Latest news with #B20
IOL News
5 hours ago
- Business
- IOL News
B20 South Africa expresses optimism amidst US-SA tensions ahead of G20 Summit
Relations between Pretoria and Washington D.C. have increasingly grown hostile of late, with Trump offering refugee status to white Afrikaner fleeing a perceived but not proven 'white genocide' in South Africa. Image: AFP The Business 20 (B20) South Africa has expressed confidence in negotiations between South Africa's government and the United States amidst freezing diplomatic and trade relations ahead of the G20 Summit to be held in Johannesburg later in the year. This comes as US President Donald Trump said on Tuesday he might skip the upcoming Group of 20 (G20) leaders' summit in South Africa in November and send someone else to represent the United States, citing his disapproval of South African policies. B20 Sherpa, Cas Coovadia, said on Wednesday they were ramping up efforts to foster collaboration among nations, with the US taking a central role. Coovadia said recent discussions led by B20 representatives have underscored the undeniable significance of American business participation, culminating in proactive engagement with the American Chamber of Commerce in Washington. 'Firstly, just to say that American business, as well as the American Chamber of Commerce in Washington, has been very supportive of the B20. We've got C-suite American business people on the task forces. We've got some as co-chairs on Task Forces,' Coovadia said. 'I've been in constant contact with the American Chamber of Commerce, and their point person for the B20 has been participating in relevant meetings. So, that is not just waiting until the end of the year to hand over, but we've been working very closely with them. 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 'So, businesses in America are quite clear that the B20 is important, that the G20 is important, that we need to collaborate to actually make a difference in this world.' The anticipation of Trump's attendance at the forthcoming G20 Summit remains palpable, signalling crucial political discussions that hold the potential to shape collaborative economic initiatives. Relations between Pretoria and Washington D.C. have increasingly grown hostile of late, with Trump offering refugee status to white Afrikaner fleeing a perceived but not proven 'white genocide' in South Africa. The Trump administration will be implementing a hefty 30% import tariffs on most products coming from South Africa beginning on Friday and has refused to give any feedback on the Framework proposed by South Africa. The US-South Africa Bilateral Relations Review Act of 2025 has also passed the House Foreign Affairs Committee, and if approved, it would sanction the South African government for an alleged anti-American agenda and debatable claims of persecution of white citizens. 'Obviously, our government is interacting with the US government on their involvement in the G20. I do know, for instance, that the finance governor and minister staff work streams in Zimbali about two weeks ago. The US was present, although at a technical level, they were present. And we hope that President Trump does actually attend,' Coovadia said. 'And we're all clear that we need to collaborate to grow inclusive economies and address the challenges that the world has. America engages for about 15% of global trade. The B20 is working to make sure that the other 85% collaborates and works together. And we would hope that the US joins that effort. And we would certainly encourage President Trump to be present at the G20 Summit. 'But ultimately, it's a discussion, political discussion, between our governments. And we'll see what happens. But certainly from a B20 point of view, we think the involvement of the American government at a high level is important.' Meanwhile, Debra Mallowah, the chair of the Sustainable Food System and Agriculture Taskforce, urges urgent action to secure global food systems. Mallowah highlighted that the repercussions of inadequate food supply chains were not just hypothetical; they were already manifesting and accelerating across the globe. She said currently, one in 10 people globally goes hungry, and the rising cost of food is putting incredible strain on households around the world. 'What if today the cost of your daily bread tripled? What if your supermarket shelves were suddenly empty, not due to local issues like war or drought, but because of supply chain breakdowns thousands of miles away? This is not a distant problem; rather, it is a looming crisis that affects everyone, irrespective of their location or socio-economic status,' Mallowah asked. 'Food security is not merely a humanitarian concern. It is also a pressing economic, national security, and climate issue. Mallowah said that Africa, often viewed through the lens of struggle, was also positioned uniquely to offer solutions. She said Africa possesses 60% of the world's uncultivated arable land and is home to millions of smallholder farmers—70% of the continent's food is produced by these farmers, many of whom are women. Yet, despite their crucial role, they face barriers such as limited access to finance, markets, infrastructure, and technology. BUSINESS REPORT
The Citizen
17-07-2025
- Business
- The Citizen
Here is how SMEs can take advantage of the G20 and B20 summits
Entrepreneurs can use these summits to elevate their businesses beyond local constraints. South Africa will be flooded with heads of state and government from the world's largest economies in November for the G20 and B20 summits. This presents an opportunity for the country's tourism sector to directly benefit from these gatherings, and most importantly, it is time for small and medium enterprises (SMEs) to take advantage of this growth opportunity. The G20 summit is an annual meeting of heads of state and government from the world's largest economies, along with the European Union and the African Union, to discuss and coordinate on pressing global issues. The B20 serves as a platform for dialogue among policymakers, civil society, and businesses at the international level. ALSO READ: Mid-year financial check for SMEs: Tips to prepare for the next six months How SMEs can benefit David Morobe, executive general manager for Impact Investing at Business Partners Limited, says entrepreneurs can use these summits to elevate their businesses beyond local constraints. 'The summits offer the country's entrepreneurs a once-in-a-generation opportunity to engage with influential decision-makers, forge cross-border partnerships, and position their businesses for international growth.' He is of the view that SMEs in the country already embody the B20 theme of 'Inclusive Growth and Prosperity through Global Cooperation'. Morobe highlighted that the B20 provides a platform for the country to showcase how homegrown enterprises are setting standards for inclusive and sustainable growth. What SMEs need Morobe says the pressure is still on, despite SME confidence growing in 2025, as entrepreneurs view the economy and government efforts as supportive of growth. Referring to the latest Business Partners SME Confidence Index, he notes that respondents cited cash flow, economic conditions, and limited funding as the top barriers. 'To overcome these, 86% of SMEs say access to finance is critical, 85% need targeted business resources, and 83% highlight the importance of mentorship.' ALSO READ: How mental health affects entrepreneurs New Act for SMEs Morobe notes that the introduction of the National Small Enterprise Amendment Act is a step in the right direction, but unfortunately, it is not enough. The Amendment aims to simplify access to both financial and non-financial support by reducing bureaucratic hurdles. He calls on the private sector to play a role in providing the capital, mentorship, networks, and exposure that entrepreneurs need to succeed. Entrepreneur of the Year Awards Entries for the 37th annual Entrepreneur of the Year Awards have opened and will close on 31 August 2025. The awards aim to identify and support South African individuals who run successful SMEs. 'The awards are open to owners of SMEs across three categories: Emerging Entrepreneur, Small Business Entrepreneur, and Medium Business Entrepreneur. 'Five finalists will be selected in each category, with the finalist who makes the most contribution to employment and skills development in the country being awarded the Job Creator award.' Winners will be announced at an awards ceremony at the end of October 2025 and share in R2 million worth of prizes, including cash awards, mentorship, technical assistance and business exposure opportunities. Entrepreneurs interested in participating can enter at NOW READ: From cutting hair on the stoep to franchising: Legends Barber named top entrepreneur for 2024
Zawya
16-07-2025
- Business
- Zawya
B20 urges Basel III easing to unlock infrastructure investment across Africa
South Africa, through its leadership of the G20's B20 Finance and Infrastructure Taskforce, is calling for a revision of Basel III capital requirements to allow banks more room to invest in large-scale infrastructure projects across Africa. The move is seen as essential to closing the continent's infrastructure financing gap and reigniting regional economic integration. Co-chaired by Sim Tshabalala, chief executive officer of Standard Bank, the B20 SA taskforce argues that strict Basel III rules—particularly those related to risk-weighted asset calculations—discourage long-term lending to infrastructure projects due to the high capital buffers banks are required to hold. By easing these requirements for certain types of development-linked investments, banks could channel more funds into sectors critical to Africa's growth, including transport, energy, and telecommunications. Speaking at the Africa Unlocked Summit, Tshabalala highlighted the continent's vast infrastructure deficit. 'Africa needs about $170bn a year in infrastructure investment but is currently only able to raise $85bn,' he said. 'Basel III rules need to change so that the risk‑weighted assets result in banks holding less capital. If banks can hold less capital, they'll be able to fund more projects.' Reforming global finance The B20's recommendations come at a pivotal moment as global leaders prepare for the upcoming G20 summit. In a joint statement with the International Chamber of Commerce and Business at OECD, B20 South Africa called for targeted reforms that would improve capital access, reduce risk premiums on infrastructure investment, and promote more flexible banking regulations tailored to development goals. The proposals include revising prudential rules that unintentionally penalise long-term infrastructure lending, especially in emerging markets. The B20 also advocates for stronger risk-sharing mechanisms, improved project preparation support, and public-private collaboration. While critics caution against compromising financial stability, proponents argue that smarter calibration of capital requirements—rather than wholesale relaxation—could unlock billions in private-sector investment without undermining regulatory safeguards. The push reflects a broader effort to align global financial rules with sustainable development and inclusive economic growth. If successful, the reforms could mark a turning point for Africa's infrastructure ambitions—and set a precedent for regulatory reform that prioritises both financial soundness and real-world impact. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Zawya
14-07-2025
- Business
- Zawya
South Africa roots for relaxed global bank rules to allow African lenders fund mega projects
South Africa now says it will use its position as the President of the G20 to push for the relaxation of stringent capital requirements for banks globally, in a bid to allow African banks much more wiggle room to lend to the continent's infrastructure needs. The Group of Twenty (G20) is an international forum comprising both developing and developed countries that seeks to find solutions to global economic and financial issues. South Africa assumed the presidency of the G20 on December 1, 2024, taking the mantle from Brazil, and will be hold it until November 30, 2025 under the theme 'Solidarity, Equality and Sustainability'. Sim Tshabalala, the co-chair of the Business 20's Finance and Infrastructure Taskforce, which is placed under the G20 umbrella, and chief executive of South Africa's largest lender, Standard Bank, says there is a pressing need for Africa's banks to step in and plug the continent's $85 billion infrastructural gap. Mr Tshabalala says there is a need to relax the stringent capital requirements attached to the globally recognised Basel III standards.'South Africa has the privilege to be the President of the G20 and under the G20 you have the B20 which exists to support the outcomes that will be in the communique that will be issued by the G20. Africa needs $170 billion a year for infrastructure, but can only raise $85 billion, where is the remaining $85 billion going to come from? It will come from making it easier for the private sector to lend,' he said at the second edition of the Africa Unlocked Summit in Cape Town, South Africa.'One of the recommendations we are making is that the Basel III rules need to change so that the risk weighted assets that one holds result in you holding less capital. If you are holding less capital, you will be able to do more projects.'Basel III regulations are an internationally agreed set of measures developed by the Basel Committee on Banking Supervision in response to the fragility experienced in the global banking system during the 2007-09 global financial crisis. Under the rules, banks determine how much capital they need to retain by assigning a risk weighting to every asset they hold. Risk-weighted assets essentially refer to a bank's assets adjusted to reflect their level of risk. Basel III requirements are seen as challenging the ability of African banks to lend towards infrastructure due to the increase in the minimum amount of capital that banks are required to hold based on their assets and loans. Despite the call for Basel III reform, South Africa says it will not be a blank cheque for governments to use the banking sector capital to underwrite their infrastructure needs.'The other recommendation is in reducing the cost of capital and governments need to be more transparent and improve their fiscal and monetary management as well as their investor relations,' Mr Tshabalala said.' © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
07-07-2025
- Business
- Arab News
Why education will never fully align with market needs — and why that is okay
One of the most persistent conversations in global workforce development is how to 'close the gap' between education outcomes and labor market needs. While the aspiration is commendable, my recent engagement in the B20 South Africa 2025 Education and Employment Task Force (the official business voice of the G20) has reinforced what many of us in the field already know: This gap will never fully close. And that's not a policy failure — it is a reflection of a fast-changing world. Published statistics shared during the B20 discussions across the G20 countries showed that nearly 50 percent of workers are in jobs that do not match their qualifications and by 2030, 40 percent of current core job skills are expected to change due to technological disruption. These numbers are not surprising, as all education systems — no matter how well-designed — simply cannot move at the same speed as market innovation. The labor market is a moving target. That is why agility, not alignment, must be our new north star. In this global context, Saudi Arabia stands out as a forward-thinking model. Under Vision 2030, the Kingdom is investing heavily in human capital development. Initiatives like the Human Capability Development Program and sector-specific upskilling programs are building a resilient, future-ready workforce. These are not reactive measures; they are proactive strategies to prepare for the unknown. To stay ahead, we must rethink our entire approach to education and employment. There are several global best practices that Saudi Arabia is already beginning to implement, and these could be scaled even further. The gap between what education provides and what the market needs is not a failure; it is a permanent feature of a dynamic, innovation-driven world First, we must prioritize re-skilling over initial training. Employers often hesitate to invest in training due to an unclear return on investment. If we view re-skilling as a shared responsibility — where governments reduce financial risk and businesses contribute strategically — this barrier becomes surmountable. Another point is that we must build demand-led skilling systems. Training programs should be linked directly to labor market needs, with employers involved in curriculum design. This ensures the skills taught are immediately relevant to the business sector and adaptable. Furthermore, we should embrace modular learning and micro-credentials. Short, certifiable learning pathways offer a faster, more flexible way to gain employment-relevant skills without relying solely on traditional degrees. We also need to focus on closing the digital divide. In a country rapidly adopting artificial intelligence, fintech and digital transformation, we must ensure equitable access to training tools for all, including rural and underserved populations. Finally, we need to strengthen public-private partnerships. The private sector should not be seen as a passive consumer of talent but as an active co-designer. The evolving nature of work demands that we shift our focus from chasing perfect alignment between education and employment to fostering systems that can evolve with change. The gap between what education provides and what the market needs is not a failure; it is a permanent feature of a dynamic, innovation-driven world. Instead of aiming to eliminate this gap, we must learn to navigate it with agility, resilience, and foresight. Saudi Arabia's strategic investments under Vision 2030 reflect an understanding of this reality. By embracing lifelong learning, building demand-responsive systems, and fostering collaboration between sectors, the Kingdom is setting a powerful example of how to future-proof its workforce. The goal is no longer to predict the future of work but to prepare people to thrive in it — no matter how it changes. • Dr. Taghreed Al-Saraj is a bestselling Saudi author, international public speaker and senior adviser for education and innovation.
