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African Youth Tech Venture Entrepreneurs Embark on Groundbreaking Korean Innovation Tour

Location: News
African Development Bank Group (AfDB)

Twenty promising youth entrepreneurs from African technology ventures and enterprise support organizations have embarked on a two-week study tour of the Republic of Korea, seeking investment and insights from the country's innovative tech ecosystem. The African Development Bank Group's (www.AfDB.org) Innovation and Entrepreneurship Lab selected these young entrepreneurs from 133 ventures that participated in last month's Africa Tech Startup Forum.  

Held under the auspices of the Lab's Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support project, the Forum selected entrepreneurs who pitched the best business models during the weeklong virtual market access and acceleration program preparing, training, and connecting technology ventures with opportunities. 

Representing eight African nations -- Egypt, Ghana, Kenya, Morocco, Nigeria, Rwanda, South Africa, and Uganda – the delegates span diverse technological sectors, including agritech and health. Their ambitious itinerary includes visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, unicorn companies with valuations exceeding $1 billion and the Global Digital Innovation Network, a foundation supporting the expansion of South Korea's tech startups. 

Uche Ezadinachi, the founder of Kenya-based health technology venture Zuri Health, expressed enthusiasm about the opportunity. “I am excited to go to Korea because the country has made serious technological developments. The [country] is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa,” she said.  

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” she added. 

The delegation, which is more than one-third women and entirely composed of entrepreneurs aged 18 to 35, will participate in several high-profile events, including, K Startup Grand Challenge, an accelerator program supported by the South Korean government, Africa Innovation Networking Gala, and COMEUP Korea, an event connecting Korean startups with global investors, corporations, and media. 

David Chen, co-founder of Rwandan health data venture Kapsule, highlighted the tour's potential for relationship-building. “This is an opportunity for us to have face-to-face interactions and build relationships. This trip will help us link with other health technology companies operating in Asia,” he said. 

Financially supported by the Korea-Africa Economic Cooperation Trust Fund, the Africa Tech Startup Forum is part of the African Development Bank's broader Jobs for Youth in Africa Strategy.  

Martha Phiri, the Bank's Director of Human Capital, Youth and Skills Development, underscored the program's significance. 

“This is a pivotal initiative that plays a crucial role in enhancing the skills of young entrepreneurs. These skills will empower young entrepreneurs to expand their ventures, which leads to significant employment creation,” she stated. 

Ndeye Absa Gningue, Innovation Platform Officer, managing the Bank's Innovation and Entrepreneurship Lab, said: “Platforms like the Africa Tech Startup Forum provide young people with the opportunity to nurture their potential. We will continue to work with them so they can blossom.” 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:  
Leonard Makombe
Communication Specialist
Communication and External Relations Department
email: media@afdb.org 

About the African Development Bank Group: 
The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

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Call to expand SA-Angola trade and investment 

Location: News

Call to expand SA-Angola trade and investment 

President Cyril Ramaphosa has called for the expansion of bilateral trade and investment between South Africa and Angola.

“During our official engagement, we reached a shared understanding that significant opportunities exist to further strengthen and expand our bilateral trade and investment relations,” President Ramaphosa said on Thursday.

The President made the remark during the South Africa-Angola Business Forum held at the CSIR International Conventional Centre in Pretoria. This as he hosted his Angolan counterpart, President João Manuel Gonçalves Lourenço, who was in South Africa for a State Visit at the Union Buildings earlier in the day.

READ | SA, Angola deepen ties

Speaking at the inaugural South Africa-Angola Business Forum, President Ramaphosa said it was heartening and encouraging to see a broad representation of business from the two countries. 

“This is in itself a solid demonstration of confidence; confidence in the strength of the region’s two largest economies; confidence in the potential that exists for deepening trade and investment ties; confidence that the governments of both countries are taking the necessary steps to ensure that the business operating environment is improved so investments can be safe and secured,” the President explained.

The first citizen said in his engagements with President Lourenço and the respective delegations, a wide array of critical political, economic and social issues of mutual concern were discussed.

More than 20 South African entities are already investing in Angola in a range of sectors including rail, agriculture, industrial parks, oil refineries, manufacturing, IT, financial services and logistics.

“By way of example, the Development Bank of Southern Africa is financing port development, railway rehabilitation, oil and gas infrastructure and renewable energy development in Angola. 

“The Export Credit Insurance Corporation of South Africa has also maintained a healthy pipeline in Angola in infrastructure development, and the Industrial Development Corporation is involved in financing the Cabinda Oil Refinery and the Cabinda phosphate project. We would like to see substantially more Angolan FDI [foreign direct investment] inflows into the South African economy,” said President Ramaphosa.

In addition, between 2003 and 2024, “only a handful” of Angolan companies were investing in South Africa in communications, financial services and the metal sector.

With respect to trade, though South Africa’s exports to Angola have grown by approximately 11% since 2019, they account for just 3% of Angola’s total imports. 

South Africa’s imports from Angola have declined by some 19% since 2019.

“Casting the net wider presents immense possibilities for improving both trade and investment flows. South Africa is pursuing an ambitious economic development agenda based on export-led industrialisation.

“We seek to revitalise our industrial base, modernise our infrastructure network, and strengthen logistics and supply chain connectivity with the rest of the continent,” President Ramaphosa said, noting that this presents opportunities for cooperation in various sectors such as agriculture and agro-processing, energy and rail rolling stock.

Energy and infrastructure development

On energy matters, the President said the rapid growth of key clean energy manufacturing industries, as part of the global transition to a low-carbon economy, is an area that must be explored urgently. 

“The global energy transition offers new opportunities to upgrade and diversify into technology-intensive global value chains. The transition to a low-carbon economy therefore presents scope for collaboration around critical minerals, specifically with regards to value addition and beneficiation.”

The President said infrastructure development that unlocks intra-Africa trade is a priority.

“We must build on the work already underway on the Lobito Corridor to create sustainable industries in the region. South Africa is ready to partner with Angola in the development of strategic corridors, including the Central, North and South Corridors, with the aim of transforming them into dynamic economic infrastructure projects that can promote growth.”

Cutting red tape

President Ramaphosa called on business and government to use the forum proactively.

“As government and business, we must use this forum to engage proactively around not just the possibilities that exist, but also how to resolve the challenges in the business operating environment. Companies in both Angola and South Africa have challenges that make it difficult to do business.

“Stringent business visa requirements, high export costs, onerous import processes, taxation issues and bureaucratic red tape are just some of these. 

“We must be able to emerge from this forum with a clear understanding of what the main challenges are and what steps will be taken to facilitate greater market access on both sides.

“Promoting greater economic growth for the benefit of Angola and South Africa necessitates that we are agile, adaptable and responsive as both the public and private sectors,” he said. - SAnews.gov.za

Edwin
Fri, 12/13/2024 - 09:42

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SA, Angola well positioned to capitalise on trade and investment opportunities

Location: News

SA, Angola well positioned to capitalise on trade and investment opportunities

The Deputy Director General: Trade Branch at the Department of Trade, Industry and Competition (the dtic), Ambassador Xolelwa Mlumbi-Peter, says South Africa and Angola are well positioned to capitalise on trade and investment opportunities that exist in both countries.

Mlumbi-Peter was speaking at a Business Forum hosted by South Africa and Angola in Pretoria on Thursday.

“Boosting intra-Africa trade has to be a core objective for both our countries. We need to identify what is produced in our countries, but also what we are importing from elsewhere, so that we can identify obvious products that can be traded among ourselves.

“Many economies globally are adopting strategic autonomy policies and are reconfiguring supply chains to bring them closer to home to promote economic resilience and address strategic vulnerabilities. Promoting intra-Africa trade has to be a strategic objective,” said Mlumbi-Peter.

She encouraged the private sector to identify opportunities for sourcing key inputs and products from each other to boost bilateral trade.

Speaking at the Forum, Chief Executive Officer of Business Unity South Africa, Khulekani Mathe, said as the South African business community, they recognised Angola as a vital market for their products. 

He said the African Continental Free Trade Agreement (AfCFTA), provides significant potential for expansion of trade between the two markets.

“The presence of South African companies in sectors such as mining, banking, retail, logistics, and food services underscores Angola's importance as an investment destination for South Africa to facilitate trade, we need to develop appropriate infrastructure.

“In addition to physical infrastructure, establishing and strengthening business organisations, such as chambers of commerce, is critical,” he said.

He added that the South Africa-Angola Chamber of Commerce was an important building block of trade infrastructure. He encouraged businesses from both countries to join and strengthen this organisation.

“Currently, both economies face challenges with weak growth, registering less than one percent of the Gross Domestic Product (GDP) growth in 2023. 

“Another shared characteristic is our dependence on raw natural resources in our exports, which means that while we export our commodities, we are also exporting jobs to countries that transform these resources into finished products."

The President of the Angola-South Africa Chamber of Commerce, Paula Xavier, said as a chamber they once again called upon businesses from South Africa and Angola to create, strengthen and deepen businesses, partnerships and investments in favour of the multi-sectoral sustainability.

She said for this to be possible, a few essential elements were needed, namely; the alignment of the heads of state, the involvement of entrepreneurs in business partnerships and the cultural dream of people from both countries.

The Chief Executive Officer of Black Business Council, Kganki Matabane said the role of the two economies in the Southern African Development Community (SADC) region were critical as the two countries have a strong partnership that includes trade and investment.

“Our role as partners is crucial in the implementation of the AfCFTA as we are poised to exploit the opportunities as key players within the region. 

“At the crux of our respective economies is the need to improve livelihoods. Our bilateral interaction provides an opportunity to contribute not only to regional growth but growth of the global economy,” said Matabane.

He added that the most important opportunities that can be explored by businesspeople from both countries were the beneficiation of mineral resources and localisation, as they are important for job creation, and to promote sustainable development. – SAnews.gov.za

 

Edwin
Fri, 12/13/2024 - 10:25

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South Africa-Angola elevate bilateral relations 

Location: News

South Africa-Angola elevate bilateral relations 

President Cyril Ramaphosa has emphasised that increasing trade and investment between South Africa and Angola remains a top priority.

“Increasing trade and investment between the two countries remains our foremost objective. South Africa must become the destination of choice for Angolan goods, products and services, and vice versa,” he said.

The President was delivering opening remarks during official talks with Angolan President João Manuel Gonçalves Lourenço at the Union Buildings in Pretoria, on Thursday.

President Lourenço of the Republic of Angola is in South Africa on a State Visit at the invitation of President Ramaphosa. 
The Heads of State are using the occasion to solidify relations between the two countries who share deep historical ties.

WATCH | Official Talks between HE President Cyril Ramaphosa and HE President João Lourenço 

 

President Ramaphosa highlighted the decision to elevate the structured bilateral mechanism between South Africa and Angola from a Joint Commission of Cooperation to a Bi-National Commission (BNC), reflecting a deepening commitment to collaboration. 

The inaugural BNC session will take place in Angola next year, coinciding with the 50th anniversary of Angolan independence.
“Co-chairing this first session with you will be an honour, especially given that it will be during the 50th anniversary celebrations of Angolan independence.”

The President underscored the strong economic ties between the two nations, noting the presence of 20 South African companies in Angola and their diversification into sectors beyond oil. 

South African foreign direct investment (FDI) into Angola has been in a range of sectors such as financial services, IT, food and beverage, transportation, warehousing and tourism.

South Africa’s Industrial Development Corporation (IDC) also has investment projects in Angola, namely in the Cabinda Oil Refinery and the Cabinda phosphate project.

“We want to see more Angolan companies in South Africa. Opportunities exist in infrastructure development, agriculture, construction, mining, financial services, telecoms and manufacturing, to name but a few,” the President explained.

Collaboration in Economic Growth

The leaders discussed leveraging the African Continental Free Trade Agreement (AfCFTA) to drive industrialisation and trade.
President Ramaphosa also emphasised the potential for joint strategies in mineral beneficiation, particularly as global demand grows for critical minerals essential to the energy transition. 

He highlighted Angola’s Lobito Trans-Africa Corridor as a promising development for regional integration and trade.
“We see the African Continental Trade Agreement as a catalyst for inclusive economic growth, and we must take advantage of the system of preferential terms provided to signatories.

“As both Angola and South Africa strive to accelerate the pace of industrialisation, we need to build mutually complementary capabilities in manufacturing and value-addition of products,” he said.

Commitment to Peace and Multilateralism

The leaders’ discussions extended to shared efforts in promoting peace and security across the continent. 

Angola’s contributions to peacebuilding, particularly its role in the Southern African Development Community (SADC) and initiatives like the Luanda Process were praised.

“We must continue to deepen our collaboration towards resolving the conflict in the Eastern DRC, the civil war in Sudan and the post-electoral crisis in Mozambique.

“Silencing the Guns across Africa is a necessary precondition for stability, economic growth and development. As African countries, we must be at the forefront of promoting the peaceful resolution of conflict, particularly at a time when the future of multilateralism is at stake,” he said.

On the global stage, President Ramaphosa advocated for reforming international institutions, including the UN Security Council, to better represent the Global South. He reaffirmed South Africa’s commitment to multilateralism, calling for respect for the United Nations Charter and international law.

Africa at the forefront

With South Africa having assumed the G20 Presidency, President Ramaphosa pledged to prioritise Africa’s developmental goals, particularly those outlined in Agenda 2063. 

According to the African Union, Agenda 2063 is Africa's development blueprint to achieve inclusive and sustainable socio-economic development over a 50-year period.

The President highlighted that South Africa will host the first G20 Summit on African soil in 2025, signalling a historic moment for the continent.

“Working with the African Union and fellow African countries will ensure that the issues of strategic importance to Africa and the Global South are highlighted.”

The President further extended a warm welcome to President Lourenço and his delegation saying his visit marks a significant step in strengthening bilateral ties between the two nations. 

“Your presence here testifies to the strong ties of solidarity and friendship between our two countries.” – SAnews.gov.za

 

DikelediM
Thu, 12/12/2024 - 13:52

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BRICS Antitrust Authorities Turned against Covantis

Location: News
BRICS Competition Law and Policy Centre

At the 3rd BRICS + (Brazil, Russia, India, China, South Africa, Egypt, Iran, Arab Emirates, Ethiopia + partners) Digital Competition Forum, the BRICS Competition Law and Policy Centre (www.BRICSCompetition.org) presented a new methodological approach to analyzing and regulating food markets that takes into account their accelerating digitalization. Specific tools that are being developed within the BRICS framework were also announced. One of the targeted tools will be the food market and restrictions on the activities of monopolists like Covantis.

Alexey Ivanov, Director of the BRICS Competition Law and Policy Centre, highlighted that digitalization strengthens the global power of large corporations, which, as a result, poses a threat of market monopolization. He urged BRICS antitrust regulators to pay close attention to a similar example of increasing market power through digitalization — the blockchain platform Covantis. The platform aims to digitize the entire agribusiness trade process, from contract management to final shipping. Founded by the largest agro-traders of the ABCCD group (ADM, Bunge, Cargill and Louis Dreyfus and COFCO) and Viterra, Covantis avoids antitrust scrutiny due to its structure. At the same time, the platform collects valuable commercial information about production from farmers and agricultural traders. The platform has already become a dominant player in grain trade. For example, in Brazil, 76% of grain exports go through the platform. In 2023, 53% of grain exports from the US, 34% from Canada and 51% from Argentina went through the Covantis platform. At the same time, the owners of the platform do not allow most of the local big players to enter. In essence, it is an exclusive platform, a quasi-cartel.

“Global food prices have reached the highest level in the last year and a half. Virtually all BRICS countries are currently undergoing antitrust investigations into the egg and chicken meat markets. Competitive agencies must take a new approach to regulating the food industry, not just by jointly analysing global food chains, but by analysing them taking into account all the implications of digitalization. This is the only way we will be able to tackle food security, which is particularly acute for the BRICS and partner countries. For example, the Covantis platform can be used by traders to share confidential information and vertical pressure on farmers. And of course the exclusionary behaviour of Covantis towards local players is of utmost importance. This should be the focus of attention of our countries' competition authorities” – Ivanov explained.

Based on the developed fair organized (exchange) trade in commodities and commodity derivatives within the BRICS framework, it is proposed to solve the problems related to market concentration and, as a consequence, insufficient consideration of the interests of small, medium and large enterprises, which will help to resolve issues related to the violation of the balance of interests of financial market players and producers and consumers of the real sector.

It is proposed to create within the BRICS framework representative indicators of exchange quotations and price indices for OTC transactions based on representative samples of actual transactions, reflecting the competitive composition of sellers and buyers and ensuring the use of universal means of delivery of traded goods. New approaches will contribute to the elimination of unproductive intermediation and increase stability in global commodity markets.

The development of a derivatives market based on reliable exchange and OTC cash commodity prices will create opportunities for BRICS economies to manage risks and pool resources, lead to positive consequences for business and society, strengthen cooperation and stimulate economic growth. Targeted subsidies and exchange mechanism will improve fiscal policy and infrastructure development.

Earlier this year, BRICS Competition Law and Policy Centre (BRICS Center) with the leadership of the Competition Policy and Assessment Center of the State Administration of Market signed a memorandum on long-term cooperation announced the launch and development of the Russian-Chinese exchange and trade platform in consumer goods and commodities which will become a basis for the further development of the universal exchange platform for all BRICS member-countries.

“If entrepreneurs of Russia and China work directly, through modern exchange mechanisms, which will not only allow to establish direct long-term ties, but also reduce prices for goods for end consumers, as it will eliminate the use of intermediary schemes. The task of experts and researchers in this regard is to develop a system of organizational, legal and economic measures and analyze the necessary conditions for the creation of exchange platforms and the development of exchange trade, including in the BRICS format” – Fu Hongwei, Director, Competition Policy and Assessment Center, SAMR; explained.

Distributed by APO Group on behalf of BRICS Competition Law and Policy Centre.

About the 3rd BRICS + Digital Competition Forum:
The BRICS + (Brazil, Russia, India, China, South Africa, Egypt, Iran, Arab Emirates, Ethiopia + partners) Digital Competition Forum, which is being held this year on the margins of the G20 Summit, brings together heads and representatives of competition authorities from all BRICS countries and partners, as well as researchers and visionaries in the field of digital regulation from around the world. The Forum includes the BRICS Working Group on the Study of Competition Issues in Digital Markets. This year's main topics include regulation of digital ecosystems, the challenges and opportunities that artificial intelligence brings to antitrust law, and the digitalization of global food chains.

The Forum is organized by the HSE University BRICS Competition Law and Policy Centre together with the FGV University School of Law (Getulio Vargas Foundation) with the support of the Brazilian Competition Authority (CADE).

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Financial injustice a hindrance to Africa’s development

Location: News

Financial injustice a hindrance to Africa’s development

The transformation of global financial institutions remains critical in addressing Africa’s mounting debt challenges, as they perpetuate financial injustice, says United Nations (UN) Secretary-General António Guterres.

“The G20 must lead in delivering financial justice. Financing is fundamental -- from inclusive economic growth, to supporting industrialisation and food security or addressing inequalities,” Guterres said during the closing session for the Joint Sherpa-Finance and Central Banks Deputies' Meeting, held in Johannesburg, on Wednesday.

Guterres explained that global financial systems "load" countries with debt service costs, while denying them access to sufficient low-cost financing to fight poverty, inequality and hunger and advance the Sustainable Development Goals (SDGs).

According to the UN, in 2022, public debt in Africa reached USD 1.8 trillion.

“Developing countries must be represented fairly in their governance. These institutions must also protect economies, particularly from global shocks. It is time to mend the global safety nets that were discovered during the COVID-19 pandemic that they were no longer fit for purpose.

“This continent’s potential is without question. Africa is home to a young and growing population, rich cultural and natural diversity, and a tremendous entrepreneurial spirit. But this enormous potential continues to be held back by injustices that are deeply rooted in the history of colonialism.

“Injustice in worsening climate chaos - which Africans did virtually nothing to cause - that fuels floods, storms, hunger and deadly droughts. I stand side-by-side with President Ramaphosa and the people of Africa in this fight for justice on all fronts. Africa needs financial justice,” Guterres said.

In September, world leaders adopted the Pact for the Future, which includes commitments for ambitious reforms to make the international financial architecture representative of today’s global economy and put the needs of developing countries front and centre.  

The pact covers a broad range of issues including peace and security, sustainable development, climate change, digital cooperation, human rights, gender, youth and future generations, and the transformation of global governance.

“It calls for action to move forward with an SDG Stimulus… to substantially increase the lending capacity of Multilateral Development Banks to make them bigger, bolder and better to support developing countries.

“... And to mobilise more international and domestic resources, public and private, for vital investments. Last week I appointed a group of leading experts to galvanize international support for action on debt, and I’m delighted that Trevor Manuel will be part of this important work,” he said.

As part of the work for South Africa’s G20 Presidency, Guterres participated in the first series of the more than 130 meetings that will precede the G20 Summit in 2025.

On 1 December 2024, South Africa assumed the Presidency of the G20, which comprises many of the world's largest developing and developed economies.

The G20 was established to tackle pressing global economic and financial issues. Together, G20 members account for around 85% of global gross domestic product (GDP) and 75% of international trade. 

The G20 comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, namely the European Union and the African Union.

The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability.

South Africa's G20 Presidency is the fourth consecutive emerging market Presidency, and it is also the first African Presidency, followed by the admission of the African Union (AU) as the second permanent African member. - SAnews.gov.za

nosihle
Thu, 12/12/2024 - 08:51

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Cape Town Welcomes the Exceptional as Radisson Collection Makes Its South African Debut

Location: Business
Radisson Hotel Group

Radisson Hotel Group (www.RadissonHotels.com) proudly announces the opening of Radisson Collection Hotel, Waterfront Cape Town (https://apo-opa.co/3ZPodhO), marking the South African debut of its luxury lifestyle brand, Radisson Collection. Poised on Cape Town's iconic Atlantic coastline, the meticulously refurbished hotel embodies a harmonious blend of modern sophistication, local heritage, and the tranquil energy of its breathtaking surroundings.

The hotel's design takes inspiration from the dramatic meeting of land and sea, capturing the powerful yet calming essence of the Atlantic Ocean and the rugged beauty of Table Mountain. Natural materials like timber, brass, and stone echo South Africa's raw yet refined landscapes. A color palette of oceanic blues, sandy neutrals, and earthy tones complements intricate patterns, that nod to the region's Kaapse Fynbos, vibrant fauna, and renowned Winelands.

African craftsmanship is woven seamlessly into the interiors, with locally sourced materials and bespoke art installations reflecting Cape Town's rich cultural tapestry. A dedicated bespoke art gallery features curated pieces showcasing local fashion and architecture, adding a contemporary yet authentic touch to the hotel's elegant public spaces.

"We are delighted to introduce the Radisson Collection brand to South Africa with this remarkable property in Cape Town, a city renowned for its natural beauty, history, and cultural vibrancy. By transforming the Radisson Blu Hotel Waterfront, Cape Town through an extensive refurbishment, we've elevated this beloved landmark into a true destination that captures the very essence of Cape Town. Guests can now immerse themselves in the city's charm from the perfect vantage point, enjoying unmatched luxury and comfort," said Tim Cordon, Chief Operating Officer, Middle East, Africa, and South East Asia Pacific at Radisson Hotel Group.

The hotel offers 175 rooms and suites, each designed to provide both comfort and sophistication. Floor-to-ceiling windows and private balconies invite guests to revel in sweeping views of the Atlantic Ocean or the marina. Thoughtful design ensures an intuitive flow of spaces, blending plush furnishings with bespoke amenities for an elevated guest experience. The gentle soundscape of ocean waves, layered natural lighting, and contemporary luxury touchpoints—like metallic accents juxtaposed with organic weaves—underscore the hotel's mission to balance urban vibrancy with coastal tranquility.

Dining at the Radisson Collection Hotel, Waterfront Cape Town is a celebration of local and international flavors. The renowned Tobago's Restaurant, Bar, and Terrace offers an extensive menu crafted from the freshest ingredients, complemented by unmatched ocean views. A refurbishment of the iconic Tobago Restaurant and Terrace is slated for July 2025, promising an even more elevated dining experience. The newly introduced Waveside Café, located in the west atrium, provides a luxurious deli and café experience, featuring light meals and bespoke Radisson Collection items for guests to enjoy or take home.

The hotel is also home to a variety of flexible event spaces, making it an ideal venue for both business functions and celebrations. With three event rooms that can be combined to accommodate up to 350 guests and an intimate boardroom for smaller gatherings, Radisson Collection Hotel, Waterfront Cape Town provides a versatile space complemented by marina views and dedicated boardwalk access.

“Our team is thrilled to welcome both our cherished loyal guests and new visitors to this extraordinary Cape Town destination. With every detail thoughtfully curated, from our luxurious rooms to our world-class dining and rejuvenating wellness experience, we are committed to offering an elevated experience that surpasses expectations,” said Clinton Thom, General Manager of Radisson Collection Hotel, Waterfront Cape Town.

For relaxation and rejuvenation, the hotel boasts an infinity pool overlooking the ocean, a fully equipped 24-hour fitness center, and the Amani Spa and Wellness Center, offering tranquil treatments in a serene setting.

The opening of Radisson Collection Hotel, Waterfront Cape Town underscores Radisson Hotel Group's dedication to delivering unparalleled luxury and immersive experiences in South Africa. By blending contemporary elegance with authentic local culture, the hotel sets a new standard for luxury hospitality on the continent.

For more information or to book, click here: https://apo-opa.co/3ZPodhO.

Distributed by APO Group on behalf of Radisson Hotel Group.

Media Contact:
Saadiyah Hendricks,
Area Director,
PR & Social Media, Middle East, Africa, Mediterranean and South East Asia Pacific,
Radisson Hotel Group
saadiyah.hendricks@radissonhotels.com

Nataliya Tkachenko,
Senior Global Consumer PR Manager,
Radisson Hotel Group
nataliya.tkachenko@radissonhotels.com

Connect with Radisson Hotels on:
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Facebook: http://apo-opa.co/49DeePJ
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TikTok: http://apo-opa.co/3ZN05MF

Connect with Radisson Collection on:
LinkedIn: http://apo-opa.co/49ACguX  
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Facebook: http://apo-opa.co/4gpZZAF
YouTube: http://apo-opa.co/49yc83z
TikTok: http://apo-opa.co/3ZN05MF 

Radisson Hotel Group:
Radisson Hotel Group is an international hotel group, operating in EMEA and APAC with over 1,430 hotels in operation and under development in +95 countries. The international hotel group is rapidly expanding with a plan to significantly grow the portfolio. The Group's overarching brand promise is Every Moment Matters with a signature Yes I Can! service ethos.

The Radisson family of brands portfolio includes Radisson Collection, art'otel, Radisson Blu, Radisson, Radisson RED, Radisson Individuals, Park Plaza, Park Inn by Radisson, Country Inn & Suites by Radisson, and Prize by Radisson brought together under one commercial umbrella brand Radisson Hotels.

Radisson Rewards (https://apo-opa.co/3ZPUmG3) is Radisson Hotel Group's loyalty program, which delivers an elevated experience that makes Every Moment Matter, counting more than 17 million members. As the most streamlined program in the sector, members enjoy exceptional advantages and can access their benefits from day one across a wide range of hotels in Europe, Middle East, Africa, and Asia Pacific.

Radisson Meetings (https://apo-opa.co/4g8eVTO) provides tailored solutions for any event or meeting, including hybrid solutions placing guests and their needs at the heart of its offer. Radisson Meetings is built around three strong service commitments: Personal, Professional and Memorable, while delivering on the brilliant basics and being uniquely Carbon Compensated.

At Radisson Hotel Group we care for people, communities and planet (https://apo-opa.co/49yc8AB) and aim to be Net Zero by 2050 based on the approved near-term Science Based Targets. With unique solutions such as carbon compensated Radisson Meetings, we make sustainable hotel stays easy. To facilitate sustainable travel choices, all our hotels are becoming verified on Hotel Sustainability Basics.

The health and safety of guests and team members remain a top priority for Radisson Hotel Group. All properties across the Group's portfolio are subject to health and safety requirements, ensuring we always care for our guests and team members.

For more information, visit our corporate website (www.RadissonHotels.com/corporate).

About Radisson Collection:
Radisson Collection is a luxury lifestyle collection of iconic properties located in unique locations. While the character of each Radisson Collection hotel feels authentic to its location, all of them offer the ultimate template for contemporary living – united by bespoke design and exceptional experiences across dining, fitness, wellness and sustainability. Designed for guests and locals alike, each Radisson Collection hotel is defined by the guests who visit them. Guests and professional business partners can enhance their experience with Radisson Collection by participating in Radisson Rewards, an international loyalty program offering exceptional benefits and rewards.

Radisson Collection is part of the Radisson family of brands, which also includes art'otel, Radisson Blu, Radisson, Radisson RED, Radisson Individuals, Park Plaza, Park Inn by Radisson, Country Inn & Suites by Radisson, and Prize by Radisson brought together under one commercial umbrella brand Radisson Hotels.

For reservations and more information, visit our website (www.RadissonHotels.com/Collection). 

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G20 urged to deliver on climate justice

Location: News

G20 urged to deliver on climate justice

With developing nations being considered the most vulnerable to climate change, United Nations Secretary-General António Guterres says the Group of Twenty (G20) countries must lead in delivering climate justice.

Addressing the closing session for the Joint Sherpa-Finance and Central Banks Deputies' Meeting, Guterres stressed that many vulnerable countries are being forced to respond to a crisis they did not create.

“Meanwhile, they lack the necessary support to seize the benefits of clean energy to spur prosperity and eliminate poverty. We need developed countries supporting developing countries with adequate, affordable and accessible finance and technology, and through meaningful contribution to the loss and damage fund by doubling adaptation finance next year as promised.

“[Climate justice can be delivered] by forging new partnerships like the Just Energy Transition Partnership that South Africa has pioneered to pave the way to a renewable future,” the Secretary-General said on Wednesday in Johannesburg.

On 1 December 2024, South Africa assumed the Presidency of the G20, which comprises many of the world's largest developing and developed economies.

As part of the work for the G20 Presidency, South Africa has commenced with the first series of the more than 130 meetings that will precede the G20 Summit in 2025.

“G20 countries must lead the way in line with the principles of common but differentiated responsibilities but recognise that every G20 country has to do more in the reduction of emissions. Next year, every government must deliver new economic plans in line with limiting the global temperature rise to 1.5 degrees.

“These new plans must cover all emissions in the whole economy, accelerate a just fossil fuel phase out and contribute to the energy transition goals agreed to at COP28. We must also ensure that Africa’s critical minerals that can power the renewable future worldwide benefit Africans first and most. We cannot repeat the mistakes of the past,” he said.

Guterres further called on the G20 to lead on technological justice.

“From digital technology to artificial intelligence, the developing world must access and benefit from the technological revolution.

“We need the G20 to support developing countries as they invest in the digital driven systems and solutions that their people need to boost prosperity to create jobs and drive sustainable development,” he said.

South Africa's G20 Presidency is the fourth consecutive emerging market Presidency, and it is also the first African Presidency, followed by the admission of the African Union (AU) as the second permanent African member. 

The G20 was established to tackle pressing global economic and financial issues. Together, G20 members account for around 85% of global GDP and 75% of international trade. 

The G20 comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, namely the European Union and the African Union.

The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability. - SAnews.gov.za

nosihle
Wed, 12/11/2024 - 15:14

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Mashatile calls on Chinese-funded businesses to increase investments to create jobs in SA

Location: News

Mashatile calls on Chinese-funded businesses to increase investments to create jobs in SA

Deputy President Paul Mashatile has encouraged Chinese-funded enterprises in South Africa to increase their investments in crucial sectors of the economy, particularly the automotive industry and infrastructure development.

“Your participation and investment in our country is critical for creating jobs and promoting economic growth and development,” the Deputy President said on Wednesday. 

The country’s second-in-command was speaking at the launch of the corporate social responsibility report of Chinese-funded enterprises in South Africa. 

At the South Africa-China Economic Trade and Association (SACETA) event, Mashatile cknowledged the organisation’s substantial contributions to the country’s economic and social development. 

SACETA was established in April 2011 and serves as a vital platform for fostering economic and trade collaboration between China and South Africa.

Mashatile told attendees that the 200 Chinese-funded enterprises locally serve as role models for businesses, demonstrating that profitability should be balanced with social good. 

As the global landscape continues to evolve rapidly, he believes it is essential for nations to cultivate strong partnerships to thrive and navigate the challenges of the modern world.

“We should leverage our expertise to navigate towards a more sustainable path, guided by the principles of joint pursuit and a shared future. Our countries have complementary strengths and resources, making us ideal economic partners.”

The Deputy President described China as one of the world’s greatest economies, providing a massive market for South African goods and services.

“In return, South Africa provides rich resources, such as minerals, agricultural products, and skilled labour, to support China’s rising economy.” 

Mashatile is of the view that improving trade connections between South Africa and China benefits both countries directly and has a positive ripple effect throughout the region. 

“Increased trade creates jobs, stimulates economic growth, and improves living standards for the people of both countries.”

However, the Deputy President acknowledged that the trade structure has been imbalanced, noting that last year’s value of China’s imports far exceeded its exports. 

According to Mashatile, total bilateral trade increased from R614 billion in 2022 to R692 billion in 2023, while China’s R146 billion deficits remained the highest among any of the country’s trading partners.

He announced that government intends to work with China in addressing the trade deficit and structure of bilateral trade by broadening its export basket, especially to export more value-added products.

“South Africa mostly exports minerals and agricultural products to China while importing mostly manufactured goods from China. At a time when African economies are becoming more integrated, China’s technological prowess may help Africa industrialise and export more than just raw materials.

“Instead of exporting raw agricultural items, South Africa may export processed foods that are more valuable.”

Mashatile stressed that China could lend a helping hand by streamlining import procedures and lowering regulatory hurdles, which could make China a larger market for local products, benefiting both South African producers and Chinese customers.

He said Chinese-funded enterprises must seize opportunities in emerging fields such as artificial intelligence, the digital economy and green energy.

Last year, Chinese businesses pledged to invest up to R15 billion at South Africa’s fifth Investment Conference. 

“In that same year, we witnessed the signing of significant purchase agreements totalling US$2.2 billion with companies in both nations. Therefore, our positive trade relations continue to be crucial in combating unemployment, inequality, and poverty,” Mashatile said.

He said South Africa and China share a strong and longstanding relationship, and that the bond between the nations has deepened, revealing the potential for collaboration to promote inclusive and equitable growth.

The Deputy President also touched on President Cyril Ramaphosa’s recent State Visit to China and told attendees that both Heads of State committed to providing a stable, fair, and enabling business environment for companies.

He welcomed the report that highlights the contributions of Chinese-funded enterprises to environmental conservation, community development, education, and healthcare. 

“As we move forward, let us reaffirm our commitment to expanding South African-Chinese trade and investment cooperation. Together, we can build a more successful and sustainable future for our countries.” – SAnews.gov.za

Gabisile
Wed, 12/11/2024 - 13:54

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Atlanta Mayor Andre Dickens Strengthens u.s. – SA Ties During Groundbreaking Official Visit

Location: Business

U.S. Embassy & Consulates in South Africa
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Atlanta Mayor Andre Dickens concluded a landmark official visit to South Africa, accompanied by a delegation of 35 Atlantan political, business, and community leaders.  The December 4-11 visit marked a significant milestone in Atlanta Phambili—a subnational diplomacy initiative centered on deepening U.S.-South Africa partnership through the City of Atlanta– and reaffirmed the shared commitment to advancing economic, cultural, and educational collaboration between the two nations.

“This trip was a celebration of the enduring bonds between Atlanta and South Africa, built on shared histories and common goals,” said Mayor Dickens.  “Atlanta Phambili embodies our joint vision for progress and collaboration, creating opportunities for both our citizens and economies.”

The visit followed the launch of Atlanta Phambili in March 2024 with a trade and investment roadshow hosted in Atlanta, featuring senior South African business executives and government officials.

South Africa and Atlanta United in Progress

The South African government, in partnership with Standard Bank, BrandSA, Amazon, and the American Chamber of Commerce in South Africa, hosted a robust program focused on trade and investment, science and innovation, and the creative economy.  This was led by the Department of International Relations and Cooperation (DIRCO), the Department of Trade, Industry, and Competition (DTIC), the Department of Sports, Arts and Culture (DSAC), the Department of Science and Innovation (DSI), the Gauteng and Western Cape provincial governments, and the cities of Johannesburg and Cape Town.

“The South African government's partnership on the Atlanta Phambili initiative is a testament to the strength of our bilateral ties and the shared potential of our cities to drive innovation, inclusion, and prosperity,” said U.S. Ambassador to South Africa Reuben Brigety, II.

Visit Milestones

Atlanta Phambili Pledge

The visit kicked off with the unveiling of the Atlanta Phambili Pledge on December 5 at the Standard Bank Trade and Investment Seminar in Johannesburg.  This open call to action seeks to mobilize stakeholders across both nations to deepen collaboration in trade, investment, and entrepreneurship.  The pledge reflects Atlanta's and South Africa's shared commitment to fostering inclusive economic growth and creating opportunities for small and medium-sized enterprises (SMEs).

Go Global Trade Expo: Strengthening Black-Owned Business Connections
On December 5, Ambassador Brigety announced a collaboration between the U.S. Agency for International Development (USAID) and the Atlanta Black Chambers to support the Chambers' Go Global Trade Expo.  The program will bring a delegation of Black-owned South African businesses to Atlanta in 2025, connecting them with the Chamber's extensive network and U.S. buyers.

Through this agreement, export-ready businesses will build connections with Atlanta-based platforms to foster trade and investment between South Africa and the United States.

FAME Week Africa 2025: Atlanta Announced as the Feature Destination
On December 9 in Cape Town, Mayor Dickens announced Atlanta will be the Feature Destination for FAME Week Africa 2025, the continent's premier gathering for professionals in film, television, music, fashion, and animation.  This recognition highlights Atlanta's emergence as a global creative hub and its strong historic and Diaspora ties to Africa.

“Atlanta being recognized as the Feature Destination for FAME Week 2025 is an excellent fit,” said Mayor Dickens.  “Our city is uniquely poised to satisfy the growing demand in the United States for African content and support production innovations.”

This honor also grants Atlanta a dedicated pavilion and events at FAME Week 2025, scheduled to take place in Cape Town from September 1-6, 2025.

Business-to-Business Engagements in Johannesburg and Cape Town

  • Standard Bank Trade and Investment Seminar:  This December 5 event convened leading South African and Atlanta-based companies, government officials, and entrepreneurs to explore opportunities for investment and trade.
  • Wesgro Business Briefing: In Cape Town on December 9, the official tourism, trade and investment promotion agency for Cape Town and the Western Cape, Wesgro, hosted a vibrant networking event where Atlanta delegates met with South African exporters and investors, fostering connections that will drive future partnerships.

Empowering Entrepreneurs and Celebrating Culture

  • A tour of the Mamelodi Business Hub on December 6 showcased collaboration with Georgia State University students supporting township entrepreneurs.
  • Discussions with South African leaders and creatives at Freedom Park on December 6 emphasized the shared cultural and historical connections between South Africa and Atlanta.
  • Visits to Amazon's African headquarters and The Wine Arc on December 9 and 10, respectively, highlighted e-commerce opportunities and Black-owned wine brands breaking into international markets.
  • A tour of Nike's Shapa Center in Soweto on December 4 modeled how private investments in sports support community growth and development.

Strengthening Historic Ties

Atlanta Phambili builds on a historic relationship between South Africa and Atlanta, from collaboration between U.S. civil rights activists and members of the South African anti-Apartheid movement to Nelson Mandela's historic 1990 speech at Georgia Tech.  This trip further cements Atlanta as a gateway for South African businesses to access U.S. markets and strengthens South Africa's position as a premier investment destination for Atlanta's private sector.

“Our visit reflects a robust partnership that will continue to grow as we move forward together,” said Mayor Dickens. “The commitment of the South African government and its people has been vital in shaping this initiative.  I look forward to building on these foundations for years to come.”

Ambassador Brigety added “From trade and investment to culture, sports, and education, Atlanta and South Africa are charting a future defined by innovation, inclusion, and opportunity.  The future economic partnership between Atlanta and South Africa is built to last and poised for growth.”

A Shared Vision for the Future

The U.S. Embassy in South Africa and the City of Atlanta extend their gratitude to the South African government and all participating partners for making this visit a success.  Together, Atlanta and South Africa are moving forward—Phambili—toward an even brighter, shared future.

Distributed by APO Group on behalf of U.S. Embassy & Consulates in South Africa.

Read moreAtlanta Mayor Andre Dickens Strengthens u.s. – SA Ties During Groundbreaking Official Visit

Big investment needed to drive sustainable development

Location: News

Big investment needed to drive sustainable development

National Treasury Director-General (DG), Dr Duncan Pieterse, has called for large scale and sustainable investments to ensure the global community meets its commitments to end poverty, protect the planet and build prosperous societies.

“Financing gaps for sustainable development are large and growing. The estimates by our international organisations indicate that around $4 trillion in additional investments is needed annually for developing countries,” Pieterse said on Wednesday in Johannesburg.

He was speaking during the two-day Group of Twenty (G20) Joint Sherpa and Finance Track meeting.

According to the United Nations (UN), the world may miss many of the Sustainable Development Goals (SDGs) targets by 2030 due to the delay in development progress, which may even be reversed under the combined weight of climate disasters, conflict, economic downturn and the lingering aftermath of the COVID-19 pandemic.

The Sustainable Development Goals are a universal call to action to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere. 

“To achieve the SDGs by the 2030 deadline, an urgent large scale and sustainable investments push is needed,” Pieterse said.

The DG said South Africa’s G20 Presidency will strongly focus on the challenges facing emerging markets and developing countries, especially those on the African continent.

“We will also focus our attention on policies and mechanisms that support sustainable development. Many developing countries, including those in Africa experience growth that is insufficient to reduce poverty, as well as tough financing conditions and high levels of public debt that crowd out resources or development spending

“During our Presidency, there will be a very strong focus on enhancing debt sustainability through a comprehensive approach, which will include... finding ways to improve debt structuring, supporting countries with liquidity challenges and encouraging the development of local currency markets to attract domestic savings and improve debt transparency,” Pieterse said.

South Africa will also continue to obtain borrower country perspectives on debt, including through an African outreach event, with broad participation of the borrower countries.

On 1 December 2024, South Africa assumed the Presidency of the G20 group of countries, which comprises many of the world's largest developing and developed economies.

“The global economy has been put to the test over the last four years, marked by an unprecedented pandemic, escalation in geopolitical conflict and extreme weather events that have disrupted supply chains. 

“The latest assessment by the International Monetary Fund that global growth is expected to remain stable, yet underwhelming, remains a concern. Higher growth is essential to improve prosperity and living standards to reduce debt, and create policy space to tackle our spending pressures,” Pieterse said.

In 2025, South Africa’s G20 Presidency will focus on strengthening macroeconomic fundamentals, accelerating climate transition and boosting productivity growth.

This week's discussion under the South Africa G20 Presidency takes place ahead of two very important events -- the 5th Finance in Common Summit (FiCS), taking place in Cape Town in February 2025, and the Fourth International Conference on Financing for Development (FfD), which will take place in Spain in June 2025.

“We see these events as very important opportunities to strengthen the development finance ecosystem, scale up and redirect financing to meet our global sustainable challenges, and bring impactful changes in relation to climate and biodiversity needs.

“As we prepare to submit our Nationally Determined Contribution (NDC) in 2025, it is clear that our very ambitious climate action goals cannot be achieved without unlocking a similarly ambitious set of climate instruments.

“The G20 must continue to play a leading role to address the critical issues of our age, so that we can achieve both global sustainable development and development that is inclusive, equitable and leaves no one behind,” Pieterse said.

South Africa's G20 Presidency is the fourth consecutive emerging market Presidency, and it is also the first African Presidency, followed by the admission of the African Union (AU) as the second permanent African member. 

The G20 was established to tackle pressing global economic and financial issues. Together, G20 members account for around 85% of global GDP and 75% of international trade. 

The G20 comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, namely the European Union and the African Union.

The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability. - SAnews.gov.za

nosihle
Wed, 12/11/2024 - 11:19

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Read moreBig investment needed to drive sustainable development

First G20 Sherpa meetings ‘robust’

Location: News

First G20 Sherpa meetings 'robust'

South Africa’s Sherpa for the G20 and Director-General of the Department of International Relations and Cooperation, Zane Dangor, has described the first Sherpa meeting of South Africa’s Presidency of the G20 as “very successful” and “robust”.

The first Sherpa meeting was held at Investec in Sandton on Monday and Tuesday, this week. 

“We’ve just completed the first Sherpa meetings, so it’s day two of plenty. It was a very successful Sherpa meeting. The discussions were robust but very inclusive.

Speaking at a media briefing on Tuesday, following the conclusion of the two-day meeting, Dangor was upbeat that the discussions were fruitful. 

“We started yesterday [Monday] with [International Relations and Cooperation Minister Ronald] Lamola opening the Sherpa meeting and we outlined… that the theme of our [G20] Presidency would be ‘Solidarity, Equality and Sustainability’. Minister Lamola just outlined, for example, how we are going to amplify the voices of the Global South as part of our Presidency,” he said. 

According to Dangor, during the first Sherpa Track meeting, discussions centred on various subjects, including “significant discussions” for a review of the "G20 at 20".

“[There was] support for the fact that this is timely, that we need to assess what the purpose of the G20 is, what is the mandate of the G20 and what are the agreements that have been made on the various tracks over the last 20 years, what has been achieved and what has enabled that achievement.

“We must also look at what has not been achieved and what are the disabling factors. A methodology for that review will be developed so that we ask the right questions, get the right answers, and do the proper analysis, so that by the time we get to the end of our Presidency [of the G20] in November, we can give them clear recommendations on how to improve the G20,” he said.

The South African Sherpa emphasised that the review “does not formalise the G20”.

“The G20 members seek to remain informal so that levels of flexibility are maintained and also to make sure that it doesn’t seek to compete with formal multilateral institutions like the [United Nations] and the [African Union] and others where you have formal secretariats,” he said.

Other subject matters given much attention include mobilising finance for a Just Energy Transition, as well as food security.

“This has just been reinforced by the Sherpas that this is a very important issue that we must focus on in the working groups, and that the Sherpas must also delve deeper into the issues of climate change and financing the green transition.

“[There were] recommendations… on how we can ensure that we focus on food security at the regional and global level, thereby complimenting what [previous G20 President] Brazil has already started,” Dangor said. – SAnews.gov.za

NeoB
Tue, 12/10/2024 - 18:50

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VC4A Connects Funders of Africa’s Startup Success at Africa Early Stage Investor Summit (AESIS2024)

Location: News
VC4A

Over 300 Africa-focused delegates converged at the 11th edition of the Africa Early Stage Investor Summit, and filled up the room for the AESIS Deal Morning ready to engage with Africa's most promising founders. Next to another 15 highly promising startups, VC4A (www.VC4A.com) hosted eight female entrepreneurs from IFC's She Wins Africa program, who took the AESIS2024 stage to pitch their solutions after completing an intensive technical residency in Cape Town. The energy was palpable, reflecting the increasing investor appetite for ventures that not only deliver commercial success but also drive meaningful impact across the continent.

In the opening remarks of AESIS - which took place from the 28th to the 29th of November with the theme “Pioneering Pathways: Innovating Investment Mobilization in Africa” - VC4A CEO Vincent Hoogduijn set the tone for the two-day event. “Why does VC4A organize AESIS every year? The answer is simple - we are here to unite the African early stage investment ecosystem".

The conversations, panels, pitches and ‘investor experiences' resonated deeply with the theme, as a strong call for collaboration not only within the investor community but also from hubs and accelerators, angel groups and venture studios as well as entrepreneurs themselves.

Summing up what was a momentous event, here are the key highlights:

Day 1:

  1. Deep Dive Sessions: The discussions focused on the shifting dynamics of the African ecosystem, particularly around capital market policies, collaborations, and pipeline building. A key takeaway was the need for cross-border collaborations and the role of tech-driven platforms in streamlining the investment process. As Fridah Ntarangwi of Zidi Circle highlighted in the Collaborations and Partnerships panel, "Having functional tech-driven platforms to simplify the investment process, powered by AI and blockchain technology, is key for the ecosystem."
  2. Investor Experiences: An exclusive series of partner-hosted events to close Day 1 of AESIS2024, provided unique and casual style networking opportunities, to promote connections between investors, entrepreneurs, and leaders of industry. Partners include IFC, GIZ-SAIS, FMO Ventures, Lofty Inc Capital, TLCom Capital, Crypto Asset Investment Fund (CAIF), Digital Africa, ENZA Capital, Disraptors and Breega. The relaxed atmosphere facilitated meaningful conversations, affording the opportunity for long-term partnerships and friendships to be built.

Day 2:

  1. Deal Morning: 23 promising portfolio companies (https://apo-opa.co/3ZLzcIY) from 6 organizations - DEG Impulse: develoPPP Ventures, Digital Africa: Fuzé, Ennovate Ventures: TheNextFund, IFC: She Wins Africa, Open Startup and GIZ: SAIS program, pitched their innovative solutions to an audience of investors. The high caliber of startups and the strategic insights shared by the judges created a launchpad moment for the future of the African startup ecosystem, showcasing innovative and impactful solutions to real problems
  2. The Partner Series: Keeping momentum of the power-packed first day, the partner series held segments on Capital Mobilization, Gender Lens and Impact. Taking an apt quote from closing remarks by Thomas van Halen, Director of Investor Services at VC4A “The evolution of the African startup ecosystem reflects the growing maturity of the market, but also highlights the need for innovative and flexible exit mechanisms to meet the diverse needs of founders, investors, and funds.”

Inspiring quotes from AESIS2024

“Entrepreneurs are the architects of Africa's success” said Phuti Mahanyele-Dabengwa, the South Africa CEO, Naspers, and the AESIS2024 Guest of Honour who delivered the moving keynote on Day 1.

Anne Kabugi, Regional Gender Lead at IFC, opening the Venture Showcase - She Wins Africa pitches, tasked the delegates with a question, a food for thought: "What if I told you that Africa's food crisis is going to be solved by women?”

Nicola Tyler of The Thinking Company delivered a welcome on Day 2's Deal Morning, charging the audience with a stand out statement: “Africa is not the biggest problem in the world, it is the biggest opportunity”.

Kenza Lahlou of Outlierz Ventures shared on the Global Development Funding Panel “The role of DFIs is not to be there forever but to provide the investments that work and exit.”

Closing out at the inaugural Awards Ceremony of the Africa Early Stage Investor Summit, Tomi Davies received a ‘Lifetime Achievement Award' for his decades of commitment to promote angel investing in Africa. He delivered a moving speech with all ears listening raptly as he concluded ”Africa's youth population is the best source to build Africa's infrastructure.”

In a statement that perfectly sums up the experience of co-hosting this edition: “AESIS2024 once again pointed out that collaboration is a must,” said Vincent Hoogduijn. “It's been a tough year and we all need to work together to overcome the challenges ahead. Persistence, resilience and adaptability will be key ingredients to see the ecosystem thrive - go fast alone, go far together”

VC4A is grateful for the opportunity to serve the ecosystem as a platform to connect, inspire, and empower. Looking ahead, the collective efforts of investors, entrepreneurs, and policymakers will be essential to unlocking Africa's full potential and driving its economic growth. VC4A's commitment is to continue to unite Africa's startup ecosystems. Together with co-hosts ABAN, VC4A looks forward to reconnecting with old and new friends at AESIS2025 next year.

Distributed by APO Group on behalf of VC4A.

Media enquiries:
Boye Abiodun-Adepoju,
boyewa@vc4a.com 

About AESIS:
The Africa Early Stage Investor Summit (AESIS) is a collaborative venture between VC4A and ABAN, dedicated to advancing innovation and growth in Africa's investment ecosystem. Celebrating its 11th anniversary, AESIS2024 brought together investors, industry leaders, and influencers with the aim of accelerating early-stage investing across Africa. Visit https://AfricaInvestorSummit.com for more information.

About ABAN:
ABAN is the largest pan-African organization of Angel investors in Africa. Established in 2015, ABAN represents the growing number of business angel groups in the African early-stage ecosystems' future, providing vital human and financial capital to African startup companies creating jobs across the continent. Today, ABAN is a 75-member network in 37 African countries and the Diaspora representing over 5,000 angel investors. Visit the ABAN website (http://apo-opa.co/4gtDRVk) for more information.

About VC4A:
VC4A is an ecosystem builder that leverages its infrastructure, network, and expertise for the programs that contribute to the startup movement in emerging markets. Since 2007, the organization has designed, structured, and implemented successful entrepreneurship programs in exciting regions. VC4A runs an online platform featuring a database of startups in Africa and Latin America, connecting entrepreneurs to resources, networks, and funding. Visit the global website at https://VC4A.com/ for more information.

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South Africa’s progress in 2024 sets the stage for hope in the New Year

Location: News

South Africa’s progress in 2024 sets the stage for hope in the New Year

As the year draws to a close, President Cyril Ramaphosa has reflected on South Africa’s achievements and challenges, expressing optimism for the year ahead in his weekly newsletter.

This year marked three decades since the advent of democracy, with the country commemorating its progress in building a constitutional order rooted in freedom, equality and human rights. 

Among the highlights was South Africa’s seventh successful General Election, with 70 political parties contesting. The Electoral Commission was lauded for its efficient management of the polls, reflecting a maturing democracy.

“Our democracy has evolved and matured. We have a Government of National Unity comprising 10 political parties from across the political spectrum. They have agreed on three strategic priorities for this administration. The first strategic priority is to grow our economy and create jobs.

“The structural reforms initiated under the sixth administration are continuing to create conditions for our economy to grow and to create jobs,” the President said. 

Economic growth and energy stability

Efforts to grow the economy and create jobs have borne fruit, with over 250 days of uninterrupted power supply this year. This achievement was credited to improved maintenance by Eskom, increased renewable energy capacity, and widespread adoption of solar solutions. 

“The work of the National Energy Crisis Committee continues. It is working to get more power onto the grid, expand our electricity infrastructure, diversify the market for the benefit of consumers, and lay the groundwork for an energy-secure future,” the President said.

President Ramaphosa said the recovery of commuter and freight rail services also marked a turning point. Passenger rail saw a surge in usage, with 31 of 40 corridors operational and passenger numbers climbing to 40 million from 15 million in the previous year.

Ports in Durban and Cape Town also experienced operational improvements, further boosting economic activity.

“We are making progress in the recovery of freight rail and dealing with longstanding operational challenges in our ports. We are seeing improvements at the container terminals in Durban and Cape Town, as well as with infrastructure upgrades,” the President said. 

Tackling poverty and the cost of living

Turning to poverty and the cost of living, the President noted a significant drop in consumer inflation, bringing down prices of essential goods, including food and fuel.

While unemployment levels remain extremely high, the President said more South Africans are finding jobs.

Government continued to sustain a substantial social wage, dedicating 60% of the national budget to social grants, subsidized housing, free basic services, and no-fee schools.

“These are the measures that reduce poverty and directly improve people’s lives. In addition to the provision of grants to vulnerable groups and unemployed people, this social wage includes subsidised housing, free basic services, no-fee schools and school nutrition. Government has been able to sustain these measures, even as public finances are under severe pressure,” President Ramaphosa said. 

Strengthening State capacity

The President said the administration has worked to enhance government’s ability to deliver basic services, despite the challenges of poor governance and financial constraints in many municipalities.

“The third strategic priority of this administration is to strengthen the capacity of the State to deliver on its mandate. Our efforts to improve the capacity and capability of the state to deliver on basic services continue,” the President said. 

The President cited disruptions in the supply of electricity and clean water as a major problem in many municipalities. He added that many local councils are plagued by poor governance, limited capacity and severe financial constraints which affect service delivery. 

“These are the challenges we are grappling with. We have identified local government as a major focus in this administration. Through initiatives like the Presidential eThekwini Working Group, we are bringing all stakeholders together to solve local problems,” the President said. 

Challenges and Future Plans

While progress has been made, the President acknowledged persistent challenges.

Unemployment remains high, crime and violence are widespread, and service delivery disruptions are a major concern. However, he emphasised the importance of collaboration among government, business, labour, and civil society to address these issues.

“The progress we have made this past year and during the course of the previous administration shows that we can overcome the difficulties our country faces.

“As government, business, labour and civil society, we are able to achieve a great deal when work in unison to overcome our common challenges,” the President said. 

G20 Summit in 2025

Looking ahead, South Africa will host the G20 Summit in 2025, further positioning itself as a key player in addressing global challenges. 

The administration also plans to launch a National Dialogue to unite citizens in crafting a shared vision for the country.

“In the new year, we will embark on a National Dialogue that will draw together all South Africans in crafting a common vision for the country,” the President said. 

Concluding his message, the President expressed hope for 2025, vowing to build on the momentum of 2024. 

“Overcoming poverty and underdevelopment, creating more jobs, and addressing societal ills like gender-based violence, requires that we must all play our part, where we can.

"On many fronts, this year has been better than the last. We will build on these achievements in 2025. 

"Wherever you may be this festive season, I wish you well,” the President said. – SAnews.gov.za

DikelediM
Mon, 12/09/2024 - 11:24

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Read moreSouth Africa’s progress in 2024 sets the stage for hope in the New Year

Lamola advocates for the evolution of multilateral institutions

Location: News

Lamola advocates for the evolution of multilateral institutions

With the world facing complex issues such as climate change, economic inequality, global health crises, and geopolitical tensions, International Relations and Cooperation Minister Ronald Lamola says multilateral institutions must evolve to meet the global challenges of today.

“While international cooperation and multilateralism are currently confronted with divisive geopolitics and unprecedented challenges such as climate change, slow economic growth and deepening poverty, the G20 must make strides in forging practical, mutually beneficial cooperation that champions an international order that is fairer, just, inclusive and representative,” the Minister said on Monday in Johannesburg.

He was addressing the first G20 Sherpas Meeting, as South Africa commenced with the first engagement of the more than 130 meetings that will precede the G20 Summit in 2025.

WATCH | 

 

The Sherpa Track is led by the personal representatives of G20 leaders, and oversees negotiations and discusses the points that form the summit’s agenda, and coordinates most of the work.

On 1 December 2024, South Africa assumed the Presidency of the G20 group of countries, which comprises many of the world's largest developing and developed economies. 

READ | G20 South Africa news articles

It was established to tackle pressing global economic and financial issues. Together, G20 members account for around 85% of global GDP and 75% of international trade. 

The G20 comprises 19 countries including: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, namely the European Union and the African Union.

The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability.

“The multilateral institutions with economic and developmental mandates must be strengthened, as the need for their intervention is even much bigger now. We all know that many countries, especially the developing world, are still recovering from the economic shock of COVID-19. 

“Poverty and weak economic growth remain a challenge for many countries, especially in Africa and the developing world; thus, the themes of our temporary Task Forces focus on these matters,” Lamola said.

According to studies from the International Monetary Fund, trade has been a major contributor to global growth over the past decades, helping to promote economic development, increase economic opportunity and lift millions out of poverty.

“It is for this reason that South Africa supports international cooperation and multilateralism. We also know of the benefit this would bring us, as we seek to grow our economy and support the development of the African continent.

“As the premier forum for international economic cooperation, South Africa seeks to amplify the continued value of the G20 as a forum of the world’s largest developing and developed economies; a forum that provides leadership and momentum towards greater global economic growth and sustainable development; a forum whose work serves to complement and foster the broader processes of the various multilateral spheres,” Lamola said.

He said the global community must remain committed to multilateralism and upholding international law and ensure that the United Nations (UN) remains the centrepiece of this multilateralism. 

“Its central role in the international system ensures that sovereign States cooperate to maintain international peace and security, advance sustainable development, and ensure the promotion and protection of democracy, human rights, and fundamental freedoms for all.

“Whereas G20 leaders set the agenda for our partnership, we rely on the immense efforts of our Sherpas to translate these commitments into practical cooperation,” the Minister said.

South Africa’s G20 Presidency is being held under the theme: "Solidarity, Equality, Sustainability" - a theme that seeks to harness global will and capabilities to confront the enormous challenges the world is facing.

“In the spirit of Ubuntu, our shared humanity, we will address these challenges through our high-level deliverables and priorities, which lie at the core of the original G20 mandate of promoting strong, sustainable, balanced and inclusive growth, and by building partnerships across all sectors of society to find collective solutions.

“As we build on the past and set the tone for the future, we must accentuate the need to adhere to universal values, shared norms, and strong multilateral institutions. Now more than ever, multilateral institutions must be strengthened and reformed to deliver broad global consensus and serve as platforms to resolve disputes,” the Minister said. - SAnews.gov.za

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Mon, 12/09/2024 - 11:37

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Companies Plan to IT Security Budgets up to 9% in the Next Two Years

Location: Business
Kaspersky

Companies are planning to increase their investments in information security against the background of growing financial losses from cyber incidents. This trend was revealed in the recent Kaspersky's (www.Kaspersky.co.za) IT Security Economics report.

Kaspersky IT Security Economics is an annual report that unpicks the changes in budgets, breaches and business challenges affecting IT Security decision makers. It is based on interviews with IT and IT security professionals working in organisations of various sizes and industries. The survey was conducted across 27 countries in Europe, the Asia-Pacific region, the Middle East, Turkiye and Africa (META) region, Latin and North America.

According to the research, companies plan to increase their IT security budgets by up to 9%. The median cybersecurity budgets for large enterprises were $5.7M with $41.8M allocated for IT generally, while SMBs invested $0.2M in IT security from a median IT budget of $1.6M.

Possible reasons for the increased investment can be found in the analysis of financial losses from cyber incidents. Large enterprises experienced an average of 12 incidents this year, spending $6.2M to recover from them — 1.1 times higher than the budget allocated for IT security overall. Despite the greater resources and advanced security infrastructures, the sheer scale and complexity of large enterprise organisations make them more susceptible to costly breaches. While these enterprises are often better equipped to detect incidents quickly, the time required to fully respond and mitigate these threats can span for hours, underscoring the challenge of managing widespread, complex IT environments.

As for SMBs, these organisations experienced an average of 16 incidents this year, while spending $0.3M for remediation, which is 1.5 times higher than their overall IT Security budget. SMBs are the most disproportionately affected group in terms of budgetary impact. They often lack robust cybersecurity policies and procedures, which leaves them vulnerable to incidents involving employees, public cloud misconfigurations, and high-level permissions.

In the META region, organisations of all sizes reported to have experienced on average 13 incidents within a year. In South Africa, organisations of all sizes reported to have experienced on average 19 incidents within a year.

“This data illustrates the continuation of the current trend of increasing cybersecurity spending across all market segments. This growth is driven by at least three key factors. Firstly, and obviously, the constant growth in the complexity of cybersecurity threats forces companies to adopt more advanced solutions to enhance the detection of attack traces and automate responses. Secondly, increasing concerns from governments regarding digital sovereignty leads to the emergence of new regulations and regulatory requirements and, as a result, increased expenses. The third factor influencing the growth of cybersecurity budgets and costs is the constant increase in salary expectations for professionals in various cybersecurity fields,” comments Veniamin Levtsov, Vice President, Center of Corporate Business Expertise at Kaspersky.

To protect companies against a wide range of cyber threats, Kaspersky recommends:

  • Use all-encompassing solutions, such as those from the Kaspersky Next (https://apo-opa.co/3VwBRnf) product line, that provide real-time protection, threat visibility, advanced investigation and response capabilities for companies of any size and industry.
  • Adopt a managed security service such as Kaspersky Managed Detection and Response (https://apo-opa.co/49pxUXj) if companies lack qualified InfoSec professionals. It will provide the necessary expertise and give them the best possible advanced automated security services. Thanks to its analysis of corporate data gathered every day, in real time, 24/7, it can shield businesses against sophisticated cyberattacks.
  • Educate your employees. Dedicated training courses can help, such as those provided in the Kaspersky Automated Security Awareness (https://apo-opa.co/3VtJyuu) Platform.

To gain more insights about IT security costs and budgets in businesses visit the interactive IT Security Calculator (https://Calculator.Kaspersky.com).

To read the full report “IT Security Economics”, that is based on a survey conducted in Brazil, Chile, China, Egypt, France, Germany, India, Indonesia, Italy, Japan, Kazakhstan, Saudi Arabia, Malaysia, Mexico, Pakistan, Philippines, Russia, South Africa, South Korea, Singapore, Spain, Thailand, Turkey, Vietnam, UAE, UK and US, visit the website (https://apo-opa.co/3Zp3ik9).

Distributed by APO Group on behalf of Kaspersky.

For further information please contact:
Nicole Allman
INK&Co. (https://INKandCo.co.za)
nicole@inkandco.co.za

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About Kaspersky:
Kaspersky is a global cybersecurity and digital privacy company founded in 1997. With over a billion devices protected to date from emerging cyberthreats and targeted attacks, Kaspersky's deep threat intelligence and security expertise is constantly transforming into innovative solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company's comprehensive security portfolio includes leading endpoint protection, specialized security products and services, as well as Cyber Immune solutions to fight sophisticated and evolving digital threats. We help over 200,000 corporate clients protect what matters most to them. Learn more at www.Kaspersky.co.za.

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SA kicks off first G20 engagement

Location: News

SA kicks off first G20 engagement

South Africa has set the agenda for its Group of Twenty (G20) Presidency with the commencement of the fist engagement of the more than 130 meetings that will precede the G20 Summit in 2025.

The Minister of International Relations and Cooperation, Ronald Lamola, officially opened the first G20 Sherpas Meeting in Johannesburg, on Monday.

The Sherpa Track is led by the personal representatives of G20 leaders. The Sherpa Track oversees negotiations and discusses the points that form the summit’s agenda, and coordinates most of the work.

“The first Sherpa Meeting of the G20 is important traditionally, as it sets the stage for the upcoming Presidency and the critical conversations on some of the most vital issues of our time.

“In the spirit of Ubuntu, our shared humanity, we will address these challenges through our high-level deliverables and priorities, which lie at the core of the original G20 mandate of promoting strong, sustainable, balanced and inclusive growth and by building partnerships across all sectors of society to find collective solutions,” Lamola said on Monday.

WATCH | 

 

South Africa’s G20 Presidency is being held under the theme: "Solidarity, Equality, Sustainability", a theme that seeks to harness global will and capabilities to confront the enormous challenges the world is facing.

South Africa will use its G20 Presidency to secure urgent progress on shared goals through several priority actions, which include strengthening disaster resilience and response; ensuring debt sustainability for low-income countries; mobilising finance for a just energy transition and harnessing critical minerals for inclusive growth and development.

As part of its efforts to bring the Sherpa and the Finance tracks closer together, three temporary Task Forces, an Initiative and a Commission will be established during South Africa’s G20 Presidency.

South Africa’s priorities include Inclusive Economic Growth, Industrialisation, Employment and Reduced Inequality; Food Security and Artificial Intelligence, Data Governance and Innovation for Sustainable Development.

“A review of the work of the G20 -- The G20 at 20 years: A Reflection on Key Achievements and the Way Forward -- will also feature as one of South Africa’s deliverables through a Sherpa Track Initiative. South Africa also proposes the establishment of a Cost of Capital Commission during its G20 Presidency,” Lamola said.

The three Task Forces, the Initiative and Commission will be established to deliver tangible results during South Africa's G20 Presidency. All of the priorities, as well as the overall theme, will influence Working Groups’ priorities and work plans.

South Africa assumed its G20 Presidency on 1 December 2024, following the astute and successful leadership of Brazil.

“The South African government also recognises the significant strides made by the Brazilian G20 Presidency in enhancing the G20 as a site of democratic global engagement. The South African Presidency will continue this trajectory. 

“A comprehensive dialogue with civil society and other State and non-State institutions will be conducted through the existing Engagement Groups.

“Following the approach of the Brazilian Presidency, a G20 Social Forum will be convened, which will precede the Leaders’ Summit in November 2025, to bring together representatives of the existing engagement groups and other segments of civil society that may offer meaningful contributions to the G20,” Lamola said.

The G20 group comprises many of the world's largest developing and developed economies. It was established to tackle pressing global economic and financial issues. Together, G20 members account for around 85 percent of global GDP and 75 percent of international trade. 

The G20 comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, namely the European Union and the African Union.

The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability.

“I trust that this meeting will set the trend for our subsequent meetings and that, as much as we celebrate the landmark achievements of the G20, we will also, during the course of the year ahead, begin to look ahead toward the strategic imperatives for the next cycle of G20 cooperation,” Lamola said. -SAnews.gov.za

nosihle
Mon, 12/09/2024 - 12:08

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SA, Algeria strengthen ties

Location: News

SA, Algeria strengthen ties

South Africa and Algeria have concluded a successful 7th session of the Bi-National Commission, marking a significant milestone in strengthening cooperation between the two nations.

President Cyril Ramaphosa recently led a delegation comprising Ministers, senior officials and business leaders in Algeria for a State visit at the invitation of President Abdelmadjid Tebboune. 

South Africa and Algeria enjoy strong political, economic, and social relations following the establishment of diplomatic relations in May 1994.

Speaking during a media briefing on Friday, President Ramaphosa said the outcomes of this session have paved the way for further cooperation, demonstrating the strong commitment of South Africa and Algeria to advancing the African continent's collective goals. 

“From our discussions, we are certain that this Bi-National Commission will continue to deepen collaboration, trade, investment and people-to-people exchange between South Africa and Algeria.

“President Tebboune and I were extremely satisfied with the detailed report that was presented on progress in the key areas of cooperation between Algeria and South Africa,” President Ramaphosa said. 

President Ramaphosa said the Bi-National Commission is seen as a mechanism to expand trade and investment ties between the two countries.

While there is currently a healthy volume of bilateral trade, the two Heads of State agreed that this should be far higher. 

“With preferential trading now having commenced under the African Continental Free Trade Area, there is even greater opportunity to deepen intra-African trade and strengthen economic linkages between major African economies.

“We have a shared conviction that deepening our bilateral relationship should serve the cause of African economic integration, shared prosperity, stability and peace,” he said. 

With the Algeria-South Africa Business Forum having taken place on Thursday, President Ramaphosa said it was an important opportunity for Algerian and South African businesses to explore synergies and plan projects.

South Africa had a sizeable business delegation spanning a range of economic sectors such as agriculture, manufacturing, automotive, construction and mining.

“We also have representatives from our Industrial Development Corporation, who are here to pursue investment leads the corporation could potentially fund.

“President Tebboune and I agreed that potential exists for cooperation on low-carbon economic growth in areas such as renewable energy and electric vehicle manufacturing. South Africa and Algeria have respective comparative advantages that can be harnessed for mutual benefit,” he said. 

Addressing Geopolitical Challenges

Against the backdrop of rising global geopolitical tensions, President Ramaphosa briefed President Tebboune on South Africa’s case before the International Court of Justice to hold Israel accountable for its actions in Gaza. Both leaders reiterated their call for an end to hostilities, the release of hostages, and the provision of humanitarian aid to the people of Gaza.

“South Africa and Algeria agree that the only lasting solution to this conflict is the realisation of the Palestinian people’s right to self-determination.

“As countries that have known the pain of occupation and dispossession, we stand in solidarity with the oppressed everywhere, including in Palestine and Western Sahara,” President Ramaphosa said. 

As South Africa marks 30 years of democracy, President Ramaphosa extended his gratitude to the noble people of Algeria for standing with the country in its struggle for liberation. – SAnews.gov.za

DikelediM
Fri, 12/06/2024 - 16:17

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NPA reaches resolution with McKinsey South Africa

Location: News

NPA reaches resolution with McKinsey South Africa

The National Prosecuting Authority (NPA) has secured a resolution with infamous multinational company, McKinsey South Africa, to pay back some R1.1 billion to state coffers for its role in State Capture.

NPA Asset Forfeiture Unit Head, Deputy National Director of Public Prosecutions, Ouma Rabaji-Rasethaba, has called the resolution a “significant step that takes South Africa forward in fighting crime”.

“The NPA remains committed not only to prosecuting criminals but also to contributing to the economic recovery of the country through restitution. Corporate alternative dispute resolutions address both of these mandates of the NPA in a cost-effective impactful way.

“Such resolutions are a globally recognised and proven crime fighting method. This strategy is to be embraced as South Africa recovers from the effects of state capture,” Rabaji-Rasethaba said.

According to the prosecutorial body, McKinsey will also assist the NPA Investigating Directorate Against Corruption in its “criminal investigations by continuing to hand over information and material in its possession”.

“The Resolution is the product of international co-operation between the NPA and the United States Department of Justice [US DOJ] and was co-ordinated with US criminal justice processes that resulted in a settlement agreement confirmed today by a US Federal Court.

“In terms of the Resolution, McKinsey admits, accepts and acknowledges responsibility under South African law for the criminal actions and conduct of Vikas Sagar, who was a former partner of McKinsey, during the relevant period. As a result of Sagar’s corrupt actions, McKinsey was awarded contracts with Transnet and Eskom amounting to nearly R2 billion.

“McKinsey has already made financial restitution to these entities by returning all fees paid to it, with interest. This Resolution has already greatly assisted in moving investigations concerning implicated individuals forward for decisions to be made regarding any prosecutions,” the NPA said.

Furthermore, the company is also obliged to “continue investing in its extensive local and international corporate compliance anti-corruption programme to prevent and detect future corrupt practices”.

“A dedicated senior compliance official is required who reports to the Board on compliance matters and who holds significant independence. McKinsey previously fulfilled this obligation by hiring a Global Chief Ethics and Compliance Officer in 2021. There are also anti-corruption requirements when contracting with third parties such as supplier development partners.

“Significant due diligence must be carried out before the conclusion of such deals. Compliance is to be monitored and audited on an ongoing basis.

Importantly, the NPA added, McKinsey is bound by conditions in the resolution or risk the re-opening of the investigation against it.

“To ensure fulfilment of these commitments, the Resolution permits the NPA to reopen its investigation concerning McKinsey should it fail to implement that programme, fail to provide the necessary co-operation with the ongoing South African investigations into the relevant conduct referred to in the Resolution, or in the event that it provides materially false, incomplete or misleading information to the NPA,” the prosecutorial body explained. – SAnews.gov.za

 

NeoB
Fri, 12/06/2024 - 11:40

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Pioneering Professional Development: LG Electronics SA Achieves ECSA CPD Status

Location: Business

LG Electronics
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LG Electronics South Africa (https://www.LG.com/global/) has always been a leader in engineering excellence and professional development. This is why it is no surprise that LG Electronics South Africa has been awarded verification as an Engineering Council of South Africa (ECSA) Continuing Professional Development (CPD) Service Provider.

“In South Africa, LG Electronics is committed to professional development within the engineering profession and landscape, whether through high-quality training or development programs,” states Andries Bekker, Air Solutions Field Engineering Team Leader at LG Electronics South Africa. “By being granted this status, LG can now aim to provide engineers with all the skills and knowledge they need to grow and prosper.”

Setting the bar higher

When it comes down to the details of the ECSA CPD Service Provider verification, there are a few key factors to consider. Once LG Electronics application was submitted and approved based on the criteria that align with the ECSA's CPD policy, a review was conducted. From there, when successful, LG was formally recognised as an ECSA CPD Service Provider.

Consistency means quality, which is why service providers need to undergo another review every three years to ensure high-quality CPD programs are consistently being delivered. There are plenty of incredible benefits of gaining ECSA CPD Service Provider Status. For one, it showcases LG Electronics well-established reputation in the engineering community, and what's more, it highlights LG's dedication to enhancing professional standards, supporting lifelong learning for engineers, and boosting career development.

Transforming careers

LG's involvement will play a significant role in providing validated Continuing Professional Development (CPD) activities for engineering professionals. In order to contribute to the engineering community, a range of exclusive training programs and activities will be created that match ECSA standards. What's more, all of these programs and activities will provide the latest industry-relevant content.

“All of LG's learning experiences promise to produce continuous improvements in the engineering field with programs that are always relevant and led by qualified professionals and industry experts,” says Bekker.

Leading the way

Because of LG's recognition as an ECSA CPD Service Provider, engineers are ensured that they have access to all of the relevant information and up-to-date knowledge so that they can excel in their fields.

Looking at LG's future CPD offerings, it is crystal clear that LG is invested in prioritising the professional development of engineering professionals. Not only does this mean that the engineering workforce will be strengthened, but it also promises to create a culture of continuous learning within the community.

Elevating the standard

The importance of ECSA accreditation in the engineering field is crucial for plenty of reasons including professional recognition, quality assurance, career advancement opportunities, and lifelong learning and development.

However, what does this mean for LG Electronics position in the industry? In short, it gives LG a competitive advantage over other establishments because LG is now a credible and reputable source of educational training programs in the engineering sector.

“In terms of the future of engineering education and development, there are always expanding possibilities,” explains Bekker. “Broader curriculum offerings, collaboration with educational institutions, and further research and development opportunities are just a handful of opportunities brought about by LG's ECSA CPD accreditation.”

What lies ahead

In light of LG's ECSA accreditation, the plans for CPD program development include establishing and maintaining clear objectives that align with ECSA standards, providing a range of diverse course offerings, and so much more.

“LG Electronics South Africa is committed to providing the best training programs to empower engineers. For that reason LG continues to be a leader in technical innovation and professional education, and now even more so in the engineering environment,” concludes Bekker.

Distributed by APO Group on behalf of LG Electronics.

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POWERADE Launches the Athletes Code, a Commitment to Supporting Mental Health in Sports

Location: Sport
POWERADE

POWERADE (www.POWERADE.com) today announced The Athletes Code, a commitment to a more inclusive and progressive relationship with athlete partners to support their mental well-being. Launching in partnership with Olympic Gold Medalist and World Cup Champion Alex Morgan, Olympic gold medalist swimmer Tatjana Smith, South African footballer Linda Motlhalo, and Brazilian Paralympic swimmer Douglas Matera, The Athletes Code is a contractual provision that allows athletes to pause their partnership commitments to focus on their mental well-being, without losing their sponsorship.

The Athletes Code launches at a time when athletes are under immense pressure to perform, often at the cost of their mental health, as stepping away to address these needs could risk their sponsorships. This new contractual protection developed by POWERADE provides athletes with the time and space they need to care for their mental health, and most notably, ensures the continuation of their sponsorship with POWERADE.

Inspired by athletes and their courage to speak up openly about such an important topic, The Athletes Code underscores POWERADE's core values of inclusion and dedication to fully protecting their athletes who need to pause their partnership commitments to support their mental wellbeing.  

The Athletes Code launches with support from Team Powerade, a global roster of international athletes who represent the embodiment of strength, resilience and dedication.

Alex Morgan, Tatjana Smith, Linda Motlhalo, and Douglas Matera bring The Athletes Code to life through powerful storytelling that captures their firsthand experience with navigating the intense pressures of unrelenting performance demands and the impact it can have on mental health. In addition to sharing their personal stories, these athletes reflect on the role of mental health support in sports, their appreciation for sponsors who champion athlete well-being, and the meaningful change they believe The Athletes Code will create for current and future partners.

“POWERADE'S new commitment creates a platform that gives athletes the peace of mind to know they'll be supported unconditionally,” said Alex Morgan. “What POWERADE is doing offers a level of support and reassurance to athletes at all stages of their journey, whether they're an up-and-coming star chasing their dreams or a new mom balancing her sport and motherhood. With the incredible pressures athletes face today, whether student athletes to professionals, I couldn't be prouder to help create the space for athletes to take the time they need without the fear of consequences.” 

Tatjana Smith added: “I'm so grateful to be a part of The Athletes Code, because I know how much pressure has been put on me in the past and how it has impacted me. This level of protection is something athletes definitely need, and that unwavering support – that is what athletes want.”

Said Linda Motlhalo,“The Athletes Code is an amazing thing. It's something that fully protects players; it doesn't focus only on our performance on the field, it also takes into account what we might be facing in our day-to-day lives off the field. Having a partner who cares enough about what you might be experiencing outside of your sport – that's the type of support that can improve athletes' lives everywhere.”

“Athletes face immense pressures, both on and off the field,” said Douglas Matera. “Knowing that my sponsor has my back if I ever need to pause is a game-changer. It gives me and so many others the freedom to focus on ourselves when needed.”

Additional Team POWERADE athletes supported by The Athletes Code include Alberto Abarza (Chile), CJ Bott (New Zealand), Dmitrij Ovtcharov (Germany), Emma Twigg (New Zealand), Florian Jouanny (France), Harrie Lavreysen (Netherlands),​ Ji So-Yun (South Korea), Kaylene Corbett (South Africa), Lydia Williams (Australia), Mathilde Gros (France), and Tyler Wright (Australia).

An extension of POWERADE's “Pause is Power” platform, The Athletes Code continues to challenge the “win at all costs” mentality and continues the conversation around fully protecting athletes' wellbeing.

“POWERADE has been a long-time partner to athletes around the world, supporting their journeys on and off the field,” said Matrona Filippou, President, Global Hydration, Sports & Tea. “Following the Olympic and Paralympic Games, we recognized the opportunity to be a stronger ally to our athlete partners. We believe that true strength comes from knowing when to pause to comeback stronger, and we're proud to encourage this belief by formally giving them the ability in their contracts to prioritize their mental health. We look forward to continuing to support athletes at every stage of their journey."

POWERADE's "Pause is Power" platform, which first debuted in 2022, defines pausing as the key to powering and prioritizing life over winning. Now in the brand's third year of this journey, POWERADE consistently advocates the "Pause is Power" narrative through creative campaigns and community-level activations that inspire passionate people around the world to experience the power in pause. 

The Athletes Code was created by WPP Open X, led by Ogilvy and supported by Burson, EssenceMediaCom, Hogarth and VML. The hero film and supporting creative was developed by Ogilvy New York, and directed by Let It Rip Pictures director Babak Khoshnoud.

For more information, visit https://apo-opa.co/49qP2Mv.  

Distributed by APO Group on behalf of POWERADE.

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Cabinet hopeful G20 hosting will boost local tourism

Location: News

Cabinet hopeful G20 hosting will boost local tourism

South Africa is looking forward to a boost in its hospitality sector, as support staff and families of the Group of 20 (G20) member countries are expected to attend over 130 meetings in the Leaders’ Summit next year.

This is according to Minister in the Presidency, Khumbudzo Ntshavheni, who briefed the media on the outcomes of the Cabinet meeting on Wednesday, 4 December 2024.

On 1 December 2024, South Africa officially assumed the G20 Presidency from Brazil, becoming the first African country to lead the premier forum with the theme of ‘Solidarity, Equality, Sustainability’.

“Hosting the G20 offers our nation an unprecedented opportunity to position South Africa as a global force for driving inclusive economic growth, employment, and reduced inequality in a sustainable manner,” Ntshavheni said.

The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, the African Union and the European Union.

Ntshavheni said all provinces will benefit from hosting either the Ministerial or Working Group Meetings.

Following Brazil's example, Ntshavheni said South Africa will host the G20 Social Summit to encourage broader involvement of civil society and will introduce a new engagement group called, Township20 (TS20).

The Minister stated that the TS20 will showcase South Africa's township economies' creative, cultural, financial, and innovative strengths.

The initial meetings for South Africa's Presidency will include the first Sherpa and Finance Track meetings, scheduled from 9 to 12 December 2024 in Sandton.

The official website for South Africa's G20 Presidency was launched on Tuesday, featuring the King Protea as its logo. This national flower symbolises the country's identity, landscape, and cultural significance.

VIEW | G20 South Africa 2025

The Department of International Relations and Cooperation (DIRCO said the King Protea embodies resilience, cultural pride, hope, and natural beauty.

“The King Protea’s ability to regenerate after fires mirrors the country’s spirit of renewal and hope.

“The flower serves as a reminder that even in the darkest times, there is always a chance for new beginnings. Just like the people of South Africa, who have faced historical struggles and triumphs, King Protea stands tall even in adversity,” the department said.

Cabinet has invited potential sponsors to partner with government in supporting the G20 in South Africa.

Interested parties are encouraged to submit their expressions of interest to g20sponsorship@dirco.gov.za. The deadline is 31 March 2025. – SAnews.gov.za

 

Gabisile
Thu, 12/05/2024 - 13:20

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Cabinet notes decline in GDP by 0.3% in third quarter of 2024

Location: News

Cabinet notes decline in GDP by 0.3% in third quarter of 2024

Despite the third quarter gross domestic product (GDP) decline, Cabinet has welcomed the positive economic outlook by the International Monetary Fund (IMF) and rating agency Standard & Poor’s (S&P), as the impact of the implemented Operation Vulindlela coordinated reforms have started to bear fruit.

This is according to Minister in the Presidency Khumbudzo Ntshavheni, who briefed the media on the outcomes of the Cabinet meeting held on Wednesday, 4 December.

S&P revised South Africa’s outlook to “positive” from “stable” in November this year, citing plans for accelerated economic reforms by the new government of national unity and a pickup in private investments.

Ntshavheni said Cabinet noted the decline in GDP by 0.3% in the third quarter of 2024, with the largest decline of 28.8% recorded in the agriculture, forestry and fishing, which may indicate the impact of drought. 

Statistics South Africa (Stats SA) has indicated that the severe drought in 2024 caused a 0.3% decline in the country’s GDP in the third quarter. 

Meanwhile, S&P also upgraded Eskom’s long-term global-scale foreign and local currency ratings from stable to positive, which indicates the progress made by government in strengthening Eskom’s financial and operational foundation through the work of the National Energy Crisis Committee (NECOM), the Eskom Board and Executive team.

“Cabinet further welcomed the decision by the South African Reserve Bank to cut the repo rate by another 25 basis points from 8% to 7.75%," said Ntshavheni. 

The Executive believes that the lower interest rate will continue to ease the burden on highly indebted consumers and mitigate the high cost of living, while also encouraging businesses to expand their operations to further stimulate economic activity. 

Investment 

Cabinet has welcomed the announcement by Saudi Arabia to invest R9.5 billion to build a platinum smelter and base metals refinery in the Waterberg in Limpopo. 

“This new investment is a strong vote of confidence in our nation and builds on the first phase of our investment mobilisation drive under the sixth administration that saw our nation surpass its investment target by 26% to reach a total of R1.51 trillion in investment pledges,” said Ntshavheni.

The Minister said South Africa is now targeting R2 trillion in new investments over another five years between 2023 and 2028. 

SAA

In addition, the Executive has commended South African Airways’ (SAA) strong performance, highlighting the airline’s significant progress towards financial sustainability. 

“For the first time since 2012, the SAA has recorded a net profit of R252 million for the 2022/23 financial year, and group revenue increased from R2 billion to R5.7 billion.

“Remarkably, SAA achieved this milestone while operating with only six to eight aircraft across nine destinations at the beginning of the 2022/23 financial year,” Ntshavheni said, adding that the airline has since doubled its fleet, launched intercontinental routes, and increased its network to 16 destinations. – SAnews.gov.za
 

Gabisile
Thu, 12/05/2024 - 15:44

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Health equity and women’s health emerge as key themes of the inaugural International Health Ministerial Summit

Location: News
Informa Markets: Healthcare

The inaugural International Health Ministerial Summit, organised by Informa Markets (www.InformaMarkets.com), began with a series of dynamic panel discussions featuring influential delegates showcasing collaborative solutions to global healthcare challenges.

Hosting governmental figures and policymakers, corporate CEOs and investors, medical directors, and experts, the exclusive by-invitation only Summit, themed Strengthening Health Systems for a Better Tomorrow, takes place from 4 to 5 December 2024 at the Marriott in Kigali. It brings together renowned health experts from across the continent and the world and highlights topics like digital health, technological adoption, R&D in vaccinations, women's health, healthcare investment opportunities, and health equity.

During his official opening address, Dr. Sabin Nsanzimana, the Minister of Health of host country Rwanda, said: “There is no better investment than in our health. It is not a negotiable luxury but a fundamental human right. Strengthening health systems means focusing on the four S's: staff, space, supplies, and systems. In Rwanda, we understand that investing in health is investing in our future. That's why the Government of Rwanda has approved the 4x4 Reform—a bold strategy to quadruple the number of healthcare workers in the next four years to meet the WHO recommendation of at least 4 healthcare professionals per 1,000 population. This initiative underscores our commitment to building a resilient health system where no one is left behind. By investing in these pillars and embracing technology/innovations like AI, we can build resilient systems that ensure uninterrupted care for all.”

Addressing health equity's challenges and opportunities 

Following the welcome address by Dr. Deborah M. Barasa, Health Cabinet Secretary of Kenya, who spoke about actions to shift primary healthcare, the first session of the day featured several panel discussions dealing with the challenges and opportunities for health equity.

In a panel discussion hosted by Dr. Tim Keuri, CEO of the Kenya Health Federation, industry leaders discussed transforming Africa into a global hub for pharmaceutical innovation and manufacturing. Representatives from the Unified Procurement Association, PharmaAccess, Global One Health Institute, Pfizer, and Bayer provided insights on investment enhancement, regulatory framework improvements, and strategic collaborations to strengthen Africa's position in the global pharmaceutical value chain.

Another panel, moderated by Bloomberg news reporter Ondiro Oganga, addressed the urgent need for Africa to advance self-sufficiency in pharmaceutical R&D, local vaccine production, and diagnostic access. Experts from Senegal's Ministry of Health, The Global Trust Project, UN Foundation, African Society for Laboratory Medicine, Africa CDC, and leading corporations like Genf, Hologic, and Roche Diagnostics emphasised the importance of establishing regional pharma hubs and enhancing local capabilities. According to Ahmed Ogwell, Vice President of Global Health Strategy at the UN Foundation in Kenya, “The gap is not in identifying problems or proposing solutions—it's in executing those solutions. For example, while there's been significant discussion around manufacturing COVID-19 vaccines, we lack local production of diagnostics and essential tools like rapid tests on the continent. To move forward, we need to prioritise what to produce, coordinate efforts regionally, and ensure that the products we manufacture are consumed within our systems." 

Women's health and equitable access to healthcare

The second key theme of the day was health equity and women's health, starting with an insightful discussion on what is needed to close the health equity gap. Moderated by Dominic Wilhem, Executive Director of The Global Trust Project, global health leaders debated how to unite healthcare stakeholders to address the health equity gap. Panellists focused on collaborative strategies to ensure universal access to essential medicines and vaccines. The session underscored the importance of international cooperation to progress healthcare for all, regardless of geographic or socio-economic boundaries. Pfizer Kenya Director of Policy and Public Affairs Pauline Irungu commented on the outcomes, saying, “When we think about partnerships, we have a tendency to think about government- private partnerships, but we also need to talk more about private private partnerships which then support agendas of governments in Africa and beyond. At Pfizer one of the gaps we experience is the challenge of diagnostics. How do we advance access to medicine?  Currently , we have two strong partnerships  with diagnostic companies on the continent. Now we also make a call that we also want others to join the partnerships because the more we partner as private sector, the more  we're able to address the multifaceted challenges within the health care system.”

A second panel on the topic brought together top health experts to tackle the urgent issue of women's health in Africa, particularly the high maternal mortality rates in sub-Saharan Africa. Hosted by Dr. Magome Masike, Registrar, Health Professions Council of South Africa, this panel of leaders from various health organisations and government bodies debated the need for innovative approaches to enhance women's health across the continent. The session highlighted the importance of rethinking strategies to improve healthcare outcomes for women in Africa.

Day two of the Summit will focus on advancements in digital health, how artificial intelligence is transforming healthcare, health investment and financing, and an exciting Rwandan initiative using drones to deliver essential medicines to health facilities.

For more details on the International Health Ministerial Summit, visit the event website: https://apo-opa.co/3ZBts4y

Distributed by APO Group on behalf of Informa Markets: Healthcare.

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