China to invest nearly $15bn in SA
BusinessLive - Jul 24th 2018, 13:53
China will invest $14.7bn in SA, President Cyril Ramaphosa said on Tuesday, after talks between the two countries.
The news led to the rand firming 1%.
Speaking at the same event, Chinese President Xi Jinping said the world’s second-biggest economy would take active measures to expand imports from SA to support development in Africa’s most industrialised economy.
Ramaphosa has set a target of attracting $100bn in new investment in SA over five years, from local and foreign investors, to spur growth in an economy that is in danger of teetering into recession.
He returned from a trip to Saudi Arabia two weeks ago and announced SA had clinched the first R12bn of a promised $10bn in investment from the kingdom.
As the Financial Mail noted, he has raised $20bn from Saudi Arabia and the United Arab Emirates combined, mainly in energy and tourism; R850m from the UK; and R10bn from Mercedes-Benz to expand its East London manufacturing plant.Business Live
South Africans are spending less on their weekly shopping trip
23/05/2019 - 09:44
Tiger Brands, which carries brands including Koo canned foods, All Gold, and Tastic rice, said that revenue from continuing operations fell 2% to R15.4 billion in the interim period.
Another recession in 2019 is probable, warns Old Mutual economist
22/05/2019 - 10:21
SA will probably enter another recession given the weak performance in the first quarter of 2019, Old Mutual Investment Group chief economist Johann Els warned.
US jealousy sparked trade wars, says Chinese ambassador
21/05/2019 - 10:48
The US is jealous of China’s rapid economic growth and achievements in the past few years and was using the trade wars to frustrate and stall it, Lin Songtian, the Chinese ambassador to SA said.
Walmart reveals plans for a new corporate campus
20/05/2019 - 17:04
Corporate America has been under political pressure to ramp up investments at home.
Alibaba beats analyst estimates as recommendations boost sales
17/05/2019 - 09:38
The Alibaba Group posted quarterly revenue and earnings that topped analyst estimates as personalised recommendations drive consumer spending across its shopping sites.