The National Financial Ombudsman (NFO) dismissed a complaint against the bank regarding the fraudulent redirection of an international payment exceeding one million rands.
The NFO ruled that the bank acted in accordance with its legal and regulatory obligations and is not liable for the applicant's losses. The conflict arose after an international client attempted to pay for media and public relations services to the applicant.
The client fell victim to a scheme involving the substitution of bank details. Fraudsters intercepted electronic correspondence and replaced the applicant's bank details with the details of a fraudulent beneficiary account opened at this bank. As a result, a payment of over one million rands was deposited into the fraudsters' account instead of the applicant's account.
The applicant claimed that the bank failed to conduct due diligence when opening the fraudulent beneficiary's account. It was argued that the bank should have been suspicious of the international payment, especially since the account was recently opened and the payment was for media services, whereas the registered business of the beneficiary was construction, which the applicant considered an obvious discrepancy. The client deemed the bank negligent and demanded compensation for financial losses.
In its ruling, the NFO established that the funds never reached the applicant's bank account, meaning there was no client-bank relationship concerning the disputed transaction. Consequently, the bank had no duty of care in processing the payment. The Ombudsman also concluded that the responsibility for the loss lies with the sender, who was deceived by the fake bank details and remained obligated to ensure the funds were transferred to the correct account.
The NFO also found that the bank complied with all applicable regulatory requirements governing international payments, including the Financial Intelligence Centre Act (FIC Act), the Currency and Exchange Operations Guidelines for Authorized Dealers (CEMAD), and standard due diligence procedures for incoming international payments. According to the decision, the bank verified the beneficiary's name and account number, matched the account number with the sender's data, and confirmed the stated purpose of the international payment. The Ombudsman found no evidence that the available information should have reasonably alerted the bank to potential fraud. The complaint was dismissed because the NFO concluded that the bank acted properly and in compliance with regulatory obligations. The ruling states that the applicant's remedy lies against the sender, whose obligation to the applicant remains unpaid due to the transfer to the fraudulent account.
The National Association of Automotive Components and Related Industries (NAACAM) insists that the government must compel international automakers to increase the share of local content in vehicles assembled in South Africa to 60%.
The South African Automotive Masterplan (SAAM) 2035 is currently under review because, at current rates, it is highly unlikely to achieve its goal of increasing local production content to 60%, which was intended to create 224,000 jobs.
NAACAM CEO, Renay Mutilial, told a representative from the MISA union, Fakimile Khlubi-Majole, that localization is the most effective lever for stimulating the domestic economy, creating employment, and developing local skills, as component manufacturing provides the highest employment in the automotive value chain.
Mutilial cited Brazil, Thailand, and Turkey as examples where governments impose mandatory conditions on Original Equipment Manufacturers (OEMs). In these regions, compliance with state-set localization requirements is not an option but a condition for selling vehicles.
He emphasized: 'We should not apologize for this. Localization effectively guarantees that you receive significant added value from OEMs. The global standard for localization is 60%. In South Africa, we are stuck at 40%, and we deserve more. OEMs in South Africa receive a lot of support from the state and the working class. We feel we must be decisive. 60% is the target in the Masterplan.'
According to Mutilial, this target exists only on paper and lacks the political will to ensure its achievement.
MISA, the main union in the retail automotive industry representing 79,000 members, supports NAACAM's view. The union noted that creating sustainable decent jobs is central to the Masterplan.
MISA's Chief Operating Officer, Martle Kater, stated in a declaration that 'it is not unreasonable to demand that OEMs who manufacture locally and receive substantial government incentives commit to creating real manufacturing jobs.'
Marin Firi, Director of Oxyon People Solutions, noted earlier this year that Chinese automotive brands lead globally in electric vehicles (EVs) and intend to remain in South Africa. However, in her opinion, the opportunity lies in encouraging these brands to utilize existing enterprises, skilled local workers, and local suppliers.
This would allow a shift from importing cars to local production, aligning with green industry growth goals. Firi added that South Africa's location provides access to African Continental Free Trade Area markets duty-free, and trade agreements open doors to Europe and beyond. With a reliable supply chain, the country could become an EV production base if policy supports it.
Nevertheless, Firi pointed out that production costs in South Africa are higher than in China. While recent tax incentives for hydrogen fuel and EV vehicle investments are a good start, more is needed. 'We need discounts for companies that hire locals and comply with content rules. Furthermore, there needs to be funding for factory modernization and assisting suppliers in transitioning to EV parts. Without a cost reduction plan, investments will go to other countries,' Firi stated in her declaration.
In early July 2026, the digital entertainment market was impacted by drastic changes in corporate approach, evidenced by the leak of a letter from Xbox's new CEO, Asha Sharma. This document revealed the layoff of 3,200 employees and the dismantling of studios, signaling that the company faces a deep crisis.
The chief executive publicly admitted that the company is losing 64 cents for every dollar invested. This demonstrates that the traditional model, based on subsidizing consoles and protecting ecosystems through exclusivity, has failed irreversibly.
The crisis has its roots in the mathematical exhaustion of the subscription format. Following a controversial price increase for Game Pass late last year, the service registered a significant user churn, indicating that the promise of an unlimited catalog reached an adoption limit. Concurrently, real industry growth has moved away from conventional hardware, migrating to user-generated content platforms, where companies like Roblox achieved an impressive 60% net revenue growth in the sector outside of China since 2021.
Additionally, operations faced an unprecedented scenario in the supply chain, intensified by the current global fervor for artificial intelligence. The uncontrolled demand for corporate chips drastically raised video game production costs, undermining operating margins and forcing an urgent shift towards efficiency.
As investigated by editor Lewis Packwood in specialized press, Sharma's new administration removed Xbox's cultural immunity, subjecting the division to the same financial rigor as any IT department. This justifies the historic decision to return entire studios to autonomy and distribute super franchises on competing platforms, aiming to stem immediate losses.
For those following the corporate landscape, the main lesson is to recognize that this is a unique moment. The choices made under such financial pressure will not only define the cash flow for the next quarter but also determine the health and survival capacity of the brands over the next five years. Prioritizing immediate profits over structural investments can cause severe damage to the future, creating a difficult-to-recover technological gap.
The constant increase in technological costs suggests that consumers will no longer be able to afford the high price of domestic premium hardware. The vision presented points to cloud gaming as the inevitable solution to balance this equation, a position actively defended since 2024, and which is consolidating as the only viable means to overcome manufacturing crises and ensure ecosystem sustainability, until a new technology emerges capable of changing the rules of the game.
It has been reported that the OnePlus brand will begin ceasing operations in the US and European markets. This move is part of a larger restructuring being carried out by its parent company, Oppo, amid slowing sales and geopolitical difficulties.
According to an informed source who wished to remain anonymous, the cessation of OnePlus operations could begin as early as this week. Although OnePlus will maintain its presence in China, plans are underway to extend the brand's closure to other global regions, including India, sometime in 2027.
Another Oppo mobile business, Realme, will also be leaving the Chinese market. Representatives from Oppo and OnePlus declined to comment on the matter.
The basis for these decisions stems from financial issues within the company's phone divisions, as well as a lack of growth momentum in the US, Europe, and India. Furthermore, there are concerns related to the sale of the Chinese phone brand in the US, as well as a lawsuit from Apple Inc. concerning trade secrets.
As part of the changes, Oppo will concentrate its efforts on Central Europe and will promote Realme devices in the Nordic region, which includes Finland, Denmark, Sweden, and Iceland, where the company has achieved greater success.
Although OnePlus was once a popular player among tech enthusiasts and Android fans, its influence in the smartphone market has significantly weakened in recent years. In the US, Apple and Samsung Electronics Co. dominate, while OnePlus lags far behind smaller competitors such as Motorola from Lenovo Group Ltd. and Google from Alphabet Inc.
Oppo has shown better results in China, although it trails market leaders Huawei Technologies Co. and Apple. Nevertheless, the rising cost of memory and phone prices has led to a decline in smartphone sales. According to IDC data, device shipments in China fell by 4.3% in the second quarter compared to the same period last year.
Component shortages have also complicated the development of budget models for phone manufacturers, which were central to the OnePlus 'Nord' line. Early OnePlus models received positive reviews due to a combination of reliable performance, clean software, and affordable pricing. However, the recent flagship device, the OnePlus 15, faced launch issues in the US, which was delayed due to last year's government shutdown.
