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Djibouti commissions $3.5 billion Chinese-built free trade zone

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Djibouti commissioned a $3.5 billion, Chinese-built free trade zone on Thursday, deepening ties with the Asian giant and helping the Horn of Africa nation generate more jobs for its youths.

Djibouti, with a population of 876,000, already hosts Chinese, U.S. and French naval bases and it also handles roughly 95 percent of the goods imported by Ethiopia, its land-locked neighbour with 99 million people.

The zone will be jointly operated by Djibouti Ports and Free Zones Authority and China’s Merchants Holdings company.

The zone which will house manufacturing and warehouse facilities, an export-processing area and a services centre, is expected to handle trade worth $7 billion within two years, and create 15,000 jobs when complete.

 

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Samsung to resurface Gear VR device with Galaxy S10

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Samsung spokesperson has expressed that they are ready to resurface a new lineup of Galaxy S10 phones with an improved Gear VR headset. adding that the Gear VR device will contain adapter that will  allow Samsung phones to access the device.



The designed Gear VR can accept several different phone sizes thanks to its spring-loaded catches, it still requires some conscious design effort by Samsung to limit the size and shapes of its phones to fit, and preload a certain amount of software so a Galaxy phone detects that it’s been plugged in.

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However, he admits that the features were improved due to the challenges the users observed on Samsung Note 9, where the user had to contact Samsung to get the adapter and the music of Elton John.

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Meanwhile Samsung  states it hasn’t given up on the brand. Which, to be fair, is also what its partner Oculus disclosed last September, pointing out that $19.9 Oculus Go doesn’t totally compete with the Gear VR, since apps that developers make for either one are 100-percent compatible with the other.

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President Ramaphosa to Sign South African Competition Amendment Bill Into Law

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South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

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The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

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