China’s core AI industry to exceed 145 bln USD by 2030: report

The value of China’s core Artificial Intelligence (AI) industries could exceed 1 trillion yuan (145.47 billion U.S. dollars) by 2030, with that of AI-enabled industries more than 10 trillion yuan, a latest report by Bloomberg Intelligence (BI) said.

Titled “China’s great tech leap forward”, the report said that China’s push to commercialise AI technologies, supported by the rollout of the world’s biggest 5G network, could position the country as a global leader for technology and innovation.

“Based on the growth trajectory in the past decade, China may overtake the U.S. in global technology-patents share by 2025,” said the report. AI-related industries may exceed 6 percent of China’s GDP by 2030, according to the report. In the report, BI analysts said the country’s abundance of data may fuel the acceleration of the industry.

China’s breakneck pace of consumer-lifestyle digitisation potentially gives researchers unique access to Chinese-language data generated by its 1.4 billion people as they go about their daily activities both online and offline.

Vey-Sern Ling, senior industry analyst at Bloomberg intelligence, said China may overtake global peers in the commercialisation of AI technologies, as large amount of capital is likely to continue pouring into the industry.

According to Tsinghua University, private funding for Chinese AI-related companies in 2017 totalled 27.7 billion dollars, equivalent to 70 percent of global investments in the industry. Data showed China’s cumulative venture-capital investments in AI startups had already caught up with the United States by 2016.

Ling, also the lead analyst of the report, said the top-down support is an important factor apart from the multi-faceted user data and the funding available in China to the industry’s fast development.

“I don’t think anywhere else in the world you have the government so strongly behind, identifying the technology pillar and bearing full weight,” said Ling.

He added that China’s potential dominance in AI by 2030 may be led by developments in transportation, corporate services, health care and finance.

 

– Xinhua

 

 

Magashule applauds success stories of BRICS countries on agrarian revolution

ANC secretary-general Ace Magashule in his closing address at the BRICS political parties plus dialogue applauded the land reform process mainly land expropriation without compensation, as recently passed by the South African government.

According to Magashule, the African National congress (ANC) is committed to tackle inequalities in South African society. “ Some of the magnificent and successful stories of the Brics countries on agrarian revolution is a testimony to the strategic objectives we want to achieve,” Magashule said.

The secretary-general said that the Freedom Charter contains a very important message, one of land redistribution.  The Freedom Charter was the statement of core principles of the South African Congress Alliance, which consisted of the African National Congress (ANC) and its allies – the South African Indian Congress, the South African Congress of Democrats and the Coloured People’s Congress.

The political dialogue closed up deliberations with an adoption of a 25 point plan, titled the Tshwane 2018 Communique on Addressing Inclusive Economic Development Growth, Peace and Stability, Multilateralism and the Fourth Industrial Revolution.

 

Source: The Citizen

South Africa exits technical recession

This is the good news we’ve had to wait months for. After being dumped into the doldrums of a recession back in September, South Africa has rallied after a quarter of positive growth.

GDP Stats: South Africa is officially out of recession
The country’s GDP has improved by 2.2% over the last three months, as recorded by StatsSA.  Things are looking a little more positive for Mzansi, but there are still red flags to acknowledge.

The mining industry has taken a huge 8.8% hit over the Autumn, with output decreasing dramatically. When a cornerstone of the economy decreases by this much, it usually means long-term pain is on the horizon. The electricity (-0.9%) and construction (-2.7%) economies also shrunk.

There’s a long road ahead, and the situation can deteriorate just as fast as it can improve. But the recovery in the agricultural section is vital. Down 29% in Q2, the green shoots of recovery appear to be growing as the industry marked a noticeable turnaround, rising by 6.5% in Q3.

But what has helped South Africa launch this impressive comeback? We’re looking at the main facts and figures which were instrumental in this quarterly improvement.

What has lead the GDP recovery?


Factors influencing the rand
Behind every successful economy is a strong currency, and the 2.2% rise for our GDP seems to mirror the performance of the rand. After plummeting in September due to recession fears, ZAR has strengthened on the back of key economical developments.

With the interest rate going up 0.25% last month, it helped the currency shore up and take advantage against big international markets such as the dollar and the pound.

Agriculture revived
We’ve touched on this earlier, but it really is one of the most influential factors on the performance of the SA economy. It’s shocking, near-30% decline between July – September was mainly responsible for the unexpected slip into the red.

It’s 6.5% growth was driven by an increase in field crops, and a spike in the amount of horticultural and animal products that have been purchased. However, this is another example of SA not being out of the woods just yet. The industry is R6 billion worse off than it was 12 months ago.

External and internal investment
President Cyril Ramaphosa began his global investment drive just as Q2 was ending. So the billions of rands he manage to secure from foreign donors has only come into effect from August onwards.

With additional deals struck with the Gulf States and China, Ramaphosa has been able to raise the stakes in secure business deals. However, the president didn’t rest on his laurels with his friends from overseas. The introduction of a R400 million stimulus package seems to have done the trick, too.

Manufacturing rallies
It’s been a bit of an inconsistent year for the manufacturing industry. Production has been down and demand has slowed. Well, that’s until the third quarter came along. Manufacturing is the most-improved industry of the lot, reaching a 7.5% increase at the start of December.

Despite the challenges, manufacturing is R14 billion better off than it was 12 months ago: And it’s due to the strengthened performance of the iron and steel industry, as well as positive developments regarding petroleum, wood and motor vehicles.

– The South African

NDB is aiming at a loan book approximating $40 billion by 2027

The New Development Bank (NDB) is aiming at a loan book approximating $40 billion by 2027 and is looking to enter the masala bond market by 2019.

Chief Financial Officer (CFO) and Vice President of the NDB, Leslie Maasdorp highlighted the bank’s achievements – the bank is three and half years old and has already approved projects cumulatively amount to 7.9 billion.

The BRICS (Brazil, Russia, India, China and  South Africa) multilateral bank has already achieved an asset under management of $8 billion. The bank has financed a lot of environmental projects and has recently taken a step to fund the private sector.

 

Source: CNBC

 

2018 G20 Buenos Aires Summit

The G20 Summit gets underway today bringing together 20 plus heads of state of the biggest and emerging economies to Buenos Aires, Argentina. There will also be several invited guest presidents and prime ministers from Jamaica, Rwanda, Senegal and Singapore.

In attendance are North American heads of state from the Canada, USA and Mexico from South America presidents from Argentina, Brazil, and Chile which was invited as a guest. European leaders in attendance from the United Kingdom, France, Germany, Italy, European Union and guest leaders from Spain and Netherlands.

This year’s agenda will be the future of work with arrival of the fourth industrial revolution as well as looking into global infrastructure development. The G20 will also discuss sustainable food future which will look in to the effects of climate change on agriculture and regulation of cryptocurrencies – impacts on global economics.

The summit provides an opportunity for US President Donald Trump and China’s Xi Jinping to meet – not on the agenda but US-China tariffs might be other  area of discussion.

 

By Mokgethi Mtezuka’

Russia discusses investments with New Development Bank

Russia Sakha Republic (Yakutia) engaged the New Development Bank regions head about making investments worth $150 -$200 million in the country’s infrastructure projects.  

“We have started to actively work with the BRICS Bank, with active support from the Russian Finance Ministry. We have presented a number of projects that the bank is ready to consider once the relevant documents are prepared … In total, we are talking about some $150-200 million[in investments] in the development of infrastructure projects,” Yakutia head, Aisen Nikolaev, said on Thursday.

The funds are meant to modernise municipal infrastructure and expand the city’s water supply system, Nikolaev said.

The official told the media that their plans include also a revamp of the city’s airport and the development of district heating. All four projects are estimated to cost between 30 and 40 million.

 

Source: Pakistanpoint.com

OPINION|BRICS Threat to Western Supremacy

China’s President Xi Jinping, Indian Prime Minister Narendra Modi, South Africa’s President Cyril Ramaphosa, Brazil’s President Michel Temer and Russia’s President Vladimir Putin pose for a group picture at the BRICS summit meeting in Johannesburg, South Africa, July 26, 2018. REUTERS/Mike Hutchings

The coalition of Brazil, Russia, India, China and South Africa continues to pose a threat to Western Supremacy – Brics has united to reject neoliberal models and created their own institutions. The grouping since 2013 have been signing declarations that are more than just usual petty collaborations and shared goals.

Brics in 2014 agreed to the creation of a development bank – Brics  Bank which was later renamed the New Development Bank (NDB). From its conceptual stages the bank received its fair share of skepticism from Western media.  Articles of the New Development Bank failing to live up to hype and analysis of the NDB in comparison to other development banks are easy to find. The institutionalisation of BRICS was viewed as not “viable and feasible”.

The NDB meant rivalry for West controlled financial institutions, IMF and the World Bank. Brics is empowering emerging economies by offering a wider range of economic choice. The groupings long term goal is to change global governance.

“Brics is gearing up for the future by planning to set up a credit rating firm to compete with western hegemony in the world of finances,” reports IOL.  

 

BY Kgothatso Nkanyane

The BRICS flourishing partnership

Coined by then-chairman of Goldman Sachs Assets, Jim O’Neill in 2001 – BRIC. At its initial formal meeting in 2009 [BRIC] emphasised the improvement of global economic situations and reforming financial institutions. South Africa in 2010 was then formally invited to join the group of the world’s fast growing in emerging economies – the group was renamed BRICS.

The grouping is celebrating a decade of formal meetings and the partnership continues to flourish. Brazil, Russia, India, China, South Africa relations have moved from just economic collaborations. The collation has over the years accumulated achievements that  are not only for the benefit of member countries.

BRICS in 2014 Created a development bank [New Development Bank], raising $50 billion to start it from the ground. The bank has funded development in member countries and is now funding non-member countries and private. The NDB will in the future fund Arts and Culture – South Africa’s Minister of Arts and Culture Mr Nathi Mthethwa hosted BRICS Ministers of culture and it was agreed that the NDB should fund culture and the arts.

According to thesouthafrica.com the grouping achieved also, a decentralised the economic clout of traditional Western powers, ensured trade benefits for South Africa and gave Africa a greater access to the global stage.

 

By: Kgothatso Nkanyane

India and China Dominate Demand in BRICS Oral Care Market

An up to date study by Future Market Insights (FMI) has detected that the competition in the oral care market in BRICS countries is intense, although a few companies such as Uniliver Group, Colgate-Palmolive Co., Koninklijke Philips N.V., Procter & Gamble Co., Johnson & Johnson Inc., and GlaxoSmithKline Plc. do hold a position of strength and are expected to maintain their strong position in the near future too. For most of these companies, development of new and innovative products and aggressive marketing activities are common strategies to lure consumers and retain them in a long run. The growing trend of organic products is also opening new opportunities for the vendors to impress the urban populations and gain new revenue avenues.

As per the projections of the FMI report, the demand in global oral care market will expand at a CAGR of 4.5% during the forecast period of 2014 to 2020, representing a revenue of US$50.8 bn by 2020. However, the BRICS oral care market is in much healthier position with the demand projected to increment at nearly double CAGR of US$8.4% during the same forecast period. The report has estimated that the BRICS nations will constitute for a demand for oral care products worth of US$17.3 bn by 2020. This report targets audiences such as dental product manufacturers and distributors, dental research and development institutes, government associations and dental practitioners, and venture capitalists and investors.

The report observes that with increased disposable income of the urban populations in BRICS countries, viz. Brazil, Russia, India, China, and South Africa, consumers are now willing to pay for a variety of products that helps them keep their oral and respiratory systems healthy. Ubiquity of smartphones and growing popularity of social media has helped pass on the awareness to large masses and is providing traction to the BRICS oral care market. In addition to that, introduction of oral care products that are ecofriendly and made up from organic ingredients are gaining demand. Growing awareness among consumers for oral hygiene is another factors fueling the demand in this market.

Toothpaste Most Profitable Product Segment

On the basis of product type, the oral care market in the BRICS countries is segmented into primary oral care including toothbrush and toothpaste and secondary oral care including dental floss, mouthwash, denture care, and others such as whitening strips, chewing gum, and mouth fresheners. Currently, primary oral care sub-segments collective account for the most prominent chunk of demand, with toothpaste producing the maximum demand. Gel toothpaste, sensitivity-resistant toothpaste, and gum strengthening toothpaste are a few new products attracting specific customers. On the other hand, the demand for secondary oral care products is projected to increment at a strong CAGR of 14.5% during the forecast period of 2014 to 2020, gaining traction from the introduction of new products in this segment.

Based on distribution channel, the BRICS oral care market has been bifurcated into departmental stores, convenience stores, hypermarkets and supermarkets, vending machines, pharmacies and specialty stores, direct selling, and general merchandise retailers. In 2013, the general merchandising and direct selling segments collectively accounted for 53% of the overall demand, while hypermarkets and supermarkets provided for 27% of the demand.

Country-wise, heavily populated countries of India and China currently produce the most prominent chunk of demand and are anticipated to further gain demand share as we approach 2020. These two countries served 50.6% of total demand in the BRICS oral care market in 2014 and the demand percentage is estimated to increase up to 52.7% by 2020.

 

Issued by: Latest Market Reports

South Africa-China relations are crucial drivers of economy and “rapid adoption of ICT technologies”

Image: 702.co.za

South Africa recently appointed Minister of Communications says that South Africa – China relations are crucial drivers of economy and “rapid adoption of ICT technologies”.

Minister Stella Ndabeni-Abrahams met with a Chinese delegation on Friday in Pretoria. The China delegation was led by Vice Minister Gao Xiang from the Bureau of International Cooperation of the Cyberspace Administration of China.

Ndabeni-Abrahams and Xiang met to discuss the expansion of the China-SA relations into possible areas in the digital economy, cyber security and e-government.

The delegates agreed that the relations between the two countries will lead to the creation of sustainable industries.

According to Stats SA, China has been South Africa’s biggest trade partner for nine consecutive years, and South Africa has retained its position as China’s biggest trade partner in Africa for eight consecutive years, reports Business Tech.

 

Source: Business Tech