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☆ South Africa targets $111 billion investment goal in tough investor climate
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] South Africa's President Cyril Ramaphosa looks on as he delivers the opening address at the 5th Investment Conference to showcase opportunities available in the country to local and international companies, in Sandton, South Africa, April 13, 2023. Jairus Mmutle/Government Communication Information System (GCIS)/Handout via REUTERSJOHANNESBURG, April 13 (Reuters) - South Africa needs to urgently fix energy, transport and security challenges if it is to reverse souring investor sentiment, executives said on Thursday as President Cyril Ramaphosa targets 2 trillion rand ($111 billion) in new investments over the next five years. "The way we see it for the future of South Africa, international investment is so important and these challenges make it difficult for us to position the potential of South Africa as an attractive investment destination while there is uncertainty on when reforms will be implemented," Brown said. South Africa has experienced its worst power cuts on record, leaving businesses and households in the dark for up to 10 hours daily. The South African Reserve Bank estimates these blackouts have shaved off at least 2 percentage points from growth.

☆ Goldman Sachs reshuffles equities unit executives after top trader Montesano's exit
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Goldman Sachs Group Inc (GS.N) on Wednesday announced a slew of changes to leadership in its equity trading division following the retirement of its top equity trader Joe Montesano last month, according to a memo seen by Reuters. Cyril Goddeeris will continue to lead global equity financing, which includes his responsibilities as co-head of global prime services and head of global securities lending and synthetic trading. Dimitrios Nikolakopoulos will lead global equity structured products. Dmitri Potishko and Erdit Hoxha will be co-heads of global flow derivatives and emerging markets trading. Travis Chmelka, who joined the firm in 2004 and was named managing director in 2013 and partner in 2020, will head Americas Flow Derivatives.

Atul Gupta and his brother Rajesh allegedly leveraged their close ties to South Africa’s government to build a business empire. South Africa’s justice minister said that the United Arab Emirates had refused the extradition of two India-born brothers who were allegedly at the center of a large government corruption scandal in Africa’s most developed economy. South African authorities say that Atul and Rajesh Gupta for years leveraged their close ties to former President Jacob Zuma and other senior officials in the ruling African National Congress to build a business empire that once stretched from media to mining. Failure to try them in South Africa would be a big blow for President Cyril Ramaphosa , who took over in 2018 after the ANC ousted Mr. Zuma largely because of his alleged ties to the Gupta brothers.

☆ Inside the creation of Revolve's first-ever AI-generated billboards
▼ + stars: | 2023-04-07 | by ( Ryan Joe | ) www.businessinsider.com time to read: +4 min

Revolve's co-CEO said generative AI might lead to budgets shifting for future ad campaigns. What made these particular billboards different from other out-of-home creative is that they were developed using generative AI tools. Thanks to the generative AI explosion, anyone can create a piece of art just by typing in a prompt. Using generative AI to create high-quality images for ads, especially scaled to billboard size, is a huge challenge because it's difficult to control the final result. AI-generated billboard art RevolveThere are time and cost savings when using generative AI tools, Foiret said.

☆ South Africa revokes 'state of disaster' declared over power crisis
▼ + stars: | 2023-04-05 | by ( Kopano Gumbi | ) www.reuters.com time to read: +3 min

The state of disaster gave the government additional powers to respond to the crisis, including by permitting emergency procurement procedures with fewer bureaucratic delays and less oversight. The newly appointed electricity minister Kgosientsho Ramokgopa said some crisis measures would remain in place. "The state is withdrawing the national state of disaster in response to OUTA's legal action challenging its rationality," said OUTA, a non-profit organisation that focuses on fighting government corruption and tax abuses. REUTERS/Esa AlexanderOUTA said the disaster regulations would have enabled corruption and that the crisis could be managed using existing laws. President Cyril Ramaphosa invoked disaster regulations on Feb. 9 to fight a paralysing power crisis that has included daily rolling power cuts by Eskom.

Wednesday's talks were the first high-stakes meeting between the government of President Emmanuel Macron and union bosses since nationwide protests and strikes against the legislation started in mid-January. The talks, ahead of a new day of walkouts and marches planned for Thursday, lasted about an hour. Borne told reporters that she was open to further talks but that she would not backdown on the retirement age. Labour representatives complain they are not being listened to despite weeks of protest marches and unrest against the pension overhaul. Chabanier said the unions told Borne the only way out of the deadlock was for the government to withdraw the reform.

☆ South Africa fights to keep phone networks up as lights go out
▼ + stars: | 2023-04-05 | by ( Nqobile Dludla | ) www.reuters.com time to read: +8 min

A bank of expensive backup batteries, theft-proofed within a block of concrete. "Our costs have gone through the roof," lamented Sitho Mdlalose, managing director of Vodacom South Africa (VODJ.J). President Cyril Ramaphosa in February declared a national state of disaster, calling the crisis an existential threat to South Africa's social fabric. While most network towers in South Africa are equipped with a battery for backup power, more advanced systems are less common. That risks delaying South Africa's pivot to the digital economy and could leave rural areas, which already suffer from sparse coverage, lagging even further behind.

☆ Rare T-Rex skeleton to go under the hammer in Switzerland
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

[1/3] A 67-million-year-old T-Rex skeleton named "TRX-293 TRINITY Tyrannosaurus" and measuring 11.6m long and 3.9m high, is seen during a preview at Koller auction house in Zurich, Switzerland March 29, 2023. The giant carnivore, named TRX-293 Trinity, is expected to fetch between 5 million ($5.43 million) and 8 million Swiss francs ($8.70 million) when it goes on sale in Zurich on April 18. Standing 3.9 metres high and measuring 11.6 metres long, it is only the third T-Rex skeleton to be offered at auction, and the first in Europe. Discoveries of T-Rex fossils are extremely rare, said Hans Jacob-Siber, a paleontologist at the Aathal Dinosaur Museum in Switzerland. Almost all of the other fossilised T-Rexes are housed in museums, meaning massive interest whenever a skeleton comes up for sale.

"Indian firms that do not increase their prices and (don't) focus hard on profitability do so at their own peril. The move, while long-sought by overseas law firms, appears to have been somewhat unexpected in its timing. Foreign law firms have yet to announce plans for new offices in India but international firms like Allen & Overy and Herbert Smith Freehills told Reuters they are examining the new rules. Lalit Bhasin, who heads the Society of Indian Law Firms, said there were concerns that a foreign law firm might de facto operate as a full-service firm by hiring local law firms to advise on areas concerning Indian law. "Who is going to monitor whether that foreign law firm is not engaged in practice of Indian laws?"

☆ South African rand weakens ahead of anti-government protest
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 20 (Reuters) - The South African rand weakened against the dollar on Monday ahead of planned protests by the Marxist Economic Freedom Fighters (EFF) party. At 0743 GMT the rand traded at 18.4350 against the dollar, 0.16% weaker than its previous close. South African security forces on Monday said 87 people had been arrested over the past 12 hours over public violence. The Marxist Economic Freedom Fighters (EFF) party has called for a national shutdown to protest crippling power cuts and demand the resignation of President Cyril Ramaphosa. "This constitutes a risk event for the country and could harm sentiment on South African markets if the outcome is bad," ETM Analytics said in a note.

☆ South African authorities arrest 87 ahead of anti-government protest
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 20 (Reuters) - South African security forces said on Monday that 87 people had been arrested in the last 12 hours across the country over public violence ahead of planned protests by the Marxist Economic Freedom Fighters (EFF) party. The EFF has called for a national shutdown to protest crippling power cuts and demand the resignation of President Cyril Ramaphosa. The party's main constituency are the poor and working class Black South Africans who feel left out of the country's prosperity since the governing African National Congress (ANC) ended white minority rule in 1994. Parliament said in a statement on Sunday that the South African military would deploy 3,474 troops for a month until April 17 to prevent and combat crime in cooperation with the police. "Law enforcement officers are on high alert and will continue to prevent and combat any acts of criminality," NatJOINTS said.

☆ South Africa's EFF marches to demand president's resignation
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

[1/5] Members of the political party, Economic Freedom Fighters (EFF), gather at Church Square after calling for a "National Shutdown" and demanding resignation of President Cyril Ramaphosa in Pretoria, South Africa March 20, 2023. REUTERS/Alet PretoriusJOHANNESBURG, March 20 (Reuters) - Thousands marched through the streets of South Africa's cities on Monday to demand that President Cyril Ramaphosa resign, as security forces guarded malls and roads to prevent violence and looting. The Marxist Economic Freedom Fighters (EFF) party, whose supporters are mainly poor and working class Black South Africans who feel marginalised since the governing African National Congress (ANC) ended white minority rule in 1994, had called for a national shutdown. South African security forces said on Monday that 87 people had been arrested in the last 12 hours over public violence ahead of planned protests. Parliament said in a statement on Sunday that the South African military would deploy 3,474 troops for a month until April 17 to prevent and combat crime in cooperation with the police.

☆ South Africa aware of legal obligations regarding Putin visit
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 19 (Reuters) - South Africa is aware of its legal obligation, a spokesperson for President Cyril Ramaphosa said on Sunday, referring to a proposed visit by Vladimir Putin after an international court issued an arrest warrant against the Russian leader. Russian President Putin was expected to visit South Africa in August to attend a BRICS summit. But such a visit would place Ramaphosa's government, which has not condemned Russia's invasion of Ukraine, in a precarious position after the arrest warrant issued by the International Criminal Court (ICC) on Friday. "We note the report on the warrant of arrest that the ICC has issued," Magwenya said. "It remains South Africa's commitment and very strong desire that the conflict in Ukraine is resolved peacefully through negotiations."

☆ Britain's King Charles hands Duke of Edinburgh title to Prince Edward
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Maja Smiejkowska/File PhotoLONDON, March 10 (Reuters) - Britain's King Charles named his younger brother Prince Edward as the new Duke of Edinburgh on Friday, handing him the title last held by their father Prince Philip, Buckingham Palace said in a statement. Edward, 59 on Friday, becomes the latest member of the royal family to be granted a new title since Charles became king in September after the death of his mother, Queen Elizabeth. William, Charles's eldest son and heir to the throne, was named Prince of Wales, while the children of his second son Harry, no longer a working royal, were officially named as prince and princess earlier this week. Edward's new title comes after he took on a number of his father's roles, including at The Duke of Edinburgh Award charity which encourages young people to undertake challenges. Philip had held the title of the Duke of Edinburgh since his marriage to the then Princess Elizabeth in 1947 until his death in 2021.

☆ The energy CEO poisoned with cyanide-laced coffee plans to 'lay low' and 'watch out for who invites me to coffee' after losing access to his bodyguard
▼ + stars: | 2023-03-02 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Eskom's former CEO plans to "lay low" and go abroad for a while after cyanide poisoning. De Ruyter alleged corruption in South Africa's government in an explosive interview last week. He described the incident in greater detail in his TV interview, saying his personal assistant had served him instant coffee because the coffee machine at Eskom's headquarter was being repaired. Since De Ruyter was appointed as CEO in 2019, he has tried to clamp down on corruption in the energy sector. He also pointed to South Africa's governing party, the African National Congress, for the power shortages saying "it's a little bit like a Venn Diagram."

☆ Americans arrested for allegedly sending aviation technology to Russia
▼ + stars: | 2023-03-02 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

March 2 (Reuters) - Two Americans were arrested in Kansas City on Thursday for an alleged scheme to send aviation-related technology to Russia in violation of U.S. export controls. The defendants are charged with conspiracy, exporting controlled goods without a license, falsifying and failing to file export information, and smuggling goods contrary to U.S. law. The U.S. imposed additional restrictions on avionics after Russia invaded Ukraine last year, along with controls on other goods targeting Russia's defense, aerospace and maritime sectors. The controls were later expanded to include Russia’s oil refining, industrial and commercial sectors, and luxury goods. Reporting by Karen Freifeld; Editing by Leslie Adler and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Lil Wayne Sells Contemporary Miami Beach Home for $22.583 Million
▼ + stars: | 2023-03-01 | by ( E.B. Solomont | ) www.wsj.com time to read: 1 min

Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. The rapper Lil Wayne has sold his waterfront home in Miami Beach, Fla., for $22.583 million, according to listing agent Cyril Matz of Douglas Elliman .

Treasury said the government planned to take on 254 billion rand ($14 billion) of Eskom's 423 billion rand debt it said was at risk of default, to enable the utility to pay down the debt and interest obligations. South Africa has been struggling for years to overhaul Eskom, which is plagued by corruption and mismanagement and has received 263.4 billion rand in bailouts since 2008/09. Treasury said about 168 billion rand of Eskom’s debt relief will be in capital and 86 billion rand in interest payments over the next three years. Eskom's debt relief has strict conditions, Treasury said. A proposal to address the debt municipalities owe Eskom, at 56.3 billion rand as of end December 2022, was being finalised.

☆ South African cities scramble to keep the lights on
▼ + stars: | 2023-02-21 | by ( Carien Du Plessis | ) www.reuters.com time to read: +4 min

Officials plan to procure up to 500 megawatts (MW) from private power companies by 2026 to provide roughly a third of the city's annual 1,500-1,800 megawatts (MW) electricity needs. [1/5] A woman tests LED lights on a solar panel at their factory called Ener-G-Africa, where they produce high-quality solar panels made by an all-women team, in Cape Town, South Africa, February 9, 2023. The neighbouring Ekurhuleni municipality has signed deals with 46 private power companies for 700 MW, according to its 2020/2021 annual report. Hill-Lewis said Cape Town also plans to change its energy policy to allow households and businesses that produce solar power to sell the excess to the city. In Cape Town, for those wanting to sell excess power to the city, a 12,000 rand feed-in meter is required.

☆ South Africa's Eskom ramps up power cuts to 'Stage 6'
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 19 (Reuters) - South Africa's state power utility Eskom on Sunday said it would implement "Stage 6" power cuts continuously until further notice due to breakdowns of eight generation units on Sunday afternoon. Further changes on the stages of loadshedding at short notice are possible given the high number of breakdowns, Eskom said in a statement. Eskom has been implementing the worst rolling blackouts in South Africa on record, leaving households in the dark, disrupting manufacturing and hurting businesses of all sizes, leading to President Cyril Ramaphosa declaring a national "state of disaster" earlier this month over his country's crippling power shortages. The "Stage 6" power cuts, the worst outage level on record, require up to 6,000 megawatts to be shed from the national grid, and mean up to 10 hours a day without power for some South Africans. Reporting by Jyoti Narayan in Bengaluru, Editing by Angus MacSwan and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ South Africa declares national state of disaster over floods
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Feb 13 (Reuters) - South African President Cyril Ramaphosa has declared a national state of disaster to enable an intensive response to widespread flooding that has affected seven of the country's nine provinces. Invoking the national disaster act gives the government additional powers, including in the procurement and delivery of goods and services and the ability to bypass restrictions under current law. The national police and defence force may be called on to help respond to the flooding, the statement said. Ramaphosa declared a national state of disaster last week over South Africa's power crisis, as daily rolling power cuts are paralyzing businesses. The national disaster act was also invoked in March 2020 to deal with the coronavirus pandemic, and last April to respond to floods in the eastern province of KwaZulu-Natal.

London CNN —South Africa’s President Cyril Ramaphosa has declared a national state of disaster in response to the country’s drawn-out energy crisis, calling it “an existential threat” to Africa’s most developed economy. Blackouts in South Africa — or load-shedding as they’re known locally — have been lasting for as long as 12 hours a day. Dwayne Senior/Bloomberg/Getty ImagesRamaphosa said Thursday that the national state of disaster would begin with immediate effect. Eskom has very little backup power, which makes it difficult to take units offline to perform crucial maintenance work. Years of mismanagement and systematic corruption are believed to be the key reasons why Eskom has been unable to keep the lights on.

☆ South Africa President Declares State of Disaster Over Power Cuts
▼ + stars: | 2023-02-09 | by ( Alexandra Wexler | ) www.wsj.com time to read: 1 min

JOHANNESBURG—South African President Cyril Ramaphosa on Thursday declared a national state of disaster over the country’s rolling power cuts and said he would appoint a minister of electricity to oversee the response to the outages, which have reached new records in recent weeks. The power cuts—caused by constant breakdowns and lengthy maintenance shutdowns affecting South Africa’s aging fleet of coal-fired power stations—have left households and businesses without electricity for as much as 11 ½ hours a day over the past three months.

[1/4] South African President Cyril Ramaphosa speaks during his 2023 state of the nation address in Cape Town, South Africa, February 9, 2023. "We are in the grip of a profound energy crisis," Ramaphosa said in his annual State of the Nation Address to parliament. State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark, disrupting manufacturing and hurting businesses of all sizes. Declaring a national state of disaster gives the government additional powers to respond to a crisis, including by permitting emergency procurement procedures with fewer bureaucratic delays and less oversight. Ramaphosa said on Thursday he would appoint a minister of electricity within the presidency to focus solely on the crisis.

☆ South Africa's consumer goods firms warn of much higher prices as power cuts bite
▼ + stars: | 2023-02-08 | by ( Nqobile Dludla | ) www.reuters.com time to read: +2 min

[1/2] A shopper looks for goods during an electricity load-shedding blackout in Johannesburg, South Africa, February 12, 2019. Food, consumer goods companies and retailers in South Africa are cranking up diesel generators and spending more on back up power supplies, adding to the pressure from soaring costs for raw materials, transportation and packaging. In an open letter to President Cyril Ramaphosa, the chief executives of member companies of the Consumer Goods Council of South Africa pleaded for urgent and decisive action from the government to solve the power crisis. Shoprite has said its additional spend on diesel to operate generators amounted to 560 million rand ($32 million) in the six months to Jan.1. Supermarket group Pick n Pay (PIKJ.J) spent 346 million rand in the 10 months to Dec. 25 to run generators, and is currently spending about 60 million rand per month.

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