No VAT hike but consumers still feel the pinch
While headlines focused on the scrapped VAT hike, South African consumers may still be in for a financial squeeze.
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HONOR and Blue Bulls Announce Technology Device Partnership
The technology and innovation company has been announced as the technology device partner, ushering in an era of technologically driven performance for the Pretoria outfit. The Blue Bulls are proud to announce global technology brand, HONOR, as their exclusive technology devices sponsor. The significance of this partnership signifies the huge shift that has been happening in global sports, in which gaming tactics and technology are increasingly relying on each other to ensure the best possible team coordination and performance outcomes. The collaboration emphasises HONOR's dedication to fuse useful technology with everyday life, work and play. The brand's notable 180% growth rate in 2024 and the milestone achievement of over one million units sold in South Africa, demonstrates its investment and activeness in the South African market. It's latest corporate strategy, the HONOR ALPHA PLAN, aims to transform the future of AI and smart technology, from digital AI agents to physical applications that will redefine human interaction with intelligent devices. As the technology partner to the Bulls, HONOR will equip the team with smart technology, supporting the players and technical teams with smart devices across its extensive product range to improve their game, connect with fans and simplify their daily living. Fred Zhou, CEO of HONOR Technologies Africa, expressed that, 'The Blue Bulls are a South African brand that is synonymous with sporting achieving that unites South Africans from all walks of life. The team has a great history of brilliance in on-the-field performance as well as fostering a strong relationship with communities that form part of its fanbase. As HONOR, we've decided to join this family and together we intend on ushering an era of technology and innovation driven performance and connection.'
The Citizen
13 minutes ago
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SA acts against dumping of Chinese and Thai washing machines
Provisional anti-dumping duties in place for six months. South African consumers will find higher price tags on Samsung, Hisense and other laundry appliances. Picture iStock Top load washing machines imported from China and Thailand are the latest products to encounter anti-dumping duties from the South Africa's International Trade Administration Commission (Itac). The imported washing machines will carry provisional anti-dumping duties for the next six months ranging between 8% and 67%. Itac found evidence that importers from these two countries are dumping their product in the Southern African Customs Union (Sacu) region, causing material harm through, among others, price undercutting and price suppression. The dumping has led to a decline in sales volumes, productivity and growth for appliances giant Defy, the largest producer of the product in South Africa. Defy's application was submitted in July 2024, and the period in which the dumping allegedly took place was 1 April 2023 to 31 March 2024. Read more Honor Magic V5 foldable smartphone to land on SA shores soon [VIDEO] The investigation was initiated on 25 October 2024. Itac is allowed a maximum of 12 months from initiation date to complete an anti-dumping investigation. ALSO READ: SAMTC ramping up the fight against tyre dumping and illicit trade Popular but harmful It is alleged that automatic top load machines with a capacity exceeding 10kg but less than 17kg imported from the two countries are being dumped in the region. The machines are popular household appliances in SA. The importers – Samsung Tevo, Livance and Hisense – were alerted to the investigation and responded to the allegations of dumping. The commission found that there is a 'causal link' between the dumped imports and the injury and threat of material harm to industry in the Sacu region. Provisional anti-dumping duties are short-term emergency measures imposed before a final determination is made. This is done to prevent 'further injury' – in this case to Defy – while the investigation continues. The provisional duties against Chinese and Thai manufacturers will be in place for six months from 18 July. ALSO READ: Cement industry facing improved operating environment The provisional anti-dumping duties Source: Itac According to Itac, dumped imports increased 8% in 2023 and then further to 31% in 2024. The commission found price undercutting and price suppression during the investigation period. It said although Defy's sales volumes increased over the investigation period, the market share of imports increased over the same period. 'It should be noted that a single injury indicator is sufficient for the commission to make a determination on material injury and that an injury finding may be based solely on import volumes or import prices or both.' Import domination The commission found that although Defy's market share increased over the investigation period, the alleged dumped imports also increased – and dominated the Sacu market. The duties will remain in place while Itac continues its investigation until a final determination is made with recommendations to the minister of trade, industry and competition. The washing machines are the latest in recent anti-dumping measures taken against China and Thailand. Itac also introduced duties ranging from 9.6% for Thailand and 55% for China on structural steel products following an application from ArcelorMittal. That investigation period spanned April 2022 to March 2024, and found that imports caused material harm in the Sacu region from April 2021. Itac has also investigated the dumping of pneumatic tyres for cars, buses and trucks from Cambodia, Thailand and Vietnam, allegedly circumventions from China. The applicant asking Itac for relief was the South African Tyre Manufacturing Conference (SATMC), which requested duties ranging from 21% (Cambodia) to 68% (Thailand) and 84% (Vietnam). The reason for the application was to prevent 'alleged country-hopping' to evade existing duties on Chinese tyres. The alleged circumvention happened from March 2022 to May 2024. This article was republished from Moneyweb. Read the original here.
IOL News
43 minutes ago
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Discover the 1952 One Hundred Pound banknote: a collector's dream at rare auction
In a landscape where each fragment of history tells a story, few items evoke as much fascination and allure as the 1952 One Hundred Pound banknote. Celebrated by collectors as the 'holy grail' of paper money, this monumental note is not just an echo of South Africa's economic past; it represents a once-in-a-lifetime opportunity for those who seek to own a piece of numismatic history. Its appearance at Bassani's Signature Auction 16 on 27 July is poised to create waves among investors and heritage enthusiasts alike. With the auction commencing at 19:00 on Sunday, 27 July, excitement surrounding this sale has reached an international crescendo. Bassani's is set to showcase some of the rarest and most historically significant collectibles ever seen on South African soil, thus cementing its status as a frontline player in the numismatics market. 'The South African numismatics market is exploding,' states Landon Coleske, a historian and numismatist at Bassani's. 'Collectors from across the globe are now showing interest in items we once considered local history. It's a privilege to share these stories and to witness record prices auction after auction.' Regarded as the quintessential note, the £100 banknote boasts the highest denominational value ever issued for South Africa. Initially limited to just 15,000 examples, the rarity of the note is hard to overstate. Coleske estimates that fewer than a thousand are still in existence today, many in poor condition, marred by folds and tears. 'The note at the Bassani auction is in pristine condition,' he asserts, noting that well-preserved copies typically fetch between R50,000 and R70,000. While the 1952 £100 banknote takes centre stage, it is but one jewel among many in this exceptional auction. Other notable items include: 1874 Burgerspond Fine Beard (AU55) : One of only 695 ever minted, this is the first official coin of the Zuid-Afrikaansche Republiek (ZAR), renowned for its 'fine beard' portrait of President T.F. Burgers. : One of only 695 ever minted, this is the first official coin of the Zuid-Afrikaansche Republiek (ZAR), renowned for its 'fine beard' portrait of President T.F. Burgers. 1961 M.H. de Kock Z/1 R1 Replacement Banknote : With only 30,000 printed during a pivotal year for South Africa, this banknote is particularly sought-after, especially in good condition. : With only 30,000 printed during a pivotal year for South Africa, this banknote is particularly sought-after, especially in good condition. 1921 One Pound Note – Signed by W.H. Clegg : Marking the first year of issue for South African banknotes, this piece bears the signature of the nation's first Reserve Bank Governor. : Marking the first year of issue for South African banknotes, this piece bears the signature of the nation's first Reserve Bank Governor. 1931 10 Shillings Note – 'Cancelled' Overprint : Featuring a bold 'Cancelled' stamp, this unique transitional issue offers a fascinating insight into early note circulation. : Featuring a bold 'Cancelled' stamp, this unique transitional issue offers a fascinating insight into early note circulation. Interconnected South African 2c Error Coins : A remarkable minting mistake, these are the first known pair of local Error Coins struck to fit together physically. : A remarkable minting mistake, these are the first known pair of local Error Coins struck to fit together physically. 2003 South African 20c Error – Struck on a Swaziland 5c Blank: This highly unusual mint error is the first of its kind ever to appear in a South African auction. Both the banknotes and coins available at the auction possess immense historical value, their preservation reflecting an era when South Africa transitioned from the Union to a republic. 'Our auctions are no longer just for seasoned collectors,' notes Dilion Bassani, CEO of Bassani's auction house. 'We're seeing students, young professionals, and first-time bidders get involved. There's something deeply emotional about owning a piece of South Africa's history.' With a burgeoning loyal bidder base, record-breaking sales, and a fast, secure digital auction platform, Bassani's has entrenched itself as a reliable household name in the collectibles world. This July, every auction represents a new chance to invest not just in currency, but in culture, value, and legacy.
