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EU to partner with Iran over non-dollar trade transfers.

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Iran’s President Hassan Rouhani has expressed the outcome of his visit after meeting the founder of the Islamic Republic, Ayatollah Ruhollah Khomeini, south of Tehran, Iran, stating that EU is set to lunch an European mechanism that will permit non-dollar trade with Iran, aiming to overcome U.S sanctions.



He added that, Europe has been keen to show good faith toward Iran since U.S. President Donald Trump withdrew from the deal last year.

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However, a source confirmed that the idea is for the SPV to help preserve the economic benefits for Iran derived from the curbs it placed on its nuclear program under a 2015 deal with world powers.

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The EU has been preparing the system, in effect a clearing house that avoids monetary transfers in dollars between the EU and Iran for months although it is unlikely to become operational for several months due to technical details.

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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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Manufacturing Output Growth Slows Again in South Africa

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The preliminary data from Statistics South Africa has showed the rate at which South Africa manufacturing output slowed twice again within the month of December.




Negative contributions came from petroleum, chemicals, rubber and plastic products, iron and steel, non-ferrous metal products, metal products and machinery industries to make outputs edged up a non-adjusted 0.1% year-on-year in December following a 1.3% increase in November and a 3.0% gain in October

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As against a drastic output growth in the prior month; 0.7% following a 0.4% rise in November

Meanwhile motor vehicles, parts and other transport equipment, food and beverages, glass and non-metallic mineral products made the biggest positive contributions in December.

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