BRICS Business

File photo of the C919, China’s first homemade large passenger aircraft, at a plant of Commercial Aircraft Corporation of China, Ltd. (COMAC), in Shanghai, east China in November 2015 [Xinhua]
China on Sunday announced that it had successfully test flown its second wide-body locally manufactured passenger plane, the C919.
According to local media, the C919 took from from Shanghai Pudong International airport for its two-hour maiden flight, and tested major aviation systems.
The first C919 made its maiden flight in May 2017.

Recovery in gross operating surplus should boost Company Income Tax collections  
Is the South African economy finally turning a corner? [Xinhua]
The South African Revenue Service (SARS) said at its media briefing on the 2017 Tax Statistics on Tuesday that it expected a turnaround in tax collections as the economy improved after a slowdown in 2016.
“We expect a turnaround in company tax collections as the economy improves, but this will come with a lag,” Dr Randall Carolissen, the SARS head of revenue and research said.

Transaction value rose by 8.4 per cent y/y to R2.5 billion ($183 million) on Black Friday
Is the South African economy on the rise again? [Xinhua]
Although Black Friday and Cyber Monday are American shopping “inventions”, South Africans did not follow American behavior slavishly as in the US, Cyber Monday had a higher online transaction value than Black Friday, whereas in South Africa Black Friday was more popular than Cyber Monday.

South African GDP growth held back by inventory depletion as resurgent demand outpaces ability to deliver the goods  
File photo: The Mall of Africa in Midrand, near Johannesburg, South Africa [Xinhua]
South African final demand, which is the demand from households, government, fixed capital formation and net exports, but excluding the change in inventories, surged by 3.6 per cent on a quarter-on-quarter (q/q) seasonally adjusted annualised (saa) basis in the third quarter after a 2.9 per cent gain in the second quarter.

China has repeatedly accused the US of straining their vast economic relationship through a slew of anti-dumping measures [Xinhua]
Beijing has again criticized the US for its recent anti-dumping investigations on general aluminum alloy sheets imported from China.
“China is strongly discontent with the trade protectionism tendency shown in the U.S. move,” a statement from the Ministry of Commerce said on Wednesday.

OPEC total production declines would have been stronger had it not seen increased output from Iran and Nigeria in recent months [Xinhua]
With just three days remaining for a pivotal meeting of Oil Producing and Exporting Countries (OPEC) with non-OPEC producers in Vienna, experts are expecting oil prices to continue their recent climb.
Reports emerged over the weekend that OPEC delegates have managed to convince Russia, one of the world’s largest oil and gas exporters, to agree to extend a provision which calls on members and non-OPEC nations to production cuts.

Chinese Finance Minister Lou Jiwei (C), Shanghai Mayor Yang Xiong (R) and President of the New Development Bank (NDB) of BRICS K.V. Kamath attend the launching ceremony of the bank in Shanghai, east China, July 21, 2015 [Xinhua]
The BRICS New Development Bank (NDB) has approved two loans – for a water infrastructure project in India and the other is for a transport infrastructure project in Russia.
The Board of Directors (BoD) of the NDB approved two infrastructure projects with a loan value of US$413.8 million during the 12th BoD meeting in Shanghai on November 20.

South African bulk exports surged by 30.7 per cent y/y in October to a new record
Is the South African economy finally turning a corner? [Xinhua]
The recent data point to a resurgent South African economy after it exited a technical recession in the second quarter. Bulk exports surged by 30.7 per cent year-on-year (y/y) to a new record of 16.7 million metric tonnes (Mt) in October after a 5.1 per cent y/y gain in the first nine months of this year and a 2.8 per cent drop in 2016.

Chinese authorities say they have been working with the US Department of Homeland Security to curb illegal trafficking in counterfeit goods [Xinhua]
Chinese media on Wednesday said that agents from both China and the US worked together to bring down several groups and arrest at least 36 suspects that were involved in copyright infringement.

Workers make bicycle parts at a factory at Ludhina in the Indian state of Punjab. India remains one of the strongest emerging market performers, analysts agree [Xinhua]
Investments in emerging markets have been on the rebound in the past 18 months soaring to new levels despite the dollar and oil prices fluctuation, and look likely to continue their upward climb in the coming year.