Africa on The Spot: Trafalgar Tells Us How South Africans Travel as Richemont and Alibaba Come Together

A survey conducted on behalf Trafalgar, a global travel brand that forms part of The Travel Corporation (TTC), on how South Africans travel has revealed that these folks are less likely to switch off and are more connected to work when vacationing than their counterparts in the UK, North American and Antipodean counterparts.

According to the survey, South Africans are significantly under more pressure than their global holiday counterparts to balance staying connected to social media and work, while also making the most of their holiday.

“The study was aimed at exploring what people believed to be ‘The Good Life’ (everyone’s stated ambition) and whether travel contributes to it,” said Teresa Richardson, MD South Africa for The Travel Corporation.

The survey’s participants revealed that travel is about happiness, wellness and doing something new instead of collecting things.

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Swiss Luxury Group Richemont SA and Alibaba Partner to Expand the Retail Market

Compagnie Financiere Richemont SA, the Swiss luxury group, and the Chinese conglomerate Alibaba have made a strategic partnership aimed at expanding the retail market to China.

Chinese consumers will now get retail offerings of Yoox Net-a-Porter Group S.p.A. (YNAP), the online luxury retailer, as a result of the two groups joining forces.

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South Africa’s e-Commerce Giant Naspers to Invest $315 in Technology Business

Naspers, the South African media and e-commerce firm has confirmed that it would invest a total of 315 million US Dollars in its technology business over the next coming three years. The company said that it will, in progress, also fund technology startups.

Naspers said that it would allocate 3.2 billion rands to developing its technology businesses already in place that encompasses the OLX Group, Takealot, and Mr. D Food.

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Weaker Fiscal Outlook Weakens the Rand, Moody’s

On 26th October, Moody’s reported that a weaker fiscal outlook in South Africa’s medium-term budget policy statement issued during the week highlighted a credit negative that weakened the rand.

In a statement, Moody’s said that the budget policy statements revised by the government projected larger fiscal deficits and higher government debt, amid slower growth, a weaker rand and higher interest rates than expected in February, all which are conspicuously a credit negative.

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