Today’s top entrepreneurship and business stories (28 January)
South Africa in 30th position in fostering global innovation
South Africa came in the 30th position out of 56 countries in a report compiled by the Information Technology and Innovation Foundation (ITIF), a global technology policy think tank looking at how each countries’ economic and trade policies support worldwide innovation.
The top three countries on the list are Finland, followed by Sweden and the UK. Kenya is the only other African country to make the list. Rounding up the bottom of the list is Argentina. (ITWeb)
Call for tech startups to join Investec’s Silicon Valley trip
Investec and its partner Ennovate are taking up to 22 of South Africa’s most promising hi-tech entrepreneurs on a one-week trip to the San Francisco Bay Area from 21-29 May 2016.
The aim of this trip is to expose South African entrepreneurs to the most cutting-edge companies, incubators, VCs and hi-tech startups. The trip will also be an opportunity for South African entrepreneurs to establish new global business relationships.
Participants will also attend the Silicon Valley Open Doors Conference, where the group will have the opportunity to meet with startup founders, angels, VCs and experts.
Attendees will also stand the chance to be one of the 35 pre-selected start-ups to pitch on stage in front of the premier Silicon Valley angels and VCs. Applications close on Sunday 21 February 2016. (Investec)
How South Africa ranks in corruption globally
South Africa scores 44 on the Corruption Perceptions Index (CPI), released today by Transparency International (TI), unchanged from 2014. A country’s score refers to the perceived level of public sector corruption on a scale of zero to 100, where zero means that a country is perceived as highly corrupt and 100 that a country is perceived as very clean.
South Africa’s ranking has, however, shifted from 67 to 61. A country’s rank indicates its position relative to the other countries included in the index, which numbered 168 in 2015.
Denmark, Finland and Sweden ranked as the top three countries with the least corruption, obtaining scores of 91, 90, and 89 respectively. (SouthAfrica.info)
Stiff interest rate hike expected
South Africans are bracing for an interest rate hike of between 25 and 50 basis points on today, with the rand hovering at record low levels with first National Bank economist Sizwe Nxedlana saying he expects rates to increase by 25 basis points, but adds that the country is heading into a hiking cycle. PPI data will be released before the Sarb governor speaks at 15:00. (EWN)