South African Coalition Skirts Crisis to Pass National Budget
The Democratic Alliance, the coalition's second-largest member, had threatened to withhold support for allocations to government departments headed by ministers implicated in wrongdoing, potentially disrupting the entire budgeting process.
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Yahoo
14 minutes ago
- Yahoo
SergeFerrari Group: Revenue of €178.7 Million in the First Half of 2025
Continued sales momentum in the 2nd quarter of 2025 Growth exceeds 10% in the first six months of 2025 SAINT-JEAN-DE-SOUDAIN, France, July 29, 2025--(BUSINESS WIRE)--Regulatory News: SergeFerrari Group (FR0011950682 – SEFER), SergeFerrari Group (FR0011950682 - SEFER), a leading global supplier of innovative flexible composite materials, listed on Euronext Paris – Compartment C, today announced its revenues for the first half of 2025. Breakdown of sales by geographic area (unaudited) (€ thousands) 2ndquarter2025 2ndquarter2024 Ch. atcurrentscope andexchangesrates Ch. atconstantscope andexchangesrates H1 2025 H1 2024 Ch. atcurrentscope andexchangesrates Ch. atconstantscope andexchangesrates Europe 69,068 66,730 +3.5% +3.2% 128,589 120,519 +6.7% +6.5% Americas 14,979 8,325 +79.9% +86.4% 23,399 16,003 +46.2% +48.7% Asia – Africa – Pacific 15,512 13,387 +15.9% +16.0% 26,743 25,382 +5.4% +5.4% Total revenues 99,558 88,442 +12.6% +13.0% 178,731 161,904 +10.4% +10.5% Sébastien Baril, SergeFerrari Group's chairman of the Executive Board, stated: "Signs of improvement in our historic markets are gradually materializing. Serge Ferrari recorded an increase in revenues of over 10% in the first half of the year. This performance encourages us to continue our efforts to increase our operating leverage, our customer service and the flexibility of our cost structure in an environment where adaptability and responsiveness remain key." Q2 2025 activity The Group reported revenue of €99.6 million in the 2nd quarter of 2025, up 12.6% on a current scope and exchange rate basis, and up 13.0% on a constant scope and exchange rate basis compared with the same period last year. This change is due to: A currency effect of -0.4 %; A volume effect of -3.0%, due mainly to a fall in volumes of modular structures, for which the end markets are declining; A favorable price-mix effect of +16.0%, driven by a confirmed recovery in activities that have traditionally been profitable for the Group, such as Solar Protection and the new Solutions business lines, as well as the impact of price increases introduced to mitigate the negative effect of high inflation on certain raw materials. H1 2025 activity The Group posted sales of €178.7 million in the first half of 2025, up by more than 10% on both current and constant scopes and exchange rates. Half-year sales trends by geographical region are as follows: Europe posted solid revenue growth of 6.7% on a current scope and exchange rate basis and 6.5% on a constant scope and exchange rate basis, with sales of almost €129 million over the period, thanks to historic markets that remain well oriented. After a difficult 2024 exercise in North American markets, sales in the Americas rebounded strongly in the first half. Growth accelerated sharply between the 1st and 2nd quarters, taking half-year sales up to €23.4 million, representing growth at constant scope and exchanges rates of +49%. Sales in the Asia-Africa-Pacific region were up 5.4% on H1 2024, both on a current and constant scope and exchange rates basis, due to good momentum in the various markets. Outlook Based on a seasonal history between the first (driven by solar protection activity and tense architecture) and the second half of the fiscal year, the group will focus (despite an uncertain context, particularly on the geopolitical level) on maintaining its trajectory initiated with Transform 2025 that aims at increasing its adaptability and profitability. Financier calendar Publication of first half 2025 results on September 10, 2025, after market close. ABOUT SERGEFERRARI GROUP The Serge Ferrari Group is a leading global supplier of composite materials for Tensile Architecture, Modular Structures, Solar Protection and Furniture/Marine, in a global market estimated by the Company at around €6 billion. The unique characteristics of these products enable applications that meet the major technical and societal challenges: energy-efficient buildings, energy management, performance and durability of materials, concern for comfort and safety together, opening up of interior living spaces etc. Its main competitive advantage is based on the implementation of differentiating proprietary technologies and know-how. The Group has manufacturing facilities in France, Switzerland, Germany, Italy and Asia. Serge Ferrari operates in 80 countries via subsidiaries, sales offices and a worldwide network of over 100 independent distributors. At the end of 2024, SergeFerrari Group posted consolidated revenues of €323.6 million, more than 80% of which was generated outside France. SergeFerrari Group is listed on Euronext Paris – Compartment C (ISIN code: FR0011950682). SergeFerrari Group shares are eligible for the PEA-PME and FCPI investment schemes. View source version on Contacts Valentin Chefson Head of Relations Investisseursinvestor@ NewCap Investor Relations – Financial Communication Théo MartinTel. : 01 44 71 94 94sferrari@
Yahoo
2 hours ago
- Yahoo
Cuban private sector overtakes state in retail sales value amid economic crisis
HAVANA (Reuters) -Cuba's private sector accounted for most of the value of retail sales for the first time last year, new government data shows, a milestone for entrepreneurs in an economy otherwise grappling with a severe, years-long crisis. Preliminary figures from the National Statistics Office indicate the "non-state" sector was responsible for 55% of retail sales of goods and services in 2024, up from 44% in 2023. These figures exclude public utilities. The growth comes as Cuba's state-run economy has contracted by 11% over the last five years, marked by frequent blackouts, goods shortages, and high inflation. The trend is visible at bustling informal markets such as the 100th Street Bridge Fair in Havana, where hundreds of vendors sell items often unavailable in state stores, from hardware to food and clothing. 'There are many things that you cannot find in the state sector,' said Diamela Garcia, a clothing vendor at the fair. 'Many people come to look for these things here." María Karla Hernández, a 27-year-old physiotherapist in green scrubs shopping for work supplies, said shoppers acknowledge the greater availability of goods in the private sector but also the higher costs. 'Here you find everything, although the prices are high," she said. Cuban economist Omar Everleny cautioned the retail data reflects sales value, not volume. "Prices are often subsidized in the state sector and much higher in the private sector,' he said. "In addition, the state has little cash to import goods ... so people have to turn to the private sector, which is more flexible." The government has gradually expanded the role of private enterprise since the 1991 collapse of its former benefactor, the Soviet Union, reversing a 1968 policy that nationalized all private businesses. According to official figures, approximately 1.6 million people in a labor force of 4 million work in the private sector. Economy Minister Joaquin Alonso told the National Assembly this month that while the country's overall imports have declined, imports by private businesses topped $1 billion, a 34% increase compared to the same period last year. Sign in to access your portfolio
Forbes
5 hours ago
- Forbes
How Structured Trade Finance Can Help Address Africa's USD Liquidity Crisis
Meelan Gupta | Global finance & treasury pro w/ 25+ years' experience in Africa, the Middle East, Europe & Asia | GeBBS Healthcare Solutions Many African economies face persistent shortages of foreign exchange (FX), particularly U.S. dollars, which can impair their ability to fund imports, pay off debt and maintain stable macroeconomic conditions. The issue is especially severe in nations reliant on commodity exports or with narrow industrial bases. But an increasingly viable solution is emerging—structured trade finance using standby letter of credit (SBLC)-backed bill discounting. I work as a financial advisor and strategist with deep involvement in cross-border trade and structured finance across emerging markets. I have worked alongside African financial institutions, importers and development partners to design liquidity-enhancing trade finance structures. My experience spans engagements involving SBLCs, particularly for FX-constrained economies. This direct exposure to the operational and regulatory intricacies of African trade flows has informed my advocacy for structured solutions like SBLC-backed bill discounting as pragmatic mechanisms for maintaining macroeconomic stability and ensuring trade continuity. Understanding The FX Crunch Foreign exchange shortages are not new to Africa. Countries like Nigeria, Ghana and Kenya frequently struggle to access dollars, especially during periods of global economic stress (registration required). These shortages are exacerbated by fluctuating commodity prices, limited diversification and capital flight. For example, Nigeria's dollar crisis in 2014 followed a steep drop in global oil prices. More recently, the Covid-19 pandemic caused a $5 billion capital outflow from the continent, intensifying pressure on foreign reserves and curbing trade flows. The impact goes beyond macroeconomic figures—it disrupts sectors like agriculture and manufacturing. In Kenya and Nigeria, crop yields have fallen due to delayed fertilizer imports. In Egypt, textile mills have reduced output due to the unavailability of imported raw materials. These are not isolated incidents—they're systemwide consequences of a fragmented FX ecosystem. A Practical Model: SBLC-Backed Bill Discounting One proven, structured solution is the standby letter of credit-backed bill discounting model. This mechanism combines local bank credit enhancement with international bank liquidity to bridge the FX gap. Here's how it works, based on my experience: • A local firm issues an invoice to its client and presents it to its local bank for discounting. • Instead of paying USD directly, the local bank issues an SBLC to a correspondent bank that gives USD liquidity. • The international bank provides USD liquidity against the SBLC. • This liquidity is then used to pay offshore suppliers, while the local client eventually repays in local currency. This model can be used across industries to fund procurement and meet offshore obligations, without depending on a central bank or informal markets. In my firm's work with clients, we were able to do multiple transactions. Benefits Across The Board For banks, this model helps limit direct FX exposure and can deepen international correspondent relationships. For businesses, it eliminates reliance on central bank allocations or black-market FX premiums, helping improve supply chain continuity and project delivery timelines. For the economy, it can contribute to more stable FX markets, help lower inflationary pressure and promote investor confidence. Why It's Scalable My firm has concluded a deal in Nigeria, but the model is scalable across many African economies. South Africa, Ghana, Kenya and Egypt—with their structured banking systems and active trade links—are well-positioned to adopt similar solutions. The key enablers? Regulatory harmonization, credit guarantee schemes and collaboration between commercial banks and fintech platforms. Technology As An Enabler Digital platforms, artificial intelligence (AI)-driven credit scoring and blockchain-based documentation can further streamline trade finance. By automating invoice validation and tracking FX exposures in real time, these tools can help reduce friction and increase transparency in multicountry deals. Considerations And Caveats For SBLC-Backed Bill Discounting While SBLC-backed bill discounting can ease FX shortages and support trade, it comes with important caveats: SBLC-backed discounting can be a valuable tool but should be used selectively, with strong legal, financial and policy oversight. A Call To Action For Policymakers To support structured trade finance, African governments and regional blocs must: • Standardize trade finance regulations across borders. • Recognize SBLCs and similar instruments as eligible collateral. • Support credit enhancement and FX guarantee mechanisms through development finance institutions. A Call To Action For Finance Professionals Africa's FX shortage is a corporate challenge—and a major opportunity for finance professionals. Here's how you can respond: SBLC-backed discounting is a tool to help drive returns and resilience. Finance professionals can lead the charge in bridging Africa's liquidity gap while opening new markets and mitigating global risk. Final Thoughts Africa's FX liquidity challenges won't disappear overnight—but structured trade finance offers a road map to greater resilience. SBLC-backed bill discounting is one such tool that can potentially help stabilize trade flows, empower businesses and restore investor faith. For finance professionals, this is the moment to step in—not just as financiers, but as enablers of stability and growth in one of the world's most dynamic yet underserved markets. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
