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South Africa, European Union talk trade

bilateral trade

CAPE TOWN: South Africa’s Minister of Trade and Industry and Minister of Agriculture, Forestry and Fisheries have met with the Ambassador of the European Union (EU), Dr Marcus Cornaro, to discuss bilateral trade relations. The meeting took place in the context of the entry into force of the Economic Partnership Agreement (EPA) between the EU and the Southern African Development ... Read More »

South African Revenue Service confiscates 271kg cocaine


CAPE TOWN: The South African Revenue Service (SARS) confiscated 271kg of cocaine with a street value of R78 million at OR Tambo International Airport – one of the biggest cocaine busts ever. “It marks the biggest ever cocaine bust by customs officials in South Africa,” said SARS in a statement. The drugs were on route from Sao Paulo, Brazil to ... Read More »

After strong growth, South African potato exports down 18%

After strong growth, South African potato exports down 18%

CAPE TOWN: South Africa is self-sufficient in potatoes. 2015 was an exceptionally good year with a harvest of 250 million 10kg bags, which fell to 214 million 10kg bags in 2016 due to drought and excessive heat. This year it appears as if the area under potatoes is somewhat less, but a better harvest than last year can be expected, ... Read More »

South Africa consults on diesel fuel tax refund overhaul


CAPE TOWN: The South African National Treasury has issued a discussion paper on a new diesel tax refund system, reviewing its administration and addressing anomalies related to its qualifying activities and beneficiaries. South Africa’s existing diesel refund system provides full or partial relief for the fuel levy (FL) and Road Accident Fund (RAF) levy to primary producers in the agriculture, ... Read More »

South Africa’s rand currency ‘rigged by banks’

RAND South Africa

JOHANNESBURG: Global giants Barclays, JP Morgan and HSBC are among 17 banks named as part of the two-year investigation. Banks colluded, using online chat rooms to co-ordinate fictitious bids and offers in order to sway the market, the competition commission says. It has called for the banks to be fined 10% of in-country annual turnover. The banks are now likely ... Read More »

SA heads for showdown over Africa trade deal


CAPE TOWN: The government is facing a showdown with the UN and the World Trade Organisation (WTO) over SA’s attempts to bend the rules of the recently instituted Trade Facility Agreement. The agreement mainly targets developing countries as a means of boosting trade, wealth creation and job opportunities by expediting freight movement, cutting red tape and harmonising customs. Broadly speaking, ... Read More »

South Africa discuss bilateral trade ties with European Union


CAPE TOWN: South Africa’s Minister of Trade and Industry and Minister of Agriculture, Forestry and Fisheries met with the ambassador of the European Union (EU), Dr Marcus Cornaro, to discuss bilateral trade relations. The meeting took place in the context of the entry into force of the Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community ... Read More »

South Africa-Nigeria trade drop about $4.1b in 2016


JOHANNESBURG: Trade volumes between Nigeria and South Africa fell to about N1.3 trillion ($4.1billion) in 2016 from N1.5trillion ($4.8billion) in 2015, South African Ambassador to Nigeria, Lulu Aaron-Mnguni, revealed. Aaron-Mnguni who disclosed this in Abuja on Thursday said that bilateral relations between the two countries were excellent but could still be improved. According to the envoy, trade increased steadily from ... Read More »

Steelmaker ArcelorMittal South Africa narrows losses


JOHANNESBURG: ArcelorMittal South Africa <ACLJ.J> narrowed full-year losses by 82 percent, it said on Friday, citing higher steel prices and a reduction in one-off items. The affiliate of ArcelorMittal <ISPA.AS>, the world’s biggest steelmaker, reported a basic headline loss per share of 244 cents for the year end Dec. 31, against 1,336 cents in the previous year. The company said ... Read More »

South Africa identifies taxes qualifying for tax treaty relief


CAPE TOWN: South African Revenue Service (SARS) published Binding General Ruling (Income Tax) 9 (Issue 3), concerning taxes on income and substantially similar taxes for purposes of South Africa’s tax treaties. This ruling will be applicable for an indefinite period with effect from the date of publication, SARS says. The aim of the ruling is to identify taxes that qualify ... Read More »

South Africa urged to buy up poultry farms amid closures


CAPE TOWN: The government has raised tariffs on chicken, but people are still calling for more action on chicken imports, which they believe are harming South Africa’s local poultry industry. Many jobs are at risk due to farm or processing plant closures, and organisations such as the Food and Allied Workers’ Union have been holding protests aiming to get the ... Read More »

Cigarette smuggling pair nabbed in SA


CAPE TOWN: Two Zimbabwean men were last week arrested in Limpopo Province, South Africa, for smuggling into the neighbouring country, a contraband of export quality cigarettes worthabout R140 000. William Mawere (19) and Godknows Phedzi (24) tried to evade arrest in Polokwane City when they were involved in a road accident and sped-off when approached by traffic police. They were ... Read More »

Small decline in South African lemon juice exports


CAPE TOWN: South Africa exported 10,665 tonnes of lemon juice concentrate last year, 465 tonnes less than it exported in 2015. The country’s lemon juice exports have been growing steadily for more than a decade, but that growth has faltered slightly in the last couple of years, due partly to drought and partly to farmers planting other crops, such as ... Read More »

SA’s illicit cigarette trade increases


CAPE TOWN: uth Africa accounts for a quarter of the world’s illicit cigarette market‚ with taxes not paid on one in four smokes bought in the country. Despite this‚ the South African Revenue Service has failed to answer questions this week on how much the country loses in terms of revenue from the illegal trade in cigarettes. An explosion in ... Read More »

South Africa, EU spar over chicken meat imports


CAPE TOWN: S. African poultry industry workers on Wednesday marched to the European Union’s headquarters in Pretoria, accusing the EU of dumping cheap chicken in the country. The EU says it is not the cause of the industry’s woes. About 500 workers, former workers and company managers from the South African poultry sector took part in the protest, warning that ... Read More »

Vodacom’s subscriber numbers, revenue up in South Africa


CAPE TOWN: Vodacom has released its trading update for the quarter ended 31 December 2016, which shows that the company has increased its revenue and subscriber base in South Africa. South African service revenue grew 5.5% to R13.4 billion – aided by a “strong data revenue growth of 22%”. “Group data revenue increased 18.4% to R6.5 billion, representing 37.5% of ... Read More »

South Africa’s Richards Bay 2016 coal exports fall 3.7%


CAPE TOWN: South Africa’s Richards Bay Coal Terminal (RBCT) said on Tuesday 2016 coal exports fell 3.7 percent to 72.6 million tonnes, despite strong demand from India and Pakistan. RBCT, Africa’s largest coal export facility, said shipments to Asia contributed 75 percent of the total from 66 percent in 2015. Read More »

SA wants to export hundreds of captive bred lion skeletons


CAPE TOWN: South Africa has stirred some serious controversy with a recent announcement that it wants to allow the export of hundreds of skeletons from captive-bred lions every year. The nation has already drawn the ire of lion advocates for being home to an estimated 200 lion farms, where thousands of lions are bred just to be killed every year. ... Read More »

SA hopes to increase agricultural trade post Brexit


CAPE TOWN: South Africa sees opportunities to sell more of its agricultural produce to the UK under a post-Brexit trade agreement, Trade and Industry Minister Rob Davies said. “The UK doesn’t have the sensitivities of some of the countries from southern Europe that see us as competitors,” Davies said, referring to wine and fruit. “In the longer and medium term ... Read More »

SA approves 1.3m tonnes of US GMO corn imports


CAPE TOWN: South Africa issued permits to allow total imports of 1.3 million metric tons of genetically modified corn from the U.S. since allowing entry of the grain for the first time in December after the worst drought since records began in 1904. There have been 15 permits issued for GM corn, or maize as it’s known locally, according to ... Read More »