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south africa economy Business 

Surprise Growth Makes South Africa’s Economy Bigger Than Before Pandemic Struck

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  (Bloomberg) — South Africa’s economy is bigger than before the coronavirus pandemic struck, after growing faster than expected in the third quarter on increased farm output. Gross domestic product expanded 1.6% in the three months through September, compared with a contraction of 0.7% in the previous quarter, Statistics South Africa said Tuesday in a report released in the capital, Pretoria. The median of 12 economists’ estimates in a Bloomberg survey was for growth of 0.4%. The economy grew 4.1% from a year earlier. Full-year growth may also surprise on…

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Business 

PRESIDENT RAMAPHOSA: ‘INVESTMENT CONFERENCE TO ATTRACT SIGNIFICANT INTERNATIONAL FUNDING TO SA’

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President Cyril Rampahosa has announced that the fourth annual South Africa Investment Conference will be held in March 2022, with the event expected to attract significant international funding to South Africa. The government held the first investment conference in 2018 as part of a drive to raise R1.2 trillion in new investment over five years. The conference was attended by over a thousand delegates in 2018 and 2019, and in 2020 was held in a hybrid format due to the Covid-19 pandemic. Together, these conferences raised just over R770 billion…

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felix tshisekedi /africa business report Business 

DR Congo president seeks review of mining contracts with China

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  Felix Tshisekedi, the president of the Democratic Republic of the Congo (DRC), has called for a review of mining contracts signed with China in 2008 by his predecessor, saying he wanted to get fairer deals. A statement after a cabinet meeting on Friday said Tshisekedi called for the “technical and financial details of Sino-Congolese contracts” at the next meeting. KEEP READING At least 50 feared dead in DR Congo mine collapse DRC gov’t says 12 people died after Angola mine tailings leak At least 50 killed in attacks on…

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south african airways /kenyanwallstreet Business 

South African Airways exits bankruptcy after 17 months

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 REUTERS—-South Africa’s struggling national airline South African Airways (SAA) on Friday exited a local form of bankruptcy protection called business rescue after roughly 17 months. SAA was placed under administration in December 2019, and its long-standing financial woes worsened during the COVID-19 pandemic. All operations were mothballed in September 2020. Its administrators said in a statement that they had filed a notice of “substantial implementation” of a business rescue plan with South Africa’s Companies and Intellectual Property Commission. That meant they had “effectively discharged the business rescue and handed over…

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Business 

Despite Pandemic, Hotel Chains Grow in Africa

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Global chains snap up distressed independent properties in bid to expand footprints   JOHANNESBURG—Africa’s tourism sector has cratered in the face of the coronavirus, but the world’s biggest hotel chains remain committed to the continent. Major hotel chains, from Marriott International MAR -1.66% to Radisson Hotel Group and Paris-based Accor, AC -2.39% Europe’s largest hotel company, say their African businesses are not only holding up, they are determined to stay on track with, if not grow, their footprints. The companies see sub-Saharan Africa as underserved and underdeveloped in terms of hotels and predict that demand for both business…

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imf /dw Business 

IMF & LIBERIA: THE NEOLIBERAL AGENDA OF CAPITALISM

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  By: Andrew Borbor Werlay Jaye Jr.   This paper was originally a Political Science research work. But given the fact of the Liberia-IMF scandalmongering character of the Liberian crisis under the kleptocracy of Mr. Weah, this paper deserves public consumption for both the enlightenment and redemption of the Liberian political superstructure and economic base. It remains to be seen that it covers events prior to, and events after the Weah Government signed up to the neoliberal conditionalities of the Bretton Woods Institution (IMF) under the Extended Credit Facility (ECF)…

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Liberian Economy Group (LEG) Bella Casa Hotel Sinkor, Monrovia. Cell# 0777516641/088696999 Email: reservations@bellacasaliberia.com Hon. Albert Chie President Pro-Tempore House of Senate Mr. President Pro-Tempore: Please find attached the Report of the Liberian Economy Group (LEG) on the Current Statement of the Liberian Economy. We of LEG remain confident that the Action Steps indicated in the report, when taken, can lead to the solution of Liberia’s main problem, longstanding and widespread Poverty. Respectfully Yours Liberian Economy Group (LEG) Business 

Better Money Management Not More Money Printing–Dr. Tipoteh Takes Issue With IMF

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By Dr. Togbah-Na Tipoteh Having served as Chairman of the African Group of Governors of the World Bank (WB) and the International Monetary Fund (IMF), I am aware of the principal objective of these biggest global financial institutions. While the Marshall Plan focused on the rehabilitation of post World War Two Western Europe, these Bretton Woods Entities focused on providing assistance funds globally, especially for the developing countries, who constitute the majority of the membership of these Institutions, but the majority of the shareholders remains in the hands of the…

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Jacobs said that the island boasts excellent private schools, reputable banking systems, regulatory certainty, technology-driven government systems, as well as an efficient and linear tax system. “The effective tax rate of 15% for individuals are well below those applicable to South Africa and other countries. A significant difference is that Mauritian residents are only taxed to the extent of the money that they bring into the country. “These financial incentives, combined with the close proximity to South Africa, will likely see more people moving to Mauritius in the future." first published by businesstech.co.za Business 

More South Africans are looking to move to Mauritius

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  Staff Report The Mauritian government has made changes to investment thresholds, the extension of work, residence, retirement permits, and attractive property acquisition options. This has led to renewed interest in the country from South Africans who are looking at Mauritius as a permanent destination, says Marisa Jacobs, director at advisory service, Xpatweb. “Skilled professionals and business owners with families in South Africa are taking note of finance minister Renganaden Padayachy’s changes and adjustments for foreigners. “It is now easier to buy property, work, as well as retire on the…

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Why are a monopoly, corruption, and undue government interference and control, and regulation always a subculture in Liberia and amongst Liberian officials at all levels?  Why do those who are frequently entrusted with state power in Liberia lack natural patriotism to their own people and country?  These questions are serious, especially so when Liberia faces a nexus of problems that manifest themselves as slow economic growth, high unemployment, social strife, and excruciating marginal poverty. Business 

Liberia wants to give exclusive cocoa shipment rights to Lebanese merchants

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  “Private Sector Monopoly for Lebanese Businesses is Counter-Productive to the Pro-Poor Agenda”   By Jones Nhinson Williams Why are a monopoly, corruption, and undue government interference and control, and regulation always a subculture in Liberia and amongst Liberian officials at all levels?  Why do those who are frequently entrusted with state power in Liberia lack natural patriotism to their own people and country?  These questions are serious, especially so when Liberia faces a nexus of problems that manifest themselves as slow economic growth, high unemployment, social strife, and excruciating…

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The UN Envoy expressed commitment to working with the Liberian Government in achieving the Pro-poor Agenda for Prosperity and Development. However, he noted that UN adheres strictly to its fiduciary standards to safeguard UN funds against misuse and integrity risks. Business 

US$300 million has been remitted out of Liberia since Weah came to power

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Monrovia – Former Montserrado County District #10 Julius Berrien says since the election and inauguration of the CDC government in 2018, more than US$300 million has been remitted out of Liberia through commercial banks. However, he didn’t say who made these transactions. In his statement, he said, “Take this statistic and put me on record, since this government came to power up to August of 2019, more than US$300 million has been remitted out of Liberia. Speaking via telephone on the Fabric Morning Radio Program, he claimed that every bank…

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