David Masondo, Deputy Minister of Finance, has resigned from his position as Chairman of the Board of Directors of the Public Investment Corporation (PIC). His decision was made to ensure the stability of the state fund manager and maintain confidence in the organization, which oversees assets worth approximately R3.6 trillion, primarily on behalf of public servants.
Masondo announced his resignation late Thursday, following a period of instability at PIC. This period was characterized by a series of dismissals of board members, the temporary suspension of CEO Patrick Dlamini, and increased scrutiny of governance issues related to the Black Economic Empowerment (BEE) financing deal in Acapulco concerning Lanseria Airport.
In his statement, Masondo emphasized that his move was driven by the interests of the country and the organization itself, rather than personal motives. He stated: 'I am doing this in the interest of the Republic of South Africa, the continued stability of PIC, and the trust of millions of South Africans whose savings are entrusted to this institution.'
He noted that Finance Minister Enoch Godongwana acknowledged that Masondo acted with integrity and honesty while fulfilling his duties as chairman of the board. Masondo added that throughout his tenure, he strived to perform his fiduciary duties impartially, stressing that his actions were aimed at protecting the funds entrusted to PIC on behalf of South African employees and beneficiaries.
Masondo's departure comes amid a worsening governance crisis at the country's largest asset manager. PIC temporarily suspended Dlamini last week to investigate allegations contained in a whistleblower report regarding the R411 million BEE financing provided to Acapulco to acquire a 25% stake in Lanseria Airport over ten years ago, as well as subsequent arbitration rulings related to that deal.
The scandal has triggered an exodus of personnel from the board. Four non-executive directors left this week after two others departed several days earlier, leaving Masondo as one of the remaining members. According to Business Report, the PIC board is expected to meet on Monday to consider further developments, including a possible shareholder vote on the removal of the remaining non-executive directors.
Godongwana also indicated that he is considering measures to restore stability at PIC. The minister's office previously stated this week that the minister had received communication from the PIC Board and would announce any interventions at the appropriate time, adding that the minister would not publicly comment on PIC matters.
Despite his departure, Masondo defended the work of the outgoing board, stating that it acted collectively, relying on legal advice and adhering to good governance principles. He noted that the board advanced the implementation of recommendations from the Mphati Inquiry Commission, strengthened governance and institutional control systems, and continued to support investment and economic development.
Masondo called for investigations into issues inherited by the board to continue despite his resignation. He specifically mentioned the whistleblower report, the allegations against Dlamini, the Acapulco case, which he referred to the Special Investigation Unit (SIU), and other governance issues. He expressed hope that all these matters would be thoroughly investigated and properly resolved, rather than 'swept under the rug.'
In conclusion, Masondo expressed confidence in the future of PIC, believing that the organization will continue to provide pension savings for South African public servants while supporting long-term economic development and investment.
The United States Department of Defense announced on Thursday (23) a new contract with Oracle, which could reach US$ 7 billion (equivalent to R$ 35.7 billion). This agreement aims to unify the software licenses used in the Pentagon's internal data centers under a single contract.
This contract has an initial term of five years, with the possibility of extension for another five years. It is part of a Pentagon strategy focused on reducing expenses and eliminating fragmented technology purchases. The agreement, named Enterprise Software Agreement, was negotiated by the Navy Department and covers the use of Oracle software in local (on-premises) infrastructure.
The scope of the pact includes all Pentagon units, as well as the United States Coast Guard and the U.S. intelligence community. According to the Pentagon's Chief Information Officer (CIO), Kirsten Davies, standardizing these acquisitions should result in a minimum saving of US$ 441 million (R$ 2.2 billion) for taxpayers.
This new contract follows a similar initiative established in May with Microsoft. At that time, the Pentagon signed a five-year contract worth US$ 9.6 billion (R$ 49.4 billion) to centralize Microsoft licenses and other corporate programs that were scattered across various branches of the Armed Forces, the intelligence community, and the Coast Guard.
The Department of Defense clarifies that both contracts are part of a broader plan led by Kirsten Davies, aimed at decreasing repetitive spending on military software by replacing isolated contracts with single agreements covering the entire government structure.
For Oracle, the new contract represents a significant advancement, especially since its shares had been facing investor pressure throughout the year. Shortly after the announcement, the company's shares rose approximately 3% in after-hours trading. The initial five-year period stipulates both perpetual and subscription licenses, in addition to including consulting and maintenance services related to the software provided by the company.
Despite this contractual victory with the American government, Oracle's shares have fallen by 38% this year. Investors are concerned about the effect of artificial intelligence (AI) on the growth projections of traditional software companies. Additionally, Oracle has accumulated billions of dollars in debt to expand its AI-focused data center infrastructure.
In June, the company reported a 2% decline in its quarterly software revenue compared to the previous year, although its database system maintains wide usage by large corporations. In contrast, the cloud computing division's revenue grew by 47%, driven by demand for AI computing capacity from clients such as OpenAI and other users.
It is relevant to note the proximity between Oracle co-founder Larry Ellison and U.S. President Donald Trump. Ellison reportedly made a contribution of US$ 45 million (R$ 229.4 million) to a non-profit organization that supported Trump's presidential campaign in 2024. He was also one of the first guests at the White House during the president's second term, when he presented plans for building AI data centers for the Stargate project in the United States.
Trump endorsed Oracle's participation in the operation involving U.S. TikTok assets. Furthermore, in May, the Department of Defense formalized agreements with Oracle and other technology companies to implement AI solutions in classified government networks. The contract announcement occurs in the same week that Pete Hegseth, U.S. Secretary of Defense, estimated that the conflict against Iran, which began in February, has already generated a cost of US$ 37.5 billion (R$ 191.2 billion) for the country, reinforcing the context of Pentagon spending rationalization.
Data OLX Autos and Fenauto (Federation of Used Vehicle Dealers) released the results of the Used Vehicles Index (IVU) for June 2026 in July 2026, covering the entire national territory. This survey aimed to map both the demand and the actual sales volume in the semi-new and used vehicle market, classifying models by body type and age range.
In the hatchback category, leadership positions were maintained in the youngest age brackets, with few changes observed in the intermediate segments.
For vehicles aged 0 to 3 years, the Chevrolet Onix led, followed by the Volkswagen Polo and the BYD Dolphin. In the 4 to 8 year group, the Chevrolet Onix remained in first place, while the Hyundai HB20 was second and the Fiat Argo was third. The Ford Ka rose to fifth place, surpassing the Volkswagen Gol. Among models aged 9 to 12 years, the previous podium was maintained with Hyundai HB20 (1st), Chevrolet Onix (2nd), and Fiat Palio (3rd). Volkswagen Gol and Renault Sandero occupied fourth and fifth places, respectively. For cars aged 13 years or more, the leadership was taken by Volkswagen Gol, Fiat Palio, and Fiat Uno.
The Toyota Corolla demonstrated consistency, maintaining leadership in most age brackets up to 12 years old. In the 0 to 3 year bracket, after the Corolla, the Hyundai HB20S was second and the Volkswagen Virtus was third. BYD introduced two models to this list: the King in 8th place and the Seal in 9th. Among sedans aged 4 to 8 years, the Volkswagen Virtus assumed the runner-up position, with Honda Civic in third and Volkswagen Voyage in fourth, while the Hyundai HB20S dropped to sixth place. For models aged 9 to 12 years, the podium remained unchanged, consisting of Toyota Corolla, Honda Civic, and Chevrolet Prisma. In cars aged 13 years or more, the Honda Civic led, followed by the Fiat Siena in second and Toyota Corolla in third.
The sport utility vehicle segment also showed repetition of podiums in the main age brackets. In the 0 to 3 year group, the Volkswagen T-Cross was first, followed by the Volkswagen Nivus (2nd) and Hyundai Creta (3rd). For vehicles aged 4 to 8 years, the Jeep Compass led, with Jeep Renegade in second and Nissan Kicks in third. The Honda HR-V maintained its lead in the 9 to 12 year bracket. Finally, in the 13 years or older segment, the Ford EcoSport occupied the first position.
The Used Vehicles Index (IVU) is determined by the average calculated between the demand indicator provided by the OLX platform and the sales indicator from Fenauto. This calculation considers variables such as body type, brand, model, and age range. A performance above the group average signals a higher correlation between demand and actual sales.
India's space sector is showing significant growth due to recent reforms. Private investments in this area have surpassed $618.5 million, and 105 permits have been issued to private entities. Simultaneously, the regulatory framework for protecting strategic and national interests is strengthening while stimulating broader private sector participation.
The Minister of Science, Technology and Space, Jitendra Singh, informed the Rajya Sabha on Thursday. Responding to an unstarred question in the Rajya Sabha, Singh noted that cumulative private funding has increased nearly sixfold in recent years. It grew from $100.5 million in 2021-22 to $348.5 million in 2023-24, and is projected to reach $618.5 million by March 31, 2026. This growth reflects increasing confidence from both domestic and global investors in India's rapidly evolving space ecosystem.
Singh told the Rajya Sabha that IN-SPACe has currently authorized 17 space startups to conduct space activities. This indicates the emergence of a dynamic startup ecosystem that is increasingly contributing to achieving India's space goals. The number of active space startups has grown from one company in 2014 to over 400 today, with private investments exceeding $600 million.
Indian private companies have successfully demonstrated launch and orbital deployment capabilities, placing over 30 satellites into orbit and sending approximately 45 payloads via platforms such as POEM (PSLV Orbital Experimental Module). This points to the growing technological depth and commercial maturity of the country's private space sector. Furthermore, public-private partnership in Earth observation has brought together leading Indian companies to develop the country's first private constellation of Earth observation satellites, accompanied by private investments of around 1200 crore rupees.
Emphasizing the government's unwavering commitment to ensuring that rapid commercial growth aligns with robust national security measures, the minister informed the House that every application for private space activity is evaluated according to IN-SPACe norms, guidelines, and procedures. Special attention is given to strategic, defense, and national interests before issuing a permit. He also added that IN-SPACe is preparing specific safety and security guidelines for space activities in India in consultation with stakeholders to further strengthen the country's regulatory structure as private participation expands.
