Business - Page 62

Get ready for another economic winter in 2024, warns Maarten Ackerman, Chief Economist at Citadel. The global economy, still recovering from the Covid19 pandemic, will slow down further, marking the start of a winter cycle before spring arrives in 2025. South Africa is expected to face a colder economic winter compared to other parts of the world, due to structural factors such as an unreliable electricity supply and dysfunctional rail systems. Private sector investments are crucial to turning this economic winter into spring, and investors should maintain a proportion of cash and bonds in their portfolios as the riskreward balance in equities becomes less rewarding.

The AGOA Forum Made in Africa Exhibition is an exciting event that creates opportunities for businesses to connect with African exporters and establish international partnerships that contribute to growth and success. Held in Johannesburg, attendees can network, explore new markets, and contribute to the advancement of global trade and investments. The event embodies the objectives of the African Growth and Opportunity Act (AGOA), and its B2B Sourcing and Investment Programme enables the exploration of new products, broadens market access, and endorses international partnerships. Businesses will build lasting partnerships and shape the global landscape, contributing to a brighter future for Africa and beyond.

Electricity wheeling is an innovative technique that allows power producers to transmit electricity through the grid to endusers without generating it onsite. It is being incorporated into the operations of Eskom, South Africa’s utility company, through a wheeling framework, which is expected to contribute significantly to the cessation of load shedding. The 28th Energy Digicon event explored the potential of virtual wheeling in South Africa’s energy landscape, with valuable insights from Onicah Rantwane, a senior advisor to Eskom on electricity pricing. The event highlighted the advantages of virtual wheeling, including greater market competition, potential cost savings for consumers and promoting renewable energy.

The South African province of Free State, led by Premier Mxolisi Dukwana, is preparing for a groundbreaking Energy Security Summit taking place in Bloemfontein on November 2, 2023. With its theme “Energizing the Future,” the summit strives to discover lasting energy answers and stimulate economic growth by encouraging cooperation between the government, higher education institutions, and private businesses. Over 500 delegates are anticipated to attend, providing an exceptional chance for specialists, academics, policymakers, and potential financiers to participate in productive discussions and establish partnerships for a cleaner, more thriving tomorrow.

Prasa and HDA have proposed to rezone two land parcels in Philippi for human settlements development. The City has initiated a public comment period to collect feedback on the proposed plans, reflecting their commitment to transparency and public involvement. The Municipal Planning Tribunal, an independent land use regulator, will assess the suitability of rezoning, and public engagement is crucial in shaping the community’s future. This process ensures that every stakeholder has a voice in decisions on land use and development.

The Free State Department of Economic, Small Business, Tourism, and Environmental Affairs has teamed up with CocaCola Beverages South Africa to empower small businesses in townships. The Bizniz in a Box program provides infrastructure and equipment assistance to 50 SMMEs, with a focus on women and young entrepreneurs. The goal is to unlock the untapped potential of township enterprises and set them on a growth trajectory towards an inclusive and prosperous future while bridging the gap between township and mainstream economic activities.

The Department of Public Works and Infrastructure (DPWI) warns against scammers targeting job seekers and small businesses during the festive season. To avoid falling for scams, individuals should exercise caution, verify the legitimacy of advertised vacancies, and avoid sharing personal information. The DPWI stresses that the government will never ask for payments related to services, jobs, and tenders. By staying alert and reporting any suspected scams, the public can protect themselves and others from falling victim to fraudulent schemes.

Good news for SASSA Gold Card beneficiaries: Postbank has confirmed the extended validity of the cards for grant payments beyond December 2023. This means that beneficiaries can continue accessing their funds securely and conveniently without having to switch to other banks’ cards, saving them time and expenses. SASSA beneficiaries should disregard any misinformation suggesting that they must switch to other card products due to the expiration of SASSA gold cards, as Postbank is the sole bank authorized to replace these cards.

South Africa is gearing up to host the African Growth and Opportunity Act (AGOA) Forum in November 2023, gathering government officials, business leaders, and industry experts from across Africa and the United States to discuss trade, investment, and economic development. The AGOA Forum is an initiative by the United States to offer eligible SubSaharan African countries preferential access to the US market, and South Africa’s hosting of the event highlights the nation’s dedication to economic growth and global integration. Minister Ebrahim Patel’s media briefing on October 26 will provide an update on the country’s preparedness for the forum and offer insights into the upcoming program.

PRASA, South Africa’s Passenger Rail Agency, is revolutionizing the country’s railways by launching two major development projects aimed at enhancing living conditions and providing affordable housing. The Goodwood Station Social Housing initiative aims to deliver over a thousand affordable rental units by October 2023, while the Cape Town Station development will offer 3,200 beds for students and a revamped retail precinct. PRASA’s diversified portfolio includes real estate investment and development to offset the cost of operating passenger rail services. These projects signify a collaborative commitment to improving transportation and infrastructure in South Africa.

Airbnb’s growth in South Africa has had a remarkable impact on the country’s economy and tourism industry, with its contribution to the GDP exceeding R23.5 billion in 2022 and creating over 50,000 jobs. Domestic travelers have been a significant factor in this growth, with 60% of total nights booked on the platform from locals. Airbnb’s pledge to support nonprofit organizations demonstrates its commitment to promoting sustainable tourism and fostering stronger communities.

BRICS countries, comprising Brazil, Russia, India, China, and South Africa, are collaborating to prioritize policies that promote a fair and sustainable recovery of tourism. The tourism industry has the potential to boost economies, generate jobs, and promote international relations. Sustainable and inclusive tourism is crucial for a more resilient and equitable future, and BRICS countries can contribute to shaping a brighter future for the industry. The ongoing recovery process offers a distinctive chance for the travel and tourism sector to implement revolutionary changes, thereby building a more resilient and inclusive future.

The Western Cape Government has launched an *electricity wheeling toolkit* to promote *energy resilience* and encourage *private sector involvement* in energy infrastructure development. The toolkit is a comprehensive guide for implementing *thirdparty wheeling*, which *increases electricity availability, reduces bulk purchase expenses,* and *encourages renewable energy adoption*. The initiative also *stimulates investment and economic development* in the region and offers practical spreadsheets and standardized templates for drafting agreements with third parties. The Western Cape Government provides implementation assistance upon request, and the toolkit is part of the Municipal Energy Resilience Initiative to transition to a *low carbon pathway*.

South Africa is working to enhance maritime security and improve transportation infrastructure through local initiatives and global collaborations. The country is implementing the Djibouti Code of Conduct, a regional agreement designed to counter piracy and armed robbery against vessels, and investing in transportation infrastructure development through initiatives like the PRASA MixedUse Development Student Accommodation and Retail Centre. These efforts demonstrate South Africa’s commitment to economic growth, social development, and sustainability, positioning the country as a regional leader in the global community.

Tsingtao Brewery, a top beer producer in China, faced a scandal when a video surfaced showing an employee urinating in an ingredient container. The company responded quickly, launching an investigation and emphasizing their commitment to quality and safety. The incident sparked debate on social media and raised questions about the beer industry’s need for accountability and quality control. As the investigation continues, Tsingtao Brewery must work to regain consumer trust and navigate the impact on its reputation and financial stability.