Latest news with #Magenta
IOL News
4 hours ago
- Business
- IOL News
SA canegrowers fear 30% tariff on sugar exports to the US will jeopardise industry
SA Canegrowers, which represents 24,000 small scale farmers and 1,200 large-scale growers, in a statement on Wednesday said they are deeply concerned about the 30% tariff on South African sugar exports to the United States, set to take effect on 1 August. Image: Karen Sandison/Independent Newspapers SA Canegrowers, which represents 24 000 small scale farmers and 1 200 large-scale growers,has expressed deep concerns about a new 30% tariff on South African sugar exports to the United States, set to take effect on 1 August. Industry leaders fear that this punitive tariff will render South African sugar uncompetitive in one of its most crucial markets and threaten the livelihoods of millions reliant on the sugar supply chain. SA Canegrowers chairman Higgins Mdluli highlighted the urgency of the situation, insisting that the South African sugar industry poses no threat to the US market. 'It is important to stress that the South African sugar industry poses no threat to the US market, which relies on sugar from outside the US to meet local demand,' Mdluli said. 'The US has up until recently had a quota system in place to ensure that the US retains full control over both the volume and price of imported sugar.' 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 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. Next Stay Close ✕ The US has long relied on imports to satisfy its domestic demand, with a previous quota system ensuring tight control over volume and pricing of imported sugar. With extensive subsidies provided to competitors such as Brazil, India, and Mexico, South African growers are increasingly squeezed out of this critical market. Mdluli said the 30% tariff was particularly alarming for local farmers as it will make South African sugar less competitive in the US market when compared to heavily subsidised competitors like Brazil, India, and Mexico. 'Losing competitiveness in the US market comes at the same time that South African sugarcane growers are under pressure from cheap, subsidised imports flooding into our ports – from the same global competitors' he said. 'The South African government is, however, in a position to help protect the local sugar market from unfair trade practices, an essential move as the industry supports a million livelihoods across the value chain.' Recent data reveals a stark increase in foreign sugar imports, with arrivals from countries outside the Southern African Customs Union (SACU) growing four-fold from 25 000 tons in 2023/24 to over 100 000 tons a year later. Mdluli said this trend threatened to continue, with projections indicating even higher imports for the 2025/26 season. He said this rapidly expanding market share of imported sugar raised alarms about the viability of South African sugarcane growers. He added that subsidised sugar from foreign markets also did not necessarily lead to cheaper sugar for local consumers as importers use the price differential to increase their profits by selling at local prices. 'This keeps international prices artificially low and results in foreign sugar flooding the South African market at below the cost of local production. 'South African sugarcane growers cannot compete with these unfairly subsidised imports arriving every day at our ports, particularly as the industry contends with a range of other pressures including erratic weather patterns, mill closures, the Health Promotion Levy (sugar tax), and the 30% tariffs that will reduce revenue from the US. For every ton of imported sugar that enters the local market, the industry loses R6 000.' 'The result is, however, that locally grown sugar is displaced, and thousands of jobs are put at risk. Consumers who unwittingly buy foreign sugar fund growers in other countries, whilst local growers struggle.' Dr Siyabonga Madlala, chariman of the South African Farmers Development Association, said they were greatly concerned about the deteriorating trade relations between South Africa and the US as a key trade partner. 'South Africa exports sugar to the US market that attracts premium prices. Increased reciprocal tariffs will depreciate the benefits of trade with the US, reduce sugarcane prices for black farmers, and threaten their sustainability,' Madlala said. BUSINESS REPORT
IOL News
5 hours ago
- Business
- IOL News
African blockchain ventures outperform broader African VC landscape
Rob Downes, the head of Digital Assets, Absa CIB. Image: Supplied African blockchain ventures outperformed the broader African venture capital (VC) landscape, according to the 2024 African Blockchain Report, published in association with Absa, released on Wednesday. Despite capital headwinds, blockchain maintained or gained share in Africa's venture market. Year on year, blockchain-focused VC funding and deal volume in Africa outpaced all-sector venture capital on the continent, while higher median deal sizes underscored concentrated investor confidence in well-positioned early-stage blockchain ventures. African blockchain ventures outperformed the broader African VC landscape. The sector captured 7.4% of VC capital and 12.7% of deals, up from 7.0% and 7.3%, respectively, in 2023. However, while global VC funding rebounded modestly, Africa's share continued to contract. Global annual venture funding totaled $378.8 billion (R6.7 trillion) across 23 538 deals in 2024. This reflected a 7% funding increase and 12% fewer deals than the preceding year, while Africa secured $1.6bn across 236 deals in 2024, marking a year on year decline of 39% from $2.7bn. The median blockchain deal size reached $2.8 million, double the all-sector African median of $1.4m, reflecting investor willingness to make high-conviction bets even amid risk-off conditions. However, the average deal size fell sharply to $4.1m, a 44% year on year drop, indicating reduced appetite for larger ticket investments. The report said investors showed increasing preference for solutions that integrate with regulated financial systems, support cross-border use cases, or address infrastructure gaps in data verification and compliance. Sectorally, capital flowed toward pragmatic, utility-driven categories such as crypto-fiat financial services, decentralized finance, and blockchain-powered data infrastructure. Protocol-level investments, which dominated in previous cycles, largely paused in 2024, suggesting a shift from infrastructure buildout to application-layer deployment. 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 ✕ "Africa's macroeconomic fundamentals reinforce blockchain's strategic relevance. In 2025, Africa hosts at least nine of the world's 20 fastest-growing economies. Yet it continues to attract less than 1% of global venture and private equity capital, revealing a persistent allocation gap. As blockchain offers a modular and interoperable foundation for addressing structural gaps in finance, identity, and data integrity, its relevance to Africa's broader technological development is paramount," the report said. Jarryd Kennedy, the head of Investments, CV VC Africa, and Brenton Naicker, principal and head of Growth, CV VC Africa, said globally in 2024, blockchain funding represented 3.2% of all global VC funding, up from 3.0% in 2023. It reached $12.1 billion across 1 309 deals, a 14% year-on-year increase in funding and 6% more deals. North America led with 50% of all funding, followed by Europe and Asia. "This paradox of declining funding amounts but increasing deal flow reflects the deep value opportunities available in the early stage African ecosystem. Venture capital globally remains cautious amid geopolitical uncertainty, but blockchain is claiming a larger share of investment in Africa," they said. "While the combination of blockchain as an emerging technology and Africa an emerging market may appear risky, we view this as an opportunity. The technology is uniquely suited to solving niche African problems and African founders are showing the world how blockchain addresses real challenges like data sovereignty, efficient remittances, provable identity, inaccessible credit and verifiable land ownership. As more success stories surface, investor confidence continues to rise. Crucially, regulatory clarity is a key driver of venture capital investment," they said. Rob Downes, the head of Digital Assets, Absa CIB, said, "Blockchain specific investment activity has shown resilience, and the data indicates investor appetite in digital infrastructure solutions is growing. International and local investors are noticing the African entrepreneurial spirit, investing in markets where talent and skills in tech sectors are growing. This means even greater opportunities to leverage the technology to help build stronger, more sustainable African economies." He said blockchain was transforming financial market infrastructure. "It isn't just products and services that will be enhanced with blockchain technology, new financial market infrastructures will evolve – and have already. Blockchain's decentralised nature and immutable records enhance the security and efficiency of financial transactions, with enhanced trust and shared data through cryptographically signing and programmable smart contracts. This means intermediaries which currently provide services across the financial ecosystem may no longer be necessary, which could help reduce costs and speed up services," Downes said. BUSINESS REPORT
Phone Arena
a day ago
- Business
- Phone Arena
T-Mobile is killing yet another popular app in favor of T-Life
Has T-Mobile 's "all-in-one" T-Life app started to grow on you after the "Un-carrier" (more or less) clarified that big privacy controversy from a couple of months ago while adding (or bringing back) some highly requested features? Then you probably shouldn't be surprised that Magenta is evidently deeming this the ideal time to further expand T-Life's reach... and retire a separate app in the process. That's right, the dedicated T-Mobile Money app is preparing to go the way of the dodo... and the T-Mobile Tuesdays app, finding a "new home" in T-Life. This is very much official, mind you, and there's even a section on T-Mo's website dedicated to answering your most burning questions regarding the imminent move and thus explaininge exactly "what's new and what's different." One key detail missing is when the transition will happen, but T-Mobile Money users are promised "advance" notifications. Until then, you'll obviously be allowed to continue using your existing debit card and account "as usual", which is certainly nice of T-Mobile . Once the Money app disappears, you won't technically be forced to migrate to T-Life either (which is also nice), as the T-Mobile Money website will live on and let you access "all your banking needs" from any device. Then again, the user experience is likely to greatly differ between the two ways to access the T-Mobile Money service, and perhaps more importantly, the mobile network operator will offer you a key benefit to embrace the move to T-Life. We're talking 4 percent APY (Annual Percentage Yield) on your entire checking account balance through November 30, 2025, which is significantly better than the current 2.5 percent rate. After December 1, the 4 percent APY will be maintained for the first $3,000 in your checking account, with anything that exceeds $3,000 still qualifying for the "standard" 2.5 percent APY offered right now in the T-Mobile Money app. MinutesFromTheMall, Reddit, July 28, 2025
Time of India
2 days ago
- Climate
- Time of India
Delhi Metro tests anti-drag system to avoid injuries
New Delhi: To prevent clothes and bags from getting stuck between the doors of Delhi Metro trains, Delhi Metro Rail Corporation (DMRC) has installed an anti-drag system in a train for testing purposes. The safety measure will automatically activate emergency brakes upon detecting pressure between the gates of the metro. DMRC has stated that four more trains will be retrofitted with this feature and undergo testing for the next one-two years. In Dec 2023, a 35-year-old woman died after her clothing got stuck in the metro door, and the train dragged her for several metres. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi "DMRC has retrofitted one train with the anti-drag feature, which is under testing. Four more trains are also being fitted with the same. These trains will undergo detailed analysis and feedback, and based on the overall performance, the mechanism will be further explored for remaining trains or lines which may require the provision of this feature," a DMRC official said. The anti-drag system is designed to prevent injuries caused by passengers or their belongings getting trapped inside the closing doors and subsequently getting dragged along a moving train. It helps identify hazardous situations, such as obstructions or objects like belts, cloth, sarees and bag straps, when the door is already closed and subsequently prevents the train from moving. The threshold of the doors to detect an obstruction between doors is usually 15mm, which was reduced further to 7mm. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brain tumor has left my son feeling miserable; please help! Donate For Health Donate Now Undo However, at present, obstruction is not detected if anything less than this thickness gets stuck between doors. Vikas Kumar, managing director, DMRC, had earlier told TOI, "Anti-drag is an advanced feature in the trains. If someone or something is stuck between gates, and if it senses pressure, it applies an emergency brake." The anti-drag feature will be required only on old lines. "Something getting stuck between metro doors will not be an issue in the upcoming Phase IV corridors or the existing Pink and Magenta lines, as they have platform screen doors (PSDs). In the old lines, PSDs have been installed only on busy stations to control crowds," the official has said. In the upcoming corridors under Phase IV expansion, all stations will have PSDs. TOI had earlier reported that DMRC has also been making announcements inside trains advising passengers to take care of sarees, dhotis, dupattas and bags while boarding and deboarding.
IOL News
2 days ago
- Business
- IOL News
This retired couple is making up for a lifetime of missed holidays
Chitlada Apisukh and Vichit Apisukh enjoy bowls of fish ball noodle soup at a local restaurant in Na Jomtien, Thailand. Image: Lanna Apisukh/The Washington Post Chitlada and Vichit Apisukh never took a vacation. Not when the young Thai immigrants met and married in Hawaii nearly 55 years ago. Not when they moved to Florida to start a family and open a restaurant north of Orlando. Not when they travelled around half the country, Japan and Thailand to support their children's athletic ambitions. Only after selling their business and emptying their nest did the Apisukhs finally take a trip for themselves. Now they can't stop. 'Life is about moving and seeing new things,' said Chitlada, the matriarch of the family, which includes daughter Lanna and son Jade. 'You have to get up and go while you can, because you never know when your last day is.' The retired couple rode along the St. John's River in Florida. Image: Lanna Apisukh/ The Washington Post Video Player is loading. 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Next Stay Close ✕ While many friends in their peer group are slowing down, Chitlada, 76, and Vichit, 82, are speeding up. Since retiring in 2012, they have visited multiple states, national parks (Yellowstone, Grand Canyon, Mount Rushmore), New York City, Niagara Falls (both sides), Austin (for barbeque), the Pacific Northwest, Vietnam and Thailand. Their unbridled enthusiasm for new experiences and jaunty spirit inspired Lanna, a Brooklyn-based photographer, to document her parents on holiday. For her project 'Permanent Vacation,' she has photographed them braving Niagara Falls in Ontario; slurping down fish ball noodle soup in Na Jomtien, Thailand; scouting for alligators on an airboat in Lake Jesup, Florida; and chilling with their gadgets on a New York City hotel bed. 'I'm so proud of them. They worked so hard to get to where they are, and they really deserve this retirement lifestyle,' Lanna said. 'It's like a new chapter - they've been revived.' For most of their lives, the Apisukhs were tight on time and money. During her childhood in Bangkok, Chitlada, the firstborn daughter of Chinese parents, said her mother would give her 20 baht, less than a dollar, to cook breakfast and dinner for the brood of seven. A relaxing pool in Na Jomtien, Thailand. MUST CREDIT: Image: Lanna Apisukh/For The Washington Post At their restaurant, Thai Delight, Chitlada was the sole cook for more than 20 years. Vichit worked the front of the house, taking orders, serving the food, refilling water glasses, clearing the tables and even mowing the lawn to save $100 (R1 800) on rent. On Sunday, their one day off, the family would drive to Chinatown in downtown Orlando to purchase ingredients and other supplies for the week. When they weren't cheering on Jade at soccer games or Lanna at elite gymnastic competitions in the US and abroad, the Apisukhs would search for free family activities close to home. 'We'd always go to places with no admission, like the beach, or do things that didn't cost any money, like fireworks,' Chitlada said. As retirees on a fixed income, they still adhere to a strict budget, but they never skimp on their favourite activity. 'Number one is eating,' Chitlada said. Both adventurous eaters, they will try the local specialties, such as New York pizza, and sample dishes in different Chinatowns. In Bangkok, they will eat their way through the night markets, forgoing sleep for food. They are always up for a hotel breakfast. To stay fit, the couple bike, swim in hotel pools and larger bodies of water, and walk around malls, often logging 7 000 to 9 000 steps in one outing. 'Thailand is very, very hot. You can't be walking outside too long,' Chitlada said. 'Mall walking is our exercise.' They have not yet chosen the next destination on their permanent vacation. Maybe Alaska, possibly Western Europe. They finally have the time. 'Now I'm retired, and I want to go places and see things. I can't slow down,' Chitlada said. 'I often tell [Vichit], we better go now before you have to hold a cane.'
