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Market View

This Weeks Overview

National Headlines:

• South Africa debuts the world’s longest zipline, stretching 3.2 km in the Western Cape, surpassing Dubai’s record.

• Eskom seeks 36% electricity price hike in 2025.

• Heavy snowfall has stranded motorists overnight along the N3 Toll Route, forcing road closures and rescue operations in KwaZulu-Natal and Free State.

• An earth tremor shook parts of Johannesburg, Roodepoort, and Soweto Tuesday evening, no damage or injuries have been reported.

Business World:

• Sassa grants increase from 1 October, but only select beneficiaries will receive a small boost.

• Investec opens a Dubai office to tap into the wealth of expats and rising Gulf interest in South African investments.

Interesting Internationally:

• SpaceX's Polaris Dawn mission has launched, featuring the first-ever private spacewalk

• Ethiopia becomes the first country to ban the import of fossil fuel vehicles, paving the way for electric mobility in Africa.

• Swiss police arrested several individuals after the first use of a controversial "suicide pod".

National Stories:

Zip Into the Record Books

South Africa has launched the world’s longest zipline, stretching 3.2 km near Caledon in the Western Cape. Dethroning Dubai’s previous 2.8 km record, this high-speed attraction lets riders zip down from 500 meters up at speeds exceeding 100 km/h.

Beyond the adrenaline rush, this zipline is expected to significantly boost local tourism, with Provincial Tourism Minister Ivan Meyer calling it a “global asset” for the region. Meyer hopes the attraction will help drive a 5% GDP growth in the Western Cape and assist in tripling tourism numbers.(Source article)

Shocking price hikes

Eskom is turning up the voltage on its price hikes. The state-owned electricity provider has submitted a massive tariff increase proposal, seeking a 36.15% bump in 2025, followed by 11.81% in 2026 and 9.10% in 2027. This is part of Eskom’s R1.5 trillion revenue request over three years, aimed at securing financial sustainability.

Eskom's plan now heads to the National Energy Regulator of South Africa (Nersa) for review, where public consultations will weigh in. While Nersa has scaled back Eskom’s requests in previous years, consumers are still feeling the burn from recent double-digit hikes.

With inflationary pressure, political leaders, including Energy Minister Kgosientsho Ramokgopa, have expressed concern that these hikes could push many South Africans to their breaking point, warning that rising electricity costs are becoming a national security issue. (Source article)

A spring miracle

Spring arrived and with it heavy snowfall blanketed the N3 Toll Route, stranding motorists between KwaZulu-Natal (KZN) and the Free State. The icy conditions forced the closure of key highways from Estcourt to Harrismith, leaving travelers stuck overnight in freezing temperatures. Authorities issued a Level 6 snow warning, urging residents to postpone travel due to "treacherous" roads. (Source article)

Shake it up

Joburg residents felt the ground tremble beneath their feet Tuesday night as an earth tremor hit parts of Johannesburg, Roodepoort, and Soweto just before 8 PM. According to Robert Mulaudzi, spokesperson for Johannesburg Emergency Services, the tremor was recorded around 7:35 PM, though its magnitude has yet to be confirmed by the Council for Geoscience. Fortunately, no injuries or damages have been reported. (Source article) 

Business World

Sassa’s tiny boost

Starting October 1st, certain South Africans will see a modest bump in their Sassa grants. While the child support and foster care grants remain unchanged since April, older persons, disability, war veterans, and care dependency beneficiaries will enjoy a R10 increase. Those aged 60-74 now receive R2,190, with a slight jump to R2,210 for over-75s. The Social Relief of Distress (SRD) grant stays at R370. No need to reapply if you’re already a recipient – just keep an eye on the occasional review! Payments will be made through bank accounts, retail outlets, or mobile pay points, starting with older persons on October 2nd. (Source article)

Habibi, come to Dubai

Investec, the specialist bank and wealth manager, has planted its flag in Dubai. The newly launched office, located in the Dubai International Financial Centre, aims to serve the wealthy expat community while capitalizing on the growing Gulf interest in South African (SA) and African investments. With over $3 trillion in private wealth within the region and a sizable South African expat population, Investec sees its Dubai hub as a gateway to new opportunities.

Though the office doesn’t hold full banking or wealth management licenses yet, it acts as a strategic hub to connect clients to global services. The move comes as Gulf nations show increased interest in SA, notably with projects like DP World’s bid to upgrade Durban's port. For Investec, this is just the start of its regional expansion plans. (Source article)

Interesting Internationally

Another big step

After multiple delays, Polaris Dawn has finally launched, marking a milestone for private space exploration. The mission, funded by billionaire Jared Isaacman, features a four-member crew aboard a SpaceX Crew Dragon, aiming for a record altitude of 1,400 kilometers. Key highlights include the first privately funded spacewalk and scientific research on human spaceflight. This mission is part of Isaacman’s broader Polaris program, aimed at advancing commercial space exploration beyond just tourism. (Source article)

E-thiopia charges ahead

In a groundbreaking move, Ethiopia is set to become the first nation globally to ban the import of petrol and diesel vehicles. This shift aims to combat the high costs associated with fossil fuels, as over half of the nation’s oil import bill fuels ICE vehicles. With import taxes on used fossil fuel cars skyrocketing to 500%, only electric and hybrid vehicles will be allowed, significantly boosting the local EV market. As 90% of Ethiopia's electricity comes from hydropower, this initiative not only promotes cleaner energy but also encourages local EV manufacturing. Ethiopia’s bold step positions it as a leader in Africa’s electrifying journey towards sustainable transport. (Source article)

A sad day

In a landmark and controversial case, Swiss authorities have arrested several individuals following the first deployment of the “Sarco” suicide capsule, resulting in the death of a 64-year-old American woman. Developed by Australian euthanasia advocate Philip Nitschke, the capsule enables users to end their lives by releasing nitrogen gas, drastically reducing oxygen levels. Police in Schaffhausen have initiated criminal proceedings against those involved for “inducing and aiding suicide.” The incident has reignited debates over assisted suicide in Switzerland, a country known for its relatively permissive laws on the subject. Swiss health officials have questioned the capsule's compliance with product safety regulations, adding another layer of complexity to this already heated issue. (Source article)

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