China tariff cut seen as boon for SA agriculture
South Africa’s agricultural exporters are being projected as the ones to benefit most from China’s slashing to zero import tariffs on just under 9,000 products, from wine, nuts and fruit juice to cars and bionic robots. South Africa reportedly accounts for less than half a percent of China’s agricultural imports. The new tariff regime, which took effect on Friday, follows President Xi Jinping’s undertaking earlier this year to implement zero tariffs for all African countries with which Beijing has diplomatic relations. Experts said an initial appraisal of the duty-free schedule suggested this was a significant opportunity for South African agricultural imports.
US’s 14-point memorandum being “considered” by Iran
Iranian foreign ministry spokesperson Ismail Baghaei is reported as saying that “[t]he American proposal [a 14-point memorandum of understanding with Iran, which could set a framework for more detailed nuclear negotiations] is still being reviewed by Iran and after concluding, it will inform the Pakistani side of its opinion”. The latest from US President Donald Trump is that the war in Iran will be “over quickly”, though he has said similar things in the past. Meanwhile, Ebrahim Rezaei, the spokesperson of the Iranian Parliament’s national security and foreign policy commission, wrote on X: “The Americans will not gain anything in a war they are losing that they have not gained in face-to-face negotiations.” He added that Iran “has its finger on the trigger and is ready” and warned that if the US did not “surrender and grant the necessary concessions”, Iran would “deliver a harsh and regret-inducing response”.
French carrier group heads for Red Sea as part of Hormuz plan
France has deployed its carrier strike group to the Red Sea as part of planning for a potential mission to secure the Strait of Hormuz. A French presidency official is quoted as saying: “The reason why we must make a renewed effort today is simply that the blockade of Hormuz continues, the damage to the world’s economy is therefore becoming more and more pronounced, and the risk of a prolongation of hostilities is too serious for us to accept it.” France and Britain have been working on a proposal for several weeks seeking to lay the groundwork for safe transit through the Strait once the situation stabilises or the conflict is resolved. It would involve coordination with Iran. A dozen countries have indicated a willingness to take part in the mission.
SA authorities aim to disrupt R700 billion illicit-goods economy
The National Consumer Commission (NCC) is taking aim at counterfeit trade in medication and pharmaceuticals, tobacco, alcohol, food and consumer appliances through South Africa’s first track-and-trace system. National Treasury has estimated that the illicit economy is worth as much as much as R700 billion a year, accounting for 10% of GDP. Regulations to enable digital tracking and tracing will be issued under the Consumer Protection Act, particularly to enforce product labelling, trade descriptions and product recalls. NCC spokesperson Phetho Ntaba is quoted as saying: “The focus of the tracking and tracing system will mainly be those products with the highest incidence of illicit trade, particularly tobacco, alcohol, pharmaceuticals, food and consumer appliances, which pose a serious risk to South African consumers and the economy.”
Tributes for broadcasting “giant” Turner
Media mogul Ted Turner, who has died aged 87, has been acknowledged for his role in pioneering the modern 24-hour news culture with his launching Cable News Network (CNN) in 1980. It was the first dedicated rolling news channel, and soon became a central part of the media landscape. US President Donald Trump said of Turner that he was “one of the greats of broadcast history, and a friend of mine”. CNN CEO and chairman Mark Thompson said Turner was “the giant on whose shoulders we stand, and we will all take a moment today to recognise him and his impact on our lives and the world”.
Sources: Business Day, News24, BBC, Reuters