https://www.biznews.com/the-daily-edge/da-education-minister-gwarube https://media.assettype.com/biznews/2026-07-09/9nhykdn8/gwarube-2.png biznews en 2026-07-09T13:00:43.314Z BizNews Edge: DA Education Minister Gwarube unpacks what's next for her and her party BizNews Edge, John Steenhuisen, Tony Leon, South Africa, Political news, Dr Frans Cronje, Politics, Democratic Alliance, DA, ANC https://www.biznews.com/sa-investing/multichoice-legend-bringing-starlink https://media.assettype.com/biznews/2026-07-09/avvzcash/Nolo-Letele-new.webp Nolo Letele https://media.assettype.com/biznews/2026-07-09/srk8pweq/MultiChoice-Group-new.jpg Letele, second from the left at the rear, alongside MultiChoice Group board members in the early 2000s. https://media.assettype.com/biznews/2026-07-09/lgnu8l8a/Nolo-Letele-with-T-Connect-edited.jpg Nolo Letele (centre) alongside attendees at a T-Connect event. https://media.assettype.com/biznews/2026-07-09/cumokyte/Nolo-Letele-at-Starlink-T-Connect-e1783516200555.jpg Nolo Letele at a T-Connect event. https://media.assettype.com/biznews/2026-07-09/eir9xy9w/Nolo-Letele-T-Connect-Lesotho-e1783516247772.jpg Nolo Letele speaking at a T-Connect event. https://media.assettype.com/biznews/2026-07-09/31xv3t2e/Nolo-Letele-at-T-Connect-even-e1783511941897-edited.jpg Nolo Letele at a T-Connect event. https://media.assettype.com/biznews/2026-07-09/wycgg240/T-Connect-Starlink-rollout-e1783514791165.jpg T-Connect technician installing a Starlink terminal. https://media.assettype.com/biznews/2026-07-09/w0mpipx1/T-Connect-Starlink-new-e1783516164436.jpg T-Connect technician installing a Starlink terminal. https://media.assettype.com/biznews/2026-07-09/ws3afn0v/T-Connect-Starlink-Tlokweng-e1783514759971.jpg T-Connect officials with business representatives in Tlokweng, Botswana. https://media.assettype.com/biznews/2026-07-09/k8lcwl9c/T-Connect-techie-in-Botswana-e1783516102414.jpg biznews en 2026-07-09T11:16:57.464Z From M-Net to Musk: MultiChoice legend bringing Starlink to Southern Africa Nolo Letele, MultiChoice, Starlink, T-Connect, Lesotho, telecoms, ISP, Africa tech, rural internet, satellite internet, digital access, broadband https://www.biznews.com/global-investing/why-sa-farmers-should-watch-this-oligarch https://media.assettype.com/biznews/2026-07-09/syobey4k/302262100.jpg Russian Billionaire Andrey Melnichenko biznews en 2026-07-09T11:15:13.330Z Fertiliser Tsar's warning: Why SA farmers should watch this oligarch Russia, Putin, Ukraine war, Melnichenko, Russian oligarchs, war fatigue, Kremlin, NATO, Russia crisis, geopolitics, Ukraine, sanctions https://www.biznews.com/rational-perspective/anthea-jeffery-net-zero-de-industrialise-sa https://media.assettype.com/biznews/2026-07-09/115xpmbn/ANTHEA-PIECE.png biznews en 2026-07-09T10:55:58.325Z Anthea Jeffery: Net zero will de-industrialise SA like Germany and the UK Net Zero, Climate, South Africa, Energy, Eskom, Emissions, Carbon Tax, Fossil Fuels, Nuclear, Jobs, Economy, IRR https://www.biznews.com/sa-investing/mtns-ghana-5g-ambitions https://media.assettype.com/biznews/2026-07-09/ytmeli33/460192754.jpg https://media.assettype.com/biznews/2026-07-09/ohcqf7vf/460122107.png biznews en 2026-07-09T10:46:33.355Z MTN's Ghana 5G ambitions collide with xenophobia fallout back home MTN, Telecel, Ghana, 5G, 5G auction, telecom, mobile, GSMA, Radisys, Reliance, Mukesh, Ambani, Africa telecom https://www.biznews.com/global-citizen/binface-candidate-could-sink-farage https://media.assettype.com/biznews/2026-07-09/5y5otlyh/460222063.jpg Nigel Farage, leader of Reform UK https://media.assettype.com/biznews/2026-07-09/anewm5m4/460222143.jpg Count Binface https://media.assettype.com/biznews/2026-07-09/3m5t6vbe/460222063.jpg Reform UK leader Nigel Farage said Tuesday he would trigger a by-election by quitting his seat. biznews en 2026-07-09T10:45:40.714Z ‘Binface’ candidate who could sink Farage — and Musk's old grudge resurfaces Nigel Farage, Reform UK, Count Binface, Clacton, UK politics, by-election, Brexit, Keir Starmer, UK election, tactical voting, Parliament, political backlash https://www.biznews.com/global-investing/nvidias-trillion-dollar-reset https://media.assettype.com/biznews/2026-07-09/pp9qjqbp/unnamed.jpg Nvidia’s GPUs dominate the artificial intelligence data center market. https://media.assettype.com/biznews/2026-07-09/pdqcfqwq/460145860.png https://media.assettype.com/biznews/2026-07-09/651pvdph/460054831.png https://media.assettype.com/biznews/2026-07-09/60dlfd9f/460178085.png biznews en 2026-07-09T10:42:06.003Z Nvidia's trillion-dollar reset: Cheapest since 2019 despite record profits Nvidia, AI stocks, chip stocks, semiconductors, AI boom, GPU market, Wall Street, tech stocks, Micron, AMD, Intel, market selloff https://www.biznews.com/biznews-daybreak/bn-daybreak-260709 https://media.assettype.com/biznews/2026-07-09/s05sr5hl/Thumbnail.jpg biznews en 2026-07-09T04:37:58.471Z BN Daybreak: US-Iran ceasefire collapse; Cronje on SA politics; Ballito mall bomb scare BizNews Daybreak, US Iran conflict, Oil price jump, Fed inflation risks, Patriot missiles Ukraine, Syria sanctions lifted, Apple Broadcom deal, Nvidia chips China, John Steenhuisen DA, Ballito mall bomb, South Africa security https://www.biznews.com/interviews/cronje-why-das-biggest-threat-isnt-anc https://media.assettype.com/biznews/2026-07-08/mkmpqf11/maxresdefault.jpg biznews en 2026-07-08T18:00:00.000Z Director's Cut: Dr Frans Cronje - Why the DA's biggest threat isn't the ANC Democratic Alliance, South Africa, Politics, Government of National Unity, local government elections, Frans Cronje https://www.biznews.com/interviews/willem-els-failed-food-court-bomb-attack https://media.assettype.com/biznews/2026-07-08/7vjw5v1f/emic-20.jpg biznews en 2026-07-08T15:56:27.771Z Willem Els - Failed food court bomb attack could have killed and maimed many South Africa, Terrorism prevention, Ballito mall bomb, Counterterrorism, Willem Els https://www.biznews.com/the-daily-edge/dr-frans-cronje-steenhuisen-interview-da https://media.assettype.com/biznews/2026-07-08/51cqqemg/EDGE-1.png biznews en 2026-07-08T14:37:17.348Z BizNews Edge: Dr Frans Cronje on what the Steenhuisen interview really cost the DA BizNews Edge, John Steenhuisen, Tony Leon, South Africa, Political news, Dr Frans Cronje, Politics, Democratic Alliance, DA, ANC https://www.biznews.com/rational-perspective/sas-youth-non-voting-problem https://media.assettype.com/biznews/import/wp-content/uploads/2016/08/Municipal_Election_Voter_IEC_August_2016.jpg A man casts his ballot during South Africa's local government elections in KwaMashu, north of Durban, South Africa, August 3, 2016. biznews en 2026-07-08T12:05:02.773Z SA's youth non-voting problem may be turning a corner ahead of November's local elections Sara Gon, youth voters, voter apathy, SA elections, voting rights, democracy, IEC, young voters, political literacy, voter turnout, South Africa, ANC, elections 2026 https://www.biznews.com/leadership/katzenellenbogen-hill-lewiss-second-transition https://media.assettype.com/biznews/2026-06-25/hsdtxq8g/459219210.jpg Geordin Hill-Lewis biznews en 2026-07-08T12:03:03.243Z Katzenellenbogen: Hill-Lewis's "second transition" - opportunity, but no easy path to power Jonathan Katzenellenbogen, ANC decline, GNU, SA politics, DA growth, coalition rule, political shift, ANC future, opposition, elections, voter change, SA democracy, power shift https://www.biznews.com/africa/cathy-buckle-zimbabweans-exodus-sa https://media.assettype.com/biznews/2026-07-08/5wwacoy5/Untitled-design.png biznews en 2026-07-08T11:58:59.592Z Cathy Buckle - Zimbabweans' exodus from SA: “We are no longer wanted here.” Cathy Buckle, Zimbabwe, South Africa, xenophobia, migrants, deportation, Zimbabwe crisis, SA attacks, migration, remittances, economic crisis, Africa, Zim diaspora https://www.biznews.com/global-investing/spacex-decoded https://media.assettype.com/biznews/2026-07-08/i14l4y2z/458387244.jpg Elon Musk, founder of Space Exploration Technologies Corp. https://media.assettype.com/biznews/2026-07-08/9peb2ufc/Screenshot-2026-07-08-at-11.16.24.png https://media.assettype.com/biznews/2026-07-08/5xfn4nyz/Screenshot-2026-07-08-at-11.04.05.png https://media.assettype.com/biznews/2026-07-08/n27fyoi1/Screenshot-2026-07-08-at-11.19.27.png https://media.assettype.com/biznews/2026-07-08/b9tems5r/Screenshot-2026-07-08-at-11.22.08.png https://media.assettype.com/biznews/2026-07-08/j0zqdfgh/Screenshot-2026-07-08-at-11.25.44.png https://media.assettype.com/biznews/2026-07-08/p6h4t87i/Screenshot-2026-07-08-at-11.29.17.png Musk's economic exposure tilts roughly 4–5:1 toward SpaceX. In a stock-for-stock merger the exchange ratio is everything — and his incentives are asymmetric. Source: our calculation on disclosed stakes and market values, 7 Jul 2026. https://media.assettype.com/biznews/2026-07-08/wpj1vxe6/Screenshot-2026-07-08-at-11.30.31.png https://media.assettype.com/biznews/2026-07-08/2czsbmcl/Screenshot-2026-07-08-at-11.35.16.png https://media.assettype.com/biznews/2026-07-08/cr2anti5/Screenshot-2026-07-08-at-11.38.39.png https://media.assettype.com/biznews/2026-07-08/hqeca618/Screenshot-2026-07-08-at-11.40.35.png https://media.assettype.com/biznews/2026-07-08/u884i3md/Screenshot-2026-07-08-at-11.44.13.png https://media.assettype.com/biznews/2026-07-08/m0dyubat/unnamed.jpg Starlink revenue — conservative / base / bull to 2030, with the published Goldman underwriter bull ($144bn). TAM = total addressable market. Source: our model on 2025 actuals and Q1 2026 filings. https://media.assettype.com/biznews/2026-07-08/mbj4e2j5/Screenshot-2026-07-08-at-11.46.40.png https://media.assettype.com/biznews/2026-07-08/4o1p8mw8/Screenshot-2026-07-08-at-11.48.41.png https://media.assettype.com/biznews/2026-07-08/sv7i3liq/Screenshot-2026-07-08-at-11.49.50.png https://media.assettype.com/biznews/2026-07-08/dj1qyxxq/Screenshot-2026-07-08-at-11.51.37.png https://media.assettype.com/biznews/2026-07-08/1k1g99px/Screenshot-2026-07-08-at-11.52.57.png https://media.assettype.com/biznews/2026-07-08/g1jvlci5/Screenshot-2026-07-08-at-11.56.52.png https://media.assettype.com/biznews/2026-07-08/688po907/Screenshot-2026-07-08-at-11.59.19.png https://media.assettype.com/biznews/2026-07-08/uqwqepf6/Screenshot-2026-07-08-at-12.01.18.png https://media.assettype.com/biznews/2026-07-08/y4ip3z84/Screenshot-2026-07-08-at-12.05.35.png https://media.assettype.com/biznews/2026-07-08/cmtp0ayz/Screenshot-2026-07-08-at-12.06.39.png https://media.assettype.com/biznews/2026-07-08/x902ltn8/Screenshot-2026-07-08-at-12.09.43.png https://media.assettype.com/biznews/2026-07-08/o02nxqqf/Screenshot-2026-07-08-at-12.10.55.png https://media.assettype.com/biznews/2026-07-08/xe58effo/unnamed.png https://media.assettype.com/biznews/2026-07-08/s69q46bf/Screenshot-2026-07-08-at-12.17.24.png https://media.assettype.com/biznews/2026-07-08/cw98ydfv/unnamed-1.png The valuation stack against the ~$2.05tn price. EV = enterprise value per segment; reference points are summed equity values. Source: our synthesis on filings, lab marks, CoreWeave, Damodaran; market 7 Jul 2026. https://media.assettype.com/biznews/2026-07-08/fcmb4vd5/Screenshot-2026-07-08-at-12.19.09.png https://media.assettype.com/biznews/2026-07-08/afcjq8m1/Screenshot-2026-07-08-at-12.20.50.png https://media.assettype.com/biznews/2026-07-08/0z13q6hm/Screenshot-2026-07-08-at-12.21.38.png https://media.assettype.com/biznews/2026-07-08/a3gvfh24/Screenshot-2026-07-08-at-12.22.46.png https://media.assettype.com/biznews/2026-07-08/vjp11rau/Screenshot-2026-07-08-at-12.24.12.png biznews en 2026-07-08T11:58:12.432Z SpaceX decoded: The $2-trillion bet riding on one man's shoulders SpaceX, David Coutts-Trotter, BizNews, investing, stocks, research, investors, South Africa, markets, finance, aerospace, analysis https://www.biznews.com/global-investing/sa-retirement-savers-riding-ai-bond-wave https://media.assettype.com/biznews/2026-07-08/qkatdx24/20260711FND002.jpg https://media.assettype.com/biznews/2026-07-08/rxx8zrwy/unnamed-2.png https://media.assettype.com/biznews/2026-07-08/p57ckach/unnamed-3.png https://media.assettype.com/biznews/2026-07-08/ngnghmsg/unnamed-4.png biznews en 2026-07-08T11:26:42.635Z SA retirement savers are quietly (unwittingly?) riding the AI bond wave — and its risks AI boom, AI, Big Tech, bonds, debt, tech, Nvidia, Meta, Oracle, cloud, investing, markets https://www.biznews.com/good-hope-project/part-2-suburbias-broken-promise https://media.assettype.com/biznews/2026-07-08/u78877t3/Untitled-design-29.jpg https://media.assettype.com/biznews/2026-07-08/jzarr205/Untitled-design-26.jpg https://media.assettype.com/biznews/2026-07-08/vzil1y3d/Untitled-design-27.jpg https://media.assettype.com/biznews/2026-07-08/qq46ox79/Untitled-design-28.jpg biznews en 2026-07-08T10:14:23.861Z Part 2: Suburbia’s broken promise - Life in the shadow of the American dream A.M. Homes, American suburbia, Social isolation, Political extremism, Literary criticism https://www.biznews.com/biznews-daybreak/bn-daybreak-260708 https://media.assettype.com/biznews/2026-07-08/2wi50tht/emic-17.jpg biznews en 2026-07-08T03:57:18.596Z BN Daybreak: US strikes on Iran lift oil; NATO deals, SA auto subsidy; Farage quits BizNews Daybreak, US airstrikes on Iran, Strait of Hormuz, crude oil prices, Geordin Hill-Lewis, NATO summit, South Africa politics, JSE markets https://www.biznews.com/interviews/cyrils-appointments-leon-steenhuisen https://media.assettype.com/biznews/2026-07-07/6zy5e68t/solly-yt.png biznews en 2026-07-07T14:29:52.361Z Solly Moeng: Cyril’s “dustbin” appointments and the Leon-Steenhuisen “mud pit”... Solly Moeng, South Africa, Politics, Local Government Elections, Madlanga Commission, ANC corruption, Crime Intelligence https://www.biznews.com/investor-insights/sa-rugby-still-healthiest-bankrupt-union https://media.assettype.com/biznews/import/wp-content/uploads/2023/11/RW-Johnson-Springbok-mania-obscures-real-question-will-rugby-itself-be-abolished.png https://media.assettype.com/biznews/2026-07-07/bdfsvsme/Screenshot-2026-07-07-at-15.33.17.png Figure 1 — Income and expenses (left axis) against the after-tax result (right axis). Every year from 2022 onward, expenses have risen faster than the record income they chase. https://media.assettype.com/biznews/2026-07-07/zzv86jyp/Screenshot-2026-07-07-at-15.34.04.png *2018/2019 total-equity figures are on the pre-restructuring classification basis and are shown indicatively; the 2020–2025 accumulated-funds line is on a consistent audited basis. All revenue, expense and result figures are audited. 2018/2019 are drawn from the 2019 Annual Report (PwC); 2020–2025 from the 2021, 2023 and 2025 reports (Nexia SAB&T). https://media.assettype.com/biznews/2026-07-07/mdx2h9zl/Screenshot-2026-07-07-at-15.35.08.png Figure 2 — Revenue by source. The 2021 blue block is the British & Irish Lions series delivery; the 2025 blue block is the new in-house Test-hosting model (R402m). 2018–19 splits are estimated from the scanned statements and shown for shape only. https://media.assettype.com/biznews/2026-07-07/3pnx84lw/Screenshot-2026-07-07-at-15.35.51.png https://media.assettype.com/biznews/2026-07-07/4vxitpqq/Screenshot-2026-07-07-at-15.36.47.png Figure 3 — World Rugby grant income by year (audited Note 14). The R291m spike in 2023 is the Rugby World Cup cycle; it is the single biggest reason 2023 posted a profit rather than a loss. https://media.assettype.com/biznews/2026-07-07/7dxwpqjk/Screenshot-2026-07-07-at-15.37.41.png Figure 4 — The 2025 crossover. Broadcast is no longer the anchor; sponsorship is. Note the broadcast line actually falls in 2025 — an accounting-timing effect, not a lost deal. https://media.assettype.com/biznews/2026-07-07/lskqdici/Screenshot-2026-07-07-at-15.38.42.png Figure 5 — 2025 operating expenditure by department (audited Note 16). Match-day delivery (~R213m) sits inside the Operations line. Employee costs of R393m are spread across every department, not shown separately here. https://media.assettype.com/biznews/2026-07-07/1700kup9/Screenshot-2026-07-07-at-15.39.35.png Figure 6 — Accumulated funds (Group). The 2024 loss broke through zero; 2025 deepened the hole to –R84.4m. Pre-COVID years are on a different classification basis and excluded from the trend. https://media.assettype.com/biznews/2026-07-07/plwrilqp/Screenshot-2026-07-07-at-15.42.28.png Broadcast income is negotiated as an aggregate multi-year rights deal, not sold per match, so a single Test's cash P&L is essentially gate + hospitality + match-day commercial, less delivery cost. All line items other than the disclosed season aggregates are estimates. https://media.assettype.com/biznews/2026-07-07/18d9enj1/Screenshot-2026-07-07-at-15.43.50.png Figure 7 — Estimated gross revenue per Test. SA Tests at R100–120m are SARU's own public projection (ticketing, hospitality, premium); Baltimore is an estimate built on the “up to R100m more” guidance. All figures are pre-split and exclude the World Rugby staging fee. https://media.assettype.com/biznews/2026-07-07/f91zk7lb/Screenshot-2026-07-07-at-15.46.27.png Peer figures are latest published (FY2024 or FY2024/25), press-reported; currency and year-end differences mean ranges, not precision. Loss-band mapping to SARU's AGM deck (R913m / R588m–R181m / R126m): R913m ≈ RFU; R126m ≈ Scottish Rugby; the middle band spans FFR, RA, NZR, WRU, IRFU. biznews en 2026-07-07T14:21:55.733Z SA Rugby is technically insolvent – and still the healthiest bankrupt union in world rugby SA Rugby, South Africa, Rugby sponsorship revenue, Sports business, Rugby administration