Latest news with #MarkPhillips
Yahoo
26-06-2025
- Business
- Yahoo
Newest 'Star' in Sky Ecosystem Launches With $1B Tokenized Credit Strategy
Grove, a new decentralized finance (DeFi) protocol focused on institutional-grade credit infrastructure, emerged from stealth on Wednesday with a $1 billion commitment to a tokenized asset strategy. The protocol aims to bridge DeFi with traditional financial assets by routing on-chain capital into regulated credit investments, focusing on collateralized loan obligations (CLOs). Through its infrastructure, Grove gives crypto-native protocols and asset managers access to real-world asset (RWA) investments, helping them put idle reserves to work and a yield that's independent from crypto markets. The launch also marks Grove's debut as the latest "Star" within the Sky Ecosystem, one of the largest and longest running DeFi lender formerly known as MakerDAO. Sky is undergoing an overhaul called Endgame that breaks the protocol into autonomous units called "stars," each responsible for its own governance and innovation at the edge of the ecosystem. The first such entity was Spark, a yield-earning and borrowing protocol. Sky also issues the $3.7 billion DAI and $3.4 billion USDS stablecoins, and has been increasingly shifting reserves to real-world assets such as tokenized Treasuries. Grove starts out with a $1 billion allocation from Sky that will put into the Janus Henderson Anemoy AAA CLO Strategy (JAAA), a tokenized fund of managed by Janus Henderson and built on Centrifuge, a blockchain platform that specializes in real-world asset tokenization. The core contributor team behind Grove — Mark Phillips, Kevin Chan and Sam Paderewski — had previous experiences at Deloitte, Hildene Capital Management, BlockTower Capital and Citibank before transitioning to DeFi. The protocol was incubated by DeFi specialist Steakhouse Financial, a firm that played a key role in bringing real-world assets into the Sky system. "While tokenized treasuries have paved the way, there's a growing demand for more diversified, high-quality assets on-chain," said Anil Sood, chief strategy and growth officer of Centrifuge. 'With the launch of Grove, for the first time, protocols can access liquid, institutional-grade CLOs while maintaining the flexibility to pivot between DeFi and TradFi yield environments," said Sam Paderewski.
Business Wire
25-06-2025
- Business
- Business Wire
Grove Announces Launch of Institutional-Grade Credit Infrastructure DeFi Protocol with $1 Billion Allocation to Tokenized Janus Henderson Anemoy AAA CLO Strategy
CANNES, France--(BUSINESS WIRE)--Grove, an institutional-grade credit infrastructure protocol designed to serve as the liquidity engine of Decentralized Finance ('DeFi'), today emerged from stealth with a $1 billion allocation from the Sky Ecosystem (formerly MakerDAO) into the Janus Henderson Anemoy AAA CLO Strategy (JAAA), a tokenized, onchain vehicle launched in partnership with Centrifuge, using Grove's decentralized infrastructure. The Sky ecosystem approved an allocation deployed using the Grove protocol infrastructure in the Janus Henderson Anemoy AAA CLO Strategy, the first CLO strategy to be available onchain. This milestone follows the breakout success of the Janus Henderson Anemoy Treasury Fund (JTRSY), one of the top five tokenized Treasury funds by AUM, launched earlier this year in collaboration between Centrifuge and Janus Henderson. Following that strong market adoption, Janus Henderson selected Centrifuge again to bring their flagship credit strategy onchain. Managed by the same portfolio managers behind Janus Henderson's $21 billion AAA CLO ETF, this strategy offers global onchain investors an institutional-grade solution which seeks capital preservation with attractive yield—and an answer to the growing question: what comes after tokenized T-Bills? As traditional asset managers seek access to a new channel of DeFi balance sheet capital and crypto-native protocols seek access to yield-bearing real-world asset (RWA) strategies onchain, Grove's decentralized infrastructure launches as a solution. The non-custodial protocol serves as a secure DeFi-to-Traditional Finance ('TradFi') capital highway that increases capital efficiency, reduces friction, and unlocks access to diversified credit investment opportunities on and offchain. Grove, as a Star within the decentralized Sky Ecosystem, was incubated by Grove Labs, a subsidiary of Steakhouse Financial, with Mark Phillips, Kevin Chan, and Sam Paderewski as Co-Founders. Steakhouse Financial, who, in collaboration with Sky, were innovators in bringing RWAs to DeFi, provides capital formation, credit structuring, risk management, and strategic advisory services with clients across both TradFi and DeFi. The team building Grove began their careers in TradFi working across management consulting, structured finance, and product engineering, including at companies such as Deloitte, BlockTower Capital, Hildene Capital Management, and Citigroup, before transitioning to roles in DeFi. With financial markets undergoing a generational transformation, they are uniquely positioned to bring traditional finance into DeFi in a safe, secure, and reliable way. Grove delivers value across key stakeholder groups, including: Asset Managers: Establishes a new global distribution channel with programmable capital rails. Protocols/DAOs: Serves as a premier onchain capital partner and capital allocation conduit, allowing them to deploy idle capital and increase capital efficiency. DeFi Ecosystem: Provides increased credibility, durability, diversification, and long-term sustainability. 'Demand for access to TradFi asset classes in DeFi continues to build momentum, as evidenced by the rapid growth of tokenized treasuries to $7.3 billion from $500 million in 2023 with Treasury bills and other assets moving onchain. The launch of Grove comes at a pivotal time when TradFi and DeFi are converging and to serve as a gateway between these two critical financial ecosystems. CLOs are just one of the many assets ripe for movement into DeFi due to their attractive yield profile and structure, and we are excited to partner with Janus Henderson and Centrifuge on the debut application of Grove's infrastructure,' said Sam Paderewski, Co-founder of Grove Labs. 'With the launch of Grove, for the first time, protocols can access liquid, institutional-grade CLOs while maintaining the flexibility to pivot between DeFi and TradFi yield environments. This $1 billion allocation from the Sky ecosystem to JAAA is just an early step in supporting a robust onchain capital highway where institutional managers and DeFi protocols can securely, efficiently and transparently operate on an open blockchain.' DeFi yields have historically declined during market downturns, while protocols, despite holding billions in reserves, have lacked secure and compliant channels to deploy capital efficiently. Through its capital routing and governance infrastructure, Grove allows idle onchain capital to be deployed into regulated, institutional-grade vehicles, empowering crypto-native organizations to integrate diversified, risk-adjusted yield strategies directly into their onchain operations without friction. The allocation of capital from Sky into JAAA marks the first application of Grove's infrastructure. 'Last year, our pioneering AAA CLO strategy attracted the most inflows among all actively managed fixed income ETFs, underscoring the growing investor appetite for innovative fixed-income solutions. When Grove approached us to bring this strategy onchain, we were impressed by their clear vision for building the onchain economy,' said Nick Cherney, Head of Innovation at Janus Henderson Investors. 'Our innovation strategy is focused on preparing for the possibility that blockchain technology will transform traditional finance in the long term. We are excited to partner with Grove and Centrifuge who share that vision, and are leaders in making it a reality. Bringing this actively managed credit strategy fully onchain is a huge leap forward in the integration of RWAs into DeFi. We look forward to a long-term partnership.' 'The Sky Ecosystem has a long history of bringing tokenized RWAs online to increase the stability and efficacy of the DAI and USDS stablecoins. As active community participants, the team behind Grove has played a critical role in unlocking the power of RWAs for DeFi,' said Rune Christensen, co-founder of Sky. 'With the move to embrace CLOs, Grove, as a Star operating in the Sky Ecosystem, is showcasing their expertise and innovation in helping protocols and organizations modernize and diversify their portfolios of RWAs.' 'While tokenized treasuries have paved the way, there's a growing demand for more diversified, high-quality assets onchain,' said Anil Sood, Chief Strategy and Growth Officer of Centrifuge. 'Instead of simply wrapping an offchain ETF, together with Janus Henderson we've brought JAAA fully onchain, unlocking operational efficiencies, reducing intermediary costs, and expanding access to a broader, global base of capital allocators.' To learn more about integrating the Grove protocol and allocation system, contact us at X, or LinkedIn. About Grove Grove is an institutional-grade credit infrastructure DeFi protocol designed to serve as the liquidity engine of Decentralized Finance. Incubated by Grove Labs as a Star within the decentralized Sky Ecosystem governance framework, Grove enables protocols, crypto-native organizations, and individual users to access institutional-grade yield. To learn more, visit X, and LinkedIn. About Grove Labs Grove Labs, a subsidiary of Steakhouse Financial, is a blockchain research and development organization dedicated to architecting the next generation of decentralized credit infrastructure. Co-founded by Mark Phillips, Kevin Chan, and Sam Paderewski, the team has facilitated over $5 billion of onchain capital allocations and brings deep expertise from both traditional and decentralized finance. Grove Labs builds open-source, non-custodial protocols and liquidity solutions that bridge institutional strategies with the DeFi world. Committed to fostering TradFi-DeFi convergence, Grove Labs advances financial innovation through rigorous research, collaborative partnerships, and production-ready software solutions. About Janus Henderson Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of March 31, 2025, Janus Henderson had approximately US$373 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the NYSE. About Centrifuge Centrifuge empowers asset managers to tokenize, manage, and distribute their funds onchain, while providing investors access to a diversified portfolio of high-quality tokenized assets. Founded in 2017 and backed by leading VCs, Centrifuge has been a driving force in the institutional adoption of tokenized assets and has championed industry initiatives including the Tokenized Asset Coalition, the Real-World Asset Summit, and the creation of widely recognized token standards. About the Sky Ecosystem Sky, formerly known as MakerDAO, is a decentralized protocol with the stablecoin USDS at its core. The protocol features Sky tokens (USDS, SKY), the Sky Savings Rate (SSR), Sky Token Rewards (STRs), SKY Staking, and more. Sky Protocol is governed by a decentralized community and structured around two foundational frameworks: the Sky Agent Framework, which enables autonomous on-chain agents and allows founders to create Sky Stars, independent protocol units designed to foster fast-moving innovation at the margins of the ecosystem; and the Sky Atlas, a living, comprehensive set of governance rules developed through proposals and decentralized voting. For more information about Sky Protocol, visit Discord, Forum, or Twitter. Sky and Grove are decentralized infrastructure. This communication does not constitute an offer to purchase or sell securities. No single entity controls user funds, makes investment decisions and deploys capital on its own. Users maintain full custody and control of their assets. This communication does not constitute investment advice.
Skift
11-06-2025
- Business
- Skift
Planners Fear Immigration Crackdowns Will Make Hotel Labor Shortages Worse: Exclusive Survey
The hospitality industry has struggled with a labor shortage since the Covid pandemic. Now, immigration enforcement and an anti-immigrant sentiment are adding a new layer of complexity. An exclusive Skift Meetings survey of U.S. planners shows that they expect to grapple with the effects of Trump-era immigration policies on their events, with growing concern about hotel staffing across the board. More than two-thirds of respondents (72%) said they expect hotel staffing to be affected in 2025–2026 because of immigration policies. Only 13% foresaw no impact. 'Hotel staffing never fully bounced back after the pandemic. We're still experiencing some gaps in service in certain markets and at certain properties,' said Kyle Jordan, director of meetings at the Institute for Operations Research and Management Sciences (INFORMS). Staffing issues are being felt at more than hotels. 'Challenges extend to other key partners like AV providers and vendors that support our meetings,' said Jordan. 'While it's hard to predict the full impact, I would expect that deportation activity could further strain staffing in some destinations.' Concerns stem not just from general staffing shortages but also the effect of revived immigration enforcement policies. 'The main issue is that for many workers in hotels, while they may be legal immigrants, the feeling toward immigrants in general has turned toxic,' said Mark Phillips, CEO of LamontCo. 'No one wants to live and work in such an environment or put families through it, so over time we will see less available even legal immigrant workforces. It already appears to be happening in several cities.' ICE Raids and Protests Exacerbate Immigration Issues In Los Angeles, several days of protests followed large-scale immigration raids by ICE. Protests have spread to other U.S. cities, including Atlanta, Chicago, Washington, D.C, and New York City. a'The hospitality industry relies heavily on immigrant labor especially in back-of-house roles like housekeeping, food and beverage service, and maintenance. Stricter immigration enforcement, increased deportations, and general anti-immigration rhetoric have created fear and uncertainty among these workers, not to mention ICE raids, and I-9 audits. This leads some to leave the industry or self-deport, reducing the labor pool, making it even harder for hotels to fill critical positions,' said Robert Kraus, founder of Small Conferences. Kraus added that there are concerns about the future of the H-2B visa program and similar initiatives. 'There's also a worry that H-2B visas and other temporary worker programs will be curtailed plus general apprehension on potential workers to risk coming to the U.S. just to be told they can't enter or later be sent home only after a short amount of time. This could easily limit the number of foreign workers applying, which is critical for meeting seasonal demands of resorts and other hospitality businesses.' Labor shortages have already disrupted event logistics.'In several cases, my groups suffered through multi-hour lunch services because the hotel restaurant kitchen could not keep up with demand,' he said. Legal Compliance Doesn't Eliminate Anxiety Michael Dominguez, president and CEO of ALHI, argues that deportation is not necessarily a direct impact to hotel staffing. 'It has been required by law for any employee to complete an I-9 form, which verifies legal status and requires documentation,' said Dominguez. 'Any company or hotel not doing that is in violation of Section 274A of the Immigration and Nationality Act of 1986. Everyone working in a hotel needs documentation, or they are breaking the law.' Still, legal status does not erase worker anxiety, said Melanie Nathan, human rights advocate and executive director of the African Human Rights Coalition. 'I know people who are perfectly legal and who have filled in those I-9's who are too scared to go to work. They are standing back to try and ride out what they feel like is a storm. Some fear they might get picked up in workplaces where there are likely to be raids.' Guest Services and Sales Take a Hit The staffing crunch is also affecting guest experience and hotel revenue. 'Daily housekeeping is no longer a given. There are hotels where it is now every other day or on request,' said Akshar Patel, VP of corporate strategy and development at eShow Event Management Solutions and a hospitality expert. Beyond guest services, the staffing crunch is slowing business development efforts. 'A staffing shortage on the sales side is delaying RFPs,' said Patel. Andrea Milrad Heilweil, VP of sales and marketing at The Hutton Group, agrees. 'I have found that since Covid I have to be much more proactive with follow-up. Between people furloughed, laid off, or leaving the industry altogether, RFP responses, requests for contracts, setting up site visits, and general communication have been delayed.'
Yahoo
06-06-2025
- Automotive
- Yahoo
Sun Belt State Transportation Agency to Deploy 150 Rekor Discover® Systems Under Rekor's Data-as-a-Service Model
Rekor Discover® to Replace Outdated Roadway Intrusive Technology with FHWA-Compliant AI That Advances Transportation Planning and Operations COLUMBIA, Md., June 06, 2025 (GLOBE NEWSWIRE) -- Rekor Systems, Inc. (NASDAQ: REKR) (the "Company), a leader in developing and implementing state-of-the-art roadway intelligence technology, today announced a transformative deployment with a Sun Belt state transportation agency. As part of a new state initiative to upgrade its planning and operations capabilities, Rekor will deploy 150 Rekor Discover® systems under a one-year Data-as-a-Service contract valued at $1.2 million. The Company expects all 150 systems to be installed within 60 days. The program will enable the agency to use Rekor's Roadway Data-as-a-Service model to modernize traffic data collection and monitoring. The Rekor Discover® platform complies with Federal Highway Administration requirements and uses AI-enabled roadside sensors to generate detailed, per-vehicle data using proprietary privacy protection techniques. This eliminates the need to rely on intrusive in-road sensors that create dangerous and disruptive traffic conditions and pose roadway worker safety risks when they fail or need to be maintained. "This marks a pivotal milestone in the evolution of Data-as-a-Service for U.S. transportation agencies, led by forward-thinking departments," said Mark Phillips, General Manager of Rekor Discover®. "Our vision is to replace the tens of thousands of single-function roadway devices currently in use worldwide with a scalable, AI-powered platform that delivers richer, safer, and more actionable traffic insights. International transportation authorities are increasingly looking to this model, making this a national achievement and a foundational step toward global transformation." In addition to this significant expansion, Rekor Discover® is being adopted by many transportation agencies nationwide, with installations in states including Arizona, Colorado, Georgia, New Mexico, New York, Florida, and South Carolina. With a significant and expanding footprint already in place, Rekor Discover® is demonstrating strong momentum in the U.S. market, and international transportation agencies are beginning to take notice, signaling the potential for broader global expansion. A Global Vision for Data-as-a-ServiceThe potential of Rekor Discover® goes far beyond the U.S. The International Road Federation's World Road Statistics shows that more than 60 countries actively collect traffic data to improve safety and transportation planning. With proven scalability, U.S.-based AI, and non-intrusive installation, Rekor is positioned to serve domestic and international markets, seeking modern, cost-effective alternatives to legacy traffic technologies. Safer, Smarter, and Scalable Transportation Planning and OperationsRekor Discover® and its non-intrusive Edge Series systems represent a significant leap forward in traffic planning and operations. Unlike traditional methods such as piezo sensors and rubber tubes, which are prone to failure in harsh conditions and require roadway intrusive installation, Rekor's AI-based solution is installed without road closures, posing no risk to workers or disruption to traffic. It also enables accurate roadway data collection in locations previously considered too hazardous or congested for traditional methods, where side-firing radar systems are often limited by obstructions, placement restrictions, or reduced precision in complex traffic environments. About Rekor Systems, Systems, Inc. (NASDAQ: REKR) is a leader in developing and implementing state-of-the-art roadway intelligence systems using AI-enabled computer vision and machine learning. As a pioneer in the implementation of digital infrastructure, Rekor is collecting, connecting, and organizing the world's mobility data – laying the foundation for a digitally-enabled operating system for the roadway. With our Rekor One® Roadway Intelligence Engine at the core of our technology, we aggregate and transform trillions of data points into intelligence through proprietary computer vision, machine learning, and big data analytics that power our platforms and applications. Our solutions provide actionable insights that give governments and businesses a comprehensive picture of roadways while providing a collaborative environment that drives the world to be safer, greener, and more efficient. To learn more, please visit our website: and follow Rekor on social media on LinkedIn, X (formerly Twitter), Threads, and Facebook. Forward-Looking Statements This press release and its links and attachments contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Rekor Systems, Incthat involve substantial risks and uncertainties, including particularly statements regarding our future results of operations and financial position, business strategy, prospective products and services, timing and likelihood of success, plans and objectives of management for future operations and future results of current and anticipated products and services. These statements involve uncertainties, such as known and unknown risks, and are dependent on other important factors that may cause our actual results, performance, or achievements to be materially different from the future results, performance or achievements we express or imply. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of risks, uncertainties and assumptions described under the sections in our Annual Report on Form 10-K for the year ended December 31, 2024 entitled "Risk Factors" and elsewhere in our Quarterly Reports on Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Press Release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. The forward-looking statements in this Press Release do not reflect the potential impact of any divestiture, merger, acquisition, or other business combination that had not been completed as of the date of this filing. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events, or otherwise. This press release and its links and attachments contain statements concerning Rekor Systems, Inc. Media & Investor Relations Contact:Rekor Systems, Degliominiir@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
IOL News
04-06-2025
- Business
- IOL News
South Africa's economy stagnates with mere 0. 1% GDP growth in Q1, raising concerns
South Africa's economy narrowly escaped contraction in quarter one 2025, with gross domestic product (GDP) growing by a mere 0.1%, down from 0.4% in quarter four 2024, according to Statistics SA/ South Africa's economy narrowly escaped contraction in quarter one 2025, with gross domestic product (GDP) growing by a mere 0.1%, down from 0.4% in quarter four 2024, according to Statistics SA Experts were united in their concerned about stagnation in the economy. Maarten Ackerman, the chief Economist and Advisory Partner at Citadel, said the figures are "not something to celebrate,' as the country remains in a prolonged per capita recession, with full-year growth at just 0.8%. Agriculture, forestry and fishing industry increased by 15.8%, contributing 0.4 of a percentage point to the positive GDP growth. This was primarily due to increased economic activities reported for horticulture and animal products. The transport, storage and communication industry increased by 2.4%, contributing 0.2 of a percentage point. Increased economic activities were reported for land transport, air transport and transport support services. Stats SA said the finance, real estate and business services industry increased by 0.2%, contributing 0.1 of a percentage point. Increased economic activities were reported for retail trade, motor trade, accommodation and food and beverages. The manufacturing industry decreased by 2.0%, contributing -0.2 of a percentage point. Seven of the ten manufacturing divisions reported negative growth rates. The largest negative contributions were reported for the petroleum, chemical products, rubber and plastic products; food and beverages; and motor vehicles, parts and accessories and other transport equipment divisions. Mark Phillips, the head of Portfolio Management and Analytics at PPS Investments, warns that despite agriculture's impressive 15.8% surge, the economy is showing signs of serious strain. Manufacturing is down. Mining is struggling. Fixed investment has dropped. He said, big questions now loom: Is this a fragile win or a warning sign? How much longer can South Africa keep the lights on – economically and literally? This as global risks are intensifying, domestic investment is weakening, and the economy remains vulnerable to another round of load-shedding or global demand shocks. Professor Raymond Parsons, NWU Business School economist, said the disappointing GDP growth figure of 0.1% for the first quarter of 2025 comes as no surprise. 'Although adverse global developments earlier this year have also played a role, the weaker economic data was already apparent before then. For example, the Absa Purchasing Managers' Index for May, although showing some recent signs of business activity and demand improvement, has remained in contractionary territory for seven consecutive months.' Parsons said the key manufacturing sector is likely to continue to be a lagging one for now. 'This reality was already recently also presaged by several reduced growth forecasts for 2025, including by the National Treasury (1.9% to 1.4%) and the SARB (SA Reserve Bank)(1.7% to 1.2%). If present trends persist, the growth outlook for this year now seems likely to be only about 1%, possibly rising to about 1.5% in 2026. It is clear that the incipient economic recovery in SA is presently struggling to gain momentum and needs maximum support to strengthen the business cycle upturn," he said. Waldo Krugell, an economics professor at the North-West University (NWU), pointed to the fact economists were expecting weak GDP data as high frequency indicators like PMIs and monthly manufacturing and mining stats pointed to a slowdown. 'The fact that agriculture, which is a small part of GDP, is again such a swing factor, though to the positive side, shows that there is very little growth happening elsewhere. On the expenditure side it is households driving the little bit of growth that we see. They were spending on transport (those Q1 new vehicle sales showing up), food and beverages, restaurants and hotels, and health,' he said. Krugell added that what is really worrying is the contraction of investment spending. 'International uncertainty did play a role, but we did have exports contributing to growth in Q1. I think the loss of Government of National Unity (GNU) reform momentum played a bigger role.' Call for policy coordination Meanwhile, Dr Eliphas Ndou, an economist and author at Unisa's Department of Economics, said the weak economic growth rate points to an urgent need for policy coordination to raise economic growth. 'The weaker growth implies the economy will be creating jobs at a faster pace leading to persistently high unemployment rate, and also this means elevated gross loan debt to GDP ratio, which National Treasury should deal with through spending reductions. It is ideal that in such periods of elevated policy and trade uncertainty that slow economic growth to implement policies that raise economic agents' optimism,' Ndou said. Ndou added that the slowdown in consumption contributions from 0.7 in the last quarter of 2024 to 0.2 in the first quarter of 2025 is consistent with deterioration in FNB/BER consumer confidence index which declined from -6 index points to -20 index points over the same periods. Wandile Sihlobo, the chief economist at Agricultural Business Chamber of South Africa, highlighted that South Africa's agriculture sector is in recovery mode, although the recovery is uneven, as some subsectors, mainly livestock, are facing challenges that will become apparent later in the year. 'The data released this morning by Statistics South Africa shows that South Africa's agricultural gross value added expanded by 15.8% quarter-on-quarter (seasonally adjusted) in the first quarter of 2025. This expansion is primarily due to the improved performance of certain field crops and the horticulture subsectors,' he said. Sihlobo added that the better performance of these particular subsectors is expected to continue dominating the year. BUSINESS REPORT
