CHICAGO – The Bank of America Chicago Marathon contributes an estimated $243.46 million in total business activity to the Chicago economy, according to a new economic impact report. The independent study was conducted by University of Illinois at Urbana-Champaign’s Regional Economics Applications Laboratory and announced today by Bank of America. Figures indicate an 11 percent [...]Economic Impact of Chicago Marathon is a post from: USA in One



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Pretoria – International Relations and Cooperation Deputy Minister Marius Fransman has arrived in Lima, Peru, as part of his four-nation tour to Latin America. Fransman’s visit to Peru, according to his department, will be used to strengthen political, social and economic bilateral relations. The two counties, which established diplomatic relations in July 1993, will also [...]Fransman in Peru to strengthen ties is a post from: South Africa Business



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Pretoria – South Africa has joined the call by emerging markets and developing countries for more carefully considered global collective action in response to the economic crisis, ahead of its participation in the G20 Leaders’ Summit later this week.

It has also called for more inclusive and representative governance arrangements in the management processes of international institutions.

This comes after speculation that the US Federal Reserve will soon cut back on the $85 billion it has been pumping into the financial markets every month, which has caused increased turbulence in global financial markets.

“Emerging economies like South Africa have benefitted from the actions of the Federal Reserve, as foreign investors have bought huge amounts of South African government bonds at fairly low yields and equities.

“Therefore, the prospect that the Federal Reserve will cut-off these flows of funds has resulted in emerging market currency volatility, which has been yet another reminder of the risks and the potentially destabilising and negative effects that policies and shocks in major economies can have on other countries and regions,” the Presidency said on Monday, ahead of the summit.

The summit also takes place against the backdrop of a fragile and uneven economic recovery - hence the talk of the "three speed” global economy.

“As the current volatility of emerging market currencies shows, decisions taken by countries based solely on their own national interest can have serious implication for other nations.

“There must be a greater recognition that we live in an interconnected world. ‘Decoupling’ is not an option for either developing or developed economies. The solution to all these challenges - turbulence in financial markets, the fragile and uneven economic recovery - lies in better global coordination of efforts.”

The Presidency said it was for this reason that South Africa joins a call by emerging markets and developing countries for more carefully considered global collective action in response to the crisis; and more inclusive and representative governance arrangements in the management processes of international institutions.

President Jacob Zuma, accompanied by the Minister of Finance Pravin Gordhan and the Minister of International Relations and Cooperation Maite Nkoana-Mashabane, will attend the summit in St Petersburg on Thursday and Friday.

South Africa hopes to promote and strengthen the interests of Africa and of the South on the understanding that, if managed carefully, the G20 does present meaningful opportunities for advancing much-needed global governance reforms and orienting the international development agenda.

A BRICS Leaders' meeting will also be held on the margins of the G20 Leaders’ Summit.

The meeting will afford BRICS leaders an opportunity to reflect on the progress made with regards to the implementation of the Durban Declaration, especially as it pertains to the New Development Bank and the Currency Reserve Arrangement. – SAnews.gov.za

Total bonus payments received across the whole economy during the financial year April 2012 to March 2013 were £36.9 billion, an increase of 1% compared with the same period in 2011/12. This equates to an average of around £1,400 per employee. Of the £36.9 billion paid in bonuses in 2012/13, £13.3 billion was paid in [...]£36.9 Billion Paid Out In Bonuses is a post from: Business UK



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Midrand – Science and Technology Minister Derek Hanekom says South Africa should invest in the hydrogen fuel economy by taking advantage of the country’s large supply of platinum deposits. Addressing a conference hosted by Mapungubwe Institute for Strategic Reflection (Mistra) – a think-tank that deals with research, policy-making and governance – Hanekom said moving towards [...]Invest in hydrogen economy is a post from: South Africa Business



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Pretoria - Exhibitions can deepen relations between South Africa and Mozambique, says Trade and Industry Deputy Minister Elizabeth Thabethe.

Thabethe was speaking at the 49th Feira International De Maputo (Facim), an international exhibition currently taking place in Maputo, Mozambique.

“Through the Facim exhibitions, South Africa and Mozambique can enjoy good economic benefits that can further complement the work that has been done over the years by both countries. When we speak of regional integration and intra-trade among African states, we are also referring to such platforms that people take for granted,” said Thabethe at the official opening of the South African National Pavilion on Wednesday.

The objective of the South African National Pavilion at Facim is to promote and showcase South African potential in general. It is also to attract potential buyers, distributors and agents, and to raise awareness amongst the South African industries about trade opportunities that are available.

Thabethe is accompanied to Mozambique by a business delegation.

The Deputy Minister of Industry and Commerce in Mozambique, Kenneth Marizane, said Facim should be used as an opportunity for South African businesses to invest in Mozambique.

“Mozambique can learn a lot from South Africa in the region and follow in their footsteps in the number of projects that they have already accomplished,” said Marizane.

Mozambique still forms part of South Africa’s top five trade partners in the region. Trade between the two countries is still positively in favour of South Africa. In 2012, exports from South Africa to Mozambique stood at R18.9 billion and South Africa’s imports from Mozambique stood at R10.4 billion.

The exhibition kicked off on Monday and will conclude on Sunday. – SAnews.gov.za

The Council of Mortgage Lenders estimates that total gross mortgage lending in July increased to £16.6 billion, representing a rise of 12% from £14.8 billion in June and 29% higher than the total of £12.9 billion in July last year. This is the highest monthly estimate for gross lending since October 2008 (£18.6 billion).

Commenting on market conditions in this month's Market Commentary, CML market and data analyst Caroline Purdey observes:

"An improvement in sentiment and activity continues to show in the UK housing and mortgage markets, with a more positive picture also starting to emerge in the economy.

"Our forward estimate of gross mortgage lending in July reinforces a growing evidence base of a strengthening in the housing and mortgage markets."

Johannesburg – The BRICS Business Council on Tuesday expressed their commitment to working together to advance development in the bloc’s member countries. In a joint statement following the first BRICS Business Council meeting held this morning, the council made several recommendations following their closed meeting on Monday. The meeting was chaired by the chairperson of [...]BRICS commits to cooperation is a post from: South Africa Business



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Pretoria – Twenty-eight female entrepreneurs, who play a key role in guaranteeing food security for households and job creation in the North West, will battle it out for the Best Female Entrepreneur Award on Friday. The 14th installation of the award ceremony will be held at Mmabatho Convention Centre at 6pm. The annual competition is [...]NW to honour female entrepreneurs is a post from: South Africa Business



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The UK’s trade deficit contracted in June to stand at £1.5 billion, compared to £2.6 billion in May, according to data released this morning by the Office for National Statistics (ONS). An £8.1bn deficit in goods was largely offset by a £6.5 billion surplus in services. Exports grew by 3.2% over the month, while imports [...]Rising Exports Brighten Outlook is a post from: Business UK



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