London based group to invest 8.4bn in India and $1.2 billion in South Africa

Vedanta, a London based oil and metals group plans to invest in South Africa and India. The group has plans to invest $8.42 billion in its Indian projects and $1.2 billion in its South African projects. 

The company is aiming at increasing its zinc production and plans to expand its zinc operations in India and Africa.

Vedanta CEO Srinivasan Venkatakrishnan, Executive Chairman Anil Agarwal and CEO of Vedanta Zinc International Deshnee Naidoo were part of the delegation accompanying South African President Cyril Ramaphosa on his trip to India.

The company has over the years committed to creating jobs and plans to create more jobs in both countries. Vedanta created approximately 100 000 jobs in India and South Africa.

Vedanta has already invested $400m in South Africa bring its total investment to 4 billion,” Agarwal told. Channel ET.

 

Source: Mining Technology

Russian warns against military intervention in Venezuela

 

Russia has warned the USA against any military action on Venezuela, this comes after the US called newly sworn in President Nicolas Maduro illegitimate and recognized opposition leader Juan Guaido as the interim president of Venezuela.

According to CNN.com Russian Deputy Foreign Minister Sergei Ryabko warned not just the US but everyone against any military action on Venezuela as this could lead to far deeper devastation then the current economic crisis facing the country.

President Nicolas Maduro also hit back given all USA dignitaries 72 hours to leave Venezuela and calling Juan Guaido attempt to declare himself president equal to a Coup. The Venezuelan military has also sworn its allegiance to Nicolas Maduro, leaving Guaido with little bargaining power.

Former US presidential candidate Bernie Sanders also warned US leaders against intervening militarily in Venezuela, sighting previous US led regime change in Latin America as causing more problems than they solved and tarnishing US credibility as reported by Sputnik International.

By Mokgethi Mtezuka

India and China are having a deeper impact on the global economy

India and China are having a far deep impact on the global economy today than in previous years. German Chancellor Angela Merkel who was speaking at the World Economic Forum Davos 2019, on Wednesday, said. 

She noted that this new trend requires the world to rethink global trade and financial systems. Merkel pointed out that the IMF has predicted a negative outlook for the global economy this year, sighting disturbances from US tariffs. She warned against the rise of protectionism and unilateralism.

Merkel also spoke on the contributions to the world made by international bodies such as the World Trade Organization (WTO), IMF and the World Bank. How countries like China and India have become key roles players enhanced by groups like the G20 and the Shanghai Cooperation Organization (SCO).

 

 

Source: ndtv.com

Bolsonaro: reforms will put Brazil among the top 50 countries to do business with

Speaking during the opening ceremony of the World Economic Forum in Switzerland, President Jair Bolsonaro said that his administration’s reform will put Brazil among the 50 best countries to do business in the world. He also defended more integration and economic openness and explained that he wants the country to simplify the lives of those who produce and create jobs.

This was the first time a Latin American president delivered the opening address of the forum. President Bolsonaro took the opportunity to explain his government’s agenda. “Be sure that, by the end of my term, our economic team, led by Minister Paulo Guedes, will put us in the ranking of the 50 best countries to do business with,” he said.

The president also explained that the government is working to reduce the tax burden, streamline standards, and make the lives of those who want to produce, do business, invest and create jobs easier. “We will work for macroeconomic stability, respecting contracts, privatizing and balancing the public budget,” he argued.

He assessed that Brazil is still a relatively closed economy to foreign trade and argued that it is necessary to change this. “It’s one of the biggest commitments of this administration,” he said. “We will seek to integrate Brazil into the world by incorporating the best international practices,” he said.

Environment and economic development

During his speech, Bolsonaro explained that his administration’s agenda also includes efforts to harmonize the preservation of the environment and biodiversity with economic development. He also said that the government will protect the right to life and private property and promote an education that will prepare our youth for the challenges of the fourth industrial revolution. He argued that the quest for knowledge can reduce misery and poverty.

“Get to know our Amazon, our beaches, our cities, and our Pantanal. Brazil is a paradise, but a largely unknown one,” said the president. “We will invest heavily in public security so that you will visit us with your families. We are almost unrivalled in natural beauty, but we are not even among the 40 most visited tourist destinations in the world,” he argued.

 

 

  • Brazil Gov News 

Ramaphosa, Chief Guest at Republic Day of India

Image: Hangouts.co.in

South African Presiden, Cyril Ramaphosa will be the chief guest at India’s Republic Day celebrations, 2019. The Republic Day has been celebrated on the 26th of January since 1950 in honoring the constitution of India as it came to force on the same day. 

The South African President was invited by India’s Prime Minister, Narendra Modi in 2018, during the G20 summit which was held in Argentina’s Capital, Buenos Aires.

According to Indiacelebrating. com, Ramphosa ” was specially chosen for this occasion because India is celebrating the 150th birth anniversary of Mahatma Gandhi who had very close links with the people of South Africa.”

Ramaphosa will be accompanied by a business delegation – the Republic Day celebrations will be an opportunity to further enhance trade relations between the two states. The two countries share a common vision and common foreign policy objectives that are pursued multilaterally.

The celebration is organized with great effort by the government. Grand military parades from India’s Army, Air Force, and Navy will be held in New Delhi at Rajpath as well as other capitals.

 

 

By: Kgothatso Nkanyane

World Economic Forum 2019

The World Economic Forum (WEF), Davos 2019 Kicked off on Tuesday in Switzerland and will close on Friday. The annual invite-only meeting brings together leaders in politics, business, culture, and technology. The meeting is to define priorities and shape the global, industry and regional agendas.

This year’s theme is Globalization 4.0. With the rise of populism, widespread insecurity and frustration, with a global economic outlook, there is a need to differentiate between Globalization and Globalism.

According to bloomberg.com the previous stages of Globalization were about to trade, this new stage we are already in is about digitally-enabled services. Davos 2019 is also looking into how technological advancements are impacting the rise of new systems of health, transport energy and many more.

South African President Cyril Ramaphosa is also in Davos accompanied by the Ministers of Finance and International Relations. South Africa will be hoping to use Davos 2019 as an opportunity to update leaders and investors on South Africa’s economic growth agenda, as well as to meet the $100 Billion investment target set by Ramaphosa.

 

 

By Mokgethi Mtezuka

Brazil: Market raises GDP growth forecast for 2019

The financial market remains optimistic about its forecasts for economic growth in 2019. According to the latest edition of the Focus Bulletin, released by the Central Bank on Monday (January 14), analysts are predicting Brazil’s Gross Domestic Product (GDP) will grow 2.57% this year, up from the previous 2.53%.

Regarding the Broad Consumer Price Index (IPCA), Brazil’s official inflation rate, the bulletin reports that the average forecast for this year went from 4.02% to 4.03%. The number is slightly below the center of the target defined by the Central Bank, of 4.25%.

Still, according to analysts, inflation should stand at 4% and the economy should grow by 2.5% in 2020. By 2021, the GDP growth forecast is 2.5% with inflation at 3.75%.

The Focus Bulletin is a weekly publication, released every Monday, which averages out the forecasts of more than 100 market analysts surveyed by the Central Bank. They report their projections to the Central Bank, which weighs up the different predictions and releases the results.

 

– Brazil Gov

South Africa’s Foreign Direct Investment increased by 446% in 2018

South Africa’s Foreign Direct Investment (FDI) saw an increase of 446% in 2018 – grew from $1.3 billion in 2017 to 7.1 billion in 2018, a new United Nations report found. 

The UN Conference on Trade and Development (UNCTAD) released a Global Investments Trends monitor report on Monday. According to the report, SA made a successful turn around from declines in FDI since 2014.

The investments according to the UNCTAD report were mostly directed to mining, petroleum refinery, food processing, information and communication technologies, and renewable energy.
Despite the increase in FDI, the World Bank expects that the South African economy will grow by a meager 1.3% in 2019.

 

 

Source: Business Insider South Africa

President Ramaphosa to visit Switzerland, India

 

President Cyril Ramaphosa will use his international working visits this week to position South Africa favorably on the global map and solidify bilateral relations.

The Switzerland visit will encompass global discussions on the future of work, global governance and partnership in an age of rapid technological change, while the State visit will reinforce South Africa’s relations with India.

President Ramaphosa begins his drive in Geneva, Switzerland, on Tuesday in his capacity as co-chair of the International Labour Organisation’s Global Commission on the Future of Work.
The commission, co-chaired by Swedish Prime Minister Stefan Löfven, will launch its highly anticipated Report on The Future of Work at the ILO headquarters in Geneva today.

The report lays the foundation for global action on the challenges that governments, business and labor face amid the convergence of developments in the digital economy, climate change, and cyclic economic trends.

Following his address to the ILO, President Ramaphosa will travel to Davos Klosters, where he will lead Team South Africa’s participation in the annual meetings of the World Economic Forum (WEF) scheduled from 22 to 25 January.

The 2019 gathering is themed ‘Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution’. It brings together heads and members of more than 100 governments, top executives of the 1 000 foremost global companies, leaders of international organizations and relevant non-governmental organizations, and cultural, societal and thought leaders, among others.

The Davos discussions will explore how technological advances are impacting on or giving rise to new systems of health, transportation, communication, production, distribution and energy, and the changes required in education and other programmes to prepare workers for this economic revolution and accompanying social changes.

It will be a platform for Team South Africa to engage and update the international community, including investors, on the path of renewal and growth on which the country has embarked.
Team South Africa will showcase investment and trade opportunities while contributing to the global dialogue on key issues facing humanity and emerging key opportunities.

India State visit

Following the conclusion of the WEF programme, President Ramaphosa is set to travel to New Delhi, India, for a State visit scheduled for Friday.

The President, who will be accompanied by a business delegation, will use the visit to further enhance trade relations between the two nations. The President will be honored as Chief Guest at India’s 70th Republic Day Celebrations.

South Africa and India share a common vision on a range of global issues and domestic challenges.
Many of the common foreign policy objectives that both countries share are pursued multilaterally, especially through South-South initiatives and close cooperation existing within the G20, BRICS, IBSA, and IORA.

The two nations will further solidify relations with agreements on higher education and training, arts and culture, home affairs, defense, and energy, among others.

The two enjoy a strategic partnership and bilateral relations anchored in a deep and shared history of friendship and solidarity.

India is currently South Africa’s second largest trading partner in Asia and ranks among South Africa’s top 10 trade partners.

In 2017, bilateral trade reached R107 billion (approximately $8 billion). Trade for the period January to November 2018 totaled R101 billion. Indian investments in South Africa currently stand at US$8 billion and have created an estimated 18 000 jobs.

There are 130 Indian companies that have invested in South Africa, including TATA (automobiles and hotels), Mahindra (automobiles), Cipla (pharmaceuticals) and the Bank of India. South Africa’s total investment in India increased to R10.3 billion (approximately $800 million) in 2017.
South African companies that have invested in India, include Sasol, FirstRand, Old Mutual, ACSA, Shoprite and Nandos.

 

– SA Gov News

India moves one position to 80th on global talent competitiveness ranking

India has moved to the 80th spot on global competitiveness ranking, India’s progress, however, is slow when compared it’s BRICS counterparts. This according to a report by the INSEAD business school in partnership with Tata Communications and Adecco Group.

Switzerland continues to top the list. India performed better in comparison to its lower-income counterparts when it comes to growing talent and access to growth opportunities, the country was ranked 48th and 41st, respectively. 

India’s biggest challenge is attracting (95th) and retaining talent (96th), the report noted.

The survey measures how countries and cities grow, attract and retain talent, ranking 125 countries and 114 cities across all groups of income and levels of development. The study also found that entrepreneurial talent has become a key differentiator in relative talent competitiveness.

 

Source: Your story