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There Is An Urgent Need To Restore Compact Between Business And Society - WEF 

January 18  2016  21:30 l   

Davos - Business leaders at the World Economic Forum Annual Meeting agreed that there was an urgent need to restore the compact between business and society.


Jim Hagemann Snabe, member of the Board of Trustees of the World Economic Forum said there was a crisis of confidence in leadership and that companies needed to be responsive and responsible to all their stakeholders.

"We have an opportunity to reinvent how we do business, to refocus our efforts towards ensuring long-term sustainability," he said.

The central theme of the Annual Meeting of the 47th WEF is "Responsive and Responsible Leadership".

To restore trust, business was in need of a consistent North Star, said Frans van Houten, President and CEO of Royal Philips in the Netherlands, and a co-Chair of the 2017 Annual Meeting.

"Global companies need to rally around a multi-stakeholder approach to doing business," he added. He said that, at Royal Philips, an internal values system was focused on shared responsibilities to investors, employees, suppliers and broader society.

The company actively pursued a life-cycle concept for its products and had committed to achieve carbon neutrality in its global operations by 2020.

Jobs at risk

According to WEF, the Fourth Industrial Revolution was putting lower and medium-skilled jobs at risk. More than 60 percent of jobs and 30 percent of activities could be automated today, said Dominic Barton, Global Managing Partner of McKinsey & Company in the US.

"We can't rely on government to reskill people in the face of rapid technological change and automation; business will have to drive this," he added. In this regard, McKinsey & Co had announced the Generation Initiative, a philanthropic commitment of $75 million across five countries to develop an approach to getting unemployed and unskilled youth into jobs.

Lubna S. Olayan, CEO and Deputy Chairperson of Olayan Financing Company in Saudi Arabia, stressed the dangers of short-termism. "Social responsibility and philanthropy must be at the core; it's the only way to be sustainable," she said.

Olayan was one of the first private-sector companies to employ women in Saudi Arabia 15 years ago. This decision, although difficult in the short-term, had delivered enormous long-term benefits.

Read also: #WEF2017: An uncertain environment

Hiroaki Nakanishi, Executive Chairman of Hitachi in Japan, said collaboration was key. Challenges such as climate change, inequality and social cohesion were global in nature and needed a joint effort between business and government. "Sustainability is the overarching goal for us; we want to be a solution-based business," he added.

WEF said that the Compact for Responsive and Responsible Leadership, sponsored by WEF's International Business Council, was being proposed for signature to all participants of the Annual Meeting 2017.

These leaders included chief executive officers, chairs and members of corporate boards, as well as leading investors and asset managers.

The goal, according to WEF, was to create a corporate governance framework with a focus on the long-term sustainability of corporations and the long-term goals of society.

-African News Agency


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Manufacturers In SA Concerned Over Subdued Business Sentiment 

January 12  2016  21:30 l   

Manufacturers in SA are concerned at the subdued business sentiment reflected in the latest Barclays Purchasing Managers’ Index for December 2016, released on Thursday. Industry body, the Manufacturing Circle, said the index, which provides a reliable guide to sentiment within the manufacturing sector, had not shown an improvement in demand in several months.

"At 46.7 index points, the South African index has remained below the neutral 50-point measure for the fifth month in a row — in contrast to a global upward trend," it said.

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SA Is Not Producing Enough School Leavers Competent In Maths And Science 

January 10  2016  11:30 l   

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ANC Pinning Hope On Government's Black Industrialist Programme 

January 09  2016  12:10 l   

Cape Town  – The ANC is pinning its hopes on government’s Black Industrialists Programme, launched in 2016, to increase the black majority’s ownership of the economy. 

Delivering the ANC’s January 8 statement at the Orlando Stadium in Soweto on Sunday, President Jacob Zuma in his capacity as party leader, said the Programme, which resorts under the Department of Trade and Industry, must develop township and rural economies and create jobs for South Africans. 

“The manufacturing sector can be a catalyst for transforming the economy and creating jobs,” Zuma said. “This is illustrated by the fact that this sector created more than 7 000 new jobs during the first six months of 2016.” 

Full Article

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Hlaudi's Appointment Ruled Unlawful 

December 12  2016  15:10 l   

Cape Town - The Western Cape High court has ruled that Hlaudi Motsoaneng’s appointment as the SABC's group executive of corporate affairs as irrational and unlawful.

Judge Owen Rogers said Motsoaneng should not be entitled to hold any position with the national broadcaster.

Rogers said the SABC and its board conducted themselves unlawfully.

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Econet Wireless Introduces Rand Wallet In Zimbabwe 

December 08  2016  16:40 l   

Harare – South Africa’s currency could effectively start circulating in Zimbabwe as mobile network Econet Wireless introduces rand wallet on its mobile money platform in the country.

Amid a dollar crunch, with Econet Wireless’ rand wallet enables withdrawals and cash-ins of the South African currency.

Zimbabwe Vice President, Emmerson Mnangagwa said in Parliament on Wednesday that the central bank has introduced an additional $7m in bond notes this week. However, cash shortages have still not abated.

The government has declined to take up usage of the rand in Zimbabwe, despite calls for this from the business community.

Full Article

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Aarto System Has Become A Challenge For Traffic Fines Collections 

November 14  2016  14:50 l   

The cities of Johannesburg and Tshwane no longer want to be test cases for the Administrative Adjudication of Road Traffic Offences (Aarto) system over its enforcement issues and disappointing traffic fine collections.
Medium-Term Budget 2016 In A Nutshell 

October 26  2016  19:00 l   

Cape Town – South Africa is in a difficult economic transitional phase and consolidation and balance will be the key words regarding government finances over the next three years. That was the core 

Google Data Request On The Rise From Governments 

October 13  2016  10:00 l   

Washington - Google said Wednesday that data requests from governments around the world hit a record high in the six months ending in June, extending a steady rise.

President Zuma Officially Appointed Busisiwe Mkhwebane As New Public Protector

October 06  2016  10:10 l   

PRESIDENT Jacob Zuma has officially appointed advocate Busisiwe Mkhwebane as the new public protector for the next seven years, the Presidency said on Thursday.

SA Borders Needs To Be Protected From Illegal Immigrants And Their Illegal Businesses -JHB Mayor Herman Mashaba

October 04  2016  13:40 l   

JOHANNESBURG mayor Herman Mashaba has called for SA to strengthen its borders, saying it needs to be protected from illegal immigrants and their illegal businesses.

The Economy Must Be Controlled By Black Majority-Minister Brown

September 27  2016  18:10 l   

Johannesburg – The economy must be controlled by the black majority, said Minister of Public Enterprise, Lynne Brown.  Brown spoke to media briefly following a closed meeting with the Black 

Apple Linked With Buying Supercar Maker McLaren

September 22  2016  18:00 l   

Apple has been linked with a shock £1.5bn deal to buy McLaren Technology Group, the Formula One team owner and supercar maker.

A deal between Apple and the British company would dramatically shake up the technology and automotive industries. The California-based company’s interest in McLaren Technology Group highlights its ambition to develop technology that could be used in an electric and driverless car.

Full Story

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SAA Financial Statements For The 2014/2015 Show R5.6bn Loss

September 20  2016  21:40 l   

Cape Town - SAA’s losses for the 2014/15 financial year was R5.6bn — close to R1bn more than the expected amount of R4.7bn. 

Bank Of England Introduces Plastic Banknotes

September 13  2016  20:20 l   

London - The Bank of England introduced its first plastic banknotes on Tuesday, with a new five pound entering circulation in England and Wales featuring World War Two leader Winston Churchill.

AfriHost To Offer Free Daily 18 hour Internet Promotion

September 08  2016  17:00 l   

Johannesburg - Internet service provider Afrihost has attempted to shake up the local ADSL market with a promotion that offers free daily 18 hour internet.

MTN Zakhele Futhi R9.9 billion BEE Transaction Starting 12th September

September 07  2016  11:40 l   

Zakhele Futhi is a special purpose vehicle which will hold approximately 4% equity in the MTN Group. The new share scheme will give qualifying black participants a discounted way to own MTN  
Futuregrowth Should Have Raised Concerns With SOEs Before Going Public - Ralph Mupita

 September 06  2016  21:00 l   

Cape Town - Futuregrowth, the asset manager which withdrew funding to six of South Africa’s state-owned enterprises (SOEs), should have raised their concerns directly with these entities and not gone to the media, said Ralph Mupita, CEO of Old Mutual Emerging Markets. Full Story

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SA Steel Industry About To Collapse Due To Chinese Dumping

 August 30  2016  22:20 l   

Cape Town - Trade union Solidarity is calling for urgent preventative measures to stop Chinese dumping in the steel industry, which has already suffered about 11 000 job losses last year.
SA Healthcare Industry And Medical Schemes in Collusion -Cosatu

 August 26  2016  15:40 l   

Cape Town - In an open letter to the Competition Commission, Cosatu has accused the South African healthcare industry and medical schemes of collusion with regards to the availability of cancer screening tests. Full Story

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MTN To Unveil A R9.9bn BEE Zakhele Futhi Transaction In September 

 August 22  2016  12:00 l   

Johannesburg - Mobile network MTN is set to unveil a R9.9bn black economic empowerment transaction dubbed MTN Zakhele Futhi.
SA Agric Export Declined In 2015 Due To Drought  

 August 19  2016  17:40 l   

SA’s worst drought in decades has cost the country billions of rand in lost export revenue, data showed on Friday.
Union Signs New Offer To End Petrol Strike 

 August 17  2016  21:30 l   

Cape Town - South Africa's petroleum industry and striking workers agreed to a new two-year wage deal on Wednesday, an official representing employers said.
Capitec Bank Is The Cheapest Bank According To Solidarity Report 

 August 10  2016  20:30 l   

Cape Town - Capitec Bank is generally the cheapest bank for the needs of most people, despite strong competition from other banks, according to Solidarity's 2016 Bank Charges Report. Full Story

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Food Price Index Fell 0.8% Globally

 July 25  2016  17:40 l   

Rome - A fall in world food prices in July after five monthly increases suggests farmed commodities are unlikely to get much more expensive in the near future, a senior economist at the United Nations food agency said on Thursday. Full Story

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Verizon Buys Yahoo's Web Assets For $4.8bn

 July 25  2016  17:40 l   

San Francisco - Verizon Communications agreed to buy Yahoo’s web assets for $4.8bn (R68.6bn), ending the company’s two-decade run as an independent business that took it from Stanford University  Full Story
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Various Industries in SA Show Turnover Decline 

 July 18  2016  17:15 l   

Cape Town - With economic growth predicted at its lowest levels since 2009, the various industries in South Africa are also feeling the pinch, with turnover declining by 5.1% in the first quarter of 2016.  
SA To Make It Easier For Indian Citizens To Travel With Ease To The Country 

 July 08  2016  15:25 l   

SA IS working on relaxing visa regulations to make it easier for Indian citizens to travel with ease, President Jacob Zuma said on Friday.

Barclays Africa Pledges R1.3bn To Help African Small And Medium-Sized Businesses

 June 29  2016  12:25 l   

Johannesburg - Barclays Africa, majority owned by UK-based Barclays, has pledged R1.4 billion to improve skills development and access to quality education.

South Africa: 85% Of All Start-Ups Are Self-Funded

 June 29  2016  12:25 l   

Cape Town - Nearly 50% of start-ups say they created a business out of an idea that came to them from the environment in which they live, while 85% of all start-ups are self-funded.

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Most B-BBEE Certificates Are Fraudulent

 June 28  2016  22:50 l   

Johannesburg - Fronting B-BBEE transactions tops the list of the number of reported cases and complaints received so far by the Broad-Based Black Economic Empowerment (B-BBEE) CommissionFull Story

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SA is Making Progress In Its Nine Point Plan - The Presidency

 June 20  2016  22:50 l   

Cape Town - The South African Government is making steady progress in the implementation of its Nine Point Plan to reignite growth and create jobs, the Presidency said on Monday. Full Story

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MTN Group And Nigeria Agree On Fine Settlement 

 June 13  2016  18:35 l   

MTN Group stood head and shoulders above its rivals in the top 40 index on Monday as a relief rally in the shares of Africa’s biggest mobile operator continued for a second session running. Full Story

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SA Business Confidence Fell To New All-Time Low

 June 07  2016  14:35 l   

Johannesburg - South Africa's business confidence fell to a new all-time low in May hurt by poor performances in sectors such as manufacturing and retail, a survey showed on Tuesday. Full Story

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S&P Global Does Not See South Africa  Slipping Into Recession Soon

 June 05  2016  15:40 l   

Johannesburg - Ratings firm S&P Global Ratings said on Monday it does not see South Africa's economy slipping into a recession soon, but warned that economic reforms had to be implemented to avoid a downgrade in December. Full Story

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SA Recorded Trade Surplus For First Time In 2016

 May 31  2016  16:35 l   

SOUTH Africa recorded a trade surplus of R430m in April, the South African Revenue Service (SARS) reported on Tuesday. Full Story



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