Competition watchdog greenlights Canal+ takeover of MultiChoice, with conditions
The Competition Commission on Wednesday recommended the Competition Tribunal approve France's Canal+ offer to buy shares it does not own in pay TV broadcaster MultiChoice, with conditions.
Canal+, part of French media group Vivendi, last year made a firm offer of R125 in cash per MultiChoice share, or about R35bn, which valued the company at about R55bn.
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Eyewitness News
8 hours ago
- Eyewitness News
Trump says 'extremely hard' to do deal with Xi as steel tariffs double
WASHINGTON - US President Donald Trump said Wednesday it was "extremely hard" to reach a deal with Chinese counterpart Xi Jinping, as he ramped up his global trade war by doubling tariffs on steel and aluminium imports. The comments and higher levies came as OECD ministers gathered to discuss the outlook for the world economy in light of the US hardball approach to trade that has rattled world markets. Trump's sweeping tariffs on allies and adversaries have strained ties with trading partners and sparked a flurry of negotiations to avoid the duties. The White House has suggested the president will speak to Xi this week, raising hopes they can soothe tensions and speed up a trade deal between the world's two biggest economies. However, in the early hours of Wednesday, Trump appeared to dampen hopes for a quick deal. "I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!" he posted on his Truth Social platform. China was the main target of Trump's 2 April tariff blitz, hit with levies of 145% on its goods and triggering tit-for-tat tariffs of 125% on US goods. Both sides agreed to temporarily de-escalate in May, after the US president delayed most sweeping measures on other countries until 9 July. His latest remarks came hours after his tolls on aluminium and steel were doubled from 25% to 50%, raising temperatures with various partners. The Paris-based Organisation for Economic Cooperation and Development (OECD), a 38-nation grouping of mostly developed countries, cut its global growth forecast on the back of Trump's levies, as ministers of the group held a meeting on Tuesday and Wednesday. Trade, consumption and investment have been affected by the tariffs, OECD chief economist Alvaro Pereira earlier told AFP and warned that the US economy will suffer the most. APPEALS PROCESS While some of Trump's most sweeping levies face legal challenges, they have been allowed to remain in place for now as an appeals process takes place. US Trade Representative Jamieson Greer and EU trade commissioner Maros Sefcovic are set to hold talks on the sidelines of the gathering, with the bloc seeking to stave off higher levies ahead of the July 9 deadline. With the latest US tolls on steel and aluminium kicking in, the European Union said it "strongly regrets" the decision to double the levies, cautioning that it "undermines ongoing efforts to reach a negotiated solution" with the United States and warning it was ready to retaliate. French trade minister Laurent Saint-Martin added: "We have to keep our cool and always show that the introduction of these tariffs is in no one's interest." Canada, the largest supplier of the metals to the United States, has called Trump's tariffs "illegal and unjustified". After talks between UK Trade Secretary Jonathan Reynolds and Greer on Tuesday, London said imports from the UK would remain at 25% for now. Both sides needed to work out duties and quotas in line with the terms of a recently signed trade pact. "We're pleased that as a result of our agreement with the US, UK steel will not be subject to these additional tariffs," a British government spokesperson said. The Group of Seven advanced economies - Britain, Canada, France, Germany, Italy, Japan and the United States - is due to hold separate talks on trade Wednesday. "We need to come up with negotiated solutions as quickly as possible, because time is running out," German economy minister Katherina Reiche said Tuesday, on the sidelines of the OECD. Mexico will request an exemption from the higher tariff, Economy Minister Marcelo Ebrard said, arguing that it was unfair because the United States exports more steel to its southern neighbour than it imports. "It makes no sense to put a tariff on a product in which you have a surplus," Ebrard said. Mexico is highly vulnerable to Trump's trade wars because 80% of its exports go to the United States, its main partner. White House press secretary Karoline Leavitt confirmed Tuesday that the Trump administration sent letters to governments pushing for offers by Wednesday as the 9 July deadline approached.
IOL News
9 hours ago
- IOL News
No Permanent Friends nor Foes in Global Politics
Chinese President Xi Jinping shakes hands with European Commission President Ursula von der Leyen as they leave after holding a trilateral meeting, which included the French President, as part of the Chinese president's two-day state visit, at the Elysee Palace in Paris, on May 6, 2024. The idea of the world changing has become a habit, year-on-year, that statement provides no new information. Nonetheless, this opinion points out that what is happening [with strong support] is that global relationships are changing–old friends have become foes and new friends have been foes. This particular change rings true for the US and elsewhere. It also provides hope for ongoing disagreements, conflicts and war. Looking at tariffs, China has seen some of the highest rates against it by any country, in the form of Trump's Liberation day tariffs. Since 14 May, both the United States and China have agreed to suspend 90% of their Liberation Day tariffs for a period of 90 days and have withdrawn several other retaliatory duties. As a result, tariffs imposed by the US on Chinese goods dropped to 30%, while China will reduce its tariffs on American products to 10%. Although this does not signify a friendship, it does signal a willingness to reconvene on measures through communication. It indicates that the relationship between China and the US were at its worst when the US announced the Liberation Day tariffs (145%) against China. China and the European Union have traditionally maintained stable relations, with minimal conflict over core interests and strong economic and cultural ties. By 2022, China had become the EU's top import source and third-largest export destination, with bilateral trade surpassing €856 billion. European firms like Siemens, Airbus, and BMW are heavily invested in the Chinese market, fostering collaboration in technology and industry. However, mounting political pressure from the United States has disrupted this trajectory, prompting the EU to impose curbs on Chinese tech companies, scrutinise investments, and restrict academic exchanges—moves driven more by external influence than inherent discord. Amid Donald Trump's renewed political presence and his assertive 'America First' stance, the EU is increasingly recognising the value of strategic autonomy, pushing for a more balanced foreign policy and a reimagined, independent engagement with China. BRICS has played a fundamental role in relationship-building, particularly amongst those members of the global south. In fact, the beginning of this year saw Indonesia join as an official member of BRICS and official partners: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan. These relationships entail economic, social, political, and environmental engagement fostering a commitment to shared development. The grouping is instrumental regarding the strong relationships between–China-Russia, China-South Africa, South Africa-Brazil. The grouping reinforces the autonomy of its members and partners often creating a revived awareness of previous or current relations that are or were exploitative and infringes national autonomy. On the point of relations there exists wars and conflicts that seem very permanent with no resolution in sight. The Russia-Ukraine conflict has seen devastations that killed many. Many countries are attempting to find a solution to the situation, for example, China, the EU, and South Africa. Putin and Trump's relationship appears strained by recent reports, as Trump attempts to have Ukraine & Russia come to a consensus, his efforts have seemingly rendered itself meaningless. The Israel-Palestine conflict is one that has perpetuated for many years since 1948 when Israel became a sovereign state. This conflict puts to task the notion that there are no permanent enemies. It has no real time when it will stop, even with external efforts to alleviate the issues. The US has positioned itself as an ardent supporter of Israel and other nations, like South Africa, are bastions for the cause of the Palestinian people. It is thus unsurprising that the US, under Trump, has accused South Africa of a fictitious 'white genocide' as South Africa has taken Israel to the International Court of Justice (ICJ) for the genocide of the Palestinian people. There are, in fact, very real genocides (at cumulative recorded deaths) in Sudan and the Democratic Republic of Congo (DRC) as examples. The principle that there are no permanent friends or foes in global politics is more visible in today's rapidly shifting geopolitical climate. Relationships once thought stable—like those between the US and the EU—are evolving under pressure, revealing both fragility and potential. While tariff wars and political tensions mark deep rifts, temporary pauses in hostility and renewed dialogue suggest that cooperation remains possible, even after periods of hostility. However, perpetual conflicts such as those in Ukraine and Palestine challenge this notion, raising critical questions about whether some enmities can truly end. Amid this complexity, BRICS and its expanding network offer hope for a more balanced, multipolar world—where nations from the Global South engage on more equal terms, are weary of external pressures, and reaffirm their sovereignty through strategic partnerships. In a world of fickle loyalties and enduring struggles, BRICS stands as a testament to the possibility of resilient and principled international cooperation. Written By: *Cole Jackson Lead Associate at BRICS+ Consulting Group Chinese & South American Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL.
IOL News
a day ago
- IOL News
MultiChoice expects improved earnings despite tough trading conditions
MultiChoice, South Africa's leading pay-TV operator, has warned shareholders of a significant shift in its financial performance for the fiscal year ended March 31, 2025, driven by challenging macro-economic conditions and structural changes in the video entertainment industry across sub-Saharan Africa. MultiChoice, South Africa's leading pay-TV operator, has warned shareholders of a significant shift in its financial performance for the fiscal year ended March 31, 2025, driven by challenging macro-economic conditions and structural changes in the video entertainment industry across sub-Saharan Africa. It said, "The current period has seen the continuation of unprecedented financial disruption for economies, corporates and consumers across sub-Saharan Africa due to several macro-economic factors, including weaker average exchange rates, elevated inflation and interest rates, and power supply challenges. "Combined with the impact of structural industry changes in video entertainment, such as the rise of piracy, streaming services and social media, as well as the cost of investing in Showmax, this has materially affected the performance of the MultiChoice Group. The group has acted decisively to counter these headwinds by, focusing on key areas within its control such as maintaining inflationary pricing discipline, growing new revenue streams and driving further efficiencies to manage costs and cash flows," the group said. In a trading statement released on Thursday, MultiChoice projected a recovery in earnings per share (EPS), forecasting an increase of 128% to 132% compared to a loss of 935 cents per share in the prior year This translates to an expected EPS range of R12.62 - R12.94 per share. The group said it expects to report positive earnings per share due to the recognition of a profit on the sale of a 60% shareholding in NMS Insurance Services (NMSIS) to Sanlam Life Insurance Limited in November 2024, and a downward adjustment to the Showmax put option liability. Similarly, the group expects the headline loss per share (which excludes the profit on the sale of NMSIS) to narrow year-on-year. Headline earnings per share are expected to rise between 62% to 66%, in a range of between R4.43 - R4.72 per share, compared to a loss of 715c per share the prior year. Trading profit (reported) from R7.9 billion is likely to fall between 47% to 51%. MultiChoice said, "The ongoing investment in the Showmax streaming business, which remains at an early stage of development and has yet to scale into its cost base, is expected to result in the group reporting a lower trading profit. On an organic basis (excluding the effects of foreign currency and group composition changes), the decline in trading profit is expected to be much smaller." Trading profit (reported) was expected to fall by between 47% to 51% from R7.9 billion. BUSINESS REPORT
