Landing in Istanbul? Stay Seated—or Risk a Fine
The annual meeting of the International Air Transport Association is a good place to take the temperature of the global aviation industry. At this year's conclave, in New Delhi, there was ample discussion of planes, parts and tariffs. But one offbeat idea from Turkey caught the eye of aviation reporter Leen Al-Rashdan. Plus: Resources to fight AIDS in South Africa are vanishing.
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News24
an hour ago
- News24
Three Cape Town restaurants make the World's Best list for 2025
Three Cape Town spots have been named in the top 100 World's Best Restaurant's list, solidifying its reputation as the best South African city to dine in. La Colombe (55), FYN (82) and Salsify (a new entry at 88) all made the list, with La Colombe making it's 6th appearance, and FYN making it's 5th. Each year, the World's 50 Best Restaurants list highlights 50 exceptional dining establishments, accompanied by an extended list ranking restaurants from 51 to 100. Previously, Paternoster restaurant Wolfgat made the cut, peaking at number 50 in 2021. The co-owner of Salsify, Ryan Cole, told News24 Food that the ranking was a result of years of graft from his team. 'It's incredible to be recognised on a world stage, it's a testament to years of commitment and hard work. I don't think you can ever expect something like this.' Salsify also took home the coveted Eat Out Restaurant of the Year award for 2025 in March. Salsify head chef Nina du Toit told News24 Food that their accolades this year were not an overnight success story, but rather 'a culmination of the last six years of consistent hard work and innovation, always pushing to be better'. 'I am so proud of what we have accomplished, it has been a dream to be on the list,' she added. View this post on Instagram A post shared by Salsify at The Roundhouse (@salsify_at_the_roundhouse) 'To be recognised by the World's 50 Best for the fifth time is an extraordinary honour,' said FYN founder Peter Tempelhoff. 'This is a celebration of the whole team - from our kitchen and service brigades to our foragers, farmers, fishermen and ceramicists. FYN is the product of a deeply collaborative ecosystem, and this recognition is for everyone who plays apart in creating the FYN experience. We are very grateful.' FYN is also the only establishment in Africa to receive a top-tier three-star rating from the Food Made Good Standard in 2025 - the global benchmark for ethical hospitality. It is also the only stand-alone restaurant on the continent to have been inducted into the Relais & Châteaux association. Cape Town was crowned the World's Best Food City in the 2024 Conde Nast Traveller Readers' Choice Awards, beating out culinary hotspots like Tokyo, Rome, and Porto. The 2025 World's 50 Best Restaurants ceremony will be held in Turin, Italy, on 19 June.
News24
2 hours ago
- News24
Rand hits strongest level in months
• For more financial news, go to the News24 Business front page. The rand was trading below R17.74/$ on Thursday afternoon, the local currency's best level since December last year. It has gained almost 3% over the past month. The dollar has been under renewed pressure this week as disappointing labour data fuelled concerns about the US economy. Investors are also worried about how new tax cuts will worsen that country's debt crisis. The rand has now strengthened by more than R2 against the dollar since April, when it traded above R19.90/$ amid fears of a DA exit from the Government of National Unity (GNU). At the time, the rand was also hurt by a global sell-off of riskier assets amid the turmoil unleashed by US president Donald Trump's trade tariffs. Since then, sentiment has improved somewhat, bolstering riskier assets like the rand, as the US has been amenable to reducing tariffs through negotiations, says Investec chief economist Annabel Bishop. The survival of the GNU, and the well-received third iteration of the Budget, have underpinned rand strength in recent weeks. On Wednesday, the 10-year government bond yield reached its strongest level in more than three years, falling below 10% after parliament's finance committee voted in favour of the National Treasury's fiscal framework. This paves the way for Budget 3.0 to be adopted by Parliament. In addition, the SA Reserve Bank's campaign to lower the inflation target to 3% (from a band of 3% to 6%) has also bolstered the rand and bonds. Lower inflation will be positive for both assets, but a stricter target would also require stricter monetary policy. High interest rates make rand assets attractive to foreign investors looking to earn yield. Bishop said that the Reserve Bank's interest rate cut last week triggered 'mild' rand weakness, as the interest rate difference between SA and the US narrowed somewhat. The market is expecting two rate cuts of 25 basis points each in the US this year, but these are only anticipated from the final quarter of 2025. 'However, further US interest rate cuts are built into market expectations for 2026 and 2027, allowing for further rand strength against the US dollar in the period,' said Bishop. In the near term, however, rand strength may be limited. Markets tend to become more risk-averse as the Northern Hemisphere's summer approaches and many traders reduce their investments in riskier assets over the period while they are on holiday, Bishop added. She says the rand's fair value (typically based on factors like trade, inflation differences and interest rates) was close to R16/$, but it is not expected to strengthen to that level until the fundamentals for economic growth improve in South Africa. As revealed this week, the economy grew by only 0.1% in the first quarter this year, with sharp contractions in mining and manufacturing. 'Persistent weak economic growth in South Africa tends to be a disincentive for foreign investors, along with the rand's depreciation trend,' said Bishop. While there has been foreign interest in local bonds, global investors remain sellers of SA shares. On Thursday, the rand gained slightly against the euro as the European Central Bank cut interest rates by a quarter point for the seventh time in a row, leaving the bank's rate at two percent. SA's repo rate is at 7.25%. The rand was trading at R20.29/euro on Thursday afternoon. It started the year at around R19.50.
Yahoo
3 hours ago
- Yahoo
India plans rare earth magnet incentives as supply threat mounts, sources say
By Aditi Shah, Neha Arora and Aditya Kalra NEW DELHI (Reuters) -India is holding talks with companies to establish long-term stockpiles of rare earth magnets by offering fiscal incentives for domestic production, people familiar with the matter said. Building such a supply chain could take years, but would reduce India's dependence on shipments from China, which sent shockwaves across global industries, particularly autos, with its April 4 move to curb exports of rare earth materials. China controls 90% of the processing of such magnets, also used in industries such as clean energy and defence. Now Prime Minister Narendra Modi's government wants to develop domestic manufacturing capabilities and is considering offering production-based fiscal incentives to companies, said two sources who sought anonymity as the talks are private. The scheme, being drafted by the ministry of heavy industries, also envisions partly funding the difference between the final price of the made-in-India magnet and the cost of the Chinese imports, the first source said. This would help achieve cost parity and boost local demand, the source said, adding that funding for the scheme has yet to be decided, with the government likely to meet industry officials next week to finalise the details. The heavy industries ministry did not respond to Reuters' queries. Although a state-run firm, IREL, has been mining rare earth materials for years, these are mainly used by the atomic energy and defence units, with most supplies for other uses still imported from China. India's move comes as auto companies the world over flag risks that they could face supply disruptions within days. In Japan, Suzuki Motor, has suspended production of its Swift car because of China's curbs. In India, auto industry body SIAM has privately told the government it expects production "to come to a grinding halt" within a timeframe starting from the end of May or early June. The heavy industries ministry also plans to send a delegation of auto industry executives to meet officials in Beijing to push for faster approvals, with two industry officials warning that was the only near-term solution. "The short-term solution has to be to get Chinese authorities to clear things," said one of the executives, who fears shortages at his company. "A radical shift in supply chain is not possible in the short term." Some auto companies and their suppliers will be able to stretch operations until the end of June, after which the situation will turn "really scary", said the second executive, adding it would affect not just electric cars but all vehicles. India has the world's third-largest reserves of rare earths of 6.9 million tons, the U.S. Geological Survey says, but only mines a fraction because private companies make limited investments. A government campaign launched in April, the National Critical Mineral Mission, aims to attain self-reliance in the sector. In recent years, it has begun exploration for neodymium, a rare earth widely used in magnets for the auto industry. India also exports neodymium to Japan for lack of domestic processing capability, two of the sources said. Commercially available export data showed India exported nearly $7 million worth of the rare earth material to Toyota Tsusho between January and April. This week, Modi's office discussed the impact of the magnet crisis on the small but fast-growing EV sector, to which investors have committed billions of dollars, a person familiar with the talks said. It also weighed the possibility of tariff exemptions for imports of machines required by domestic manufacturers, the source said, adding, "The government is looking into it critically. They are serious."
