South Africa’s Trade Promotion Efforts are Crucial to Economic Growth

  South Africa’s Trade Promotion Efforts are Crucial to Economic Growth According him, the agreements such as the AfCFTA lay the basis for increased infra-Africa trade and ‘cement the continent’s position as the next growth frontier. The AfCFTA was officially launched into its implementation phase at a Special AU (African Union) Summit in Niamey in Niger, after 54 countries signed the agreement and 27 countries ratified it, and trading under the terms of the AfCFTA intended to come into effect on 1 July 2020. “The Agreement will fundamentally change and…

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PE port strike hampers vehicle and citrus exports

  Transnet has obtained a court interdict to stop illegal strike action by employees at the Ngqura Container Terminal after it severely disrupted production at the Volkswagen South Africa (VWSA) manufacturing plant in Uitenhage and caused a crisis in the citrus industry in the Eastern Cape. The go-slow at the Port Elizabeth terminal resulted in VWSA losing three shifts and the production of 680 VW Polos and Polo Vivos. It also saw the Citrus Growers Association calling on trade and industry minister Ebrahim Patel to intervene on behalf of the…

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Footgear buys Edgars Active as Edcon downscaling continues

  SA’s largest non-food retailer Edcon is set to reduce its size further with the sale of its 104-store Edgars Active and High Key chain to Cape Town-based retailer Footgear for an undisclosed amount. The deal was announced by Footgear and Old Mutual Private Equity (OMPE) on Monday. OMPE last month became a majority shareholder in Footgear, a growing player in the branded footwear retail arena with 63 stores largely in the Western Cape and Gauteng. The deal will see Edcon’s total retail footprint decline to around 1 100 stores…

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Lenovo takes top spot for best-selling PC brand for Q2 2019 – Gartner

CAPE TOWN – Research and advisory firm Gartner released its 2019 PC market statistics for the second-quarter which revealed that Lenovo is the biggest PC brand in the world. According to the stats, which is based on the sales of desktop PCs, notebook PCs, and portable premium products, but not Chromebooks or iPads, Lenovo’s success was due to strong year-over-year growth. Mikako Kitagawa, senior principal analyst at Gartner said in a statement: “Worldwide PC shipments growth was driven by demand from the Windows 10 refresh in the business market in…

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OPINION: Industry leaders trying to find value in frontier markets

  JOHANNESBURG – Established South African industry leaders are struggling with the well-known challenges of doing business in Africa. From Nigeria to Uganda, the regulatory challenges faced by telecoms company MTN resemble a cruel game of whack-a-mole: As soon as you fix one, another appears. Africa’s leading retailer, Shoprite, reported its largest earnings decline in more than a decade, citing currency devaluation in Angola as the cause. In the financial services sector, Liberty Holdings is looking to sell down loss-making African operations in asset management and health. Newer entrants with…

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Bidvest enters deal to buy Eqstra Fleet Management and Logistics

  DURBAN – THE BIDVEST group has said that it had entered into an agreement to buy Eqstra Fleet Management and Logistics (Eqstra) from enX for a reported R3.1 billion. The group said the 100 percent purchase of Eqstra would include an equity value of R1.3bn. It said the acquisition remained subject to approval from enX shareholders, the Prudential Authority and the Competition Commission. Bidvest said it planned to have the transaction concluded before the end of the year. It said the purchase was in line with its stated strategic…

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