The Public Investment Corporation (PIC) has immediately appointed its Chief Financial Officer, Batandvu Damoyi, as the interim Chief Executive Officer. This decision comes amidst ongoing governance issues at South Africa's largest asset management institution, following the temporary suspension of CEO Patrick Dlamini.
The appointment occurred amid an escalating corporate governance crisis at PIC. The organization manages approximately R3.6 trillion in assets, including funds designated for the public service pension fund. The PIC Board stated in a release on Wednesday that Damoyi's appointment followed Dlamini's temporary suspension and is intended to ensure leadership continuity while internal procedures are conducted.
Patrick Dlamini was suspended along with the Chief Investment Officer due to a governance crisis related to a controversial investment in Lanseria Airport, which raised concerns about the management of pension funds. The PIC Board emphasized that Ms. Damoyi's appointment will ensure leadership succession and the uninterrupted execution of PIC's mandate during internal processes.
The Board also expressed confidence that Damoyi will provide the necessary level of stability and leadership for PIC to continue serving its clients and stakeholders with integrity and high quality.
Damoyi, a qualified accountant CA(SA), possesses over 17 years of experience in financial management, strategic leadership, and corporate governance in both the public and private sectors. She joined PIC as CFO in April 2024, where, according to the board, she played a key role in strengthening the Corporation's financial and corporate governance.
Her appointment followed the announcement on Monday of Dlamini's temporary suspension pending an independent investigation into allegations of misconduct contained in a whistleblower report submitted to the board last month. The board at that time stressed that the suspension 'in no way constitutes a finding, nor is it an announcement of any wrongdoing by the CEO.'
This governance crisis also led to August van Heerden stepping down as interim Chief Investment Officer following a decision by the public service pension fund, resulting in Leon Smith, a long-term investment manager, being appointed as interim CIO. These events occur against a backdrop of weeks of heightened scrutiny of PIC's management, including whistleblower allegations, the publication of a confidential forensic report concerning the Lanseria Airport investment, referrals to the Special Investigating Unit, and ongoing legal disputes regarding this matter.
Furthermore, the institution has faced growing political pressure. Earlier this week, Democratic Alliance financial spokesperson Dr. Mark Burke called on the Parliamentary Portfolio Committee on Finance to urgently hold closed hearings on PIC's governance issues. Burke argued that Parliament had failed in its oversight function, stating: 'There is no more smoke in PIC, the fire is burning. Victims are multiplying.'
He added that Parliament needs to 'conduct multi-day private closed hearings to hear what the board and managers responsible for investing public pension money are doing.' The PIC Board remains committed to 'the highest standards of governance and institutional integrity' as investigations continue. The appointment of the interim CEO is expected to ensure operational continuity while the allegations against Dlamini are investigated.
The iPhone 17 Pro Max with 2 TB capacity can be purchased for R$ 14,199, exclusively through Pix payment on Mercado Livre. This top-tier Apple model features the A19 Pro processor, a 120 Hz OLED screen, and 48 MP camera systems.
Considering the historical values of this smartphone, the 23% reduction from its initial price of R$ 18,499 represents a notable saving. The powerful Apple A19 Pro processor, combined with 12 GB of RAM, ensures superior performance compared to competitors, allowing for the execution of demanding applications, games, and Apple Intelligence AI features locally.
The 2 TB offers ample internal storage for those who wish to record many photos and videos. The rear camera system features 48 MP sensors on all lenses. The wide lens, equipped with OIS, and the 120-degree field-of-view ultrawide are ideal for capturing extensive scenes, while the telephoto provides 3x optical zoom for high-quality close-ups. The 18 MP front camera captures excellent selfies and supports Portrait mode even when the device is held vertically.
The 6.9-inch Super Retina XDR OLED screen incorporates 120 Hz ProMotion, reaching a brightness of up to 3,000 nits. This configuration guarantees high-fidelity color reproduction and great fluidity, maintaining visibility in any lighting condition. Display protection is provided by Ceramic Shield, a material that offers resilience against various types of accidents. Ceramic Shield is also present on the back of the iPhone 17 Pro Max. Furthermore, the phone body has an IP68 rating, ensuring resistance against intense dust and accidental immersion.
The battery life is estimated by Apple to be up to 37 hours of video playback. The device is compatible with MagSafe and supports fast 40 W charging using a USB-C port, capable of recharging up to 50% in just 20 minutes. The 512 GB model, priced at R$ 14,199, runs on iOS 26 and is expected to receive a minimum of five operating system updates. Its connections include 5G, Wi-Fi 7, Bluetooth 6.0, NFC, and eSIM support.
Amazon announced on Wednesday (15) an agreement intended to make its satellite internet service available in South Africa, scheduled to begin in 2027. This initiative aims to expand the reach of the Amazon Leo service in the African continent, positioning Jeff Bezos' company ahead of Starlink in the South African market.
The implementation of this service will be carried out through a collaboration with the local provider Herotel, which will be responsible for offering the service in the country. This move marks the first commercial commitment of Amazon Leo in the African continent. Although the values of the partnership have not been disclosed, Amazon confirmed that this project is part of its international growth strategy; the service was previously known as Project Kuiper.
Amazon's arrival comes amid a regulatory dispute involving Starlink. Elon Musk's company has not yet been able to start operations in South Africa due to failure to meet the corporate participation requirements established by national legislation. South African regulations stipulate that international companies in the sector must cede a minority stake of their activities in the country to black investors or historically disadvantaged groups. This determination is part of affirmative action policies implemented after the end of apartheid, a period marked by the concentration of economic and political power in the white population.
Musk alleged that this requirement prevented Starlink from entering the South African market, accusing the local government of adopting a racist stance towards him, criticizing the economic inclusion policies. In contrast, Bezos' company received official support from South African authorities, with the Minister of Communications, Solly Malatsi, present at the announcement of the partnership between Amazon and Herotel, along with representatives from both corporations.
Differences between the companies are also visible in the scale of their operations. Amazon began launching its low-earth orbit satellites last year and reported having over 390 operational units. Starlink started its activities in 2019 and declared it operates with over 10 thousand satellites in orbit. Despite the rival's superiority in satellite volume and global coverage, Amazon focuses on increasing its presence in nations where connectivity still presents restrictions. The African continent has over 1.5 billion inhabitants, many of whom live in rural areas or without access to fixed internet networks.
In addition to South Africa, Amazon Leo already has plans or agreements to operate in several other countries, including Thailand, Kazakhstan, Australia, Argentina, Brazil, Chile, Colombia, Ecuador, Peru, and Uruguay. The company has also established a partnership with Vanu Inc., an American company specializing in mobile internet solutions for developing nations. Even with Amazon's expansion, Starlink maintains a prominent position in the sector, with its service available in over 160 countries, covering about two dozen African markets, although it has not yet reached South Africa.
According to the MacroFiscal Bulletin from the Secretariat of Economic Policy, issued by the Ministry of Finance (Finances), recent impacts from oil and other raw material prices continue to exert pressure on consumed values in Brazil.
The ministerial document points out that food inflation remains the main driver of pressure, fueled by the increase in fresh produce, milk, rice, and beans. Furthermore, the economic team observes the persistence of inflation in both services and industrial goods, even with the expectation of a gradual reduction predicted for the second half of this year.
The Ministry of Finance warned that a possible worsening of the El Niño climate phenomenon could pressure food prices this year and represents an additional risk for the 2027 harvest. In a press conference, the Secretary of Economic Policy, Débora Freire, highlighted that 'the main risk is hydrological,' capable of raising electricity costs in the country. Freire clarified that, so far, the Ministry of Finance is not discussing ways to mitigate the effects of El Niño.
Additionally, the effects of the war in the Middle East continue to shape inflation projections, even after a temporary drop in international oil prices during the ceasefire between the United States and Iran. The Ministry of Finance noted, however, that the cessation of this truce, after the projection cut-off date, reignited risks to energy costs.
The economic team considers that the impact of the oil shock has already generated indirect consequences on Brazilian inflation, particularly affecting the prices of services and industrial goods through increased production and logistics costs. As inflation control mechanisms, the bulletin mentions maintaining the basic interest rate at a restrictive level, slowing economic activity, and actions aimed at limiting the transfer of fuel price increases to consumers.
Regarding the tariffs imposed by the United States on Brazilian products, the bulletin estimates that their macroeconomic impact will be contained. The tariff measures announced by Washington in June 2026, which are still awaiting approval, include exceptions for several items, which should keep the aggregate effect on the Brazilian economy limited. The Brazilian government implemented measures since the previous year to expand credit, increase liquidity, and diversify markets for the most vulnerable sectors.
The North American market accounted for approximately 11% of Brazilian exports in 2025, corresponding to less than 2% of GDP before the tariff imposition. The economic team's assessment indicates that the diversion of some sales to other locations compensated for a considerable part of these losses. Regarding Gross Domestic Product (GDP), the growth projection for the Brazilian economy in 2026 was maintained at 2.3%, although there is a forecast of a contraction in activity in the second quarter, following a strong start to the year. This slowdown is mainly attributed to the end of the momentum generated by the record soybean harvest, which boosted the agricultural sector at the beginning of the year. Industry is also expected to reduce its pace, moving from an expansion of 1.2% to 0.8%, reflecting lower vigor in the extractive and construction industries, according to the analysis of the Ministry of Finance's economic team.
