South Africa Financial News

Check all LIVE updates on PM Modi's France visit and Bastille Day Parade here.During his speech, PM Modi drew attention to the increasing presence of international players in India and specifically highlighted the growing popularity of Kylian Mbappe, the captain of the French national football team, among Indian fans. He noted that Mbappe is widely recognized and admired in India, even more so than in his home country.Read more hereIndia has decided to open a new consulate in Marseille in France, Prime Minister Narendra Modi said on Thursday.Addressing the Indian community at La Seine Musicale in Paris, PM Modi also said that Saint Thiruvalluvar's statue will be installed in France.PM Modi in France: Prime Minister Narendra Modi is set to receive a prestigious recognition during his visit to France, as he will be the guest of honour at the Bastille Day 2023 military parade.

foreign banks that have shut shop in the country or scaled down their operations. So far, foreign lenders such as South Africa's First Rand Bank and Abu Dhabi Commercial Bank have completely exited India, while others such as Citi Bank, Barclays, and BNP Paribas have scaled down their operations. This leaves around 44 foreign lenders operating in the country. There have been some murmurs about how these exits are linked to stricter compliance requirements for foreign lenders, and more banks may leave Indian shores, which doesn't augur well for the economy as a whole. Foreign banks have been lobbying for changes in Indian banking regulations, arguing for a level playing field, but the fact is that most of these exits are linked to global business strategies. Supported by resilient domestic demand, India's growth story is only going to get stronger. Already, India's state-run banks have turned around, and private sector lenders are also well placed to meet the demands of a growing economy. As per a report from Goldman Sachs Research, India may emerge as the world’s second-largest economy by 2075. It makes little business sense if foreign lenders choose to stay away or continue here with restricted operations. In this context, the question arises: Do foreign banks need to reinvent themselves to stay relevant in India?

Former Mozambique finance minister Manuel Chang has been extradited to the U.S. to face a fraud and corruption trial over a $2 billion scandal involving fraudulent government loans

NATO’s ranks are swelling, with Finland and Sweden joining or set to join and the alliance promising to admit Ukraine.

Italian renewables player Enel is expected to sign terms this afternoon to sell 50 per cent of Enel Green Power Australia to Japan’s INPEX in a deal that values the entire business at €400 million ($655 million) including €140 million debt.

Turns out things have moved faster at RUC Cementation Mining Contractors than Street Talk anticipated. Macquarie’s refusal to tip in about $50 million as asset-backed lending, reported by this column on Thursday, was enough to wipe out Johannesburg-listed Murray & Roberts’ attempts to buy Perth-based RUC out of administration and return money due to creditors.

By Foo Yun Chee

Rohit Kapoor, chief executive of Swiggy's food delivery business, said he had shifted his focus back to growth over the past few months, instead of profitability, which is what he’d chased since joining the firm nearly a year ago. He said he doesn’t have the ‘luxury’ to choose between growth and profitability and is trying to balance both. Kapoor, who was the global chief marketing officer at Oyo before joining Swiggy last August, told ET that both growth and profitability are significant for Swiggy, and the food business can expand by around 20% annually.

Robert Kiyosaki – author of the famous personal finance book Rich Dad Poor Dad – is bearish on the U.S. dollar after BRICS nations reportedly agreed to establish a gold-backed currency. 

Alcaraz successfully advanced to the quarter-finals at Wimbledon, marking his first time reaching this stage of the tournament. While his match against Nicolas Jarry in the third round went to four sets, Alcaraz showed resilience by coming from behind to defeat former finalist Matteo Berrettini with a score of 3-6, 6-3, 6-3, 6-3. The match held particular significance as it brought together the previous two champions of the Queen's Club tournament. Alcaraz faced a notable challenge, but his rapid improvement on the surface was evident as he delivered a strong and impressive performance. Carlos Alcaraz is set to face Holger Rune, another 20-year-old player, in the upcoming Wimbledon men's singles quarter-final. This match holds special significance as it will be the first time in the Open Era that two players under the age of 21 will compete against each other at this stage of the tournament. Tennis fans can anticipate an intriguing showdown between these young talents.

Eden Gardens Stadium in Kolkata. Following the release of the ODI World Cup schedule by the Board of Control for Cricket in India (BCCI) and the International Cricket Council (ICC) last month, it was confirmed that the tournament would commence on October 5, with the opening match featuring an exciting rematch between England and New Zealand at Ahmedabad's Narendra Modi Stadium. Eden Gardens, renowned for its iconic status, has been assigned as the host venue for a total of five matches, including one semifinal encounter.

Last week saw more rules and regulations emerge regarding digital assets. Thailand’s Securities and Exchange Commission issued new rules requiring digital asset service providers to warn customers of risks associated with cryptocurrency trading. The warning message must be clearly visible, and before customers can use the service, the business operator must arrange for the users to give consent and acknowledge the risks. Apart from a trading risks disclaimer, the new guidelines prohibit service providers from using customers’ funds for lending or investment.

By Philip Pullella

South African President Cyril Ramaphosa Sunday confirmed that the BRICS summit scheduled to be held next month, which Vladimir Putin has been invited to attend, will be ‘physical’ despite an arrest warrant against the Russian leader, reported AFP. South Africa is the current chair of the BRICS, a grouping of heavyweights that also includes Brazil, Russia, India and China and is set to host the 15th BRICS summit at the Sandton Convention Centre in its financial hub Johannesburg from August 22 to 24. "The BRICS summit is going ahead and we are finalising our discussions on the format," AFP reported quoting Ramaphosa, adding it will be a "physical" meeting.

The Wallabies have turned in a horror first Test under coach Eddie Jones, falling 43-12 to South Africa to continue their 60-year drought in Pretoria.

Rugby Championship in South Africa will provide a perfect stage to assess preparedness ahead of the Rugby World Cup in France. Southern hemisphere rugby powerhouses Australia, Argentina, New Zealand and South Africa are taking on each other to address respective concerns ahead of the crucial tournament in France. The Rugby Championship fixture list has been cut from six games to three to allow for World Cup warm-up matches. South Africa host Australia in Pretoria and New Zealand travel to Mendoza to meet Argentina in the opening fixtures on Saturday.

ESPNCricinfo, the panel includes interior minister Rana Sanaullah and Law and justice minister Azam Nazeer Tarar. The heads of intelligence agencies and representatives of all political parties have also found a place in the committee, making the scope for wide consultations. The report adds that the reason behind keeping such a large panel is likely to be a buffer against a change in government as the country will be soon headed towards the general elections.

According to  Bloomberg,  South Africa has mandated that all crypto exchanges operating within its borders must secure licenses by the end of the year. The Financial Sector Conduct Authority (FSCA), the country's financial regulator, has already received approximately 20 applications since the licensing process was initiated a few weeks ago.

Reliance owned Viacom 18 bagged media rights for broadcasting the first ever edition of Major League Cricket (MLC) on Friday, the company said in a release. While the details of the deal were not mentioned, the Reliance flagship announced that the coverage will be on multiple platforms including live streaming on JioCinema and broadcast television coverage on Sports18.

₹100/ kg in several cities. The key reason is crop damage in key growing states due to extreme weather from unusually hot conditions to incessant rains. Data from the Department of Consumer Affairs showed that retail prices shot up by 264% in Ahmedabad, 186% in Delhi, and 185% in Bengaluru during 1-27 June.

Confirming it, the officials said Thursday that Jos Butler will return to Paarl Royal to steer them for the second time. Paarl Royals is owned by the owner of the Indian Premier League franchisee Rajasthan Royals. Mumbai Indians Cape Town have signed deals with Sam Curran, Liam Livingston and Tom Banton. But Jofra Archer is out of the reckoning due to his injuries. Afghanistan leg-spinner Rashid Khan will captain Mumbai Indians Cape Town. The IPL franchisee Mumbai Indians own this team. MI Cape Town have also signed a deal with fast bowler Kagiso Rabada for the second year.Joburg Super Kings have retained Moeen Ali and signed seamer Sam Cook. The owners of IPL franchisee Chennai Super Kings own this team. Durban Super Giants have signed Reece Topley while Sunrisers Eastern Cape have signed Liam Dawson and Dawid Malan.Cricket South Africa launched the SA20 League last year and it has received an extremely good response, surpassing its expectation in terms of broadcast rights, commercial benefits, and huge crowds of fans. Buoyed by its success, League Commissioner and fore South Africa captain Graeme Smith has expressed confidence that it will go from strength to strength from year to year.