| The podcast for this newsletter is available here Market View The JSE continues to find new highs, unlike the US, while recovering from ‘Liquidation day’ on the 2nd of April, is still shy of the highs seen in January.   Trump’s ‘Mood shifts’ Trying to decipher market movements is all about trying to predict the moods and targets of the man in the White House. The European Union has been the latest target of some of US President Donald Trump’s harshest rhetoric over trade. On Friday, he threatened to impose a higher, 50% tariff on the EU starting June 1 after complaining the bloc was slow-walking negotiations and unfairly targeting US companies with lawsuits and regulations. But he softened his tone after what he described as “a very nice call” (The Art of the * Kiss) with Commission President Ursula von der Leyen last weekend. In it, he agreed to extend the deadline for the bloc to face 50% tariffs until July 9. It is estimated that Trump’s 50% tariff threat would hit $321 billion worth of trade between the US and the EU, lowering American GDP by close to 0.6% and boosting prices by more than 0.3%. Trump also appears to have undergone a mood shift on Russia over the weekend, but in the opposite direction. He said he was “absolutely” considering new sanctions against Russia, after Moscow launched a second night of deadly missile and drone strikes across much of Ukraine. He took to social media to say that Russian President Vladimir Putin “has gone absolutely CRAZY!” Trump’s increasing frustration over the state of ceasefire talks raises the likelihood of further US sanctions, with the possibilities including action against Russia’s oil trade or oil company Rosneft. Trump never met a Windmill he liked; ten years on, and they are still one of his obsessions.  (Yes, I watch Truth Social, so you don’t have to. The book on my bedstand at the moment is 1984, with their ‘Ministry of Truth’, I laughed out loud at the irony of the ‘Department of Truth’. In these dystopian times, it’s well worth a re-read of George Orwell.)  New RSA Crypto Regulations In a new announcement last week, crypto assets are not subject to the country’s strict exchange control regime, offering long-awaited clarity for the crypto industry. This judgment removes the need for Sarb approval to export crypto, however, the relief may be temporary, as future legislative amendments could reassert regulatory oversight. For now, the decision marks a significant shift in how digital assets are treated under South African financial law. This, theoretically, brings an end to a debate in the SA crypto asset industry as to whether cryptocurrencies require exchange control approval for their export out of South Africa. However, from experience on similar prior judgments on the Exchange Control Regulations, this reprieve may be short lived. This judgment makes it clear that until the law is amended, cryptocurrency transfers outside SA are not covered by exchange control rules. What this decision emphasises is the pressing need for legislative reform to provide clarity and certainty in this rapidly evolving area. Facts of the case that led to this decision are interesting: Standard Bank was attempting to recover funds it had lent to Leo Cash and Carry (LCC) before it was liquidated in 2022. The bank extended a R40 million overdraft facility to LCC in January 2020 on certain conditions, one of them being that it move its banking business to Standard Bank and close its account with Nedbank. The company was also required to place R10 million as collateral in a money market call account. LCC started drawing down on the Standard Bank overdraft facility and immediately transferred R10 million to settle its overdraft with Nedbank. A few weeks later, Sarb’s Financial Surveillance department (FinSurv) instructed Standard Bank to place a freeze on LCC’s accounts due to suspected exchange control violations. FinSurv had been investigating a number of cryptocurrency transactions by individuals and entities linked to LCC. The cryptocurrencies, especially bitcoin (BTC), had been acquired on a local South African exchange and then transferred to foreign crypto exchanges. Standard Bank complied with the instruction and placed a hold on LCC’s accounts. It later learned of a fraud perpetrated against it by several of its clients with links to LCC, and then launched a liquidation application against the company, which was granted in December 2021. In February 2023, the SARB declared that two amounts of R16.4 million held by Standard Bank and R10 million deposited by LCC with Nedbank had been forfeited to the state for violations of exchange control regulations. It was this forfeiture that Standard Bank succeeded in having FinSurv’s forfeiture of the R16.4 million set aside, but failed in its attempts to recover the R10 million from Nedbank. The court heard how, between September 2019 and March 2020, LCC sent more than 4 400 BTC, then valued at about R556 million, to Seychelles-based crypto exchange Huobi Global. The court refused to be drawn into rewriting the law to include cryptocurrencies under the definition of “capital” as part of exchange control regulations. It relied on a previous 2011 case, Oilwell v Protec International, where the Supreme Court of Appeal similarly refused SARB’S argument that intellectual property constituted “capital” for exchange control purposes. Some 15 months after the Oilwell ruling, exchange control regulations were amended to include intellectual property. In light of the latest Standard Bank ruling, the SARB is expected to amend its regulations to include cryptocurrencies and close the loophole. But what happened after the Oilwell ruling in 2011 was an intellectual property export free-for-all – a likely outcome this time round too.  |
| Global bonds continue to be ‘interesting’ Japan’s auction of 40-year government bonds on Wednesday met demand that was the weakest since July, as investor appetite fell after volatility surged in global debt markets. The 40-year yield rose 9 basis points to 3.375% following the sale, as the 30-year tenor jumped 10 basis points.  The sale was a key test globally for longer-dated bonds amid concern that rising government spending will take budget deficits into dangerous territory. In Japan, it was also being viewed as an important gauge of appetite from large institutional investors, who have not filled the gap left by the central bank reducing its purchases. On Tuesday in Japan, super-long-term government bonds (40-year) surged on signs that the finance ministry may be prepared to adjust debt issuance following a rout in the market. The moves followed aggressive upward pressure on global borrowing costs last week that drove up yields on long-maturity debt from the US to Japan.  Graph – 10-year US Treasuries – FT Next month is shaping up as pivotal for the bond market in Japan, with the central bank holding a policy meeting June 16-17 at which it is expected to consider any changes to its tapering of debt purchases. Meanwhile, the finance ministry is expected to be considering input from market participants on bond issuance.  UK’s sticky inflation – a cautionary tale While a post-pandemic burst of inflation has abated across much of the developed world, Britain is still stuck with the highest price growth among big western economies. Admittedly, consumer price inflation (CPI) is now far below where it was in late 2022, when it maxed out at 11.1%. That’s after the Bank of England aggressively ramped up benchmark interest rates from almost zero in late 2021 to 5.25% in 2023, sucking money out of the economy by hammering the purchasing power of borrowers. But it is back up again, with consumer prices climbing by 3.5% in April, up from 2.6% in March, leaving the bank with plenty of work to do to finally reach its 2% target. Here’s why it’s proving so hard to get prices of items ranging from butter and car tires to travel insurance back under control. What happened to UK inflation? Britain’s inflation rate surged when economies emerged from the coronavirus pandemic as people spent money they’d saved during lockdowns, and companies struggled to meet the resulting demand jump amid supply chain disruptions. What’s more, energy prices shot up following Russia’s invasion of Ukraine in February 2022. The higher interest rates have combined with falling energy costs to bring inflation down, but UK CPI has settled above the levels seen across much of continental Europe. April inflation in France was 0.9%, and in Germany it was 2.2% — in line with the 20-nation eurozone average.  Graph: UK Inflation – Trading Economics What’s the reason for the UK’s higher inflation? The bounce back from a brief low of 1.7% has been driven by a rise in household utility bills, particularly energy. The UK is more reliant than most other major economies on imported gas for its energy needs. UK gas prices surged in 2022 and have not returned to their levels before the pandemic. Gas determines electricity prices more than 90% of the time because, under the UK’s “marginal pricing” system, the most expensive source of energy determines the final price. Energy is not the whole story. Labour shortages after the pandemic drove up wage growth and rail and public-sector unions went on strike for better pay during and after the inflation shock. Regular annual pay was still climbing at a rate of 5.6% in the first quarter of 2025 — above the 3-3.5% level that the BOE judges to be consistent with a 2% inflation target and 1-1.5% productivity growth. The government has also contributed to price pressures by increasing the National Living Wage — the minimum that employers must pay staff who are at least 21 years old — by 9.7%, 9.8% and 6.7% consecutively over the past three years. In April 2025, it brought in a £26 billion ($35 billion) payroll tax, some of which employers have been passing on to customers by raising prices. Food prices rose 3.4% in April compared with a year earlier. Also, Britons tend to refinance their mortgages more frequently than their peers in the US and continental Europe, so many households are exposed to the higher interest rates imposed by the BOE to get inflation back under control. UK borrowing costs have been cut four times to 4.25% from a peak of 5.25%, but are coming down more slowly than in the Eurozone, where there have been seven cuts to 2.25% from 4%. Working-age people often face the biggest squeeze as older generations tend to own their house outright and receive pension payouts linked to inflation. What about Brexit? Many economists say they believe Brexit has its fingerprints on the inflation troubles. Research by the London School of Economics suggested that a third of UK food price inflation from the end of 2019 to March 2023 was caused by Brexit because extra border costs added £7 billion to grocery bills. BOE Monetary Policy Committee member Catherine Mann warned the newly erected trade barriers made the UK “unique.” The Labour government has struck an agreement with the EU to reduce border frictions for food, but the bigger goal is a broader deal for all goods. Britain has a productivity problem that’s getting progressively worse. A workforce that’s less productive produces fewer goods and services, at a higher cost per unit, and this limits the economy’s ability to grow without stoking inflation. In the first quarter of 2025, productivity as measured by output per worker was negative: There was a decline of 0.7%, according to the Office for National Statistics. UK productivity lags behind Germany, France and the US in the Group of Seven top industrialised nations — roughly in line with Italy and Canada and ahead of Japan. The “speed limit” of an economy, above which growth becomes inflationary, is determined by productivity and labour supply. High levels of migration since 2010 have propped up the UK growth rate, concealing the dismal productivity performance. A long-running dearth of business and government investment has been blamed for the paltry productivity growth since the 2008 financial crisis. When will the BOE cut interest rates? The BOE refuses to give an estimate for the “terminal rate,” where borrowing costs will naturally settle if the economy is operating at full capacity and inflation remains at 2%. But most economists believe it is between 3% and 3.5%. Alan Taylor, an external member of the Monetary Policy Committee, said he believes rates will settle at around 2.75%. Compared with the decade after the financial crisis, when rates were around 0.5%, that seems high. Before 2008 however, rates were rarely lower than 4.5%.  RSA Repo rate Last week, while standing in for Michael Avery on his Business show for Fine Music Radio (stream here) I had an interesting discussion with Albert Botha from Ashburton Investments on whether it was time for the SARB to break with tradition and not follow the FED’s interest rate cutting cycle, and that is exactly what they did, dropping the rate another 25bps, giving them space to perhaps drop another 25bps later in the year – perhaps when the FEDmoves again. This week saw one of the most important South African Reserve Bank (SARB) meetings in recent memory. Not because inflation is so high (it isn’t), nor because we are in a global recession (we’re not) – and it’s certainly not due to pressure from the government. The reason this meeting is so important because it will give us insight into whether the SARB and the governor are willing to take actions that diverge from those of the US Federal Reserve (Fed). The US Fed is the largest, most influential central bank in the world. It governs the interest rate and liquidity policy for the US dollar – the currency in which over 50% of global trade is denominated. For those who are not frequent observers of US monetary policy, a quick recap is in order. Following Covid and the economic recovery in 2021, the US experienced the biggest upside inflation surprise in decades, which was followed by the sharpest rise in interest rates in more than four decades. Since then, inflation has come down, but while it is lower, it is certainly not quite “under control.” The US has still not hit its 2% target since 2020, and expectations have inflation back up above 3% for most of the rest of the year, not reaching 2% at any point through the end of 2026 (Bloomberg median). Over the last six months, the expected inflation print in the US for October 2025 is up by 1.2% to 3.7% YoY, while in South Africa, our number is down 0.5% to 4.5% – a net swing of almost 2%. To put it differently, US inflation saw a disastrous spike, ground its way lower, is still not at the target and is expected to get worse. In SA, we saw higher inflation and brought it under control. That was followed by a series of positive surprises alongside benign forward expectations. There has been a meaningful divergence between the recent experience and outlook of inflation between the USA and South Africa. Up to this point, the SARB has followed the policy actions of the Fed almost in lockstep, but with the changed situation as it stands, we can afford to diverge. It is for this reason that the meeting is important. Our reserve bank has a well-deserved reputation for its capability and prudence, and it is that reputation that may well allow or perhaps even require it to select a different path. The SARB and the Fed face two fundamentally different outlooks and recent histories. Up to now, the SARB followed the Fed because it was prudent, it protected the Rand, and the differential in outlook was not so clear. Over the last two months, the situation has changed – a rate cut in South Africa is now more than justified, and the lack of a cut may be somewhat questionable. If the SARB cannot justify actions independent of the Fed now, it is difficult to imagine a scenario in the future where it will. This meeting is important as it will shed light on the reaction function of the SARB and the degree to which it is capable of independent actions.  Tariffs and TACO Every week there is a new chapter to this Trump obsession with tariffs. Last week it was Europe, with Apple thrown in for good measure. That barely lasted days leading to a new market terms – a TACO trade, Trump Always Chickens Out. We can wish that the Donald has the same happy ending as the Boy Who Called Wolf.  Image posted by DJT on Thursday In another unsurprising move, a federal court has just declared Donald Trump’s tariffs illegal. A permanent injunction is now in place blocking Trump from unilaterally imposing tariffs on nearly every country in the world under the false pretence of a “national emergency.” Here’s the headline from the opinion: “The IEEPA does not authorise any of the worldwide retaliatory tariffs. The worldwide tariffs exceed any authority granted to Trump by the IEEPA to regulate importation by means of tariffs.” Whether Trump will pay any attention, however, is debatable. Trump invoked the International Emergency Economic Powers Act of 1977 (IEEPA) to claim, frankly, near-dictatorial powers. He tried to slap tariffs on Mexico, Canada, China, and 57 other countries—all by fiat. But the United States Court of International Trade—a three-judge panel, unanimous in their ruling—said, “Absolutely not.” This isn’t some grey area legal technicality. This is the Constitution working exactly as it’s supposed to. It is important to remember that the federal ruling striking down Trump’s tariffs included one Ronald Reagan-appointed judge, one Trump-appointed judge, and one Biden-appointed judge—and they all agreed Trump broke the law. Article I, Section 8 of the Constitution gives Congress, not the President, the exclusive power to lay and collect tariffs and regulate foreign commerce. Trump tried to sidestep that. He tried to take Congress’s job and make it his own. “We do not read IEEPA to delegate an unbounded tariff authority to the President.” (That’s legalese for: Trump made up powers he didn’t have — and he got caught.) This case was brought by a coalition of harmed American businesses—like V.O.S. Selections and MicroKits—and joined by Democratic attorneys general from a dozen states, including Oregon, New York, and Arizona. These were real people and real economies hurt by Trump’s power grab. And they fought back. And they won. Now, will Trump appeal? He already has. That’s what he does when he loses—and that’s his legal right. But this ruling matters. It sets a legal precedent that Trump cannot bypass Congress to unilaterally control global trade by pretending every country on Earth is part of a national emergency.  Two-pot retirement system: The real cost to consumers The overall one-off cost of implementing the two-pot retirement system is estimated to be R1.6bn, according to the Financial Sector Conduct Authority (FSCA). The FSCA announced the findings on Tuesday last week as part of its study on the costs and fees of two-pot retirement systems. Retirement fund administrators were required to split member records between the various components of the new system, effective September 1, 2024. ‘o maintain the detailed records needed and be able to make the payments when requested, most administrators incurred costs. These included one-off updates to administration systems, ongoing additional costs to maintain the various components, member education and communication costs, and processing costs for savings pot withdrawals. In response to concerns raised about fees charged to retirement fund members who withdraw from their savings pots, the FSCA sent an information request to retirement fund administrators and self-administered funds in September 2024. It then reviewed the costs incurred to implement the two-pot system and how the industry was recovering those costs. Savings withdrawal transaction fees varied widely across administrators: 28 administrators charged no withdrawal fee; 37 charged flat fees ranging from R50 to R500 (with an average of R278); and 12 charged variable fees, mostly ranging from R100 to R350, though some charged up to R750. The FSCA found the average cost per member under administration was R252. The FSCA found that 65% of costs were related to system upgrades, followed by staff costs (20%) and member communication. Most administrators and funds are recouping these costs through increases in ongoing monthly administration fees or as a transaction cost on a savings pot withdrawal or as a combination of these funding mechanisms. In some instances, the costs were absorbed by administrators (and may reflect as higher costs in future) or administrators have charged a once-off fee.’ In September’s launch of the two-pot system, everyone has won except, frankly, the fund members. SARS has been the major winner, hauling in at least R5 Bn in extra tax. In the long run, stopping the cashing in of pensions on resignation from a job will have a positive impact on retirement savings as a whole, but there are going to be some unintended consequences that we need to watch. The PIC, Public Investment Corp, that invests government pensions, is already massive (R2.7Tn Assets under Management), and with its so-called ‘social mandate’ has made some very poor choices in the unlisted investment arena (losing as much as R350m in recent years). The UIF has R167Bn invested with PIC, and despite rolling extensions, has still failed to submit its 23/24 annual report, due in large part to ‘winding up’ of some failed and dodgy ‘unlisted’ investments done under the mantle of their ‘social mandate’. The one aspect of government regulation that we are always cognisant of is the possibility of ‘prescribed assets’, i.e. forcing pension funds to invest in government investments, usually bonds. (This was very popular in the Apartheid era). Author: Dawn Ridler  This week’s focus: Do you AI? If you haven’t noticed yet, we are living in transformative times. AI, or Artificial Intelligence, is slowly making us more efficient, productive, freeing up valuable time to focus on driving real causes such as the future of humanity. Whereas some people believe that AI is likened to religion, I am quick to point out that this is no different to what people believed during the Belle Époque period where Europeans saw major advancements in technology… only to be unravelled by the First World War. Many people alive during that time were almost aghast that this should have happened given that radioactivity had been discovered and the Eiffel Tower had been built during this time. But if you take the hype out of it, it is worth paying attention to what is happening at the forefront of AI. Up to now much of what AI can offer is brought to you through an app or web access where questions or statements can be analysed. AI acts as an employee in the office taking over remedial research tasks.. Microsoft even calls their AI assistant co-pilot! Sergey Brin, the co-founder of Google is back at the organisation building Google’s AI assistant, Gemini. At a conference recently he said that: “Anybody who’s a computer scientist should not be retired” indicating the scale of what is busy transforming the way we work and interact. The start of AI was really OpenAI. This is back in 2015 when it was set up as a non-profit with Elon Musk, Sam Altman, Greg Brockman, Ilya Sutskever, John Schulman, and Wojciech Zaremba. They wanted to keep the project as a non-profit as they wanted to make sure that the technology and information that flowed from it could be used by all thus not creating a pocket of excellence which was owned by one company or even country. The idea was noble and they even had $ 1 billion pledge to make it happen. What they came to realise though is that to enable AI, one needs a powerful computer … a supercomputer, if you like, that can allow for enhanced decision-making modules to concurrently run, dissect and produce answers. This went way beyond the $1 billion. This is why OpenAI finally decided on a partnership with Microsoft. It’s today what is called a capped-profit company and the financial resources which they get from Microsoft allows them to continue along their development path. You see whether Microsoft believes in the Agentic Web or Web 4.0. Whereas Web 1.0 was the original internet characterised by static information, Web 4.0 will be characterised by AI agents which will become digital actors, capable of understanding, computation and making decisions. These autonomous AI agents will be able to integrate with your current application, business processes or even your car. Sounds outlandish? Well, it’s actually already happening in places like financial control. Here systems detect and fix inventory shortfalls and will escalate to a human if they cannot fix a specific problem. Microsoft launched their vision for the future at their Build2025 conference on May the 19th and considered all developers as their partners in helping push ahead this new form of internet. It’s going to be a fairly short time before you will be able to train co-pilot to do certain repetitive tasks on your behalf. The next step will be for co-pilot to do the tasks but highlight anomalies only when they occur. Welcome to autonomous work! At the same time, Google updated and launched their AI tool, Gemini, at their Google I/O 2025 conference in May as well. Gemini can now deep think, reason and can use audio as an output, all packaged in Gemini 2.5 Flash. It boasts some really powerful features and if you are a company that needs to deal with high-frequency queries, you may very well be interest in where Gemini is going. At the same time, there is the all-important issue of profits. Google is built around advertising revenue and Microsoft around subscriptions. Like it or not, these revenue streams allow both these companies to push the AI envelope and develop a breakneck speed which a non-profit would not be capable of doing. Although Open AI’s intentions were noble, the chequebook that the large technology companies can throw at a problem surpasses anything that a non-profit can afford. And then there is the intent. Google knows that search as we know it is going to change rapidly. Their business model requires them to pay attention and to ensure that they are somewhere at the cutting edge of development. If they don’t, they may look like the Eastman Kodak company of yesteryear. Ditto for Microsoft which wants to ensure that its eco-system is still intact after the AI wave has settled. So why is all of this important rather than just nice to know? Well, because AI is going to change how you interact with the world. The way new entrants to the job market work, interact and create unique selling propositions is going to be driven by AI. If you know how to use the tools, you have the chance to become more productive and profitable in the future. If you are working for someone, knowing what AI is capable of will allow you to hone your own skill set so that you don’t become obsolete. Perhaps this is a good time to pay attention. Author: Cobie Le Grange EXCHANGE RATES:The Dollar has now fallen below 100, and we can expect the dollar to be soft for the foreseeable future.   The Rand/Dollar closed at 17.95, slightly up on last week (R17.88, R18.04, R18.16, R18.39, R18.64, R18.89, R19.12, R19.10, R18.36, R18.21, R18.18, R18.20, R18.71, R18.35, R18.38, R18.41, R18,67, R18.38, R18.73, R18.03, R18.05, R18.11, R18.21, R17.58, R17.60, R17.66, R 17.41, R17.48, R17.12, R17.42, R17.85, R17.82, R17.71, R17.85, R18.32, R18.26, R17.95, R18.23, R18.20)  The Rand/Pound closed at R24.18 (R24.14R23.95, R24.16, R24.40, R24.82, R25.10, R25.01, R24.73, R23.78, R23.55, R23.52, R23.50, R23.53, R23.19, R23.12, R22.85, R23,16, R22.93, R22.80, R22.99, R22.98, R22.72, R22.99, R22.73, R22.72, R22.89, R22.75, R22.93, R22.90, R23.20, R23.44, R23.41, R23.13, R23.39, R23.28, R23.32, R23.34, R23.00, R22.63, )  The Rand/Euro closed the week at R20.37 (R20.27, R20.13, R20.43, R20.78, R21.21, R21.52, R21.72, R20.93, R19.95, R19.72, R19.83, R19.72, R19.41, R19.20, R19.29, R19.02, R19,35, R19.31, R19.23, R19.09, R18.87, R19.19, R18.85, R19.09, R19.07, R19.05, R19.19, R19.12, R19.47, R19.79, R19.72, R19.80, R19.70, R20.01, R19.94, R19.58, R19.74,)  Brent Crude: Closed the week at $62.61 ( $65.41, $63.88, $61.29, $65.86, $67.72 $64.76, $65.95, $72.40, $72.13, $70.51, $70.33, $73.03, $74.23, $74.51, $74.65, $76,40, $77.60, $79.98, $71.00, $72.38, $75.05, $70.87, $73.86, $73.99, $75.57, $78.67, $77.95, $71.96, $74.68, $71.47, $76.99, $79.05, $79.09, $79.43, $77.56, $85.03, $83.83, $84.86, $85.22).  Bitcoin closed at $104,049 ($103,551, $104,615, $96,405, $94,185, $84,571, $84,695, $82,661, $83,074, $84,889, $82,639, $83,710, $85,696, $96,151, $96,821, $96,286, $99,049, $104,559, $104,971, $99,341, $97,113, $97,950, $90,679.47, $79,318, $68,277, $66,989, $62,876 , $62,267, $65,596, $62,603, $54,548, $57,947, $63,936, $59,152, $60,847, $61,903, $59,760,). Articles and Blogs: Kick Start your own Retirement PlanNEW You matter more than your kids – in retirement NEW To catch a falling knife Income at retirement 2025 Budget Apportioning blame for your financial state Tempering fear and greed New Year’s resolutions over? Try a Wealth Bingo Card instead. Wills and Estate Planning (comprehensive 3 in one post) Pre-retirement – The make-or-break moments Some unconventional thoughts on wealth and risk management Wealth creation is a balancing act over time Wealth traps waiting for unsuspecting entrepreneurs Two Pot pension system demystified Keeping your legacy shining bright Financial well-being when dealing with Dementia and Alzheimers Weathering the storm Pruning your wealth farm Should you change your investments with changing politics? Taking a holistic view of your wealth Why do I need a financial advisor? Costs Fees and Commissions The NHI and what to do about it New-Normal for Retirement? Locking-In Interest rates – The inflation story Situs – The Myths and Reality Tax Residency – New Rules new headaches Are retirement annuities dead A new look at retirement Offshore investing – an unpopular opinion Cobie Legrange and Dawn Ridler, Rexsolom Invest, Licensed FSP 45521. Email: cobie@rexsolom.co.za, dawn@rexsolom.co.za Website: rexsolom.co.za, wealthecology.co.za |