South Africa to invest $1 billion in South Sudan’s oil sector

The republic of South Africa is to invest in Sudan’s oil sector says,  SA minister of energy Jeff Rabede and his Sudanese equivalent for Petroleum, Ezekiel Lol Gatkuoth.  

The two Ministers met on Friday, signed a MoU which includes the involvement of South Africa in constructing the oil refinery and exploration of several oil blocks.

Gatkuoth told the media that the agreement also extends to collaboration in the construction of a pipeline to serve fields located in the south of the country. The minister further highlighted the importance of constructing a new pipeline – the country exports its crude through another pipeline that goes to a port in neighbouring Sudan.

“When this refinery is complete, it will have the capacity of producing 60,000 barrels of oil per day,” the South African Minister said.

 

 

Source: IAfrica

 

Black Friday’s effect on South Africa’s economy

The US shopping fiasco with low or discounted deals Black Friday is gripping South Africa this year’s black Friday is expected to be the busiest ever with stores and online stores see heavy traffic. Some store opened their doors at midnight to allow for crowds of buyer to start early at all the deals.

Most of the shopping major retailers of South Africa like Game, Makro, Checkers, Pick n Pay and Shoprite are participating with deal ranging from 20% to 80% on select items as reported by timeslive.co.za. While online sites are seeing the highest amount of traffic this year and have advertised heavily to attract customers today.

Some critics of the believe that black Friday doesn’t fit in with the value of South Africans and promoting overspending and antisocial behaviour. While economists have warned that Black Friday could lead to many South African consumers falling it to debt and can take away from December or holiday spending.

 

By Mokgethi Mtezuka

NDB demonstrates interest to fund development in Andhra Pradesh Capital Amaravati

The New Development Bank (NDB) demonstrated interest in funding infrastructure development projects in India’s  Andhra Pradesh Capital Amaravati.

“New Development Bank vice-president and cooperation officer Xian Zhu, executive assistant to vice-president Ningqian Zhang, and project financing officers Jianshiyao, Garvit Sah and Ninad Rajpurkar on Wednesday met Andhra Pradesh chief minister N Chandrababu Naidu and evinced interest to fund construction of Amaravati besides a few R&B projects,” reports Financial Express.

India’s road and building department proposed two projects to the New Development Bank – AP Mandal connectivity and  rural connectivity and AP Mandal construction projects [roads and bridges].

 

Source: Financial Express

Key milestones of the New development Bank (NBD)

The BRICS multilateral development bank was founded by members of the coalition [Brazil, Russia, India, China and South Africa],in July 2015.  The bank’s main focus since establishment has been on infrastructure and sustainable development projects in member states, as well as in other emerging and developing countries, to promote growth and seek solutions for sustainable development.

Since establishment the NDB has continued to show growth, despite wide criticism from the media – many publications have prophecies on the failure of the bank. 

 

Year Key milestones
2016
  • The headquarters agreement was signed with the government of the People’s Republic of China
  • The NDB received AAA rating from two Chinese rating agencies
  • The Board of directors approved the project in Russia, to the amount of USD 100 million  
  • NDB issued its first green bond in the Chinese interbank bond market
  • The Board of Directors approved the first batch of loans to projects in Brazil, India, China and South Africa at a combined value of USD 811 million
  • The Board of Directors authorised NDB to raise resources up to an aggregate amount of RMB 10 billion
2017
  • The Board of Governors approved the establishment of the Project Preparation Fund (PPF)
  • The Board of Governors approved the terms, conditions and procedures for the admission of new members
  • The Board of Governors approved NDB’s 2017-2021 General Strategy
  • NDB held a ground breaking ceremony for its permanent headquarters in Shanghai, China
  • NDB opened its first regional office in Johannesburg, South Africa
2018
  • The NDB financed two Brazilian renewable energy projects
  • NDB received AA+ rating from Fitch and S&P global ratings
  • The bank joined forces with FAO in attempt to reach the 2030
  • It opened its doors to all states, including nonmembers  
  • Signed a memorandum of agreement with the development bank of South Africa

 

 

By: Kgothatso Nkanyane

Technology and the future of farming

In the next 20 years farming will have drastically changed all over the world, with new technologies coming into play and an increase in the size of global population increase demand on food. The advancement of technology and the spread of electrification have helped evolved farming to the current state it in today.

However, the future of farming though could see huge changes in terms of farm workers. New technologies like automation, artificial intelligence and drones slowly shape the farms of the future as well as hydro farming which will impact farming productivity and efficiency.

Technologies like automated tractors, pickers, shakers and sprinklers will changes how crops are made and how many farm workers are responsible for making those crops. Hydro- farming lowers the need for vast amount of land and water, meaning that farming in the future could also become less rural and more urbanised or localised inside city and buildings.

Drones are also cited as a technology which will help in monitoring crops and farm land, determining early which crops are ready for harvest or need more irrigation and fertiliser. Drones could target specific areas for pesticides dispersal ending the need for blanket spraying as well removing weeds without destroying any crops.

Sensors, cameras and smartphone advancement will also help farmers in vastly increase monitoring, productivity and cost of farming. Real-time data will also be collect on a large number of areas allowing farmers to maximise their efforts.

The future of farming could see entire farms from before crops are planted to monitoring and adjusting to when they are harvested become completely automated.

 

Source: theconversation.com

Image source: VDI Wissensforum

  

The Industrialisation of Africa

Africa has a large potential of industrialisation. The African Continental Free Trade Area (AfCTFA) will open a single market in Africa and boost the industrialisation of the African continent. 

The Industrialising of Africa will have the benefit of increasing the middle class, alleviate poverty, develop skills, increase employment and make Africa a big player in terms of global GDP. It could assist in stabilising and sustaining the continent.

The G20 Development Working Group (DWG) in conjunction with United Nations Industrial Development Organisation (UNIDO) published the Industrialisation in Africa and Least Developed Countries with efforts to boosting growth, creating jobs, promoting inclusiveness and sustainability by the 2030.

However, the industrialisation will not be without challenges – it  will need political will and leadership as well as investment from both internal and foreign investment. A strong focus will be needed in the areas of productivity, competition, diversification, and economic complexity for this to be successful according to brookings.edu.

 

By Mokgethi Mtezuka’

New Development Director General to partake in the 2019 World Ocean Summit

The New Development Bank is to part take in the 2019 World Ocean Summit. Director general of front office of the president, New Development Bank, Subrahmanya Pulle Srinivas is one the speakers of the summit aiming at achieving world and regional  connections.

The summit will for the first be held in the Middle East [Abu Dhabi – United Arab Emirates] in March 2019. This meeting will bring together, political leaders and policymakers, heads of global business, scientists, NGOs and multilaterals from across the globe.

According the World Ocean Summit website, the summit will focus on three topics;

  • Finance: the role of sovereign wealth funds; blue carbon systems; insurance; Islamic finance and the ocean
  • Technology and innovation: aquaculture; a focus on cities and waste management
  • Governance: illegal fishing; lessons from land economies

 

By : Kgothatso Nkanyane

 

BRICS GDP forecast steady in the past week

The average gross domestic product (GDP) growth prediction for BRICS member states remained steady  in the past week – 5.7%, according to India infoline, as reported by Bloomberg surveys.

Bloomberg’s forecasts are calculated based on the estimates available for the countries in the group. Weightings are based on the country’s nominal GDP in US dollar terms, as supplied by the International Monetary Fund.

Countries included in this aggregate estimate that are scheduled to release data in the month ahead:

Date Country 3Q Forecast
Nov. 30 Brazil 1.3%
Nov. 30 India 7.5%
Dec. 4 South Africa 0.6%
Dec. 12 Russia 1.8%

– indiainfoline.com

Brazil’s newly elected President Bolsonaro reverses controversial statements

Brazil newly elected president, Jair Bolsonaro has reversed a number of controversial statements he made during his campaigns for election and after. As soon as Bolsonaro was elected, he pledged to remove the Ministry of Labour and replace with a Ministry of Economy as prepared to announce a new government, by January.  He also pledge to merge the Ministry of Agriculture with Environment.

The newly elected President has since his election reconsidered the statements he made, following a public outrage.

Bolsonaro focused his campaign on combating crime and corruption and that led to him getting elected. However, “his high name recognition was earned by making outrageous remarks disparaging blacks, natives, women, and the LGBT community, and his unpopularity is increased by his calls for intervention by the armed forces and his idolatry for the military, praising infamous characters of the former regime, including Colonel Carlos Alberto Ustra, who had personally tortured Ms. Rousseff and many others with electric shocks and beatings,” writes Patricia Barbeyron, a strategic affairs consultant.

Bolsonaro had to step back statements of scrapping the Paris Environmental Agreement because regional allies warned against the measure.

 

Source: The BRICS Post

President Cyril Ramaphosa takes part in SA-EU Summit

The 7th SA-EU Summit took place yesterday in Brussels, Belgium. South African President Cyril Ramaphosa co-chaired the summit with the President of the European Council, Mr Donald Tusk, and the President of the European Commission, Mr Jean-Claude Juncker.

The Summit follows President Ramaphosa addressing the European Parliament the day before, SA-EU summit was initiated as part of a signed agreement between South Africa and European Union to further strategic cooperation in terms of regional, African and Global Issues.

This year’s summit will look at ways in which SA-EU relations can be expanded and intensified.  The European Union also pledged to contribute R1.3 Billion to South Africa’s Infrastructure development programme.

The focus points of the summit will be economic, trade, investment, and developing cooperation; looking at challenges faced in climate change, migration and human rights; as well as expanding multilateralism.

By Mokgethi Mtezuka’