Peng Liyuan attends Bond with Kuliang: 2025 China-US youth friendship event
She called on young Chinese and US people to be inheritors of the China-US friendship, to be promoters of peace and friendship, and to contribute their strength to a bright future for the two countries.
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IOL News
7 minutes ago
- IOL News
New EFF bill aims to tighten control over South Africa's foreign loans
Minister Enoch Godongwana revealed in a recent interview with Bloomberg Television that the government is managing a loan package totalling about R54 billion Image: Jairus Mmutle/GCIS The Economic Freedom Fighters (EFF) have taken formal steps to introduce a Private Member's Bill aimed at tightening parliamentary oversight over the country's foreign borrowing. According to party MP Sinawo Tambo, the proposal is already being processed through the Bills Office and is 'at an advanced stage.' The legislation seeks to ensure that all foreign loan agreements receive prior approval from Parliament and are fully disclosed to the public. The party wrote to the National Assembly Speaker Thoko Didiza in June, notifying her of their intention to table the Public Finance Management Amendment Bill, 2025. "It aims to strengthen democratic oversight and ensure that all foreign loan agreements undergo prior parliamentary approval and are subject to full public disclosure before conclusion. The policy rationale and urgency for this amendment are outlined in the attached policy proposal and consultation documents. The party said in the letter to Didiza. "The Bill is premised on the constitutional principles of transparency, accountability, and sound financial governance, as provided for in Sections 215 and 216 of the Constitution." The proposal comes amid growing concerns over the country's escalating debt levels. South Africa's debt-to-GDP ratio has grown from 23.6% in 2008/09 to a projected 74.7% in 2024/25. The International Monetary Fund has also recommended that South Africa reduce its debt-to-GDP ratio to 60% to align with international standards. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Action SA is just pathetic. The EFF is already processing this with the Bills Office and it is at an advanced stage. This is just a sad and pathetic stunt. — Sinawo Thambo (@Sinawo_Thambo) August 3, 2025 Earlier this year, the party was also critical of the government's decision to sign a US$1.5 billion (R27.2 billion) loan agreement with the World Bank for infrastructure development. "The EFF is deeply concerned by the rising trend of foreign-denominated loans, particularly when there is sufficient liquidity in the domestic financial market and alternative monetary policy interventions that remain unexplored, " the party said. Since then, the government has secured several additional loans. Finance Minister Enoch Godongwana revealed in a recent interview with Bloomberg Television that the government is managing a loan package totalling about R54 billion from international lenders, including the World Bank, African Development Bank, and KFW.
eNCA
7 minutes ago
- eNCA
Philippine, Indian navies begin first joint South China Sea patrols
Indian Navy warships have begun patrolling areas of the disputed South China Sea with their Philippine counterparts for the first time, Manila's military said Monday, as President Ferdinand Marcos departed for a state visit to New Delhi. The two-day sail includes three Indian vessels and started Sunday, a day before Marcos left on a trip that will include talks with Indian Prime Minister Narendra Modi. The Philippines has heightened defence cooperation with a range of allies over the past year after a series of clashes in the South China Sea. Beijing claims nearly the entirety of the waterway despite an international ruling that its assertion has no legal basis. India's naval vessels, including the guided missile destroyer INS Delhi, arrived in Manila for a port visit late last week. The patrol "started yesterday afternoon, then it's ongoing up to this moment... the activity at the moment is replenishment at sea," Lieutenant Colonel John Paul Salgado told AFP. China in response accused Manila of "drawing in external countries to stir up trouble" in the South China Sea. The joint patrol "undermines regional peace and stability", said Senior Colonel Tian Junli, spokesperson of the Chinese military's Southern Theater Command. He said Beijing had conducted "routine patrols" in the South China Sea on Sunday and Monday, and remained on "high alert". While in India, Marcos is expected to sign pacts in such fields as law, culture and technology, according to foreign affairs assistant secretary Evangeline Ong Jimenez-Ducrocq, but all eyes will be on any potential defence agreements. Before departing Monday, Marcos praised the two countries' "steadfastness in upholding international maritime law, including the UNCLOS", the UN treaty granting an exclusive economic zone within 200 nautical miles (370 kilometres) of a country's shores. The Philippines has previously purchased BrahMos supersonic cruise missiles from India, a weapon which has a top speed of 3,450 kilometres per hour. India, which has engaged in border clashes with China in the Himalayas, is a member of the so-called Quad, a group that includes fellow democracies the United States, Japan and Australia.
TimesLIVE
38 minutes ago
- TimesLIVE
30% US tariff on SA exports will hit 30,000 jobs
The government says 30,000 jobs are likely to be affected by the 30% tariff imposed by the US on South African exports. This was revealed by trade, industry and competition department director-general Simphiwe Hamilton during a joint media briefing with the international relations and co-operation department on Monday. 'We base this on consultations we have with all sectors of the economy — from automotive to agriculture — and all the other sectors that are going to be affected, and now we are at about 30,000 jobs that could be affected,' Hamilton said. South Africa faces the highest tariff rate in Sub-Saharan Africa and from August 7 products exported to the US will be subjected to the 30% levy. During the briefing, international relations and co-operation minister Ronald Lamola said the government had been strengthening trade and investment partnerships with various global partners. Those efforts were starting to bear fruit with the focus on markets across Africa as well as in Asia, Europe, the Middle East and the Americas. SA faces the highest rate in sub-Saharan Africa. Countries like Lesotho and Zimbabwe were hit with a 15% tariff. Minister Lamola says SA continues to negotiate with the US. @SowetanLIVE — Jeanette Chabalala 🇿🇦 (@J_chabalala) August 4, 2025 'Our announcement on the clean trade and investment partnership with the EU in March has unlocked a R90bn investment package that has been initially committed,' Lamola said. 'This [partnership] also aims to unlock new market access opportunities for South Africa, including the export of sustainable aviation fuel by Sasol and the exports of hybrid and electric vehicles. We've made significant progress in opening up vast new markets, such as China and Thailand Ronald Lamola, international relations and co-operation minister 'While facing global trade challenges, South Africa is proactively building a more resilient agricultural sector. 'We've made significant progress in opening up vast new markets such as China and Thailand, securing vital protocols for products such as citrus and others. With China being a $200bn [R3.59-trillion] market, we are confidently expanding our reach and creating new opportunities for our agricultural producers.' Lamola said the government has not been idle and is proactively and collaboratively working to diversify South Africa's trade portfolio. In his weekly newsletter, President Cyril Ramaphosa said the US's decision to impose the 30% tariff on South African imports highlighted the urgency with which the country must adapt to the increasingly turbulent conditions in global trade. Ramaphosa said the US was South Africa's second-largest trading partner by country and the tariff measures would significantly affect industries that depend heavily on US-bound exports, with the workers they employ and the effect on the national fiscus. 'Domestic sectors such as agriculture, automotive and textiles have historically benefited from duty-free access to the US market under the African Growth and Opportunity Act. 'Our trade relations have historically been complementary in nature,' Ramaphosa said. 'South African exports do not compete with US producers and do not pose a threat to US industry. It remains our aspiration that this should continue. 'Largely, our exports are inputs into US industries and therefore support the US's industrial base. South Africa is also the biggest investor from the African continent into the US, with 22 of our companies investing in a number of sectors including mining, chemicals, pharmaceuticals and the food chain.' Ramaphosa said government had been engaging the US to enhance mutually beneficial trade and investment relations and all communication channels remained open. 'Our priority is protecting our export industries. We will continue to engage the US in an attempt to preserve market access for our products. We must also accelerate the diversification of our export markets, particularly by deepening intra-African trade.'
