Lesetja Kganyago, governor of the South African Reserve Bank.
Image: Thobile Mathonsi
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Xiaomi says surging memory chip prices push up smartphone costs
Chinese smartphone manufacturer Xiaomi on Friday said surging memory chip prices have raised the cost of making handsets, after pricing of its new Redmi K90 series drew market disappointment. "Cost pressure has transferred to the pricing of our new products," President Lu Weibing wrote on Weibo. "Rising costs of memory chips are far beyond expectations and could intensify." Xiaomi launched its entry-level Redmi K90 on Thursday with the base model, equipped with 12 GB of memory and 256 GB of storage, priced from 2,599 yuan ($364). That compares with 2,499 yuan for the base model of the predecessor K80 series launched in November 2024.
SA pushes for faster, cheaper and more inclusive cross-border payments
South Africa has reaffirmed its commitment to advancing the G20 Roadmap for faster, cheaper, more transparent, and more inclusive cross-border payments by 2027, as part of its G20 Presidency Finance Track priorities. Speaking at the opening of the second day of the G20 Conference on Cross-Border Payments, South African Reserve Bank Governor, Lesetja Kganyago, highlighted the collective responsibility to modernise and integrate regional payment systems. “Cross-border payments are the lifeblood of international trade, investment, capital and remittance flows and economic integration. Despite their critical role, cross-border transactions remain far too costly, slow and opaque, especially in emerging markets and developing economies," Kganyago said.
TotalEnergies convicted for misleading climate claims amid rising fossil output
The French energy giant TotalEnergies SE was convicted by a Paris court for disseminating deceptive environmental statements on its French-language consumer website, specifically for claiming a goal of carbon-neutrality by 2050 while simultaneously increasing oil and gas production. According to the verdict, the company’s public messaging encouraged consumers to believe that its business model was aligned with deep decarbonization efforts, when in fact its fossil-fuel output was projected to grow.
Chinese Automaker Changan Drives Into South Africa with Ambitious Expansion Plan
Chinese car brand Changan is making its debut in South Africa this month. The company confirmed that its first shipment of vehicles arrived at the Port of Durban in early October, laying the groundwork for a full-scale launch. Changan’s entry marks a key step in its global expansion strategy, backed by a partnership with Jameel Motors, a subsidiary of Saudi conglomerate Abdul Latif Jameel. Announced in March, the agreement positions Jameel Motors as the exclusive local distributor for both Changan and its new-energy vehicle (NEV) sub-brand, Deepal, which will roll out alongside the main brand in the coming weeks. Changan plans to establish 25 dealerships across South Africa by the end of 2025, scaling up to 45 by 2027, and expects to create up to 600 jobs through its new operations.