India, China to surpass US as world’s biggest economy

China and India will surpass the US as the world’s biggest economy by 2030, this according to UK based financial services giant, Standard Chartered Plc. According to the UK company, in their annual ranking of the world’s largest economies, the United States will fall to a ranking of third place.

There Britain, France, and Italy also are to fall out of the world’s top economies – they will be overtaken by Turkey, Brazil, Indonesia, Russia and Egypt which are predicted to enjoy meteoric rises. Emerging markets are predicted to take over the global market.

According to Standard Chartered, “countries share the world’s GDP should eventually converge with the share of the world’s population; driven by the convergence of per-capita GDP between advanced and emerging economies.”

The company measured both Gross Domestic Product (GDP) and Purchasing Power Parity (PPP) exchange rates.

“The financial firm is projecting that India’s rate of economic growth will accelerate to 7.8% by 2020s – China’s economic growth will slow down adjusting to a steady 5.0% growth by 2030,” reports CCN.

 

Source: CCN

South African Minister invites investments from India businesses

South African Deputy Minister of International Relations and Cooperation, Regina Mhaule invited Indian business to invest in SA. Mhaule who was speaking at the Raisana Dialogue which concluded yesterday, at India’s capital, New Delhi. The Minister acknowledged the contribution of Indian companies in the economic development of South Africa. “India has richly contributed to the nations economic development for generations,” said Mhaule.

“ As the people of South Africa sought to overthrow the shackles of oppression brought to bear upon us, India.. was one of the most principled supporters of the struggle against apartheid and racial discrimination,” she said.

Mhaule further reflected on South Africa-India relations – the arrival of the first Indians 150 years ago “richly contributed to the nation’s diversity and economic development for generations”. The relations have grown from strength to strength, President Cyril Ramaphosa’s invitation to be a chief guest India’s Republic Day celebrations later this month, further strengthened the relations.

 

 

Source: Times of India

Deputy President David Mabuza to visit South Sudan

Deputy President David Mabuza in his capacity as President Cyril Ramaphosa’s Special Envoy to South Sudan will undertake a regional consultative Working Visit to three member states of the Intergovernmental Authority on Development (IGAD) as part of the efforts towards lasting peace and stability in South Sudan.

The Deputy President will visit Nairobi in the Republic of Kenya, Kampala in the Republic of Uganda and Khartoum in the Islamic Republic of Sudan to hold consultative meetings with the Heads of State and Government of the three countries in order to facilitate a peace process that will see the full implementation of the Revitalised Peace Agreement on South Sudan.

Deputy President Mabuza will hold bilateral meetings with President Uhuru Kenyatta of Kenya, President Yoweri Museveni of Uganda, as well as President Omar Al Bashir of the Sudan.

This working visit builds on the October 2018 consultations with IGAD Member States. The Deputy President will also strengthen political, social and economic relations between South Africa and these three IGAD Member States.

Issued by the Presidency of the Republic of South Africa

Iraq could be next to leave OPEC

Iraq could be the next country to leave the oil cartel OPEC, this comes after Qatar announced their withdrawal from the group. Iraq which is the second largest oil producer of the group has struggled to meet its targets turning out 3.372 million bpd.

Iraq being unable to meet targets means if asked to cut production too stringently, it may decide its best interest lay out of the group. Many expected that OPEC will introduce new oil production cut which could put pressure on certain countries like Iraq.

While oil production from the US and Russia is set to soar In the midst of trade tensions between the US and China. US and Russia are expected to turnout 11.5 million bpd and 11 million bpd respectively.

While Saudi Arabia which is the biggest oil producer is expect to cut production which is currently at 11 million bpd. Saudi Arabia movement will essentially set prices for the OPEC group.

 

Source: oilprice.com

 

ANC hosts governing parties from BRICS member states

South Africa’s governing party, the African National Congress (ANC) is hosting governing parties from BRICS member states . The parties will be in dialogue from today,  4 to 6 December at the Sheraton Hotel in Pretoria.

Aimed at discussing establishing solutions to economic and challenges in each country, the dialogue will bring together 200 delegates from BRICS member states and other fraternal parties from the African continent.

“The Brics dialogue will explore common p to address economic and political challenges, as well as potential threats that confront Brics member states,” said ANC’s chairperson of the international relations subcommittee, Lindiwe Zulu.

“The ANC sees this programme as part of promoting, advancing and strengthening multilateralism … It is envisaged that the dialogue will reach an agreement encapsulated in the Johannesburg Declaration.”

 

Source: Times Lives

 

International disability day 2018

December 3 is international disability day which aims to bring light to persons with disabilities, this year’s theme is “Inclusiveness and Equality”. The United Nations General Assembly passed resolution 47/3 in 1992.

The day aims to increase awareness of disabilities in social, cultural, economic and political life. It’s also a timely reminder as the likelihood of living with disability increases with age and we will see increasing levels of disability.

In South Africa more needs to be done for people with disabilities as many still don’t have adequate health care and facilities. South Africa will needs to strive to the theme of day and make sure all are treated fairly and included.

 

By Mokgethi Mtezuka’

Highlights of the 2018 Global Citizen Festival: Mandela 100

The Global Citizen Festival brought together actors, musicians and celebrities from South Africa and the USA in raising money and awareness on international poverty. Hosted in Johannesburg, South Africa on 02 December.

The festival also paid tribute to former South African President Nelson Mandela’s legacy as this year South Africa celebrated 100 years since his birth. Television mogul Oprah Winfrey gave a memorable speech at the festival. Oprah highlighted the need for every individual to build their own legacy even if it’s one small step every day.

South African President Cyril Ramaphosa who was also in attendance announced that the festival had raised close to $7 Billion to alleviate extreme poverty and help fund education across the world. Other celebrities at the festival include entertainer  Somizi Mhlongo, comedians Trevor Noah and Dave Chappelle, Supermodel Naomi Campbell and International musicians like Jay-Z and Pharrell Williams.

The Festival which also aired live on SABC 1 and DStv Channel 199, with performances of South Africa’s own Cassper Nyovest and international icon Beyonce who closed out the night with fans roaring.

 

By Mokgethi Mtezuka’

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

South Africa to manufacture Africa’s first affordable, quality smartphone

In the world of smartphones, China has Huawei, Korea has Samsung, while the United States of America has Apple.

Long-time dark horse Africa is now taking centre stage with the announcement of the Mara phone project that is touted to take the smartphone business by storm.

Developed by Rwandan businessman and billionaire Ashish Thakkar, the Mara group at the Africa Investment Forum announced ambitious plans to develop manufacturing plants in Rwanda and in South Africa.

During South Africa’s recently held inaugural investment conference, Thakkar announced that his company would be investing R1.5 billion in a South African venture over the next five years.

At a media briefing on Friday morning at the Africa Investment Forum in Sandton, Johannesburg, Thakkar said there were further plans to develop the phone in plants across the continent’s five regions.   

“We all know the importance of high quality and affordable smartphones and the impact this can have on the continent. Quality smartphones mean we can truly enable financial inclusion, micro-lending and micro-insurance. This can translate into better education, digital healthcare and agriculture efficiency and improve commerce.

“If this is all going to be possible… we [need] quality and affordable smartphones. Unfortunately, we have quality smartphones but they are not affordable and if it is affordable, it is not quality,” he said.

None of the millions of smartphones found worldwide are from Africa, Thakkar said.

“We have a few that are assembled in Africa but nothing is truly being manufactured in Africa. Thanks to the African Development Bank, that changes today,” said the businessman.

Thakkar said the Mara smartphone will be the first high-quality, affordable smartphone to be made on the continent.

“This has truly been made possible thanks to the support from the African Development Bank and its strategy of industrialising Africa. We’ll work with them to roll this out and scale it out. We all believe that it is time to shift the narrative, which is why we are also excited that the phone will also be sold in Europe,” he said.

The phones will also be exported and sold in Europe, making Mara a global player in the market. The project is in partnership with Google.

“This will truly be transformative. It will create thousands of jobs directly and eventually hundreds of thousands of jobs indirectly in the ecosystem across the continent,” Thakkar said.

AfDB President Akinwumi Adesina said such transactions fitted perfectly with the forum’s theme of less talk and more deals. The announcement, he said, proved that the continent had great untapped potential that was just waiting to be given a chance.

In the world of smartphones, China has Huawei, Korea has Samsung, while the United States of America has Apple.

Long-time dark horse Africa is now taking centre stage with the announcement of the Mara phone project that is touted to take the smartphone business by storm.

Developed by Rwandan businessman and billionaire Ashish Thakkar, the Mara group at the Africa Investment Forum announced ambitious plans to develop manufacturing plants in Rwanda and in South Africa.

During South Africa’s recently held inaugural investment conference, Thakkar announced that his company would be investing R1.5 billion in a South African venture over the next five years.

At a media briefing on Friday morning at the Africa Investment Forum in Sandton, Johannesburg, Thakkar said there were further plans to develop the phone in plants across the continent’s five regions.   

“We all know the importance of high quality and affordable smartphones and the impact this can have on the continent. Quality smartphones mean we can truly enable financial inclusion, micro-lending and micro-insurance. This can translate into better education, digital healthcare and agriculture efficiency and improve commerce.

“If this is all going to be possible… we [need] quality and affordable smartphones. Unfortunately, we have quality smartphones but they are not affordable and if it is affordable, it is not quality,” he said.

None of the millions of smartphones found worldwide are from Africa, Thakkar said.

“We have a few that are assembled in Africa but nothing is truly being manufactured in Africa. Thanks to the African Development Bank, that changes today,” said the businessman.

Thakkar said the Mara smartphone will be the first high-quality, affordable smartphone to be made on the continent.

“This has truly been made possible thanks to the support from the African Development Bank and its strategy of industrialising Africa. We’ll work with them to roll this out and scale it out. We all believe that it is time to shift the narrative, which is why we are also excited that the phone will also be sold in Europe,” he said.

The phones will also be exported and sold in Europe, making Mara a global player in the market. The project is in partnership with Google.

“This will truly be transformative. It will create thousands of jobs directly and eventually hundreds of thousands of jobs indirectly in the ecosystem across the continent,” Thakkar said.

AfDB President Akinwumi Adesina said such transactions fitted perfectly with the forum’s theme of less talk and more deals. The announcement, he said, proved that the continent had great untapped potential that was just waiting to be given a chance.

“I couldn’t be prouder. It just tells you the quality of entrepreneurship that we have in Africa… Africa is not just a market for others. Africa is going to be the manufacturing base to create markets within Africa and also have markets outside Africa.

“We are not just going to be a market for others but we are going to dominate others, which is what the Africa Investment Forum is all about,” Adesina said.

Investors needed to give budding entrepreneurs a chance.

“Africa is already leading the world when it comes to mobile money from M-pesa… We are very proud of that,” he said.

SAnews.gov.za

 

 

South Africa’s gains from the 10th BRICS multi-national summit

 

South Africa, Johannesburg hosted a successful annual BRICS Summit in July. The multinational gathering has over the years has been clouded with scepticism and negative publicity. The bloc has however been making strides – the 2018 summit has had successful outcomes for the Republic of South Africa. SA cannot perhaps compete with super-economies and other members of the bloc, but has benefited immensely from this year’s summit.

South African President, Cyril Ramaphosa has been campaigning for international investment in an attempt to boost the country’s economy. During the summit week Chinese President, Xi Jinping announced a $14bn investment into South Africa in the next few years.

The summit concluded with agreements that will not benefit only BRICS’ hidden gem, South Africa but all other member states of the bloc.

BRICS endorsed an initiative of enhancing BRICS cooperation in health through the establishment of a BRICS vaccine Centre, which will promote research and development in the medical field. The bloc recognised the potential inherent in the tourism sector and in BRICS countries then endorsed the development of a BRICS Tourism Track within BRICS. The leaders also agreed to woman empowerment –the establishment of a BRICS women’s forum.

BRICS pledged to support African development, industrialisation and infrastructure development as contained in the NEPAD programmes and African Union’s Agenda 2063.

The 2018 agreements are now been discussed and agreed up by BRICS Ministers. The Republic SA is bound benefit in fields of trade, the arts, tourism and more.  

 

By: Kgothatso Nkanyane