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Showing posts with label South Africa. Show all posts
Showing posts with label South Africa. Show all posts

11/27/21

7/22/18

South Africa’s Boers Are Putting Russia On The Horns Of A Dilemma - Andrew Korybko

The planned migration of 15,000 South African Boers to Russia is forcing the host country to choose between welcoming these new arrivals for humanitarian reasons or complicating their efforts to flee for geopolitical ones. 

RT just published an article quoting a Rossiya 1TV report about a delegation of 30 South African farming families that travelled to the country’s southern Stavropol Region in preparation for the planned migration of 15,000 Boers there in the coming future. This community of white farmers has been increasingly victimized by killings and other crimes since the end of Apartheid in 1994, and with the new government of Cyril Ramaphosa vowing to seize their land without compensation, they understandably feel under threat enough to the point of fleeing their homeland for protection. The intertwined issue of the Boers and their farms involves human and land rights, though legitimate questions pertaining to racial victimhood and inherited property have been largely overlooked after political extremists hijacked this emotive debate.

Eurasia Future

11/15/17

Zimbabwe: Military takeover - Mugabe dynasty which has been ruling the former Rhodesia since its independence comes to an end - by Jason Burke

Robert Mugabe and his family remain under detention in Zimbabwe twelve hours after the military declared on national television that it had temporarily taken control of the country to “target criminals” around the head of state.

The move by the armed forces appears to have resolved a bitter battle to succeed the 93-year-old president, which had pitted his former vice-president, Emmerson Mnangagwa, against his wife, 52-year-old Grace Mugabe.

Mnangagwa was reported to have returned to Zimbabwe on Wednesday morning from South Africa, where he fled after being stripped of his office by Mugabe last week in an apparent attempt to clear Grace’s path to power.

The military takeover comes two days after the army chief – flanked by other senior officers – warned that he was prepared to “step in” to end turmoil in the ruling Zanu-PF party.

It is likely to signal the departure from power of the world’s oldest leader within days, weeks or at most months.

Soldiers have sealed access to parliament, government offices and courts in the capital, residents said. Access to the president’s official residence was also blocked by troops. But Harare appeared calm.

There was no sign of any resistance to the takeover or to the arrest of a series of senior officials associated with Grace Mugabe and her G40 faction. The youth wing of the ruling Zanu-PF, which had made defiant statements directed at the military earlier in the week, appeared to condone the military action.

Mnangagwa, a former spy chief, has strong support among many in Zimbabwe’s armed forces, and it is unclear who might oppose him in coming days.

In contrast, Grace Mugabe is deeply unpopular and has few allies internally or, crucially, regionally.

Read more: Mugabe family in detention after military takes control of Zimbabwe | World news | The Guardian

2/20/15

BRICS Banking: ​Russia ratifies $100bn BRICS New Development Bank

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.

The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.
  
Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.

It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.

The bank’s board of directors will hold its first meeting in Ufa in Russia in April. Russian Finance Minister Anton Siluanov is likely to become the bank’s first Chairman of the Board of Governors, according to Deputy Finance Minister Sergei Storchak talking on the Russia 24 TV channel.

The decision to establish the BRICS bank, along with a $100 billion reserve currency pool, was made in July 2014. Each of the five member countries is expected to allocate an equal share of the $50 billion startup capital that will be expanded to $100 billion.
 
The bank will be headquartered in Shanghai, India will serve as the first five-year rotating president, and the first Chairman of the Board of Directors will come from Brazil.
 
​Read more: Russia ratifies $100bn BRICS New Development Bank — RT Business

10/16/14

Restaurant Franchising: KFC, Subway, Steers: Talking restaurant franchising in East Africa

In the last five years a series of international restaurant franchises have opened in East Africa. American chains KFC, Naked Pizza and Subway; South African brands Big Square and Adega Restaurants, and UAE-owned Caramel Restaurant & Lounge are some that have launched in recent years.

More are set to open in coming months, including Mugg & Bean, a division of South African restaurant franchise group Famous Brands, and seafood chain Ocean Basket.

Fast-food franchise boss Azam Samanani says the “opportunity is obvious” in the food business. Samanani is managing director of Hoggers Limited, the Kenyan franchise holder for South African brands Debonairs Pizza, Steers and Ocean Basket.

“We have a growing population and a growing economy, and everyone likes to eat. There is also an additional value with established food brands,” he says. “It’s clear globally that Africa is the place that everyone wants to be, and when you look at the high-performing regions… East Africa is one of the obvious ones. It has infrastructure, a growing population and sophisticated clientele.”

“So all the fundamentals are there and, from an international standpoint, it seems to be less risky and also simpler compared with other regions.”

Read more: KFC, Subway, Steers: Talking restaurant franchising in East Africa

7/14/14

BRICS nations launch new development bank at summit in Brazil

A new international development bank and multi-billion emergency lending pool are set to be launched by Brazil, Russia, India, China and South Africa. The move comes at a summit meeting of BRICS leaders in Brazil.

The "New Development Bank" (NDB) is intended to compete with the World Bank and its private lending arm, the International Finance Corporation (IFC), by making it easier and quicker for developing countries to gain access to large-scale financing for infrastructure projects.

The BRICS will also set up a $100 billion (73.5 billion euros) joint US dollar currency reserve pool called the Contingent Reserve Arrangement (CRA), in order to provide emergency cash to BRICS countries faced with short-term currency crises or balance-of-payments problems, Russian Finance Minister Anton Siluanov has told reporters in Moscow.

Read more: BRICS nations launch new development bank | Business | DW.DE | 14.07.2014

2/22/14

Capital Markets: In Praise of Fragmentation - by Adair Turner:

Emerging markets are back in the spotlight. Investors and banks are suddenly unwilling to finance current-account deficits with short-term debt. South Africa, for example, has had to increase interest rates, despite slow economic growth, to attract the funding it needs. Turkey’s rate increase has been dramatic. For these and other emerging countries, 2014 may prove to be a turbulent year.

If volatility becomes extreme, some countries may consider imposing constraints on capital outflows, which the International Monetary Fund now agrees might be useful in specific circumstances. But the fundamental question is how to manage the impact of short-term capital inflows.

Until recently, economic orthodoxy considered that question invalid. Financial liberalization was lauded because it enabled capital to flow to where it would be used most productively, increasing national and global growth.

But empirical support for the benefits of capital-account liberalization is weak. The most successful development stories in economic history – Japan and South Korea – featured significant domestic financial repression and capital controls, which accompanied several decades of rapid growth.

Likewise, most cross-country studies have found no evidence that capital-account liberalization is good for growth. As the economist Jagdish Bhagwati pointed out 16 years ago in his article “The Capital Myth,” there are fundamental differences between trade in widgets and trade in dollars. The case for liberalizing trade in goods and services is strong; the case for complete capital-account liberalization is not.

One reason is that many modern financial flows do not play the useful role in capital allocation that economic theory assumes. Before World War I, capital flowed in one direction: from rich countries with excess savings, such as the United Kingdom, to countries like Australia or Argentina, whose investment needs exceeded domestic savings.

But in today’s world, net capital flows are often from relatively poor countries to rich countries. Huge two-way gross capital flows are driven by transient changes in perception, with carry-trade opportunities (borrowing in low-yielding currencies to finance lending in high-yielding ones) replacing long-term capital investment. Moreover, capital inflows frequently finance consumption or unsustainable real-estate booms.

And yet, despite the growing evidence to the contrary, the assumption that all capital flows are beneficial has proved remarkably resilient. That reflects the power not only of vested interests but also of established ideas. Empirical falsification of a prevailing orthodoxy is disturbing. Even economists who find no evidence that capital-account liberalization boosts growth often feel obliged to stress that “further analysis” might at last reveal the benefits that free-market theory suggests must exist.

It is time to stop looking for these non-existent benefits, and to distinguish among different categories of capital flows. Some are valuable, but some are potentially harmful.

Foreign direct investment (FDI), for example, can aid growth, because it is long term, involves investment in the real economy, and is often accompanied by technology or skill transfers. Equity portfolio investment may involve price volatility as ownership positions change, but at least it implies a permanent commitment of capital to a business enterprise. Long-term debt finance of real capital investment can play a useful role as well.

By contrast, short-term capital flows, particularly if provided by banks that are themselves relying on short-term funding, can create instability risks, while bringing few benefits.

Read more: Adair Turner: In Praise of Fragmentation

1/25/14

Global Economy: BRICS economies grappling with midlife crisis, says Nouriel Roubini

The BRICS economies are in the midst of a midlife crisis as a combination of factors including the failure to implement second-generation structural reforms and their move towards a growth-regime based on state capitalism, says American economist Nouriel Roubini.

"Are the BRICS (Brazil, Russia, India, China and, its most recent member, South Africa) in the midst of a midlife crisis? Based on recent data, this would appear to be the case," said Roubini, who anticipated the collapse of the US housing market and the global recession which started in 2008.

The economist said in the World Economic Forum blog that China grew at a rate of over 10 percent for 30 years but its growth rate has now slowed to around 7 percent, and it may fall further.

Talking about India, he said the country grew rapidly earlier this decade but its growth rate slumped to 5 percent in 2013 and may only modestly pick up this year.

The other BRICS are even "worse": in 2013 growth was 2.5 percent in Brazil, 1.3 percent in Russia and 1.9 percent in South Africa, Roubini said, adding that this year things will not be much better.

"Three of the five BRICS (Brazil, India and South Africa) are now part of what investors consider the Fragile Five emerging market economies (the other two being Turkey and Indonesia).

"These fragile emerging markets share weaknesses, such as large current account deficits, large fiscal deficits, falling growth, rising inflation and political and policy uncertainty, and they all face parliamentary or presidential elections this year," he said.

Listing out major reasons behind the problems affecting BRICS, Roubini -- professor of economics and international business at New York University -- stated the countries failed to implement second-generation structural reforms that are more micro-based and boost productivity growth.

"As a result, their potential growth rate has fallen."

Secondly, not only did these economies fail to implement market oriented reforms, they moved towards a growth regime based on state capitalism, wherein there is an excessive role of state-owned entities in the economy, he added.

Third, the commodity super-cycle is probably over - for a variety of reasons -- and this hurts the BRICS that are commodity exporters: Russia, Brazil and South Africa.

"Given the slowdown of China, after years of high prices, commodity prices may fall further, hurting the growth of the commodity oriented BRICS," said Roubini, well known for his bubble warnings and doom scenarios.

Fourth, in the boom years for BRICS and for emerging markets, macro policies became too loose, leading to overheating.

"Deterioration of macro policies was serious in Brazil, India and South Africa but even in China credit fuelled investment has led to a surge in public debt that will burden the official and shadow-banking system," he said.

The fifth reason, which ails the BRICS economies (specifically China and Russia), according to Roubini, is the absence of demographic dividend as the population is ageing for a number of reasons. Lower population growth is associated with lower potential growth, he observed.

Sixth, many BRICS may end up in the middle-income trap, failing to progress to a higher trajectory, Roubini said.

"Solid institutions, good governance and appropriate macro policies, mobilisation of savings, capital and labour inputs can lift an economy from a low per-capita income to middle-income status, but transitioning into a developed market is much more difficult," Roubini said.

The economist, however, believes there are reasons for being optimistic about prospects of BRICS for future growth.

"First, they are all large economies with large populations and markets, and three out of five still benefit from a demographic dividend.

"Second, in spite of the delays in the last decade, most may eventually shed a model of state capitalism and implement structural reforms that increase potential growth" he said.

Roubini stated that thirdly the macro weaknesses that some of them faced are solvable.

Besides, some secular forces are still in BRICS favour such as urbanisation, industrialisation and the catch up from low per capita income, among others, he added.

The economist said in the World Economic Forum blog that China grew at a rate of over 10 per cent for 30 years but its growth rate has now slowed to around 7 per cent, and it may fall further.

Talking about India, he said the country grew rapidly earlier this decade but its growth rate slumped to 5 per cent in 2013 and may only modestly pick up this year.

The other BRICS are even "worse": in 2013 growth was 2.5 per cent in Brazil, 1.3 per cent in Russia and 1.9 per cent in So ..


Read more: BRICS economies grappling with midlife crisis, says Nouriel Roubini - The Economic Times

12/10/13

South Africa: Nelson Mandela memorial draws thousands to stadium to celebrate ‘moment of sadness with song and dance - By Jon Gambrell, Julie Pace and Alan Clendenning

Among the nearly 100 heads of state and government were some from countries like Cuba that don’t hold fully democratic elections. On the way to the podium, Obama shook hands with Cuban President Raul Castro, underscoring a recent warming of relations between Cuba and the U.S.

The handshake between the leaders of the two Cold War enemies came while Obama was greeting a line of world leaders and heads of state. Among those he greeted was Brazilian President Dilma Rousseff, who has clashed with Obama over alleged National Security Agency spying.

The U.S. and Cuba have recently taken small steps toward rapprochement, raising hopes the two nations could be on the verge of a breakthrough in relations. But skeptics caution that the two countries have shown signs of a thaw in the past, only to fall back into old recriminations.

Read more: Nelson Mandela memorial draws thousands to stadium to celebrate ‘moment of sadness with song and dance’ | National Post

Netherlands: Dutch legislators want Suriname President Bouterse, a convicted cocaine trafficker, arrested while at Mandela funeral

Legislators in the Netherlands have called for the government to state whether it will be making an attempt to have Suriname President Desi Bouterse arrested while he is in South Africa attending the funeral of Nelson Mandela on Sunday.

There have also been calls from an anti-Bouterse movement for the amnesty law that could provide a pardon for his role in the murders of 15 citizens in 1982 to be rescinded.

The legislators have asked the Dutch Prime Minister Mark Rutte and the Foreign Minister to indicate whether the government was willing to request South Africa to arrest Bouterse and extradite him to the Netherlands to serve his jail term on cocaine trafficking charges.

Bouterse was convicted in absentia in 1999 and given an 11-year jail term.

He has consistently denied involvement in cocaine trafficking and managed to evade arrest and prison time by not travelling internationally until he became President in 2010.

Bouterse is the only head of state in the world who has been democratically elected  by a majority of the population, even though this majority was aware that he had a criminal record before they elected him. 

Obviously this does not bode too well for the image of Suriname as a whole and the quality of International laws which concern diplomatic immunity for heads of state who have criminal records.

EU-Digest

12/9/13

South Africa: World leaders gather for Mandela memorial service set to be among the largest in generations

\Nelson Mandela
Nearly 100 foreign leaders and tens of thousands of South Africans are expected to gather at a Soweto soccer stadium Tuesday to pay their last respects to former President Nelson Mandela, making the memorial service one of the largest and most prominent such gatherings in generations.

United Nations Secretary-General Ban Ki-moon and many European leader,  President Barack Obama and three of his predecessors, are among those expected to assemble at Johannesburg's 95,000-capacity FNB Stadium, the South African government said Monday.

Mandela, the country's anti-apartheid icon and a Nobel Peace Prize laureate, died Thursday at age 95.
Here is a look at memorials in recent decades that drew the world's attention — and its leaders:

—Winston Churchill: His 1965 funeral was attended by "Four kings, two queens, presidents — including France's Gen. Charles de Gaulle in uniform — prime ministers and statesmen from 113 nations," The Associated Press reported. Hundreds of thousands of people had paid tribute while his body lay in state for three days, and thousands lined the route to the funeral service.
—Pope John Paul II: His 2005 funeral drew President George W. Bush and French President Jacques Chirac among "dignitaries from more than 80 countries, including the presidents of Syria and Iran, and the king of Jordan," the AP reported. "At least 300,000 people filled St. Peter's Square ... but millions of others watched on giant video screens set up across Rome."
—President John F. Kennedy: His 1963 funeral was attended by "28 presidents, prime ministers and kings." As his horse-drawn coffin moved through Washington, "streets were lined by hundreds of thousands of people, many of them weeping."
—Yitzhak Rabin: The 1995 funeral for the assassinated Israeli prime minister and Nobel Peace Prize winner was attended by President Bill Clinton and more than 40 other presidents or prime ministers, including some Arab ones. "It was a collection of heads of states that only three years ago would have been unimaginable," the AP reported.
—Princess Diana: While her 1997 funeral drew British Prime Minister Tony Blair, then-U.S. first lady Hillary Rodham Clinton and numerous foreign dignitaries, "organizers said they wanted to keep the number of politicians low to accommodate Diana's friends and people connected with charities she supported."
—Mao Zedong: While a million people attended a memorial rally in Beijing for the Chinese leader in 1976, the government that long had largely closed itself off from the world continued the practice that day. "No foreign dignitaries were invited to Peking for the rally," the AP reported.
—Anwar Sadat: Three former U.S. presidents attended the Egyptian president's 1981 funeral, as well as about a dozen heads of state and Prince Charles and other royalty. Heads of state of other Arab countries largely did not come.
—Nelson Mandela: After the memorial service, Mandela's body then will lie in state in Pretoria for three days, and he will be buried during a state funeral in his rural hometown of Qunu on Dec. 15.

Read more: World leaders gather for Mandela memorial service set to be among the largest in generations

12/5/13

South Africa's Nelson Mandela dies in Johannesburg

RIP Nelson Mandela
In a statement on South African national TV, Jacob Zuma said Mr Mandela had "departed" and was at peace.

"Our nation has lost its greatest son," Mr Zuma said.

He said Mr Mandela would receive a full state funeral, and flags would be flown at half-mast.
BBC correspondents say Mr Mandela's body will be moved to a mortuary in Pretoria, and the funeral is likely to take place next Saturday.

A crowd has gathered outside the house where Mr Mandela died. Some are flying South African flags and wearing the shirts of the governing African National Congress, which Mr Mandela once led.

The Nobel Peace Prize laureate was one of the world's most revered statesmen after preaching reconciliation despite being imprisoned for 27 years.

He had rarely been seen in public since officially retiring in 2004. He made his last public appearance in 2010, at the football World Cup in South Africa.

Mr Obama, the first black president of the United States, said he was one of the millions who drew inspiration from Mr Mandela's life.

FW de Klerk, who as South Africa's last white president ordered Mr Mandela's release, called him a "unifier" and said he had "a remarkable lack of bitterness".

He told the BBC: "I think his greatest legacy... is that we are basically at peace with each other notwithstanding our great diversity, that we will be taking hands once again now around his death and around our common sadness and mourning."

UK Prime Minister David Cameron also paid tribute, saying "a great light has gone out in the world".

Note EU-Digest: A great leader dies and  joins George Washington, Napoleon, Ataturk, Mao Gandhi and Churchill in the ranks of leaders who changed the course of history

Read more: BBC News - South Africa's Nelson Mandela dies in Johannesburg

3/28/13

BRICS to Set UP Joint Business Council

Russia and four other major emerging economies on Wednesday agreed to set up a council that seeks to facilitate joint business projects.

But the five countries, known as BRICS, put off the establishment of a joint development bank, saying the move requires more work.

A brief dust-up involving President Vladimir Putin's security detail at one point disrupted the refined ambience of the meetings that the country leaders held in Durban, South Africa.

The BRICS Business Council brings together five representatives from each of the countries — Russia, China, Brazil, India and South Africa — and aims to strengthen trade and investment ties among their business people through technical support and advice.

"Business communities must focus on the search for new opportunities to start multilateral investment projects," President Vladimir Putin said at a BRICS meeting in Durban, South Africa. "The Russian government will provide all possible support to the work of business communities of our countries."

Read More: BRICS to Set UP Joint Business Council | News | The Moscow Times

3/26/13

BRICS Credit Rating Agency Proposal Being Finalized - by Rajeev Sharma

Finance ministers from Brazil, Russia, India and China will meet ahead of country leaders on Tuesday in Durban, South Africa, to work on details of a proposal to create a BRICS credit rating agency.

"The issue … will come up for some intense discussions when BRICS finance ministers meet in Durban on March 26 ahead of the BRICS leaders' fifth summit," said an Indian official closely involved in the intra-BRICS discussions on this matter. He spoke on condition of anonymity, since he is not authorized to speak to the media. "The ball will now be in the court of BRICS finance ministers who will decide what is to be done. The matter would be put before the BRICS leaders' consideration only after the finance ministers make such a determination in their wisdom," the official added.

He also said the move was aimed at creating long-term political and economic benefits.

Politically, a BRICS-run rating agency would have the goal of providing an alternate mechanism to give credit ratings to emerging-market countries, assessments that are independent of the developed world's ratings — often seen in the developing world as being biased and politically motivated.

Economically, a BRICS rating agency would aim to get market share in the ten billion dollar rating industry, the official said. Currently, three Western giants — S&P, Fitch and Moody's — have a 90 percent share of the ratings market and are headquartered in the United States. Fitch has dual headquarters in New York City and London and is controlled by a French company.

The Indian position on the subject was highlighted by retired Indian Home Secretary Gopal Krishna Pillai. While speaking at a seminar organized by the Indian think tank Observer Research Foundation in New Delhi in July, Pillai said BRICS members should also establish an international credit rating agency to offset the biased agendas of some of the rating agencies. He said this was necessary to control what he called the "skewed information inflows" in the world.

BRICS Credit Rating Agency Proposal Being Finalized | Business | The Moscow Times

12/20/12

Environment: EU-South Africa cooperation

The European Commission’s Joint Research Centre (JRC) and South Africa’s National Space Agency (SANSA) signed, on 6 December, a cooperation agreement to better exploit remote sensing technologies for monitoring atmospheric, terrestrial and marine environments. The signature took place in the context of a high-level meeting on scientific collaboration to improve disaster anticipation and resilience organised at the initiative of Commissioner Máire Geoghegan-Quinn and attended by senior officials of the Commission, the Carnegie group countries (G8+5), the World Bank and the United Nations.

The objective of the JRC-SANSA agreement is to work together on a better understanding of the dynamics and evolution of our natural environment through optimal exploitation of Earth observation data and to develop technologies and services that support not only national policies but also international issues and policies for disaster risk reduction, early warning and emergency management.

Read more: 06/12/2012 Environment: EU-South Africa cooperation

9/18/12

South Africa - Airbus and Denel Aerostructures sign landmark agreement:

A400M military transport
Denel Aerostructures (DAe) and  Airbus Military have signed a new agreement for the manufacturing of components for the A400M military transport aircraft, strengthening the company’s position in the international defense environment and confirming it as one of South Africa’s strategic public assets.

Addressing senior government officials, diplomats and Airbus executives before the signing ceremony, Denel Aerostructures Chief Executive Officer Ismail Dockrat, said the historic signing was an event of great significance not only to DAe, but also the broader South African defence industry.  It not only confirmed the company’s growing stature in the international defence environment, it also showed the company as a reliable participant in multi-national manufacturing initiatives life the A400M programme.

Public Enterprises Minister Malusi Gigaba said the company employed some of the most highly-skilled technicians and engineers in the country. The government considered it a national strategic asset and in this regard it was necessary to foster its growth and development. Gigaba said the allocation for R700 million in the 2012 budget further underlined this position.

Read more: SABC News.com - Airbus and Denel Aerostructures sign landmark agreement:Monday 17 September 2012

4/9/12

Golf: 'Bubba Golf' masters the art of impossible play-off shots

'Bubba Golf' is set to become a worldwide phenomenon after Bubba Watson defied decades of conservative golfing wisdom to win the 76th Masters.

Self-taught and free-wheeling, the idiosyncratic Watson produced a stunning hooking wedge shot off pine straw through a gap from deep in the woods on the second play-off hole to set-up a simple two-putt par for victory.

It was good enough to beat South African Louis Oosthuizen's bogey and hand him his first major title, becoming the third lefthander to win a green jacket in the past 10 years.

4/1/12

BRICS Summit: A perspective from Brazil

Oliver Stuenkel was part of Brazil’s delegation to the Track II academic forum in preparation for the New Delhi Summit for the leaders of Brazil, Russia, India, China and South Africa (BRICS) which was held on Thursday.

Stuenkel specialises in Brazil's relations with India, but also more broadly focuses his research on the BRICS. He is currently a professor of international relations at Getulio Vargas Foundation in Sao Paulo. He also runs a blog called Post Western World, which looks at how emerging powers are changing the world.

In the article, see link below is an interview with Stuenkel, where he sheds light on Brazil and the prospects and challenges the BRICS face. He also pushes back against those who say that the BRICS countries have failed.
For more: BRICS Summit: A perspective from Brazil | Al Jazeera Blogs