Newsdeck: Ramaphosa’s South Africa Investment Goal Gets Boost From Pepsi

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

South Africa: Ramaphosa’s South Africa Investment Goal Gets Boost From Pepsi By Bloomberg

PepsiCo agreed on Friday to buy South Africa’s Pioneer Foods Group Ltd. for about 24.4 billion rand , after a previous partnership between the two companies ended four years ago. Earlier in the week, Ford said it will increase its South African workforce by more than 25% following the introduction of a third daily weekday shift, allowing it to ramp up production.

The votes of confidence come as the nation’s anti-graft ombudsman ruled on Friday that Ramaphosa’s treatment of a campaign donation violated the constitution and executive ethics code. That added to mounting challenges facing the president as he battles to exert control over his ruling African National Congress and push through policy reforms.

Gross domestic product contracted the most in a decade in the first quarter while business confidence is hovering near a three-decade low. That represents a comedown following an initial boost after Ramaphosa took control of the ANC in December 2017 and succeeded Jacob Zuma as president two months later.

The Pepsico investment is a “good first step to strengthen the president in the direction he wants to move in, even as some people within his own party don’t really accept his policies,” said Richard Downing, an economist for the South African Chamber of Commerce and Industry. “It shows he has credibility with these efforts, in South Africa and abroad.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
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:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Africa pays tribute to Johnny Clegg - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Johnny Clegg's long time friend and musical partner Sipho Mchunu has also paid tribute. He co-founded the band Juluka with Clegg at the height of apartheid.
Source: SABC News Online - 🏆 32. / 51 Read more »