‘Africa is the next large growth region for the world’ – says Goldman Sachs

first_imgTsabeng Nthite – “Transformation and innovation is the name of the game and that is what inspires me about South Africa and the African continent,” says Goldman Sachs Partner MD, Head of Investment Banking in Sub-Saharan Africa – Mr Colin Coleman.Coleman shared his insights on what makes South Africa an attractive investment destination during his interview with Brand South Africa for the CEOs Know campaign.Inspired by the need to build a positive reputation for South Africa, Brand South Africa – in collaboration with Business Leadership South Africa launched the CEOs Know campaign to position South Africa as in ideal investment destination. The CEOs Know Campaign features various CEO’s from multinational corporations based in South Africa, who share insights behind their continued investment into South Africa.The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.The South African Governments Invest SA initiative which formalised a relationship with the World Bank to improve the country’s ease of doing business, coupled with dynamic and stable economy, solid economic fundamentals, prudent fiscal management and monetary policies are distinguishing factors that make South Africa an ideal investment location – said Coleman.A recent assessment by Goldman Sachs indicates that South Africa is part of the “next big emerging market story” of 2018. It notes that the growth cycle is picking up after an earlier downturn in investment growth. It says that improved confidence is likely to lead to a better outlook for growth and investment.This is confirmed by the South African Economic Update released this month by the World Bank. While the economy’s performance is improving, it notes that higher growth will require ambitious structural policies. It estimates that a successful conclusion of the Mining Charter deliberations, for example, could increase investment in the sector by 25 percent.“South Africa is the hot emerging market for 2018 because it stands out in the post transition of the Presidency to Cyril Ramaphosa as an environment which offers opportunity. This political change together with the President’s economic policy , give a clear roadmap as to where South Africa is going,” said Coleman.President Ramaphosa recently announced that a central priority for government this year is to encourage significant new investment in our economy. Investment is necessary for the growth of our economy and the creation of jobs on a scale that will significantly reduce current levels of unemployment.Coleman noted that South Africa’s modern market environment has seen South African companies venturing into the African continent to expand operations and has also afforded global corporates the opportunity to establish their business in South Africa.“We at Goldman Sachs see South Africa as a base for out African business and so do many other multinationals – and this is attributed to sound institutional framework built on the foundation of a Constitutional Democracy, sound regulatory framework as well as commercial and legal practices, which are line with those in the rest of the developed world.“All of these attributes position the country positively and it is through the independence of institutions that the nation will be able to maintain business confidence,” added Coleman.last_img read more

Tribals in Odisha disrupt power generation

first_imgTribals in Odisha’s Koraput district allegedly closed the gate of the Machkund hydroelectricity project on Wednesday disrupting its power generation.According to sources, three out of the project’s six turbines could not run as water flow in the power channel was affected. The tribals were protesting against the alleged privatisation of the project’s hospital at Ankadeli in Koraput district. They are also demanding better amenities and free treatment.The protesters are from Ankadeli, Chikenput and Badigada panchayats under Lamtaput block of Koraput district and Badadural, Mudulipada, Andrahal, Markapadar panchayats of Malkangiri district. These panchayats are on the periphery of the reservoir of the Machkund project.Ankadeli sarpanch Jagannath Hantal said they have been protesting against the decision to privatise the hospital for the past one year. Hundreds of tribals took out a rally and held demonstration in front of the office of the project’s assistant engineer. “When no officials came for talks with us, the protesters entered the project area and downed its shutter gate,” said Mr. Hantal.According to the protesters, government doctors and pharmacists were posted at the hospital. “They were withdrawn when it was decided to privatise the hospital and a private organisation was recently entrusted with its management,” said Mr. Hantal.The first round of talks between the protesters and the project authorities held later in the evening failed. The impasse continued till 7.30 p.m. as the second round of talks were on.Machkund hydroelectricity project was jointly established by Odisha and Andhra Pradesh on the Machkund river, a tributary of river Godavari, and commissioned in 1955. This six-unit station has generation capaciy of over 110 mW. It is jointly managed by the Odisha Hydropower Generation Corporation and the Andhra Pradesh Power Generation Corporation. As per an agreement in 2008, power generated is equally shared between the two States.last_img read more

India vs Sri Lanka World Cup final: SL win toss

first_imgSri Lanka have won the toss and elected to bat. But there was a little confusion and the coin was tossed for the second time. On the first occasion both skippers MS Dhoni and Kumar Sangakkara had on the same side and referee could not hear what they had said because of the din.The second time round Kumar Sangakkara said “tails” and won.Teams:  Sri Lanka: Tillakaratne Dilshan, Upul Tharanga, Kumar Sangakkara(w/c), Mahela Jayawardene, Thilan Samaraweera, Chamara Kapugedera, Thissara Perera, Nuwan Kulasekara, Suraj Randiv, Lasith Malinga, Muttiah Muralitharan  India: Sachin Tendulkar, Virender Sehwag, Gautam Gambhir, Virat Kohli, Yuvraj Singh, MS Dhoni(w/c), Suresh Raina, Harbhajan Singh, Zaheer Khan, Munaf Patel, S Sreesanth Comments:Dhoni: Big games, you would always want to put runs on board, but we need to field well. It is important to be calm and cool. We have Sreesanth in place of Nehra. It is a good game, a pressure game and it will be good to restrict the opposition to as little as possible. Sangakkara: We would like to bat first, their side is good and they are the favourites, for us it is all about doing what we do the best. We are excited, everyone is happy to be here. We have got a few changes, we are going in with 6 batsmen and 5 bowlers. Kapugedera is in, Perera and Kulasekara are in. MS Dhoni in tournament finals: Played 8, won 4 and lost 4. The Indians have won the 2007 T20 World Cup, the CB series in Australia in 2008, Compaq Cup in 2008 and Asia Cup 2010 under him. They have lost the Kitply Cup that involved Bangladesh and Pakistan, Asia Cup 2008, the tri series in Sri Lanka 2008 and the Bangladesh tri series in 2010.  Pitch report: The red soil will assist some turn as the game goes forward. The wicket is evenly rolled, not much grass on the wicket. Some movement early on for the quick bowlers due to the moisture in the wicket, but it is still a win the toss bat first wicket feels Sourav Ganguly. advertisementWeather report: Max temp: 33 deg. Humidity 69% It will be hot and humid, no rain whatsoever!last_img read more

Maersk Line EQUATE to Cut CO2 Emission in Shipping

first_imgzoom Danish shipping giant Maersk Line and producer of petrochemicals EQUATE Petrochemical Company have signed a partnership agreement to decrease CO2 emissions in ocean transportation.The agreement, which is the first of its kind in Kuwait, is based on the parties’ sustainability priorities that include the shared vision “to protect and safeguard the environment by decreasing CO2 emissions and confirms an aspiration to reduce EQUATE’s CO2 emissions per container transported with Maersk Line by 15% from 2017 to 2020,” Maersk Line said.During 2013-2016, the business collaboration between the companies resulted in decreasing CO2 emissions by over 35%, achieved through investments in environmentally improved vessels, network optimization, space utilization and other innovative best practices.“As we continuously encourage and support our business associates to have sustainable emission reduction programs, this agreement with Maersk Line is part of our ongoing business partnership,” Tareq Jafar Al-Kandari, EQUATE’s Vice President for Technical Services, said.Maersk Line said that it is driving similar agreements with a series of other selected strategic partners in an effort to enable more sustainable procurement.last_img read more