Search Result for : South Africa

UN downgrades Indias GDP growth forecast to 7.3% in 2017

The Dollar Business Bureau The United Nations (UN) has revised India’s GDP growth forecast downward for 2017 but projected an increase in 2018 predicting 7.9% economic growth as it warned that the banking sectors’ stressed balance sheets will have adverse impact on investments in the short-term. The UN World Economic Situation and Prospects (UNWESP) in its mid-2017 report, launched on Tuesday, said that India is predicted to achieve a growth of 7.3% this year, downward from its earlier forecast of 7.7%, which it made when the report was launched in January. However, the revised report forecast that the country will achieve a notable 7.9% GDP growth next year, from its earlier estimates of 7.6% made in the January report. The report, however, cautioned that stressed balance sheets of India’s banking sector, which has ...

South Africa targets over 1 lakh tourists from India this year

The Dollar Business Bureau South Africa, one of the favoured countries for tourism in Africa, is expecting over 1 lakh tourists from India in 2017 with specialised packages to suit the requirement of the people from the country. “We have been witnessing consistent growth in tourist inflow from India. Looking at the growth trend we are expecting to host 1,04,000 Indian tourists in 2017,” Hanneli Slabber, Country Manager, South Africa Tourism in India told PTI in Mumbai. The number of visitors from India to South Africa had jumped by 21.7% to 95,377 during last year. “We are looking for an exciting year ahead. We are focusing on enhancing our engagement with the travel agents and consumer outreach via outdoor media, digital, print and television,” she ...

Anil Agarwal defends move to buy stake in Anglo American

PTI Metals-to-mining magnate Anil Agarwal, who plans to buy $2.4 billion worth of stake in Anglo American, said the mining giant has a balanced portfolio and world-class assets. “I like Anglo's entire balanced portfolio, both in South Africa and elsewhere. I believe Anglo has several world-class assets, including (diamond giant) De Beers,” Agarwal told the weekly Sunday Times here amid speculation that he was planning a takeover bid after becoming the second largest shareholder in Anglo American. Agarwal also said he did not favour any move to try to break Anglo American into South African and international arms as he believed the group's strength lay in both businesses. What had attracted him to the company was its strategy, he said, adding ...

CBEC Exchange Rates W.e.f. November 30th, 2016

Dated 29th, November 2016 | Copy of | Notification No. 143/2016-Customs (N.T.) | In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following amendments in the Notification of the Central Board of Excise and Customs No.138/2016-CUSTOMS (N.T.), dated 17th November, 2016, with effect from 30th November, 2016, namely:-In the SCHEDULE-I of the said Notification for serial No.12 and the entries relating thereto, the following shall be substituted, namely:- Sd/-(Kshitendra Verma)Under Secretary to the Govt. of India F.No.468/01/2016-Cus.VIssued by:Ministry of Finance(Department of Revenue)(Central Board of Excise and Customs)New Delhi

Sun Group led JV to invest $500 mn in Siberian gold mine

The Dollar Business Bureau Commodities investor Sun Group announced it signed agreements with a Russian sovereign investment fund, China National Gold Group and a few entities from Brazil and South Africa to invest up to $500 million to develop a gold deposit in Siberia. An MoU was signed by Sun Group with Russia's Far East and Baikal Region Development Fund, China National Gold Group Corporation, South Africa's Trans Africa Capital and Brazilian investor Antonio de Moraes to develop the Kluchevskoye gold deposit in Chita region in eastern Siberia, it said in a statement here on the sidelines of BRICS summit. Sun Group is primarily focused on Russia and Ukraine and is owned by the Khemka family group. The proposed joint venture aims to develop ...

South Africa seeks foreign investments from BRICS members

The Dollar Business Bureau Pitching South Africa as an attractive investment destination, the BRICS business delegates from the country said South Africa has always regarded manufacturing as the heartbeat of its industrial policy and action plan, while serving as the gateway to Africa. “South Africa is moving towards a knowledge based economy with focus on high infrastructure and accessibility, ICT and connectivity through road, railways and airways. With emphasis on trade, South Africa is strategically located as an export platform and that the export partners have diversified over the years,” said Invest South Africa Head Yunus Hoosen, while addressing the session on ‘Investment Opportunities in South Africa’ at the BRICS Trade Fair in New Delhi. Hoosen highlighted his country’s priority sectors for foreign direct investments (FDI) included ...

Coal India's Indonesia foray hopes revive

PTI Coal India has plans to go for acquisition of coal assets in Indonesia after having failed in its attempt about a decade back. "In Indonesia, we are in touch with government companies there to see whether we can get access to coal licence," Coal India Chairman Suthirtha Bhattacharya said here. Coal India had been scouting for coal assets in several countries including Indonesia but the same had not materialised. India is a key market for Indonesian coal. Data from the commerce ministry shows that during April-June this year, India imported 23.40 million tonnes (mt) of coal. CIL is eyeing acquisition of coal assets in Indonesia, South Africa as well as in Australia, Bhattacharya said. The CIL ...

India in talks with various nations to boost mango exports

The Dollar Business Bureau India is in discussion with different nations including South Africa and Australia to enhance its exports of mangoes. “Although some varieties of mangoes from northern India are already being exported to Australia, authorities concerned are pursued to consider other varieties as well,” Commerce and Industry Minister Nirmala Sitharaman said in a written response to Lok Sabha.An Australian delegation had visited the country in the month of June to verify and certify the three irradiation units for irradiated mangoes export from the southern and western regions of India," she said. Australia is yet to certify these units as it is under process, but efforts are on to gain market access. South Africa and South Korea have granted market access in June, Sitharaman informed.Quarantine Inspector of South ...