Korea's Blue Action Plan: Key outcomes from the 10th Our Ocean Conference
Korea played host to the 10th Our Ocean Conference.
The three-day conference held at Bexco, in the beachside city of Busan, saw global leaders converge.
"Approximately 2,600 people were in attendance, including government officials, high-level international organizations, global NGOs, and companies from 100 countries.
From South Africa, Zoe Prinsloo from Save the Fishies in Cape Town, was in attendance.
The conference aimed to engage in dialogue for a sustainable ocean future, with the backdrop theme for this year being 'Our Ocean, Our Action."
The conference aimed to foster dialogue and cooperation for a sustainable ocean future.
As a country with an integrated maritime administration, Korea announced the Korea Blue Action Plan for Sustainable Oceans.
The country pledged approximately 70 maritime-related action pledges based on past experiences and achievements to the international community.
The Ministry of Oceans and Fisheries (MOF) under the leadership of Minister Kang Do-Hyung described the conference as successful.
The conference provided a platform to discuss opportunities to cooperate on global ocean challenges, and it resulted in the announcement of 277 commitments with a total value of USD 9.1 billion.
Four core commitments were identified for the Korea Blue Action Plan.
These are:
- Assuming an active role in global discussions on marine protected areas (MPAs);
-Participating in discourse on the transition to eco-friendly fuels for ocean freight and the establishment of a global green fuel supply chain.
-Recognizing the significance of the Global Charter for Fisheries Transparency for sustainable fisheries and implementing the Charter in phases
-Promoting a lifecycle management policy for fishing gear, a primary contributor to marine plastic pollution.
At the opening ceremony, it was stated that over the past decade, 478 organizations had made 2,618 voluntary pledges, representing approximately USD 161 billion in financial commitments.
Of these, 43%, or 1,130, have been implemented, and 38%, or 1,005, are ongoing.
"This indicates that about 81% of the pledges have been or are being realized, showcasing the OOC's commitment to driving tangible change.
"By pledge category, marine pollution had the highest number of items, with a total of 508. By dollar amount, USD 86.6 billion, 54% of the total, was committed to addressing climate change."
Two exceptional cases of achievement were also presented. Renz Nathaniel Luyao, a young Filipino, shared his experience organizing the country's first youth seminar on the BBNJ Agreement and promoting 'Gensea,' an online marine education and community platform. The PEW Foundation shared its accomplishments in designating 2 million km² of MPAs in over 30 regions worldwide, and called on countries to join in the MPA designation.
In the meantime, Kenya has been announced as the host of the 11th Our Ocean Conference.
IOL News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Maverick
a day ago
- Daily Maverick
Competition Commission and international banks to square off in ConCourt over rand price-fixing accusations
The case stems from allegations that the banks were manipulating the foreign exchange rate between the US dollar and the rand over several years by sharing information on messaging platforms. The Constitutional Court is due to hear four days of legal argument in a matter involving the Competition Commission and more than two dozen banks from across the world, which the commission has accused of 'the most egregious form of anti-competitive conduct'. The case stems from allegations that the banks were manipulating the foreign exchange rate between the US dollar and the rand over several years by sharing information on messaging platforms. Three cases, one brought by the commission and the other two brought by the French bank BNP Paribas and US-based Credit Suisse Securities, have been combined into a single massive hearing at which the court will determine whether all or some of the banks should be held liable for colluding. Years of legal battles The case has its origin in a 2017 referral by the Competition Commission to the Competition Tribunal, in which the commission alleged that international traders were using the Bloomberg instant messaging service to discuss the pricing of the US dollar to rand exchange rate. The commission eventually included 28 banks in its case referral. 'The traders shared competitively sensitive information and made arrangements to assist each other by coordinating their trading activities. The traders would regularly agree on the bid-offer spread or spot rate for buying and selling of the USD/ZAR currency paid,' said the commission. The traders would also make arrangements to manipulate the bid-offer prices on the Reuters trading platform by agreeing on the order of transacting, withholding their trades, or posting 'fake bids and offers', said Makgale Mohlala, the manager of the cartels division of the Competition Commission, in an affidavit before the ConCourt. Various banks filed appeals and exceptions to the case, alleging that the commission did not have the jurisdiction to refer the case. The Competition Appeal Court heard the matters and found that the commission had no jurisdiction with regard to 17 of the international banks. Just four international banks were retained in the case: BNP Paribas, Credit Suisse Securities, JPMorgan Chase and Co, and HSBC Bank PLC. South African banks Standard Bank, Nedbank Limited and FirstRand Bank Limited had also appealed against the initial referral, but the court dismissed their cases. 'Single overarching conspiracy' Mohlala said the commission 'cannot accept this outcome in a case involving the most egregious form of anti-competitive conduct'. The commission had said that there was a 'single overarching conspiracy' among the banks. 'The manipulation impacted on the exchange rate of the South African rand, which in turn affected various parts of the South African economy — including imports and exports, foreign direct investment, public and private debt, companies' balance sheets, with the attendant implications for the prices of goods and services and financial assets,' said Mohlala. The commission also alleges that the Competition Appeal Court (CAC) erred in several conclusions of its judgment, saying it created new requirements for jurisdiction and contradicted itself. No constitutional issue Some of the banks that were listed in the initial complaint have opposed the commission's application, criticising the way the commission handled the initial complaint and subsequent litigation. Standard Bank of South Africa is among these, saying the commission ignored important information when formulating its complaint. In an affidavit, Ian Sinton, the former general counsel and current consultant for Standard Bank, said the bank was opposing the commission because 'there is no constitutional issue implicated' and 'it is not in the interests of justice' that leave to appeal be granted. He claimed that the bank had raised several factual issues during the Competition Tribunal phase that were ignored. 'Numerous opportunities have been afforded to the commission to plead a sustainable case against [Standard Bank], and it has failed to do so. Contrary to its obligation of impartiality imposed by section 20 of the Competition Act, the commission has shut its mind to relevant information furnished to it by Standard Bank, including easily verifiable facts which dispose of the case,' said Stinton in court papers. The bank also argues that the commission didn't have jurisdiction to prosecute it because the alleged misconduct did not take place in its local office. 'The commission made out no case at all linking the activities of the Johannesburg branch to any cause of action, and so the deficiencies in alleging subject matter jurisdiction remain exactly as before,' said the bank through its lawyer Martin Versfeld. The lawyer for Bank of America and Merrill Lynch, Pierce, Fenner & Smith, Shawn van der Meulen, has criticised the commission for raising new legal issues that were not brought up during the initial appeal. JPMorgan Chase has also criticised the commission's decision to approach the ConCourt, saying the case 'does not legitimately raise a constitutional issue'. Banks appeal Two of the banks whose tribunal referral was ruled as valid, BNP Paribas and Credit Suisse Securities, have launched their own cases. BNP alleges that the commission has not properly pleaded its revised case. 'By failing to properly plead its case, the commission has fallen short of the requirements imposed on it by the CAC. This raises a constitutional issue in that this court is called on to decide whether the rule of law, enshrined in section 1 of the Constitution, can accommodate a situation in which the commission can exercise its prosecutorial powers in contravention of an order of the CAC, which binds the commission,' said Rudolph Labuschagne, BNP's attorney. Credit Suisse Securities has also taken issue with how the commission initiated its investigation. The commission 'exceeded [its] statutory power and thereby violated the principles of legality and the rule of law. These are quintessential constitutional matters,' said Paul Cleland, the attorney for Credit Suisse Securities. Credit Suisse also takes issue with the appeal decision, saying the CAC failed 'to treat like parties alike in the same proceedings — for no good reason whatsoever'. It believes it should have got an exception, like several other international banks. The bank says this action is 'patently arbitrary and irrational'. 'The CAC order violates the right to equal treatment before the law under section 9 (1) of the Constitution, which 'entitles everybody, at the very least, to equal treatment by our courts of law'.' Due to the similarity of issues being dealt with, the ConCourt has combined all three cases into one hearing. Argument will be heard from 19-22 August. DM
IOL News
08-08-2025
- IOL News
South Africa's richest woman Magda Wierzycka considers returning due to UK tax changes
South African billionaire and Sygnia CEO Magda Wierzycka says she may be forced to return to South Africa Image: X / Magda Wierzycka South African billionaire and Sygnia CEO Magda Wierzycka says she may be forced to return to South Africa because of tax changes proposed by the UK government. Magda Wierzycka left South Africa several years ago, citing safety concerns linked to her outspoken fight against corruption. At the time, she claimed she would never return to the country.. Wierzycka is estimated to be worth $250 million, making her one of South Africa's richest women. While her publicly traded shares in Sygnia are said to be valued at around USD 114 million (R 2 billion), her total wealth includes private assets and investments. However, the UK's recent tax changes targeting non-domiciled residents, including the introduction of inheritance tax on overseas assets, have put her future in London in doubt. Wierzycka has said that these policies could force her to relocate back to South Africa. 'In my situation, let's assume I die right now, my estate and the assets that I have in my trust would be subject to inheritance tax here immediately,' she said in an interview with SKY News. She added that South Africa's foreign exchange controls complicate matters further. 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 ✕ 'South Africa has these kinds of restrictions on the free movement of cash out of the country. So, you know, it's a situation where my estate might, my children might not be able to settle the bill in the UK. 'I was in the midst of raising a fourth fund to invest solely into the UK... The message to my investors is we'll be deploying the capital around the world. We are not coming to the UK". IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
IOL News
08-08-2025
- IOL News
My take on the rand and South Africa's future
The author says the USD/ZAR is at peak for the year. Image: Supplied On Thursday, 24 July, an executive asked me whether they should hedge the Rand below R18 to the dollar. This was my short response: Hi XXX, My thoughts are that USD/ZAR is at peak for the year and we will see weakening from here [due to] USA tariff effects plus latest policy on ANC leaders. Based on that, I think it's worth us hedging against a weaker rand over next 6-12 months. Speculative but I don't see a reason for current level beyond a weaker dollar. My best, The above is months of news packed into three sentences that reflect more than just the exchange rate. So let's unpack. South Africa's political scene The first cracks in the Government of National Unity (GNU) emerged at the beginning of the year, as tensions within the parties escalated while attempting to agree on the budget. The GNU is South Africa's first multi-party alliance, created in response to the African National Congress (ANC) losing its majority in 2024. The GNU is still primarily made up of the ANC and its main opposition party, the Democratic Alliance (DA). 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 Amidst the disagreements over the budget, the DA showed its colours by threatening to prevent budget approval unless it received concessions on the party's other agenda items. The ANC, in turn, showed the public that they are willing to work with parties outside of the GNU, namely the uMkhonto weSizwe (MK) and Economic Freedom Fighters (EFF), to achieve the ANC's ambitions. The Rand did not appreciate either of these plays. Then we had the unauthorised travel by former Deputy Minister Andrew Whitfield, who embarked on a state visit knowingly against the President's instructions. To Mr President, an open-and-shut case which resulted in immediate termination in July 2025. The DA was outraged. Then, the Minister of Police, Senzo Mchunu, was implicated in a corruption scandal involving the most dangerous gangs in South Africa. The president took his time to come to a decisive action, and only a week later, suspended the former minister pending investigation. The DA was once again outraged, claiming double standards and demanding the immediate termination of Mchunu. Choosing not to immediately suspend Mchunu was really shortsighted by the president, but the suspension has been the right call. South Africa has a robust judicial system, and we must maintain innocent until proven guilty, even when it involves one of the biggest scandals of the year. Sidebar: I wish I could say it was the biggest scandal of the year, but it feels like we're in a telenovela at this point. Political tensions and police corruption of the highest order are not exactly what maintain a strong credibility for the nation. The economics In the first quarter of the year, GDP growth was 0.1%. A figure that would have been negative (-0.3%) if it were not for good rains that boosted our agricultural sector. Bless the rains down in Africa. Unemployment in the first quarter went back up to 33%. For the youth (15-34) unemployment was even worse as it shot up to 46%. We have a stagnant economy, and nearly half of our youth are unemployed. Let that sink in. Headline inflation was 5.6% in July, and food took the lead. There's pretty much nothing that the South African Reserve Bank can do at the moment with glass fiscal levers ready to break. What we need right now is a huge step up on institutional credibility and private sector mobilisation. Trying to decide which is worse between the political scene and the economic data is a tough choice Why did we see a USD/ZAR below R18? As with all data, correlation is much easier to show than causation. I speculate that the chaos in the US is worse than that in South Africa. Global investors and markets have not appreciated President Trump's surprises, even if they are not so surprising. If we track a few other currencies against the the rand since the beginning of the year, we can suppose some of the reasoning through correlation. The dollar and the rand both weakened, but the dollar decided to step up the pace while running backwards, and now the rand is trying to catch up. It looks like the rand is going to be sprinting for the last half of the year. But, for now, we're still behind/ahead? Tariffs South Africa is most certainly in the crosshairs, and President Donald Trump's magazine seems bottomless. The outlook As the rand weakens, we have some form of revolution due to political instability and unemployment, chaos ensues, and South Africa finally resets. If we held all things constant, I would say that this is quite likely, but given how tumultuous this year has been, I doubt that this would be the case. I am also much more hopeful that things will improve. Maybe naively so. Here is a more realistic view of the year forward: I do believe the rand is on a path to weaken for the rest of the year. There is not much indication domestically that we will have anything substantial to shift that trajectory. In the best-case scenario, President Trump lifts the tariffs on South Africa, and we receive a ton of foreign investment to boost the rand and create employment. I can say there is a non-zero chance of this happening. What should we do? I'm not going to try to solve the dilemmas of our nation in one final section, but here are a few thoughts: South Africa needs to be reunited. We're a nation that works best and punches so far above our weight when we're together. GNU, EFF, MK, and all the others, please cut the nonsense and put the people first. President Trump loves a deal. Give him one. At the same time, the ones that have fared best are those that manage to build alliances amidst the chaos. Divide and conquer works in the 21st century, too, and it's what President Trump wants. Finally, kill the corruption tumour. It runs rampant everywhere regardless of colour. I know it's much easier said than done, but we seem to be at the height of both corruption and publicly exposing it. Let's push through the latter and hope the chemo is strong enough. Final word South Africa is weathering a Category 5 hurricane despite our lack of natural disasters. Nevertheless, we will get through it, like we always do. We have everything in our beautiful country, and now we just need our leaders to unite us on our way forward. Rayhaan Survé is the deputy chairman of Sekunjalo. Image: Supplied
