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Trade News

PwC suggests reviewing corporate culture to combat economic crime

By: Nadine James     2nd August 2018 Digital innovation and technology have given rise to new attack surfaces for economic criminals and fraudsters, resulting in the rate of instances growing at exponential levels, PwC’s 2018 ‘Global Economic Crime’ survey shows.   The survey, released on Thursday, notes that just under half of... 

CSIR, Gold Yard to scale up industrial development in Africa through partnership

By: Simone Liedtke     1st August 2018 The Council for Scientific and Industrial Research (CSIR) and Gold Yard International Exchange Service have signed an agreement to contribute to boosting industrial development on the African continent. Gold Yard represents the various provincial bureau of China State Administration of Foreign... 

G20 agriculture ministers slam protectionism, pledge WTO reforms

By: Reuters     30th July 2018 Agriculture ministers from the G20 countries criticized protectionism in a joint statement on Saturday, and vowed to reform World Trade Organization (WTO) rules, but did not detail what steps they would take to improve the food trade system. In the statement, they said they were "concerned about... 

Growth potential positive – Naamsa

By: Halima Frost     27th July 2018 Owing to the right policies, interventions and goodwill by all automotive industry stakeholders, National Association of Automobile Manufacturers of South Africa (Naamsa) director Nico Vermeulen says the industry’s growth potential remains positive. “Currently, the automotive industry is the... 

Brics leaders commit to strengthen multilateral trading system amid ‘unprecedented challenges’

By: Terence Creamer     26th July 2018 Heads of State from Brazil, Russia, India, China and South Africa highlighted the benefits of multilateralism and cooperation for unlocking economic growth and development during the tenth Brics Summit, which took place in Johannesburg on Thursday. In the open session chaired by South Africa’s... 

Brics leaders commit to strengthen multilateral trading system amid ‘unprecedented challenges’
Chinese President Xi Jinping, Indian PM Narendra Modi, South African President Cyril Ramaphosa, Brazilian President Michel Temer and Russian President Vladimir Putin

Business Leadership urges SA private sector to match foreign investment

By: African News Agency      26th July 2018 Business Leadership South Africa (BLSA) on Thursday urged the local private sector to help build on the BRICS Summit by matching and taking advantage of the investment opportunities presented by the summit and associated business forums.  This follows an announcement of US $14,7 billion worth of... 

Business Leadership urges SA private sector to match foreign investment
BLSA Chief Executive Bonang Mohale

WTO chief sees trade war ending in political talks

By: Reuters     26th July 2018 The nascent global trade war will have to be ended by a political agreement between world leaders, because continuing down the current path will only damage the global economy, the head of the World Trade Organization said on Wednesday. WTO Director General Roberto Azevedo said that world leaders... 

South Africa 'collateral damage' in US-led global trading war – Davies

By: African News Agency      25th July 2018 South Africa has become "collateral damage" in the trading war involving mainly the United States, China, Canada and the European Union, with tariffs imports on its steel exports, Trade and Industry Minister Dr Rob Davies said on Wednesday. Global tensions have flared up as other countries hit... 

South Africa 'collateral damage' in US-led global trading war – Davies

South Africa signs $14bn trade agreements with China 

By: African News Agency      24th July 2018 President Cyril Ramaphosa said on Tuesday that the South African government had signed several agreements, including memorandums of understanding on investments, amounting to $14.7-billion with China. Various government departments signed agreements with the Chinese government in areas such as... 

South Africa signs $14bn trade agreements with China
Chinese President Xi Jinping and President Cyril Ramaphosa

Standard Bank, UnionPay partnership eases Chinese card payments

By: Schalk Burger     24th July 2018 Chinese card payment services provider UnionPay International and financial services firm Standard Bank have agreed to accelerate access to UnionPay’s cards across key markets in Africa, the companies said in a statement on Monday. The move will bring increased convenience to Chinese people... 

LEIP MoU signed, 101 669 potential jobs created

By: Simone Liedtke     23rd July 2018 Up to 101 669 jobs could be created during the first five years of construction of the Limpopo Eco-Industrial Park (LEIP), which Eco-Industrial Solutions (EIS) CEO Deshika Kathawaroo on Monday said would “fundamentally change” the Limpopo province’s contribution to South Africa’s strategic... 

LEIP MoU signed, 101 669 potential jobs created
Photo by Simone Liedtke
(Left) Limpopo Economic Development Agency group CEO Ben Mphahlele and (right) Eco-Industrial Solutions CEO Deshika Kathawaroo (right) at the signing ceremony on Monday

Brics nations must do away with restrictive barriers to trade

By: African News Agency      23rd July 2018 The Brics nations should look at innovative ways to remove barriers to trade, including decreasing barriers to new technology growth, while also considering a Brics visa card. This is according to Elena Myakotnikova of the Agency for Strategic Initiatives, who delivered a presentation on a "road... 

Brics nations must do away with restrictive barriers to trade

AfDB approves $250m risk participation agreement with ABSA

By: Creamer Media Reporter      20th July 2018 The African Development Bank (AfDB), this week, approved an unfunded $250-million risk participation agreement (RPA) with ABSA Bank. This RPA, housed within the AfDB’s Trade Finance operations, will enhance African issuing banks’ ability to leverage trade financing through a multisectorial approach. 

Trade war could knock 3% off global GDP – Bank of France study

By: Reuters     20th July 2018 An international trade war with wide-ranging tariff hikes could cut global gross domestic product by as much as three percent, according to a study by the French central bank on Thursday. The direct impact of a generalised 10 percentage point increase in import tariffs could alone knock 1% off... 

South Africa seeks to strike trade balance at Brics Summit

By: African News Agency      19th July 2018 South African government will be working to tackle the trade imbalance and also address complimentary trade between it and its Brics partners at the crucial upcoming Summit next week, officials said on Thursday.  Lerato Mataboge, deputy director-general at the Department of Trade and Industry... 

Study indicates FDI can provide credible solutions to several social issues

By: Simone Liedtke     17th July 2018 If guided wisely, foreign direct investment (FDI) can provide credible solutions to inequality, and alleviate urban poverty and unemployment, the United Nations Human Settlements Programme (UN-Habitat) said on Tuesday with the release of its ‘State of the African Cities 2018’ report. Drawing on a... 

SA business delegation arrives in Angola for trade and investment mission

By: African News Agency      16th July 2018 The South African business delegation arrived in Luanda, Angola on Monday, for a five-day trade and investment mission. The mission is led by the Deputy Minister of Trade and Industry, Bulelani Magwanishe, and is set to take place from Monday until July 21. 

 SA business delegation arrives in Angola for trade and investment mission

Putin to take part in Brics summit in South Africa – Kremlin

By: Reuters     13th July 2018 Russian President Vladimir Putin plans to visit South Africa for a summit of BRICS countries on July 26 and 27, Kremlin foreign policy aide Yuri Ushakov said on Friday. The BRICS group of emerging economies comprises Brazil, Russia, India, China and South Africa. 

M&A advisory firm aims to use SA as gateway to African market

By: Nadine James     13th July 2018 Washington DC-headquartered mergers and acquisition advisory firm Taylor Advisory announced last week that it was entering the African market through South Africa with the appointment of Francois Baird as its Africa co-chairperson and Riaan Rademan as its South Africa co-chairperson. This is... 

M&A advisory firm aims to use SA as gateway to African market
FRANCOIS BAIRD Taylor Advisory's ability to deliver the best results, instead of simply brokering a deal, is specifically vital for Africa-based companies

Nigeria's President Buhari says will soon sign up to African free-trade agreement

By: Reuters     12th July 2018 Nigeria's President Muhammadu Buhari said on Wednesday the country will sign up soon to a $3-trillion African free-trade agreement. Nigeria is one of Africa's two largest economies, the other being South Africa. Buhari's government had refused to join a continental free-trade zone established in... 

Nigeria's President Buhari says will soon sign up to African free-trade agreement
Photo by Reuters
Nigerian President Muhammadu Buhari

New PE vessel repair slipway boosts local economy

By: Schalk Burger     11th July 2018 The R200-million vessel repair facility built at the Port of Port Elizabeth in recent years, is starting to generate a return on investment, says the Transnet National Ports Authority (TNPA). The facility was developed as a positive step towards a thriving vessel maintenance and marine... 

New PE vessel repair slipway boosts local economy

Modest growth in device shipments expected this year – Gartner

By: Schalk Burger     10th July 2018 Worldwide shipments of devices, including personal computers (PCs), tablets and mobile phones, are on pace to record 0.9% growth this year to reach 2.28-billion units, says market research and advisory multinational Gartner. The PC and tablet market is expected to decline by 1.2% this year, while... 

Switzerland launches WTO action over US steel, aluminium tariffs

By: Reuters     10th July 2018 Switzerland has launched a complaint at the World Trade Organization against US tariffs on steel and aluminium, it said on Tuesday, the eighth WTO member to start such a challenge. "From Switzerland's point of view, the additional duties, which according to the US have been introduced to protect... 

US to initiate ‘exploratory talks’ on post-Agoa model at Washington forum

By: Terence Creamer     9th July 2018 United States Trade Representative (USTR) Robert Lighthizer will use this week’s African Growth and Opportunities Act (Agoa) Forum in Washington DC to initiate “exploratory talks” with African governments on a possible trade model that could be implemented when the unilateral programme expires in... 

US to initiate ‘exploratory talks’ on post-Agoa model at Washington forum
Photo by Bloomberg
US Trade Representative Robert Lighthizer

Tesla raises car prices in China -Electrek

By: Reuters     9th July 2018 Tesla Inc has raised prices on its Model X and S cars by over $20 000 in China, automotive news website Electrek reported on Monday, making it one of the first US carmakers to hike prices in the wake of rising trade tensions. China slapped retaliatory tariffs on US car imports in response to... 

Davies to lead South African delegation at Agoa Forum

By: Marleny Arnoldi     9th July 2018 Trade and Industry Minister Dr Rob Davies will lead the South African delegation at the seventeenth African Growth and Opportunity Act (Agoa) Forum, to be held in the US, from July 11 to 12.  

Davies to lead South African delegation at Agoa Forum

Agni Steel South Africa’s expansion approved

By: Nadine James     6th July 2018 The Eastern Cape Department of Economic Development, Environmental Affairs and Tourism has authorised the phase 2 and 3 expansion of steel recycling and processing company Agni Steel South Africa. Agni Steel’s plant is located in Zone 6 of the Coega Special Economic Zone. 

South African CEOs’ optimism waning – index

By: Nadine James     6th July 2018 The Merchantec CEO Confidence Index (MCCI), compiled by corporate finance and research and business advisory company Merchantec Capital, recorded a 20.9% decrease in CEOs’ confidence between the first and second quarters of this year –  a downward spike following the increase in optimism between... 

26.8% of all cigarettes in South Africa sold under taxable minimum, study finds 

By: Simone Liedtke     5th July 2018 According to a study by independent market researcher Ipsos, 26.8% of all cigarettes in South Africa are sold under the R17.85 minimum, which is payable at excise duty and value-added tax (VAT). It is the responsibility of cigarette manufacturers, the company that owns the trademarks, to pay the... 

26.8% of all cigarettes in South Africa sold under taxable minimum, study finds

Ramaphosa concludes Mauritania visit, returns home

By: African News Agency      3rd July 2018 President Cyril Ramaphosa has returned home after a working visit to Nouakchott, in Mauritania where he participated and led the South African delegation at the 31st Ordinary Session of the African Union (AU) Assembly of Heads of State and Government, the Presidency said on Tuesday. The AU Summit... 

Ramaphosa concludes Mauritania visit, returns home
President Cyril Ramaphosa

Ramaphosa tells AU summit 'money lost to corruption could finance improved lives'

By: African News Agency      2nd July 2018 The African Union (AU) Summit currently underway in the Mauritanian capital Nouakchott is focusing on four broad thematic areas - the fight against corruption, institutional reform of the AU, consolidating the Africa Continental Free Trade Area, and Peace and Security as introduced by former... 

 Ramaphosa tells AU summit 'money lost to corruption could finance improved lives'
President Cyril Ramaphosa

South Africa signs free trade agreement with AU 

By: African News Agency      2nd July 2018 South Africa has signed the African Continental Free Trade Area agreement with the African Union. Trade and Industry Minister Rob Davies confirmed Sunday’s signing of the 250-pages document in a video put out by the department of Trade and Industry (dti) on Twitter. 

South Africa signs free trade agreement with AU
President Cyril Ramaphosa signs the African Continental Free Trade Area Agreement

Opportunity for smaller exporters amid global ecommerce trend

By: Schalk Burger     29th June 2018 The growth of e-commerce and changing retail industry trends provide entrepreneurs and small businesses with new opportunities to sell their products and services to international markets, says courier multinational FedEx Express Southern Africa operations VP Mike Higley. According to the PayPal... 

Entrepreneurial spirit, collaboration, education needed to advance Fourth Industrial Revolution – WEF chairperson  

By: Nadine James     28th June 2018 South Africa must create ecosystems that foster entrepreneurial activity and multistakeholder collaboration, while furthering innovation and education in the science, technology, engineering and mathematics (Stem) fields, if it is going to benefit from opportunities that result from the Fourth... 

Entrepreneurial spirit, collaboration, education needed to advance Fourth Industrial Revolution – WEF chairperson
Photo by Dylan Slater
World Economic Forum executive chairperson Professor Klaus Schwab

Long4Life acquires Rage in R3.92bn deal

By: Marleny Arnoldi     26th June 2018 Lifestyle brand holding company Long4Life has acquired fashion retailer Rage, and subsequently its more than 1.5-million active customers, for R3.92-billion in cash and shares.  

Afreximbank signs $1bn programme to promote South Africa-Africa trade

By: African News Agency      26th June 2018 The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC) on Monday, signed a memorandum of understanding for a $1-billion financing programme to promote and expand trade and investments between South Africa and the rest of Africa. Under the... 

South African e-commerce start-up launches first product into the UK, Europe

By: Marleny Arnoldi     25th June 2018 Cape Town-based e-commerce start-up business Digital Online Retail Products (Dorp) has launched its first product – Veldskoen – in the UK and Europe, after lifestyle assets corporation Long4Life acquired 49% of the company in April.  

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