View ahead: The sugar industry in South Africa will need to come up with creative alternative uses, such as electricity generation, for its product in order to sustain itself. The key challenge is a low sugar price, caused primarily by a high level of global sugar production. The industry says this has led to cheap imports and it has called for greater tariff protections in order to survive.
To add to its woes, the health promotion levy on sugar-sweetened beverages has negatively affected business, the industry claims.The sugar price has fallen by 65% from a high of 34 United States cents a pound in 2010 to just 12c a pound in March this year, according to data firm Macrotrends, because of an increased supply by the world’s leading producers, such as Brazil, India and Australia.
One local sugar giant, Tongaat, has seen a shift in its fortunes as its share price plunged by 89.2%, from R169.04 in December 2014 to
Stop importing, buy only local
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Load-shedding dooms SA profits | Business | M&GMust check on the ESKOM updates to not loose stock. And them scones are delicious 😋 It’s so sad what is happening to self made small business. This is sad 😞
Source: mailandguardian - 🏆 2. / 92 Read more »
Bolt to launch food delivery service in SA | IOL Business ReportAccording to the company, will be one of the first three countries globally to be offered the new service, along with Estonia and Finland
Source: IOL - 🏆 46. / 51 Read more »
BUSINESS MAVERICK: Take more savings offshore, money managers urge SA investorsIncreasingly, financial advisers are recommending that SA investors take as much of their discretionary investments out of the country as they can. But is taking 100% of your investment income out of the country sensible, never mind unpatriotic?
Source: dailymaverick - 🏆 3. / 84 Read more »
Kganyago: SA banks can hold out against a downgrade | Business | M&GSouth Africa’s banking system is robust enough to withstand a credit ratings downgrade, South African Reserve Bank governor Lesetja Kganyago stressed on Thursday, as the country awaits a pending ratings review from agency Moody’s.
Source: mailandguardian - 🏆 2. / 92 Read more »
Economic crisis drives SA to Zimbabwe cargo courier businessVarious cargo shipments are now being transported from Johannesburg to Zimbabwe by 'malayitsha' transporters as Zimbabwe faces a shortage of goods. Bad🤕🔫
Source: eNCA - 🏆 49. / 51 Read more »
SA business people confident to explore trade and investment opportunities in GhanaTrade and Industry Minister Rob Davies says the mission is part of South Africa's economic strategy for Africa.
Source: TheCitizen_News - 🏆 6. / 75 Read more »