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09 July 2021 | Story Dr Nitha Ramnath

Prof Francis Petersen, Rector and Vice-Chancellor of the University of Free State, South Africa, invites us to rethink our relationship with the world in a series of ‘Courageous Conversations’ on the theme of ‘The Global Citizen’. Prof Petersen argues that COVID-19 has been a powerful ‘disruptor’ – it was a stark reminder of the need to rethink our identity, of where we belong, our ‘normative’ view of citizenship – if we want to secure long-term survival of our civilisation and the environments that support it.

Global citizenship and the Sustainable Development Goals – 30 July 2021, 13:00 SAST

Join us for the next Courageous Conversation in the Global Citizen series when Prof Petersen will welcome eminent economist, professor at Columbia University, Director of its Earth Institute, and global leader on sustainability, Prof Jeff Sachs.
 
In 2015, almost all countries signed up to the UN Sustainable Development Goals (SDG). This commitment marked an international solidarity of virtually all countries to work towards the betterment and development of every person on earth. Then COVID-19 struck. Not only did the crisis result in a retrogression of successes registered in achieving the SDG, most notably in the reduction of global poverty, but it also exposed global power disparities.
 
In this session, Prof Sachs will discuss global citizenship and the SDGs in the context of recovery from the COVID-19 pandemic, including what an equitable recovery would mean for countries around the world, and will make reference to the 75th anniversary of the Universal Declaration of Human Rights.

Click Here to RSVP

 
More about our guest

Prof Sachs is widely recognised for addressing complex global challenges such as debt crises, hyperinflation, the control of AIDS, malaria, poverty, and climate change, among a myriad of others.

Sachs serves as the Director of the Center for Sustainable Development at Columbia University. He is President of the UN Sustainable Development Solutions Network, a commissioner of the UN Broadband Commission for Development, and an SDG advocate for UN Secretary General, Antonio Guterres. From 2001 to 2018, Sachs served as Special Adviser to UN Secretaries-General Kofi Annan (2001-2007), Ban Ki-moon (2008-2016), and António Guterres (2017-2018). 


A world-renowned economics professor, bestselling author, innovative educator, and global leader in sustainable development, Sachs was the co-recipient of the 2015 Blue Planet Prize, the leading global prize for environmental leadership. He has twice been named among Time Magazine’s 100 most influential world leaders and has received 34 honorary degrees. A survey by The Economist ranked Sachs as among the three most influential living economists.
 

The Global Citizen Courageous Conversations series

In partnership with the South African Chamber of Commerce based in the United Kingdom, the Global Citizen Courageous Conversations series that was launched on 26 May 2021, brings together powerful voices from public life, intellectuals, public interest and business leaders, academics, naturalists, religious leaders, astrophysicists, economists, ecologists, and others.

Eminent South African business leader, Prof Bonang Mohale, joined Prof Petersen for our first Courageous Conversation on 17 June 2021 to unwrap the role that universities can play in creating a ‘global citizen’ mindset to effect material change in a constantly evolving and turbulent international world.  

If you missed our previous Global Citizen Courageous Conversations, you can watch the replay on YouTube, or visit the South African Chamber of Commerce website for the recordings. 



News Archive

Producers to save thousands with routine marketing strategies, says UFS researcher
2014-09-01

 

Photo: en.wikipedia.org

Using derivative markets as a marketing strategy can be complicated for farmers. The producers tend to use high risk strategies which include the selling of the crop on the cash market after harvest; whilst the high market risks require innovative strategies including the use of futures and options as traded on the South African Futures Exchange (SAFEX).

Using these innovative strategies are mostly due to a lack of interest and knowledge of the market. The purpose of the research conducted by Dr Dirk Strydom and Manfred Venter from the Department of Agricultural Economics at the University of the Free State (UFS) is to examine whether the adoption of a basic routine strategy is better than adopting no strategy at all.

The research illustrates that by using a Stochastic Efficiency with Respect to a Function (SERF) and Cumulative Distribution Function (CDF) that the use of five basic routine marketing strategies can be more rewarding. These basic strategies are:
• Put (plant time)
• Twelve-segment pricing
• Three-segment pricing
• Put (pollination)(Critical Moment in production/marketing process), and
• Pricing during pollination phase.

These strategies can be adopted by farmers without an in-depth understanding of the market and market-signals. Farmers can save as much as R1.6 million per year on a 2000ha farm with an average yield.

The results obtained from the research illustrate that each strategy is different for each crop. Very important is that the hedging strategies are better than no hedging strategy at all.

This research can also be applicable to the procurement side of the supply chain.

Maize milling firms use complex procurement strategies to procure their raw materials, or sometimes no strategy at all. In this research, basic routine price hedging strategies were analysed as part of the procurement of white maize over a ten-year period ranging from 2002–2012. Part of the pricing strategies used to procure white maize over the period of ten years were a call and min/max strategy. These strategies were compared to the baseline spot market. The data was obtained from the Johannesburg Stock Exchange’s Agricultural Products Division better known as SAFEX.

The results obtained from the research prove that by using basic routine price-hedging strategies to procure white maize, it is more beneficial to do so than by procuring from the spot market (a difference of more than R100 mil).

Thus, it can be concluded that it is not always necessary to use a complex method of sourcing white maize through SAFEX, to be efficient. By implementing a basic routine price hedging strategy year on year it can be better than procuring from the spot market.

Understanding the Maize Maze by Dr Dirk Strydom and Manfred Venter (pdf) - The Dairy Mail


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