global

14 December 2023

Deputy President Mashatile visits Socialist Republic of Vietnam in the second leg of his Working Visit to Southeast Asia

Location: News

Republic of South Africa: Department of International Relations and Cooperation
Download logo

Deputy President Paul Mashatile has arrived in Hanoi, the capital of the Socialist Republic of Vietnam to begin the second leg of his first Working Visit to Southeast Asia. The Deputy President began his visit today with a tour of the Mausoleum and home of the late leader of Vietnam, Ho Chi Minh. The Deputy President laid a wreath at the Mausoleum and conveyed a message of support from the people and Government of South Africa through Mausoleum's Visitors' Book.

South Africa and Vietnam enjoy friendly and constructive relations grounded in a shared history of struggle against colonialism and to achieve national freedom, and the two countries share common values such as the pursuit of multilateral cooperation, peace, and the progressive reform of the institutions of global governance to counter geopolitical inequalities.

South Africa and Vietnam also celebrate 30 years of the establishment of formal diplomatic relations this year.

In the course of the last 30 years, several bilateral legal instruments have been established in various areas of co-operation. The two countries operate an Inter-Governmental Partnership Forum for Economic, Trade, Scientific, Technical and Cultural Co-operation, aimed at facilitating co-operation in areas of mutual interest.

The Deputy President's visit follows the visit to South Africa of the Vice President of the Socialist Republic of Vietnam, HE Ms Vo Thi Anh Xuan, in September this year, where she extended an invitation to the Deputy President to pay reciprocal official visit to mark the 30-year milestone and further strengthen bilateral ties.

As part of his duties in Vietnam, the Deputy President will hold official talks with Vice President Vo Thi Anh Xuan, meet Prime Minister HE Mr Pham Minh Chinh, and pay a courtesy call on the President of the Socialist Republic of Vietnam, HE Mr Vo Van Thong.

He will also meet with the CEOs of some of Vietnam's largest companies that are looking either to invest in or source goods and services from South Africa. He will also interact with African ambassadors to Vietnam.

The Deputy President is accompanied in Vietnam by Deputy Minister for International Relations and Cooperation, Candith Mashego-Dlamini, Deputy Minister for Trade, Industry and Competition Nomalungelo Gina, Deputy Minister for Higher Education, Science and Innovation, Buti Manamela, Deputy Minister for Forestry, Fisheries and the Environment, Maggie Sotyu, and senior government officials.

Distributed by APO Group on behalf of Republic of South Africa: Department of International Relations and Cooperation.

13 December 2023

Allianz Assistance Responds to Surging Demand for Travel Insurance Amidst Global Uncertainty

Location: MyPR

In light of the significant increase in consumer interest in travel insurance, which has surpassed pre-COVID-19 pandemic levels, Allianz Assistance is proud to announce enhanced measures to meet the evolving needs of travelers. This surge in demand is largely attributed to the unpredictable nature of current global travel, marked by frequent cancellations, medical emergencies, and …

13 December 2023

The rise of the mass affluent in Africa and how banks can best respond to their needs

Location: News

By Margaret Soi, Head of Offshore Banking - Mass Affluent Offshore

The purchasing power of Africa's middle class is expected to grow significantly in the coming years: the continent's middle class is expected to spend US$2.1 trillion by 2025 and US$2.5 trillion by 2030, thus creating a further upward momentum in the demand for goods and services.

In sub-Saharan Africa alone (excluding South Africa), a 2018 estimate reported over 100 million middle-class individuals with a total purchasing power of over US$400 million per day – with financial services, especially around wealth management and investments, expected to receive a boost from the massive growth in disposable incomes.

Surprisingly then, Capgemini's 2022 wealth management executive survey found that only 27% of wealth management firms currently serve mass affluent clients, and only 36% firms are even exploring mass affluent services. No wonder then that banks believe that the mass affluent segment, representing those with investable assets more than US$50,000 and less than US$5m in wealth, is both undervalued, underinvested and underserved.

What does a typical mass affluent customer look like?

At the outset, it is important to note that this segment is financially and digitally savvy, is fee-sensitive, and likes to shop around for various options, not hesitating to spread their assets across providers. Apart from these generic characteristics that are true of the mass affluent in all parts of the world, Bank One's experience of sub-Saharan Africa's mass affluent segment shows us that a broad customer profile spans across any one or a combination of the following characteristics:

An individual who has bought properties and secure, low-yield assets such as treasury bonds within their shores, but now wishes to diversify their investments across other jurisdictions;
An individual who has children studying abroad or family living overseas and wishes to obtain a return on assets in such economies that offsets their expenses in the same jurisdictions;
An individual at a C-suite or senior management level in a company in Africa – who could currently be in Mauritius but might find themselves looking at a next posting in Kenya or Nigeria - and needs an offshore account that can move with them;
Such an individual could also be a business owner in a part of Africa that exports to different geographies across the region and is eying investments in those locations to offset expenses in these jurisdictions;
An individual who works in jurisdictions like the DRC or Nigeria where there are constraints on movement of foreign currency and who would prefer to invest in a jurisdiction where foreign currency can move more freely.

Needless to say, an individual who identifies with the above descriptions and aspirations would be considering banks in jurisdictions that support offshore banking, be it Singapore, Dubai, Hong Kong at a global level or a Mauritius and Seychelles at a regional level.

Why Bank One is in a prime position to serve the banking needs of the mass affluent?

While traditional banks in sub-Saharan Africa do see the promise of this emerging segment, they are simply not sure how to approach it. At Bank One, we have already crossed the first hurdle – that of definitively acknowledging that this segment exists in our region of operation – and have moved on to carving out a value proposition around their specific needs for banking services that Bank One is uniquely positioned to meet.

Indeed, Bank One considers itself to be in a prime position to deliver such services from our headquarters in Mauritius. We have rolled out our offerings for the mass affluent segment in the East African market since 2020 – taking advantage of the significant presence of our shareholders, I&M Holdings PLC and CIEL Group – and are currently targeting the Western and Southern African territories based on our acquired experience from East Africa. As the business grew, we decided to set up permanent resources in Kenya and Uganda alongside our seamless digital onboarding process, in adherence to the prevailing legal and regulatory requirements, which has endeared our solutions and made them more accessible to our clients.

We understand that we need to be proactive in serving the everchanging needs of mass affluent clients by providing banking solutions that resonate with their phase of life whilst helping them safeguard, invest and grow their assets.

With their rapid adoption of digital-first channels and self-service capabilities, this segment embarked on their first financial journey with FinTech firms that are thriving across the region. Hence, the mass affluent expect firms at a more mature stage of their financial planning, such as traditional banks, to offer personalised solutions and unique insights in order to see the value in such services. It is also evident that financial planning is of critical importance for this segment that also shows a keen response to incentives to bring about a holistic relationship – for example, offering better rates on mortgages if they maintain a certain threshold in assets under management with the same bank.

Finally, this segment values, above all, a consolidated and insightful view of their end-to-end financial situation, with technology touchpoints providing data-backed advice on how their assets should be managed. As a bank that wants to be successful in providing solutions and proactively managing clients in this market, these key considerations are cemented into our business strategy and ably executed by trusted advisors in the form of our dedicated relationship managers.

At a more holistic level, we recognize the importance of a customized approach to successfully provide banking and wealth products to mass affluent clients. Indeed, such value add could be as simple as helping them to understand how our offerings bring certain key benefits in their wake, which can help them achieve, and exceed, their financial goals – and acting as a partner in achieving their aspirations that are in turn fuelling the growth of the region at large.

As a self-described ‘From Africa, For Africa' banking institution, Bank One aims to unlock a world of opportunity for such upwardly mobile clients. For instance, our mass affluent clients are now able to access personalised offshore banking services – which was an offering previously available exclusively to HNWIs until recently. We have also proudly opened our doors to support such individuals in gaining access to global investment markets.

Distributed by APO Group on behalf of Bank One Limited.

Media files
Bank One Limited

Download logo

13 December 2023

The Dynamic World of Commercial Property in South Africa

Location: MyPR

Introduction Commercial property in South Africa is a sector characterized by its dynamism and significant impact on the economy. This blog post aims to explore the intricacies of the commercial property market, shedding light on its current trends, challenges, and the potential it holds for investors, businesses, and the broader economy. Overview of South Africa’s …

13 December 2023

Embracing ‘Coming Back Strong Starts With A Pause’

Location: MyPR

Powerade® Renovates Multipurpose Court in Orlando West Park Through its global communications platform “Pause is Power” which was launched globally in 2022, Powerade® champions the often-overlooked potential of a pause, prioritising wellbeing over winning. The sports drink brand actively takes on the ‘win at all costs’ mentality by emphasizing the value and regenerative benefits of …

13 December 2023

Mashatile In Vietnam for second leg of Southeast Asia working visit

Location: News

Mashatile In Vietnam for second leg of Southeast Asia working visit

Deputy President Paul Mashatile has arrived in Hanoi, the capital of Vietnam to begin the second leg of his first working visit to Southeast Asia.

The Deputy President, according to his Office, began his visit on Tuesday with a tour of the Mausoleum and home of the late leader of Vietnam, Ho Chi Minh.

“The Deputy President laid a wreath at the Mausoleum and conveyed a message of support from the people and government of South Africa through the Mausoleum’s visitors’ book,” the statement read.

South Africa and Vietnam enjoy friendly and constructive relations grounded in a shared history of struggle against colonialism and to achieve national freedom.

The two countries also share common values such as the pursuit of multilateral cooperation, peace, and the progressive reform of the institutions of global governance to counter geopolitical inequalities.

South Africa and Vietnam also celebrate 30 years of the establishment of formal diplomatic relations this year.

In the course of the last 30 years, several bilateral legal instruments have been established in various areas of cooperation.

The nations operate an Inter-Governmental Partnership Forum for Economic, Trade, Scientific, Technical and Cultural Cooperation, aimed at facilitating cooperation in areas of mutual interest.

“The Deputy President’s visit follows the visit to South Africa of the Vice President of Vietnam, Vo Thi Anh Xuan, in September this year, where she extended an invitation to the Deputy President to pay a reciprocal official visit to mark the 30-year milestone and further strengthen bilateral ties.”

As part of his duties in Vietnam, the Deputy President will hold official talks with Vice President Vo Thi Anh Xuan, meet Prime Minister Phạm Minh Chính, and pay a courtesy call to the Vietnam President Vietnam, Vo Van Thuong.

“He will also meet with the CEOs of some of Vietnam’s largest companies that are looking either to invest in or source goods and services from South Africa. He will also interact with African ambassadors to Vietnam.”

The Deputy President is accompanied in Vietnam by International Relations and Cooperation Deputy Minister Candith Mashego-Dlamini; Trade, Industry and Competition Deputy Minister Nomalungelo Gina; Higher Education, Science and Innovation Deputy Minister Buti Manamela; Forestry, Fisheries and the Environment Deputy Minister Maggie Sotyu, and senior government officials. – SAnews.gov.za

Gabisile
Wed, 12/13/2023 - 09:50

98 views

12 December 2023

Seeds for a better 2024 believe been sown – President Ramaphosa

Location: News

Seeds for a better 2024 have been sown – President Ramaphosa

Although South Africa continues to face challenges from various quarters, the ground work for a better 2024 has been laid.

This is according to President Cyril Ramaphosa who addressed the nation through his weekly newsletter.

The President acknowledged that 2023 has been a testing year for the country – with intense load shedding, Transnet’s challenges and a sluggish economy being just some of the worst challenges faced.

“Our economy has been weighed down by international events, including the ongoing Russia-Ukraine conflict and instability in the global economy. Like many across the world, South Africans have faced a substantial rise in the cost of our living. Our post-COVID recovery has been held back by continuing load shedding and inefficiency at our ports and railways.

“Yet, even in these circumstances, companies have continued to invest in our economy. At the fifth South Africa Investment Conference earlier this year, we surpassed our target for new investment commitments over five years. Our economy has grown, albeit too slowly and far below its potential. The number of people in employment has returned to pre-COVID levels, but jobs are still not being created fast enough to reduce levels of our unemployment,” he said.

President Ramaphosa conceded that the electricity crisis is “currently the main threat to our country’s progress”.

However, the work of the Energy Action Plan – launched in July 2022 – is beginning to show results, “giving us greater confidence that we will bring load shedding to an end”.

“While we experienced some of the worst load shedding ever in the first few months of the year, there has been a measurable and steady decline in the severity of load shedding over the last few months.

“Although electricity supply is still not stable, as we experienced in the last few weeks, the overall trend is towards less severe load shedding. Damaged units at the Kusile power station have been returned to service ahead of schedule and plant maintenance has received close attention.

“What gives us hope for even further improvements is the progress that has been made in bringing new electricity generation online. Regulatory reforms we have initiated have enabled a massive increase in private investment in electricity generation, with over 12 000 MW of confirmed projects in development. Following the introduction of tax incentives and financing mechanisms, the amount of installed rooftop solar has more than doubled to over 4 500 MW in the last year,” he said.

Tackling challenges

President Ramaphosa listed several interventions and measures that have been taken to address the country’s challenges including:

Government working closely with Transnet, industry and other social partners to relieve congestion at ports and increase the volumes of freight being carried on key rail corridors
Significant infrastructure projects in areas including social housing, road construction, rural bridges and dams which contribute to greater economic activity and provide much-needed infrastructure for economic growth and the needs of citizens
Undertaking reforms in other areas to improve the competitiveness of the economy in areas such as proceeding with the digital migration of broadcasting service to free up broadband spectrum and reduce the cost of data
The continuation of the special Social Relief of Distress grant introduced during COVID-19 which has kept millions of people out of poverty

On employment, President Ramaphosa said the Presidential Employment Stimulus has created work and livelihood opportunities for some 1.2 million people.

He added that breakthroughs have been made in combatting crime with governance improvements also recorded.

“The SAPS’ economic infrastructure task teams have made important breakthroughs and arrests for illegal mining, cash-in-transit hikes, cable theft, drug smuggling and similar crimes. We have recruited and trained thousands of new police personnel to further strengthen the fight against crime.

“We are implementing legislation to build a more professional, ethical and capable public service. There has been important progress in other areas, including towards the introduction of a National Health Insurance to ensure greater equity in the provision of health care,” he said.

The President said that while “times are still tough” much progress has been made but there is “still some way to go”.

“What is most important is that we have done much of the ground work needed to put our economy on a path of faster growth and job creation. By working together, by staying the course, we have used the last year to lay the basis for a better 2024.

“On Friday this week, we will mark a special public holiday to celebrate the historic victory of the Springboks in the Rugby World Cup. Their victory, alongside many other achievements by South Africans on the global stage, is a reminder of our country’s tremendous strengths and the promise that it holds.

“Let us come together on Friday to remind ourselves of everything that we love about South Africa. Let it be a day of hope, celebration and unity. I wish all South Africans a safe, peaceful and restful festive season as we all prepare for a successful new year,” President Ramaphosa concluded. – SAnews.gov.za

NeoB
Tue, 12/12/2023 - 11:14

373 views

12 December 2023

President establishes Presidential PhD Initiative to boost innovation

Location: News

President establishes Presidential PhD Initiative to boost innovation

President Cyril Ramaphosa announced on Tuesday that government has established the Presidential PhD Initiative through an initial R1 billion investment from the National Skills Fund in efforts to boost science and technology.

“The first phase aims to expose our country’s brightest young minds to cutting-edge thinking and research by negotiating opportunities at world-leading universities and research centres,” he explained.

President Ramaphosa announced the initiative during the inaugural Presidential Science, Technology and Innovation (STI) Plenary in Pretoria.

The President told the attendees that the studies will be to large scale and established research programmes in public research facilities and industry.

The initiative will build critical skills in artificial intelligence research, advanced biotechnology, fuel cell development, battery storage, and next-generation mining.

The country’s first citizen has since called to extend a call to the private sector and international partners to assist in growing the investment for the Presidential PhD Initiative fund to R5 billion by 2030.

He said collaboration is needed to ensure synergy between programmes across the national innovation system.

“We must harness education, science and innovation to protect our natural environment, drive inclusive economic growth and enrich all areas of human endeavour.”

The country’s Commander-in-Chief described the first plenary as an important initiative that brings together government, academia, civil society and industry to collectively drive South Africa’s National System of Innovation (NSI).

In November 2022, the Cabinet adopted the STI Decadal Plan to guide the first 10 years of implementing the 2019 White Paper on STI.

“Science, technology and innovation are essential for economies to thrive and for societies to prosper.

“In the new world of work, in the era of the Fourth Industrial Revolution, science, technology and innovation determine which countries move forward and which are left behind. Our country has several strengths.”

Citing the 2022 Global Innovation Index published by the World Intellectual Property Organisation, he said South Africa ranked above the upper-middle-income group average in three areas.

These include market sophistication, knowledge and technology outputs, and creative outputs.

According to the index, South Africa also improved the number of patents by origin, citable documents, intellectual property receipts, high-tech manufacturing and high-tech exports.

“However, our performance is mixed for the factors that drive innovation, such as education expenditure, expenditure on research and development and access to information technology.”

The President also highlighted significant strides in higher education including the number of students graduating from public universities from about 60 000 in 1994 to around 230 000 by 2018.

“The share of graduates in science, engineering and technology fields has been increasing compared to graduates in the humanities.”

He also acknowledged that the State needed to significantly increase investment in research and development.

In 2021, gross expenditure on research and development (R&D) in South Africa was 0.6% of Gross Domestic Product (GDP), far below the targeted 1.5%.

“By comparison, in 2022, the United States spent 2.6% and South Korea spent 5% of their respective GDPs on research and development.

“This is a situation that we are determined to turn around. Through greater cooperation between government and industry, we can reverse this trend.”

President Ramaphosa is of the view that the potential of science, technology and innovation to modernise and expand the productive sectors is vast.

He cited the Mandela Mining Precinct and the South African Mining Extraction Research, Development and Innovation initiative, which are aimed at revitalising our mining industry.

Shifting his focus on vaccines, he said Afrigen Biologics, a South African company part-owned by the Industrial Development Corporation, is working on a new tuberculosis vaccine using mRNA technology.

Meanwhile, the Bill and Melinda Gates Foundation recently allocated US$5 million to Biovac to develop mRNA vaccines using a local platform.

“This grant enables our researchers and scientists to strengthen the pharmaceutical research and vaccine production ecosystem so that we can address both current and future health challenges.”

He said he views innovation as the driver of sustainable job creation and small business development and tackles the realities of climate change.

“From these examples, it is clear that we are certainly progressing, but not at the pace we should be,” he admitted.

“For science, technology and innovation to serve South Africa’s economy and society effectively, we need to aggressively and strategically invest in education and skills development because this is the lifeblood of a modern economy.

“We know that nations such as Japan, South Korea and Germany have science, technology and innovation in the service of their societies, with commendable results.”

However, Nzimande qualified that when they talk about STI, they refer to both the natural and social sciences and humanities.

“For it is only possible to understand, let alone solve the major developmental and existential challenges of the 21st century through invoking the insights of trans-disciplinary knowledge.” – SAnews.gov.za

Gabisile
Tue, 12/12/2023 - 13:58

521 views

12 December 2023

President establishes Presidential PhD Initiative to boost innovative