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Approach black Friday with some pragmatism

The head of growth at leading South African Buy-Now Pay-Later (BNPL) fintech company, Payflex, Jarred Deacon, advises consumers to approach Black Friday with some pragmatism. Deacon suggests that you should “load your baskets before black Friday, keep them on in terms of your essentials and necessities. Once you have those in your baskets, you can take advantage of the price drops but only if they are within your budget. Try not to overextend yourself”. Deacon expands on what Payflex’s research has revealed about Black Friday consumer spending in his conversation with the OFM Business Hour team. Listen below.

Mangaung business chamber wants by-laws to be relooked

The Mangaung Chamber of Commerce and Industry wants the metro’s by-laws to be relooked at in light of their unhappiness over rising rates and taxes. The chamber’s deputy president, Mzi Mboyana, tells the OFM Business Hour, that it is increasingly becoming unaffordable to run a small business in the metro, which includes Bloemfontein, Botshabelo, Thaba’ Nchu, Dewetsdorp, Wepener and Soutpan. Mboyana says it is time the government shows up and makes changes following the 1 November local government elections. Mboyana weighs in on other pertinent issues and shares some interesting plans the chamber has in the pipeline in his sit down with the OFM Business Hour team.

Is this a good time to purchase a brand new car?

Transunion’s vehicle pricing index has found that there is a significant drop in prices for brand new vehicles in the third quarter of 2021 as compared to the same period in 2020. But this doesn’t mean one should purchase a new vehicle when they cannot necessarily afford the overall cost of owning and maintaining it.

TransUnion’s Vice-President and head of TransUnion Auto & Consumer Africa Kriben Reddy, says vehicle dealers and manufacturers are holding the prices of brand new vehicles back to up demand, this is despite a shortage of new vehicles internationally due to an ongoing lack of semiconductors and the Covid-19 pandemic. He says there is a threshold in which new vehicles can become unaffordable, hence prices being held back for them. The price of used vehicles on the other hand has increased due to a higher demand from consumers who are forced to shop for vehicles in the used market. This increased demand also means, there is now a shortage of used vehicles, hence the higher prices.

Previously on the OFM Business Hour Reddy told us that their latest Consumer Pulse Survey revealed that over 61% of households are feeling the burden of the Covid-19 pandemic on their pockets in 2021 as compared to over 80% in 2020, at the height of the pandemic. This means that more indebted South Africans are relying on credit just to get by. The shift towards used vehicles corroborates the housing survey.

Reddy says whilst there is still a heavy reliance on private vehicles due to South Africa’s unstable transport system, many options are coming to the fore. E-hailing services are becoming more sophisticated and there are more options for individuals who are more interested in mobility rather than the outright ownership of a car.

He stresses it’s important to factor in the overall cost of owning and maintaining a vehicle when seeking to purchase one. He says consider the prices of insurance, tyres and other maintenance related aspects.

Social employment fund seeks strategic implementing partners

The Presidential Employment Stimulus is now in its second phase and is supporting social employment as part of its portfolio of interventions to create jobs and support livelihoods. With the Industrial Development Corporation (IDC) as fund manager, a Social Employment Fund (SEF) has been launched and is seeking strategic implementing partners to create work that serves the common good in communities.

The initiative is also being championed by the Department of Trade, Industry and Competition. To find out more the OFM Business Hour, sat down with Project Manager at the Social Employment Fund, Bhavanesh Parbhoo.

To apply for the Social Employment Fund, email: no later than 8 December 2021 at 17:00.

Visit to access the application form and get detailed information on the fund’s Terms and Conditions.

Call 011 269 3466 for any further queries.

SA’s e-hailing sector estimated to employ 80 000-100 000 drivers

South Africa’s e-hailing sector is estimated to currently be employing between 80 000 and 100 000 drivers and/or motorcyclists countrywide, with more jobs to be generated in the next 3-5 years. The Chief Executive Officer (CEO) of youth employment engine, Lulaway, Jake Willis, tells the OFM Business Hour, that the industry anticipates that over the next 3-6 years the industry will end up employing 500 000 drivers overall – that means 400 000 jobs could be created in the next few years. Whilst these numbers do appear to be too optimistic, Willis says there is currently a shortage of drivers being experienced in the sector, meaning currently the demand outweighs the supply. He says whilst the boom in the e-hailing sector is occurring in the big metros, there is an increase in demand in unlikely places such as: Polokwane, Rustenburg, East London and Umtata.

According to the sector globally is expected to grow at a compound annual growth rate of 32.8% between 2019 and 2025. Revenue growth in South Africa is projected to be slower at a compound annual rate of 11.2%, reaching a projected market volume of $1.068m (approximately R16.3bn) by 2025.

Willis also dispelled misinformation that e-hailing services don’t want to hire South African drivers, adding that due to the overlooked scooter culture, many citizens don’t have licences, making it difficult to for them to enter the food delivery market in particular.

‘Not all contracts constitute service level agreements’ – law expert

Not all contracts constitute service level agreements (SLAs). This is according to the head of technology, media and telecommunications law at Edward Nathan Sonnenbergs commonly known as ENS Africa, Ridwaan Boda. He first explains to the OFM Business Hour that a service level agreement (SLA) is an agreement between a service provider on the one hand and the customer on the other hand quantifying the minimum acceptable standards to the user. Boda emphasises that there must be certain key elements: a clear and granular description of services; services must be quantified and managed properly; and performance level obtained; amongst other requirements which he outlines in his sit-down on the sound of your life.

Online real estate auctions gaining traction in SA

Online real estate auctions are gaining traction in South Africa. The Chief Executive Officer (CEO) of Galetti Corporate Real Estate, John Jack, tells the OFM Business Hour that South Africa is only now following in the line of more developed nations like the United States of America and the United Kingdom whose real estate auctions have long gone online, in light of the sizes of those countries. SA is now following suit in part because of Covid-19. Jack assures sceptics that online auctions are quite safe, and no transactions are taking place on the auction portal, just bidding. He gets into the benefits of online auctions in the conversation below.

Gondongwana is in a better position than Mboweni was – NWU economist on mini budget

Expectations are such that Finance Minister, Enoch Godongwana’s maiden Medium Term Budget Policy Statement since being shuffled into the role that was previously occupied by Tito Mboweni, will be positive and upbeat. This is according to North West University (NWU) Economics professor, Waldo Krugell, who was sharing his predictions pertaining to Godongwana’s mini-budget on the OFM Business Hour. Krugell says Godongwana is in a better position than his predecessor, Mboweni was when he tabled his budget in February 2021. Not only has the economy grown faster, but higher commodity prices have also bode well for South Africa. Krugell says ordinary citizens especially those on the lower end of the income scale will be looking out for assistance from the government via grants etc.

There is some expectation that Godongwana will weigh in on the issues affecting Eskom at present. This as Eskom Chief Executive Officer (CEO), Andre De Ruyter on Wednesday likened the power utility to a car that needs to be replaced not fixed. De Ruyter has blamed endless red tape as one of the reasons that is making maintenance at the utility challenging. “Current procurement methodology is not well suited to the running of large complex industrial enterprises like Eskom”. He has also criticized municipalities who are not playing their role in implementing load shedding at local government level. This has exacerbated the utility’s plethora of issues which include financial limitations.

OFM News

NC business chamber aims to return to normal, adds 50 new members

The Northern Cape Chamber of Commerce and Industry (NOCCI) is aiming to return to some resemblance of normalcy in the coming months following the disruption that was brought to the local economy by the Covid-19 pandemic. NOCCI Chief Executive Officer (CEO), Sharon Steyn, tells the OFM Business Hour, that this return to normalcy is evidenced by the addition of 50 new members during this challenging year. She shares some of the exciting plans in the pipeline for the chamber in late 2021/early 2022, which include the return of the business expo. Nocci has already hosted a golf day for its members, a sure sign that they are on the mend.
Steyn remains perturbed however, by service delivery constraints, in the province, specifically in the Sol Plaatje Local Municipality under which Kimberley falls. She believes that the key to real tangible change in local governance lies not with politics, but with businesses rallying together and making that change themselves.

Brandstof en energiekrisis

Neil Roets, hoof uitvoerende beampte van Debt Rescue, verduidelik waarom die woord "krisis" die energiesituasie in Suid-Afrika op die oomblik vir beide brandstof en energie die beste beskryf. Hy verduidelik ook of ons binnekort R20 vir petrol gaan betaal en gee raad aan verbruikers terwyl ons deur hierdie ongelooflike moeilike tye gaan.

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