first major contract 04:50 Common money mistakes athletes make early in their careers 06:12 Why saving is not enough to build wealth 09:27 Liquidity, investing and long-term financial planning 12:20 Why athletes need tailored financial strategies 15:20 Financial planning for footballers, golfers, rugby players and Paralympians 15:53 Managing international careers and overseas income 16:22 Planning for life after sport 17:20 Retirement, identity and purpose beyond competition 18:05 Investing in yourself through education and skills 18:34 Building wealth that lasts for future generations 19:21 Final financial lessons and practical takeaways 20:22 Conclusion

It’s not just the oil price that’s fallen this month. Platinum, gold, iron ore and copper are also down. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International says it reflects a softer Chinese economy, US dollar strength and a new Fed chief who’s a hawk on inflation.

In this episode of Investec Minds, former Anglo American and AngloGold Ashanti CEO Mark Cutifani reflects on the leadership decisions that shaped his career and the mining industry. In conversation with Investec's Nkateko Mathonsi and Patrick Mann, he shares insights on navigating crises, transforming organisational culture, driving innovation, improving mine safety and why mining will play a pivotal role in the global energy transition and economic development. Chapters: 00:00 Intro 01:58 What Mark is up to today 03:28 Leadership lessons 04:49 Mark's corporate transformation playbook 06:35 Leading through crises 10:37 Improving mine safety 12:14 Changing the mining narrative 14:52 Mining's greatest opportunity and risk 17:52 Mining's shift back to growth 19:40 Why mining needs scale to attract capital and innovate 22:47 How Africa can unlock critical minerals investment 25:36 The challenges of building a downstream industry 27:41 Quick-fire questions 29:29 Conclusion

While peace talks between the US and Iran have helped bring down oil prices and, with them, inflation expectations, Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International says markets are reading Fed chief Kevin Warsh's commitment to price stability as a sign that a US rate hike is on the way.

Is higher education keeping up with AI? For decades, the university degree has been treated as a reliable bridge between learning and work. AI is testing that bargain. As technology changes what employers need, higher education faces a sharper test - not whether it can produce graduates, but whether it can prepare people to think, adapt and contribute to an economy being reshaped in real time. In this episode of No Ordinary Wednesday, our host Jeremy Maggs, Jerome September, Dean of Student Affairs at Wits University and Lesley-Anne Gatter, Global Head of People & Organisation, examine what future readiness means for universities, employers and South Africa’s growth prospects. Listen to the full conversation to find out more. Read more on www.investec.com/now

Markets welcomed reports of a US-Iran peace deal, with equity markets up and oil prices down sharply from recent highs. This could be good news for the global inflation outlook, though risks remain.

Professional athletes can earn life-changing money before the age of 30. So why do so many still struggle financially after retirement? In this episode of Everything Counts: Sport's Edition, Motheo Khoaripe quizzes former Springbok and Investec head of Sports, Schalk Brits, financial adviser Vumi Dludlu, and Wealth Manager Moses Bokaba on the financial realities athletes face behind the scenes. From sudden wealth and career-ending injuries to family pressure, lifestyle inflation and planning for life after sport, the conversation explores the money challenges that don't make the headlines. Whether you're a professional athlete, entrepreneur or simply trying to make smarter financial decisions, the lessons in this discussion apply far beyond sport. In this episode: ✔ Why earning more doesn't automatically create wealth ✔ The biggest financial mistakes athletes make ✔ How to prepare for retirement while still competing ✔ Managing pressure from family, friends and lifestyle expectations ✔ Building a trusted team of financial experts ✔ Turning short-term income into long-term wealth 00:12 Introduction 01:50 Why athletes need to prepare financially for retirement 04:10 The role of financial advisers in an athlete's career 07:00 The psychology of money management in professional sport 09:30 Building the right financial team 11:12 Managing wealth during a limited earning window 15:00 Making your money work harder through investing 16:24 Why financial literacy matters in sport 18:07 Discipline in sport versus discipline with money 19:31 Avoiding common financial mistakes 23:00 Managing social and lifestyle spending pressures 25:07 The impact of financial stress on performance 26:58 Estate planning and family financial conversations 28:22 Managing local and international income streams 30:25 Long-term financial planning for athletes 32:20 Conclusion

Economic data in the US, such as jobs growth, have surprised to the upside of late, pointing to a resilient economy. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International says this strength has unsettled markets, on rising expectations of rate hikes by the Fed.

Marble's head sommelier, Wikus Human and Investec's Roy van Eck, discuss what to consider when graduating from casual wine purchaser to wine collector. Together with host Palesa Mapheelle, they explain how to identifying age-worthy vintages, and the risks and rewards of investing in wine to make a financial return. They also share their personal journeys into wine, what mistakes they they've made along the way, and why South African wines may still represent an undervalued opportunity. KEY MOMENTS: 00:00: Introduction to Wine in Focus 00:38 Recognising the storms in Western Cape Winelands 00:58: Introduction to guests 01:56: The start of the wine journey for Wikus and Roy 04:02: Collecting wine for investment or consumption 05:00: How do you know that a wine is worth aging? 06:08: How sommeliers keep personal tastes at bay 07:03: Never buy one bottle at a time: Lessons on purchasing 08:00: The risks associated with investing in wine 09:51: Liv-Ex Fine Wine 1000 Index: Wine returns on the sharp decline 11:11: The reason behind falling wine prices 13:17: “En primeur” explained: buying wine still in the barrel 15:29: Wine regions and wine varietals worth noting 17:22: 2014 and 2023 deemed poor vintages but not across the board 17:44: SA offers quality and affordability 19:22: A sommelier’s observations on changing wine behaviour 20:50 When to drink a wine and when to hold onto it? 21:57: The future of SA’s wine market 23:49: One wine moment that Wikus and Roy will never forget 26:46: Outro

China remains South Africa's largest trading partner, but the landscape of global trade is evolving. As compliance requirements tighten, supply chains face new pressures, and geopolitical tensions reshape trade flows, businesses must navigate an increasingly complex relationship with the world's second-largest economy. In this episode of No Ordinary Wednesday, Investec Treasury Economist Tertia Jacobs and Head of Supply Chain Dylan Govender look at the forces reshaping Sino-South Africa trade and explore what these changes mean for local businesses and the broader economy. Read more on www.investec.com/now Chapters: 00:00 – Introduction 01:21 – The evolution of SA-Sino trade relations 02:38 – Will the zero-tariff trade deal change this asymmetry? 05:13 – New China export rules could impact SA exporters 06:40 – How SA is walking the tightrope of politics and trade 09:08 – The added complexity of BRICS 10:36 – South Africa must diversify imports of finished goods 12:16 – Investec wants the deadline of compliance to be extended 13:01 – Impact of China’s slowing economy on South Africa 15:13 – Businesses need sufficient working capital to get through delays 15:50 – The nature of Sino-SA relations over the next five years 17:40 – Closing

“Respect money and it will respect you.” That is one of the earliest money lessons Investec ambassador SA soccer midfielder playing for Mamelodi Sundowns and Bafana Bafana Teboho Mokoena learned growing up in Bethlehem – and it has shaped the way he thinks about football, family and financial freedom. In this episode of Everything Counts: Sports Edition, Teboho shares how he went from earning his first salary of R3 500 a month to navigating bigger contracts, money mistakes, lifestyle pressure and the responsibility of building generational wealth. He opens up about: • The childhood lessons that shaped his money mindset • What changed when football became a career • The pressure that comes with earning more, quickly • Money mistakes, including chasing fast returns • Why financial literacy matters for footballers • His plans for life after football • Giving back to young players in Bethlehem This is more than a football story. It is a conversation about discipline, responsibility and learning how to make success last. Watch now and subscribe to Investec Focus Radio for more conversations that prove: when it comes to money, everything counts. 00:00 Introduction 00:45 Growing up in Bethlehem 01:56 Money lessons Teboho Mokoena learned from family 05:03 When football became a career 06:00 Making money as an athlete 06:33 Becoming a professional footballer 08:46 Teboho Mokoena on joining Mamelodi Sundowns 11:07 How family changed Teboho Mokoena’s money mindset 11:45 Teboho Mokoena’s money philosophy 12:10 Is there enough financial literacy for athletes in South Africa? 16:20 Teboho Mokoena’s time as an Investec ambassador 19:02 Managing money and pressure as a footballer 21:40 How Teboho Mokoena supports his hometown community 23:10 Plans for life after football 24:05 Teboho Mokoena’s financial advice for young people 26:06 Conclusion

While the tech sector has been a well-known driver of earnings and performance on Wall Street, it’s also been the major contributor to emerging markets as well. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International says that’s largely to the contributions of TSMC in Taiwan and Samsung and SK Hynix in South Korea, emerging markets are up 26% year to date and 54% over 12 months.

US President Donald Trump announced over the weekend that the US and Iran were close to finalising a deal to end the war. However, notes Investment Strategist Osa Mazwai, even if the Strait of Hormuz were to be reopened completely, it will take some time for traffic to return to normal and for energy prices to fall significantly – which could be a problem for Republicans in the US midterm elections.

Ever wondered what actually happens behind closed doors at a wine competition? How do judges decide what makes a wine exceptional and what separates a gold medal from the rest? In this episode of Wine in Focus, Palesa Mapheelle is joined by local wine doyenne, Michael Fridjhon and Wine Master and international judge, Heidi Makinen. Together, they explain the rigorous judging process of the Investec Trophy Wine Show, what they look for in a winning wine, how to navigate judges’ disagreements and the importance of wine competitions to the local wine industry. KEY MOMENTS: 00:00: Intro 00:38: Recognising the devastating storms suffered by the Western Cape winelands 01:47: Why are competitions necessary? 03:23: Comparing Investec Trophy Wine Show to other international competitions 04:26: Shaping consumer perceptions 05:43: The mechanics of judging 09:09: Judge’s chemistry 10:07: Explaining a flight of wines 10:34: Finding consensus between judges 13:47: Ensuring judge neutrality 15:14: The importance of blind tasting 18:00: What makes a winning wine? 20:20: SA wine industry transformation over 25 years: from bulk to beautiful 23:13: The Investec Trophy wine show “guarantee” 24:33: When wine turns from interest into a passion and a career 27:00: Outro

What began as a geopolitical conflict is rapidly becoming something much larger. Oil is only one part of the story. Natural gas, fertilisers, chemicals, shipping routes, aluminium, aviation fuel and global supply chains are all now being affected by the fallout from the Iran war. In the latest episode of No Ordinary Wednesday, Jeremy Maggs speaks to Investec’s Osa Mazwai and Campbell Parry about why this is increasingly being described as an “everything shock.” Could this crisis ultimately accelerate the global shift toward electrification, renewables and new energy systems?  Listen to the full conversation to find out more. Read more on www.investec.com/now Chapters: 00:00 - Introduction 01:38 - What makes this crisis different from previous oil shocks? 03:38 - What are markets beginning to price in? 06:00 - Why the Strait of Hormuz matters to global supply chains 08:50 - Will this delay global interest rate cuts? 10:47 - Are geopolitical risk premiums returning to markets? 13:12 - How exposed is South Africa to rising oil prices? 15:38 - Are South Africa’s structural reforms providing a cushion? 17:18 - Where could South Africa and Africa benefit from the crisis? 20:19 - Why energy and infrastructure opportunities matter now 20:30 - How important is logistics reform for South Africa? 22:04 - Rethinking South Africa’s long-term energy mix 23:29 - What might markets still be underestimating? 25:25 - Five years from now: what lasting impact will matter most? 26:21 - Closing remarks

When markets feel uncertain, the hardest part isn’t the volatility, it’s knowing how to respond. In this episode of Everything Counts, chief investment strategist of Investec Wealth & Investment International Chris Holdsworth breaks down how to think about investing during uncertain times, and why behaviour often matters more than market conditions. From geopolitics and inflation to shifting growth expectations, we separate market noise from the signals that actually matter – and explore how behaviour shapes long-term outcomes. In this episode, we cover: • What’s really driving economic uncertainty • The difference between market noise and meaningful signals • Why investors make mistakes during volatility • Whether to stay invested or move to cash • What “staying the course” looks like • How to build a disciplined long-term investment strategy • The role of diversification and offshore investing Whether you’re new to investing or more experienced, this conversation focuses on what matters when markets feel unpredictable. Subscribe now for more conversations that prove when it comes to money, everything counts. 00:00 Introduction 01:00 What is driving economic uncertainty 02:30 Market noise vs real signals 04:00 How investors react when markets fall 06:00 Stay invested or move to cash 08:30 What “staying the course” really means 10:30 Mistakes new investors make 12:30 When to invest and what to ignore 14:30 What matters when making decisions 16:30 Diversification and offshore investing 18:00 Practical takeaways 19:30 Closing perspective

While inflation is rising around the world – largely as expected – there are few signs of ‘stagflation’ (rising prices alongside slowing growth). However, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, GDP growth in the US and across Europe have been robust.

Introducing Investec Minds, a new video podcast series from Investec Focus Radio SA. In each episode, Equity Research analysts from Investec Corporate and Investment Banking sit down with former CEOs to unpack the decisions that shaped their industries, the lessons they’ve learned, and how they see the future unfolding. In episode one, Stephen Koseff, former Group CEO of Investec, joins Nkateko Mathonsi and Ross Krige to reflect on leadership, the opportunities for the banking industry, and the role business has to play in strengthening South Africa’s economic trajectory. Chapters: 00:00 Intro 02:15 Life after Investec 04:57 Convincing Trevor Manuel about Investec's London listing 06:55 Culture at Investec: Why there aren't any job titles 08:24 Lessons on expanding abroad 12:10 Investec's UK and Australian expansion 14:12 Continuity announcement 15:03 The one year Stephen would revisit 15:45 A 10-year view on the SA banking sector 19:12 Have South African banks got their heads around the Africa opportunity? 20:33 How corporate South Africa can make a difference 25:15 South Africa’s moment: cautious optimism takes hold 27:11 If Stephen Koseff were president: fix infrastructure, unlock partnerships 29:03 Outro

A comparison between the first 50 days of the current war with Iran and the first 50 days of the Gulf War of the early 1990s, shows that markets have been more resilient this time around. Recent earnings numbers, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, have been resilient as well, and not just in the US – countries like Taiwan, SA, Brazil and South Korea are all set to record strong profit growth this year.

Markets are moving fast but are investors moving with intent? In the latest episode of No Ordinary Wednesday, we go beyond market headlines to unpack what investors are actually doing in a volatile, news-driven environment. From trading the news cycle to navigating currency swings and concentrated markets, Investec’s Tinus Rautenbach and Bongani Nhleko share real insights from the Clarity platform, revealing where capital is flowing, how behaviour is shifting, and the risks investors may not see. Listen now to understand the gap between perception and portfolio reality and what it means for your investment decisions. Read more on www.investec.com/now Chapters: 00:00 – Introduction: Markets driven by reaction, not fundamentals 01:43 – How investors react to breaking news 02:27 – Timing the market: speed vs sequencing 03:06 – Market resilience and the fragility of narrow leadership 04:17 – Flight to safety: textbook vs reality 05:54 – Trading the news cycle: does it add value? 06:53 – Diversification in a concentrated market 08:24 – Offshore investing: asset exposure vs currency impact 09:18 – Clarity platform overview (ad break) 09:55 – Sector trends: what investors are buying now 10:46 – Commodities, energy and tech: short-term trade or long-term shift? 12:12 – Beyond equities: rise of cash, crypto and alternatives 13:31 – Investor mistakes in volatile markets 14:31 – Trading frequency: activity vs discipline 16:27 – Positioning for inflation and higher rates 17:47 – Global conflict and the South African portfolio

Success in sport can come quickly. Understanding money often doesn’t. In this episode of Everything Counts: Sports Edition, Investec ambassador Cheslin Kolbe shares how his journey from humble beginnings to World Cup success shaped his approach to money, discipline and long-term planning. From early lessons in saving to navigating his first professional pay cheque and learning from financial mistakes, Cheslin reflects on what it takes to build lasting financial security in a short and unpredictable career. In this episode, we cover: • Growing up with limited resources and learning to save • The reality of earning as a young professional athlete • Financial mistakes and lessons learned along the way • The importance of investing and long-term planning • Preparing for life after sport for athletes • Teaching the next generation about money This is more than a sports story – it’s a conversation about discipline, responsibility and building a future beyond the game. If you care about: • Financial literacy • Career longevity • Building wealth over time • Learning from real-life money mistakes this episode is for you. Watch now and subscribe to Investec Focus Radio for more conversations that prove when it comes to money, everything counts. 00:00 Introduction 01:00 Early financial lessons 02:55 Sporting ambitions 06:30 First pay cheque and purchases 08:00 Lessons from early spending 09:09 Financial planning and moving abroad 10:30 Planning for life after sport 12:32 Locker room money conversations 13:50 Key financial principles 19:23 Money mistakes 21:55 Teaching children about money 24:00 Advice for athletes 25:00 Conclusion

Despite concerns about the war with Iran, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, earnings have been resilient while markets have been looking through the energy shock. Equities are up, while equity market analysts have been upgrading their earnings estimates.

Ordinarily, you’d expect an oil shock to lead to not only higher inflation, but also weaker equities and a lower growth outlook. However, markets aren’t pricing in a stagflationary outcome. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, examines this apparent anomaly.

South Africa’s reform momentum is becoming more visible but so are the constraints that could stall it. In the latest episode of No Ordinary Wednesday, Jeremy Maggs is joined by Rudi Dicks, Head of the Project Management Office in the Presidency; Martin Meyer, Head of Energy and Infrastructure Finance at Investec and Ayan Ghosh, Head of Cross-Asset Investment Strategy at Investec, to unpack the reality behind the narrative. From energy gains to persistent bottlenecks in logistics and municipalities, the discussion examines whether progress is enough to sustain investor confidence and what still needs to shift for capital to follow. Read more on www.investec.com/now

Standing in for Chris Holdsworth, Osagyefo Mazwai discusses the latest on the conflict in Iran, and against this backdrop, signs of deterioration in both growth and inflation in the world’s major economies. While markets are not yet pricing in rate hikes in the US, they are in the Eurozone.

What does it really cost to become a professional golfer? In this episode of Everything Counts: Sports Edition, Investec-sponsored SA professional golfer Kaiyuree Moodley shares what it really takes to build a career in professional golf – from funding a career on tour to managing pressure, uncertainty and financial mistakes along the way. From picking up her first golf club at just four years old to competing on the Sunshine Ladies Tour and Ladies European Tour, Kaiyuree reflects on the financial and emotional realities behind the sport. She opens up about: • The true cost of becoming a professional golfer • Why “making the cut” doesn’t always mean making money • A costly currency mistake she’ll never forget • Life as a student-athlete in the United States • The financial pressures of performing for a paycheck • Why visibility matters for the future of women’s sport This is more than a sports story – it’s a conversation about discipline, resilience and building a sustainable career in an unpredictable profession. If you care about: • Financial literacy • Career uncertainty • Long-term financial planning • Building a sustainable income this episode is for you. 00:00 Introduction 01:15 How Kaiyuree Moodley got into golf 03:30 Early sacrifices and family support 06:00 Life as a student-athlete in the U.S. 08:30 The real cost of professional golf 11:00 Why making the cut doesn’t guarantee income 13:00 Kaiyuree Moodley’s biggest money mistake 15:00 The pressure of playing for a paycheck 17:00 Financial realities of women’s sport 19:30 Key money lessons and discipline 22:00 Financial literacy for young athletes 24:00 Closing thoughts Watch the vodcast now on YouTube and subscribe to Investec Focus Radio for more conversations that prove: when it comes to money, everything counts.

In this episode of What Next?, Professor Mike Kenny (Cambridge) and Jacinta Koolmatrie examine the breakdown of trust between communities and institutions. They discuss how centralised governance and economic shifts have driven local grievances, and argue that rebuilding trust requires sharing power, working at community pace, and supporting locally led solutions like community wealth building and Indigenous-led approaches. CHAPTERS 00:00–09:00: Fracture, grievance and the limits of institutions 09:00–21:00: Power, disconnection and when listening fails 21:00-34:00: Place, community knowledge and what actually works 34:00–48:00: Stories, legitimacy and shaping the future

Interest rate cuts were meant to define 2026. Now, markets are bracing for hikes. In this episode of No Ordinary Wednesday, Investec’s Chief Economists Annabel Bishop and Phil Shaw examine how the energy shock is forcing central banks to reconsider their path. From London to Pretoria, policymakers face a familiar dilemma: tighten into slowing growth, or risk letting inflation take hold. Guest host Neo Ralefeta explores the implications for global growth and what it means for South Africa, from currency volatility to fuel supply risks and consumer costs. Read more on www.investec.com/now

With little sign of an early resolution to the war in the Middle East, supply constraints on commodities such as oil, gas, and helium may well endure. Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International notes that fuel prices likely to feed through quickly into consumer inflation, central banks like the SA Reserve Bank are likely to face rate hikes this year.

Clean and green growth has moved from ambition to execution, but the challenge is one of pace. Investment conditions are key: predictable rules, credible pathways, and coordination across value chains, finance and government. This episode of What Next? Leadership Conversations for a Better Future, Helena Norrman, Marina Grossi, and Sang-Hyup Kim explains why transition policy now sits at the centre of industrial strategy, competitiveness and geopolitics. 00:00 Predictability is the first enabler 07:30 Transition policy is industrial strategy 15:30 The foundations for future competitiveness is shaped by coordination today 26:30 Examples of effective coalitions

The new tax year is here, and the 2026 Budget Speech introduced important changes that could reshape how South Africans save, invest, and plan for retirement. In this episode of Everything Counts, host Motheo Khoaripe sits down with Vumi Dludlu, Investec financial adviser, and Johan Loubser, head of adviser enablement at Investec, to unpack what the 2026 National Budget means for your money, and how you can make the most of the new tax year from day one. From higher tax-free savings limits to a bigger retirement contribution deduction cap, the rules have shifted. But what do these changes actually mean for savers and investors in practice? In this conversation, we break down: ● The increase in the tax-free savings annual limit to R46,000 ● The higher retirement fund deduction cap and what it means for retirement planning ● How the new tax year creates an opportunity to reset your financial strategy ● Why starting contributions early can significantly boost compounding ● Other budget updates affecting portfolios, including capital gains tax exclusions and offshore investing allowances Whether you're investing monthly, planning a lump sum contribution, or reviewing your long-term financial strategy, this episode explores practical steps you can take now to stay on track and maximise the new allowances. 00:00 Introduction 01:30 Why does the new tax year matter for investors? 02:45 Big changes from the 2026 Budget Speech 04:00 The new tax-free savings annual limit 06:55 The new retirement fund deduction cap 10:50 2026 tax updates that could affect how portfolios are structured 11:30 How does the 2026 Budget affect offshore investing? 12:40 Tax optimisation tips for the 2026 Budget 14:00 Practical tips for dealing with the 2026 Budget 16:00 Monthly vs lump sum contributions to your tax-free savings account 18:00 Conclusion

Central banks in the US, Eurozone and Japan all kept rates unchanged last week. But behind these decisions lie rising concerns about the impact of the Iranian War on a range of prices that have a major impact on inflation. The duration and intensity of the conflict will be key determinants of the overall impact on the inflation and growth outlooks.

Artificial intelligence is rapidly reshaping economies, societies and power structures yet much of the conversation has swung between uncritical optimism and existential fear. In this episode of What Next? We explore how leaders can reclaim agency over the future of AI, ensuring it serves human progress rather than narrow commercial or political interests. Vilas Dhar, President, Patrick J. McGovern Foundation; philanthropist, technologist and advocate for human-centred AI, in conversation with hosts Lindsay Hooper and Marc Kahn, argues that the real challenge is not whether AI will become uncontrollable (this is the realm of Sci-Fi), but whether societies can adapt quickly enough to its social, economic and cultural impacts. He makes the case for shifting the focus away from hype and dominance towards participation, institutional imagination and moral courage and for designing AI systems that restore human agency and democratic participation, while supporting inclusion and long-term resilience.

Markets are sending a surprisingly calm signal in the face of escalating conflict in the Middle East. Oil prices are rising, supply chains are under pressure, and recession risks are quietly ticking higher, yet equities remain relatively steady. In the latest episode of No Ordinary Wednesday, Jeremy Maggs is joined by Investec experts in SA and the UK - Callum Macpherson, Phil Shaw and Chris Holdsworth - to unpack what’s really at play. The conversation explores what could happen if the conflict continues, what key indicators markets are watching and what risks to the global economy are already emerging. Read more on www.investec.com/now

With uncertainty over how long, the Iranian conflict will last, it’s not just the oil market that’s been affected. Natural gas prices have risen, but so too have grain and aluminium prices, pointing to inflation pressures in the coming months. However, as Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, highlights, global equities are only 2% down, implying that equity investors expect a quick reopening of the Strait of Hormuz.

In this episode, of the What Next series, we discuss the power of philanthropy in transforming markets, through investing in high risk innovation and early stage ideas that often require new economic thinking. Podcast hosts Investec's Marc Kahn and Cambridge's Lindsay Hooper invite Peter Bennett, founder of the Bennett Foundation and Leslie Johnston, founding CEO of the Laudes Foundation to explore how the power of philanthropy can be applied to large scale projects. CHAPTERS: 00:00 Why Philanthropy Matters in a World of Systemic Challenges 11:49 Catalysing Markets, Changing Systems 19:55 Trends, Risks and the Future of Philanthropic Capital 29:18 Leadership for the Long Term: What Works, What’s Next

Most athletes train for medals. Few train for financial longevity. In this episode of Everything Counts: Sports Edition, Paralympic record holder Mpumelelo Mhlongo shares how he approached money with the same discipline he applies to sport − investing his first serious paycheque, supporting his family and building generational wealth that will outlast his career. From scholarships and setbacks to smart contracts and long-term investing, this is a conversation about resilience, financial literacy and legacy. If you care about: • Generational wealth • Financial discipline • Building long-term financial security • Smart money decisions under pressure This episode is for you. Watch now and subscribe to Investec Focus Radio for more conversations that prove: when it comes to money, everything counts. 00:00 Introduction 01:20 Mpumelelo Mhlongo‘s home life and starting to learn about money 04:15 The financial sacrifices that Mpumelelo Mhlongo’s family had to make 06:00 Mpumelelo Mhlongo’s academic journey and the financial implications 08:10 Mpumelelo Mhlongo’s early money management lessons 11:30 Athlete money management: Questions young people should ask themselves 13:00 What did Mpumelelo Mhlongo do with his first big paycheque? 14:10 The pressure to build a financially secure future for your family 15:30 Mpumelelo Mhlongo on financial discipline and money weak spots 16:30 Mpumelelo Mhlongo on his wife and early financial planning moments 17:50 Mpumelelo Mhlongo and his career in finance 19:30 Key lessons Mpumelelo Mhlongo has learned in his time at Investec 20:30 How important is money management as an athlete? 22:00 Athletes and money: What conversations are happening? 24:00 Key money management lessons from Mpumelelo Mhlongo 26:00 Mpumelelo Mhlongo on money mistakes 27:00 Charitable organisations that Mpumelelo Mhlongo works with 29:30 Mpumelelo Mhlongo on how grateful he is to his coach 31:00 Conclusion

As the conflict in the Gulf continues, energy prices have risen sharply. Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International, examines the impact on global inflation and growth, as well as on President Donald Trump’s popularity ahead of the US midterm elections later this year.

What Next? Leadership Conversations for a Better Future examines how leaders can build future-fit economies in a time of accelerating technological and societal change. In this episode we're joined by educator, leadership thinker and author, Sudhanshu Palsule, Gillian Secrett, Director of Leadership and Culture at CISL and community leader and rector, Richard Springer. Together they examine what many describe as a growing ‘meaning deficit’ in society. They explore how fragmentation, consumerism and polarisation erode our sense of purpose, and discuss how leaders can help rebuild meaning through authenticity, empathy and genuine connection. Chapters: 00:00 : Why Meaning Matters in Times of Fragmentation 07:00: When Meaning Gets Distorted: Identity, Consumption and Performative Purpose 15:00: Rebuilding Meaning Through Empathy, Shared Space and Human Connection 23:00: Leadership’s Role: Creating the Conditions Where Purpose Can Flourish

Private equity is shifting gears. As rates turn and investor confidence improves, funds are deploying again, and South Africa is firmly back on the radar. But this isn’t a return to excess, it’s a shift toward smarter leverage, disciplined execution and sharper capital structuring. In the latest episode of No Ordinary Wednesday, Jeremy Maggs speaks to Rishanth Pillay, Head of Sponsor Leveraged Finance at Investec Corporate & Investment Banking, about what’s driving the renewed momentum – and what could derail it. Read more on www.investec.com/now

What will be the impact of the hostilities in the Middle East on the world economy? Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International, examines the impact on oil prices, in particular, taking into account further disruption at the key Strait of Hormuz.

In this episode, of What's Next, we explore how corporate values shape decision-making in a time of political polarisation and markets that reward short-term performance. Ethics expert, Alison Taylor, and experienced board chair, Karen Wood, discuss the tension between purpose and profit, the realities of trade-offs, and how leaders can stay grounded while building trust and aligning values with action.; KEY MOMENTS: 00:00 – Setting the Scene: Values in an Age of Disruption 05:42 – Why Values Matter More Than Ever 19:56 – From Words to Action: Making Purpose Real 36:18 – Navigating Politics, Pressure and the Future of Leadership

Please note: The tax-free savings account limits discussed in Everything Counts episode 42 reflect the regulations in place at the time of recording. Following changes announced in the Budget Speech on 25 February 2026, the annual contribution limit has been increased from R36 000 to R46 000 per tax year, effective 1 March 2026. This article has been updated to reflect new limit. In this episode of Everything Counts, host Motheo Khoaripe is joined by Investec financial adviser Vumi Dludlu and head of adviser enablement Johan Loubser to break down everything you need to know about tax-free savings accounts in South Africa. They explain: • What a tax-free savings account (TFSA) actually is • The annual limit and R500 000 lifetime contribution cap • What happens if you exceed the TFSA limit • Why you can’t “catch up” on missed contributions • The impact of withdrawals on your lifetime allowance • How TFSAs compare to retirement annuities and regular savings accounts • Whether opening a TFSA for your child makes sense If you’re searching for answers about TFSA rules, contribution limits, tax penalties, or how to invest tax-free in South Africa, this episode will give you clear, practical insights to help you make smarter long-term decisions. 00:00 Introduction 01:30 Why tax-free savings accounts were first introduced 02:00 What are tax-free savings? 03:45 Tax-free savings vs regular savings 05:00 What savings products should you pair a tax-free savings account with? 07:00 How do tax-free savings accounts work? 09:00 Tax-free savings account rules South Africa 11:00 Should you upload a lump sum to your tax-free savings account? 12:00 Can you transfer your tax-free savings to another provider? 14:30 Are tax-free savings accounts good for your child’s future 17:20 Can you use tax-free savings as emergency funds? 19:00 How much can you put into a tax-free savings account? 20:00 Conclusion

It was a difficult Friday for US President Donald Trump, as the Supreme Court ruled against his tariffs, while GDP in the fourth quarter grew by less than expected and a core measure of inflation rose. But, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, Trump has already announced other measures to retain tariffs.

What Next? Leadership Conversations for a Better Future examines how leaders can build future-fit economies in a time of accelerating technological and societal change. This episode looks at the power shifts created by AI and digital systems - asks where real agency still lies. Hosts Lindsay Hooper and Marc Kahn sit down with Thomas Lingard, who previously founded Unilever’s Global Advocacy team to influence international public policy on sustainable development and who now heads the Centre for Future Generations, to explore where the real opportunity and agency exist to ensure that emerging technologies are used in the best interest of humanity. The discussion probes how digital power is concentrating, why regulatory systems are struggling to keep pace, and what it would take to steer emerging technologies toward societal benefit rather than narrow commercial gain. Thomas highlights the leadership capacities that now matter most: ethical judgement, systems intelligence, and the confidence to question deterministic narratives about technology. The episode asks a central question: how do we build an economy where technology strengthens society - and who has the responsibility and agency to shape that path? In partnership with the University of Cambridge Institute for Sustainability Leadership (CISL) and Investec.

In the final episode of Art in Focus Series 2, Tristanne Farrell is joined by Alexander Richards (Stevenson), Jana Terblanche (Southern Guild) and Hamzeh Alfarahneh (Art Advisory) to unpack how narrative shapes perception, value and global positioning in African art. From curating across continents to challenging dominant canons, the conversation explores how exhibitions, galleries and collectors influence the stories that define the art world today. KEY MOMENTS: 00:00: Introduction 01:28: Growing up in art: Legacy, exposure and finding your path 06:54: From artist to advisor: Roles in the ecosystem 10:04: Curating and collaboration: Serving the artist and shaping the narrative 18:38: Challenging the canon: Cross-regional dialogue and disruption 22:12: Access and engagement: Social media and audience power 27:03: No budget: A hypothetical collection 29:35: Conclusion

While US earnings have been strong, more and more companies are seeing artificial intelligence (AI) as a risk, rather than an opportunity, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, that while there’s been a selloff in sectors likely to be disrupted by increased AI deployment.

South Africa’s 2026 Budget arrives at a pivotal moment. Debt is hovering near 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook. Is this genuine fiscal stabilisation or simply a window of opportunity? In the latest episode of No Ordinary Wednesday, Jeremy Maggs sits down with Investec’s Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs to unpack: • Whether debt has truly peaked • How meaningful the commodity revenue windfall is • The risk of further “stealth” tax pressure on households • Municipal reform and infrastructure momentum • What it would take to secure a credit-rating upgrade Read more on www.investec.com/now

For years, we’ve comforted ourselves with the idea that young people will “save the world.” But is that hope realistic - or an unfair projection? Many young people care deeply about climate, justice and inequality, yet face economic precarity, political disillusionment and shrinking civic space. How can youth today find real agency and meaningful work amid systemic barriers and concentrated power? Hosts Lindsay Hooper and Marc Kahn are joined by: • Clover Hogan — climate activist and founder of Force of Nature, helping young people turn climate anxiety into action. • Ravi Naidoo — CEO of the Youth Employment Service (YES) in South Africa, the world’s largest private-sector-funded youth internship programme. Together, they explore what leadership looks like for a new generation, the myths and realities of youth activism, and how today’s leaders can support young people not just to inherit the future, but to shape it.

From stitched fabrics and beaded surfaces to gel capsules and monumental sculptures, this episode of Art in Focus explores how personal memory becomes cultural narrative. Mary Sibande, Sahlah Davids and Leila Abrahams join Tristanne Farrell to talk identity, heritage, healing and how artists transform lived experience into work that resonates locally and globally. KEY MOMENTS: 00:00 Introduction 00:49 Meet the guests: Mary, Leila and Sahlah 01:51 Making meaning from heritage and identity 06:08 The creative process, materials and making 08:08 Colour, symbolism and meaning 13:55 Growth, influence and change 19:43 Support, belief and opportunity 21:54 Responsibility, reach and return 28:54 Aspirational acquisitions 30:05 Conclusion

Earning, spending, investing and shopping overseas has never been easier, but it has never been more complex either. If your money is constantly moving between currencies, countries, and platforms, it can feel like you’re doing everything right on paper while still losing value through fees, exchange rates and timing. In this episode of Everything Counts, Motheo Khoaripe explores what it really means to live a global financial life. He’s joined by Dan Buntman, Product Lead for International Banking at Investec, and Bonnie Dalglish, Private Banking Forex Lead, to unpack how South Africans are spending, earning and investing in an increasingly borderless world. The conversation dives into the explosive growth of online and global shopping, the rise of multicurrency lifestyles, and why so many people feel their money is harder to track than ever before. From foreign income and international subscriptions to offshore investing, travel, and digital nomad life, the episode highlights the hidden costs and blind spots that can quietly erode your finances. You’ll learn how exchange rates, fees, and payment timing impact your money, why separating currency conversion from spending can be a game changer, and how new banking technology is simplifying global payments behind the scenes. The experts also explain how multicurrency accounts and intelligent routing can help reduce friction, avoid unnecessary conversions, and give you more control when your life stretches across borders. If your lifestyle, income, or investments are international (or heading that way) this episode will help you understand how to make your global money work harder for you, with less stress and more control. 00:00 Introduction 02:00 How popular is online shopping? 04:00 How are South Africans online shopping overseas? 05:10 Banking allows global shopping 06:10 How are South Africans living and spending across borders? 09:00 What to consider when it comes to multi currency spending 09:30 Buying foreign currency vs global spending 11:00 How banking innovations make international spending easier 12:00 What is a multi currency account? 13:00 The technology behind multi currency accounts 15:15 Benefits of a multi currency account 17:05 How many people are using multi currency accounts? 19:30 Key takeaways for international spending 21:00 Conclusion

The world economy appears to be in good shape. Global composite purchasing managers index numbers are on the rise, with US manufacturing enjoying a significant uptick in January, and Germany’s factory orders have risen strongly too. All in all, says Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International, the numbers support expectations of global GDP growth of 3% this year.

In this episode of podcast series, What Next? Michael Liebreich and Rory Sutherland lift the lid on how to shift behaviour at scale to achieve the energy transition. Marc Khan and Lindsey Hooper interview the pair on the sociopolitical backlash we have seen in some sectors with regard to climate action. The views in this podcast are those of the contributors, and don’t necessarily represent those of CISL, the University of Cambridge, or Investec, and should not be taken as advice or a recommendation.

When ideas meet machines and many hands shape one work, where does creativity begin? In episode 3 of Art in Focus series 2, Investec’s Tristanne Farrell invites curator Antonia Strauss, artist Aaron Philander and gallerist Brett Bellairs to unpack how technology is transforming not just into how art is made and sold, but how it’s experienced and valued. From AI to VR, African artists are engaging with tech and repurposing in new ways, challenging traditional notions of originality and artistic value. KEY MOMENTS: 00:00 Introduction 00:52 Meet the Guests: Antonia, Aaron, and Brett 01:27 Personal journeys into the art world 06:37 Artistic voice, collectors and emerging practice 09:58 Challenges and opportunities for young artists 11:40 The Role of AI and technology in contemporary art 13:11 What makes an artwork an original? 16:25 The Ship of Theseus and art restoration 18:05 Conceptual art and temporal nature 19:24 The Lost Leonardo and authorship 21:30 Found objects and personal narratives 23:47 The future of digital and AI art 25:20 Protecting artists' intellectual property 26:08 Trends and movements in the art market 28:15 Encouraging young collectors 30:28 Dream art collections 32:30 Conclusion

Water scarcity is no longer a future risk. It is already reshaping how businesses operate, invest and grow in South Africa. With water demand in Gauteng at record levels and ageing infrastructure under strain, water has become a material constraint on business continuity, supply chains and long-term competitiveness. For many companies, water security is now as critical as energy security. In this episode of No Ordinary Wednesday, recorded after an Investec and Proparco water-resilience event, Jeremy Maggs is joined by Dr Sean Phillips, Director-General of the Department of Water and Sanitation; Helen Hulett, water-security advisor; and Melanie Humphries, Head of Sustainable Solutions at Investec. Together, they discuss how water risk is moving from the margins of ESG into core business strategy, and what practical resilience looks like for South African companies navigating a water-stressed economy. Key podcast moments: 01:55 - Why Gauteng’s water demand is reaching critical levels 02:57 – Why government is calling for a 40% reduction in water use 04:20 – How municipalities can fund infrastructure amid high non-revenue water 07:44 – How business understanding of water risk has evolved 09:07 – How South African businesses are responding to water risk 10:50 – What Gauteng’s realistic interim water plan looks like 14:21 – What data companies need to invest smartly in water resilience 15:44 – How companies can understand where their water comes from 16:38 – How businesses should think about the return on resilience investment 17:20 – What water solutions businesses are pursuing and where gaps remain 19:16 – How Investec supports technical partnerships on water resilience 19:59 – Where private sector involvement adds the most value 22:38 – What CEOs should stop and start doing about water risk 23:42 – What government needs most from business in the next five years 24:31 – Closing reflections on partnership and opportunity 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.

Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International, makes sense of a busy few days on financial markets, which saw sharp falls in precious metals prices. Despite the dramatic drop in gold, platinum and silver prices, precious metals prices are back to where they were in early January.

From discovering and nurturing emerging artists, to building trust-based relationships with collectors, Emma van der Merwe of Everard Read, Shona van der Merwe of RESERVOIR Projects and Anelisa Mangcu of Under the Aegis, discuss the increasing prominence and role of women in the art ecosystem. These three gallerists open up about how they navigate a world traditionally dominated by men, challenges overcome - mentorship, and the often unseen but crucial collaboration of women across the art market. KEY MOMENTS: 00:00 Introduction and guest intro 01:36 Personal journeys into the art world 07:19 Strategies for establishing authority 08:21 Discovering and elevating new artists 12:03 Women-led galleries and curatorial perspectives 17:59 Collaboration and support within the art ecosystem 19:10 Building relationships with collectors 21:48 Mentorship and cultivating a community 27:02 Defining an artist 30:51 Curatorial voice and career highlights 31:29 Daily drivers and inspiration 33:41 Art collections and personal favourites 36:49 Dream art acquisitions 38:52 Conclusion and closing remarks

Starting your first real job with a decent pay check should feel exciting but what if it mostly feels confusing, stressful and a little scary? If you’ve made money mistakes before, missed payments or taken on debt you didn’t fully understand, you’re not alone… and you’re not out of options. In this episode of Everything Counts, Motheo Khoaripe sits down with Investec’s Keshnie July, Lending Product Owner and Lehlogonolo Ramushu, Credit Risk Consultant, to talk about how young professionals can recover from financial missteps and start building a stronger, more intentional money future. The conversation tackles what it really takes to bounce back after defaulting, overextending yourself or ignoring those dreaded payment reminders. From understanding your credit report, to budgeting realistically, facing debt head on and asking for help when you need it, this episode breaks down the practical steps that make recovery possible. The episode also touches on separating needs from wants, avoiding impulse-driven debt, navigating “easy credit” offers and making smarter decisions before taking on new financial commitments. As the discussion shifts toward building wealth, the experts share simple, realistic strategies for saving, creating an emergency fund, paying off debt faster and laying the groundwork for long-term financial security. If you’re a young professional trying to reset your money mindset, get out of debt or turn your first proper salary into something meaningful, this episode will help you move from survival mode to stability and eventually, to growth. 00:00 Introduction 01:00 Debt management: How to bounce back from money mistakes 02:00 How to build better money habits 03:47 Biggest financial mistakes that young adults make 04:50 Affordability assessment: What young professionals should ask before taking on more debt 06:19 What do you do when you run into financial problems? 08:47 Recovering from debt 10:25 Strategies for building wealth in the long term 10:50 The importance of building an emergency fund 11:20 The importance of having savings 12:10 Practical steps for young professionals starting their wealth journey 15:05 Compare savings accounts with good interest rates 15:20 Conclusion

Standing in for Chris Holdsworth this week, investment strategist Osagyefo Mazwai looks at the latest US growth numbers. While GDP growth at a headline level looks robust, it reveals some concerns about personal income, which has been lagging expenditure. The US labour market has also been softening, so while the Federal Open Markets Committee is unlikely to cut this at its meeting this week, markets will nonetheless look for signs of further weakness in employment.

The World Economic Forum Annual Meeting in Davos offered fewer illusions, and more realism. The rules-based order is no longer assumed. Geopolitics is now embedded in balance sheets. Scale matters. Delivery matters more. In the final episode of our Davos Debrief podcast series, Investec Group Chief Executive Fani Titi argues that the defining advantage in today’s global economy is adaptability - the ability of countries and companies to operate amid volatility without waiting for certainty. Read more on www.investec.com/now

AI has moved beyond experimentation. It now sits at the centre of decision-making. At the World Economic Forum Annual Meeting in Davos, the conversation is clear - how can leaders use AI to drive growth, manage risk and reshape work. In episode 2 of our Davos Debrief series, Jeremy Maggs speaks to Lyndon Subroyen, Investec’s Global Head of Digital & Technology, on why AI is a platform shift, not a passing trend, and what that means for strategy, talent and long-term competitiveness. Key podcast moments: 00:00: Introduction 01:30: Inside Davos: the spirit of dialogue 02:10: AI’s economic promise and the platform shift 03:05: Balancing AI opportunity and disruption 04:22: Innovating fast without crashing: managing AI risk 05:12: From builders to users: how AI diffuses into society 06:06: Investing in people for an AI-augmented economy 07:16: The skills that matter most in an AI world 08:17: Keeping humans in step with rapid technological change 09:23: Rethinking operating models for the future of work 11:44: Cybersecurity, geopolitics and the dark side of innovation 12:58: Governance, ethics and guardrails for AI at scale 14:01: AI as a growth engine for the global economy 15:11: Sector winners and the universal impact of AI 15:36: Emerging markets and the opportunity to leapfrog 17:04: The one question leaders must ask after Davos 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.

Chris Holdsworth looks at some of the key takeouts from Investec’s latest global asset allocation committee meeting. These include decisions to maintain an underweight position in US equities – based on the country’s economic outlook and high valuations – and to increase the allocation to Japanese equities.

The World Economic Forum Annual Meeting is here and markets are paying attention. As leaders gather in Davos, the conversations will likely shape risk premiums, capital allocation and investor confidence in the months ahead. In episode one of our special Davos Debrief podcast series, host Jeremy Maggs is joined by Chris Holdsworth, Chief Investment Strategist at Investec, to cut through the noise and focus on what really matters for investors. Podcast key moments: 00:00 - Introduction 01:49 - How should investors interpret the 2026 Global Risks Report findings 02:28 - Does a shift in risk weighting change the thinking around capital allocation and diversification? 03:03 - Are investors underestimating the economic side of global risk? 04:47 - Are investment opportunities and risks in a more multipolar or contested economic order? 05:24 - Where do you see growth potential right now, both in developed economies and in emerging markets? 07:03 - How should investors balance their innovation upside with systemic risk exposure? 08:02 - How do investors think about resilience, whether for portfolios, for businesses or economies? 08:47 - What are the three signals or outcomes that you'll be watching closely at WEF2026? 10:03 - From an investment perspective, how material are positive economic signals from South Africa? 11:55 - What’s the one thing investors should be watching this week when it comes to South Africa's positioning in global portfolios? 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.

Drowning in credit offers the moment you land your first paycheck? You’re not imagining it, from store cards to buy-now-pay-later, young professionals are being pulled into debt faster than they can say “credit approved". In this episode of Everything Counts, host Motheo Khoaripe sits down with Investec’s Keshnie July, Lending Product Owner and Lehlogonolo Ramushu, Credit Risk Consultant, to unpack why so many young people find themselves overwhelmed by debt so early in their careers and what you can do to avoid falling into the debt trap. From building a healthy credit record without sabotaging your future, to spotting bad deals, understanding unsecured loans and recognising the emotional and social pressures that drive overspending, this conversation takes you inside the real-world decisions that shape your financial life. You’ll hear why “easy credit” isn’t always your friend, how small habits snowball into big consequences and the practical steps every young professional can take to stay in control, protect their credit score and build a foundation for long-term wealth. If you’re earning your first salary, navigating credit for the first time or trying to break free from financial stress, this episode will equip you with the clarity and confidence you need to make smarter money decisions. 00:00 Introduction 01:14 Why are so many young people in debt? 02:13 Building a credit record 02:35 The impact of credit decisions 03:48 The marketing of debt 04:27 Unsecured loans and how easy it is to fall into the debt trap 05:03 Importance of reading the fine print 06:14 How much debt is too much? 07:15 Controlling your money habits 07:55 Understanding your finances 09:00 The importance of financial literacy 11:22 Financial mistakes young professionals make 14:36 Financial advice for young professionals: How to spot a bad deal 16:45 The long-term consequences of too much debt 17:20 How debt and credit usage affect your credit score 18:50 What is good debt? 19:50 Debt consolidation and debt review 21:50 Conclusion

In the first episode of Macro Monday for 2026, our Chief Investment Strategist Chris Holdsworth looks at market performance over the last year. While US equities added 18% in 2025, it lagged behind global equities (up 23%) and an array of countries, including South Africa. One of the top-performing currencies last year was the rand, which benefited from improved fundamentals and a weaker US dollar.

Listen to Frank Kilbourn of Strauss & Co. and Ashleigh McLean of Whatiftheworld Gallery on how galleries and auction houses navigate market cycles, build sustainable artist careers, and assign value in a constantly shifting art ecosystem. They also share invaluable insider-insights on upcoming artists to watch. Key moments: 00:00 Introduction 01:19 Guests' personal journeys into the art world 05:48 Understanding the Primary and Secondary art markets 08:09 Market dynamics and pricing strategies 17:44 Building and sustaining an artist’s career 23:26 Current market trends and shifts 30:49 Dream art acquisitions

As the year wraps up, it's the perfect moment to pause, reflect, and refocus. From building a resilient wealth mindset to navigating digital risks, future-proofing your estate plans, rethinking retirement, and making smarter energy choices — this year’s conversations have reshaped how we think about money, security, and long-term wellbeing. In this special Year in Review episode of Everything Counts, we revisit the ideas that pushed us to grow, question assumptions, and plan with greater intention. From the habits that unlock financial confidence to the rising trends changing how we work, save, protect ourselves, and power our homes, this roundup captures the big shifts shaping a more empowered financial future. Whether you’ve taken small steps, bold leaps, or simply absorbed new insights along the way, this episode is your invitation to carry that momentum forward. Here’s to entering the new year with clarity, courage, and a mindset built for possibility. 00:00 Introduction 01:00 What is a wealth mindset? 03:50 The importance of mentorship and learning about money 05:00 How do you start again when things go wrong? 07:30 Estate planning and drafting a will in South Africa 08:00 What happens if you don’t have a will? 09:00 What makes a will valid in South Africa? 10:00 Impact of poor savings habits and why early retirement planning is key 13:30 How a financial advisor can help with retirement planning 15:00 What happens if you outlive your retirement savings? 16:00 Business cybersecurity and common scams 17:10 Business email compromise 18:00 Understanding social engineering 19:00 The use of AI in cybercrime 20:00 Cybercrime to look out for 22:00 Home solar systems in South Africa 23:00 Solar installation regulations in South Africa 24:30 Solar compliance and safety considerations 28:00 Conclusion

Group Chairman of Standard Chartered, José Viñals, Sarah Kemmitt, former lead of the UN Net Zero Banking Alliance and Dr. Nina Seeger, Director of CISL Centre for Sustainable Finance discuss how finance can accelerate sustainable development more effectively. From addressing the mispricing of climate and nature risk, to correcting market distortions, tackling permitting bottlenecks and supporting coherent policy, the conversation highlights the conditions needed to align global capital with a cleaner, fairer, more resilient global economy.