President Cyril Ramaphosa of South Africa will not hand over the next presidency of the Group of 20 to an embassy representative of the United States at the G20 Leaders' Summit in Johannesburg, said Minister of International Relations and Cooperation Ronald Lamola Saturday.
The summit opened on Saturday without a U.S. presence, although it will succeed South Africa in the G20 presidency, which normally requires a handover ceremony. The United States sent the chargé d'affaires of its U.S. Embassy in South Africa for the handover.
Lamola explained that the handover ceremony at the summit must happen at the head of state level, or at least a minister who is properly designated by the president of the United States of America.
South Africa has always maintained an open and friendly attitude and is willing to continue its cooperation with the United States, he said.
Therefore, in the absence of senior U.S. officials at the summit, Lamola said the handover will be arranged at the South African Department of International Relations and Cooperation after the summit, or at another suitable location in South Africa upon request from the United States.
The White House on Saturday said South Africa was refusing to facilitate a smooth transition of its G20 presidency to the U.S.
Tensions between the U.S. and South Africa flared up after the South African government filed a complaint with the International Court of Justice in December 2023 against Israel for alleged "genocide" against Palestinians in the Gaza Strip, which the U.S. regarded as offending it.
The United States first cut off aid to South Africa, citing its land policies as "discriminating" against white South Africans -- claims the South African government has repeatedly rejected as unfounded, and then expelled South African Ambassador to the U.S. Ebrahim Rasool in March.
Starting from August 7 this year, the U.S. government imposed a 30-percent tariff on South African goods, the highest in sub-Saharan Africa. In addition, the U.S. government suspended funding for South Africa's AIDS prevention and control programs.
The South African government acknowledged that its relations with the United States have plunged to their lowest level.
South Africa not to hand over G20 presidency to US diplomat
South Africa not to hand over G20 presidency to US diplomat
South Africa not to hand over G20 presidency to US diplomat
Mergers, acquisitions, and reorganizations in China's A-share market have picked up markedly since the start of the year, with deals disclosed in the first quarter up over 80 percent year on year, led by strong momentum in hard-tech sectors.
Data from Wind Information, a China financial data provider, showed that by Tuesday, listed companies had announced 829 merger, acquisition, and reorganization deals, with 224 on the ChiNext board and 94 on the STAR Market. By sector, "hard technology" sectors, represented by semi-conductor and smart manufacturing, have emerged as the most active areas.
"Hard-tech sectors typically feature rapid technological iteration, heavy research and development investment and long industrial chains, with significant economies of scale. Given these features, industrial mergers, acquisitions, and reorganizations have been a key tool for hard-tech companies to strengthen supply chain resilience and competitiveness. In addition, China's related policies, dubbed 'Six Measures for Mergers and Acquisitions,' explicitly support listed companies in carrying out mergers, acquisitions, and reorganizations around strategic emerging industries and future industries, while moderately increasing regulatory tolerance for unprofitable assets. This has created more favorable institutional conditions and a better market environment for listed companies in the hard-tech sectors to accelerate industrial upgrading and strengthen independent innovation," said Chen Jie, head of Mergers and Acquisitions Group at the investment banking division of China International Capital Corporation.
Chen also noted that the surge in mergers, acquisitions, and reorganizations has been reshaping valuation dynamics in the A-share market. As integration and synergies take time to materialize, investors are increasingly shifting their focus from short-term sentiment to long-term value based on business logic. At the same time, sustained mergers and acquisitions activity is expected to support the revaluation of leading companies.
"Through consolidation and expansion, leading A-share firms are likely to see their core competitiveness and long-term growth prospects become more evident. This will help the market better recognize their intrinsic value, offering higher valuation, and contribute to a more rational and mature valuation system overall," said Chen.
China's A-share sees mergers, acquisitions, reorganizations pick up,led by hard-tech sectors
