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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. Investec Focus Radio SA

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 Investec Focus Radio SA

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. Investec Focus Radio SA

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. Investec Focus Radio SA

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 What Next? · Investec Focus Radio SA

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 Investec Focus Radio SA

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. Investec Focus Radio SA

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 What Next? An Investec-Cambridge podcast series · Investec Focus Radio SA

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 Investec Focus Radio SA

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. Investec Focus Radio SA

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. Investec Focus Radio SA

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 Investec Focus Radio SA

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. Investec Focus Radio SA

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 What Next? An Investec-Cambridge podcast series · Investec Focus Radio SA

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 Investec Focus Radio SA