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Financial News

'We want the rand to fall so that when it rises, we will control the economy' - Maine 

By: News24Wire      22nd December 2016 African National Congress Youth League (ANCYL) president Collen Maine says the league wants and needs the rand to fall so that when it rises again, the country's economy will be under their control. "We want the rand to fall, we need those economic turntables. The rand will fall but when it... 

Moody’s retains Bidvest’s investment rating, outlook negative

By: Ilan Solomons     20th December 2016 While credit ratings firm Moody’s has kept JSE-listed Bidvest’s investment rating at Baa2 for the local currency global scale long-term outlook, it has changed the outlook to negative. However, it also kept the company’s Prime-2 short-term issuer ratings as well as affirmed its Aa1.za national... 

Moody’s retains Bidvest’s investment rating, outlook negative

Rate of growth in social investment by SA corporates stalled in 2016

By: Dylan Slater     16th December 2016 Private sector companies and State-owned enterprises in South Africa spent R8.6-billion on social development during 2015/16, representing a 6% increase in nominal growth from the previous year, according to corporate social investment (CSI) and sustainability consultancy Trialogue.  

Rate of growth in social investment by SA corporates stalled in 2016
HANDBOOK LAUNCH Trialogue director Cathy Duff presents the findings of research into South African corporate social investment expenditure

Consulting engineers ready to help with irregular expenditure fight

By: Dylan Slater     9th December 2016 Firms that are members of nonprofit organisation Consulting Engineers South Africa (Cesa) made known at the yearly Cesa Infrastructure Indaba, that they are ready to partner with government to reduce irregular expenditure.  

Iconic Joburg ice rink being transformed into television production hub

By: David Oliveira     2nd December 2016 The Sky Rink atop the Carlton Centre’s parking lot in downtown Johannesburg always had something of an edge to it. Experienced ice-skaters, often with a cigarette in their mouths, would make little effort to disguise their disdain for beginners as they weaved effortlessly, and at extreme speed,... 

Iconic Joburg ice rink being transformed  into television production hub

Historical corporate social investment reaches end of useful life – ERM

By: Dylan Slater     25th November 2016 New, precise and penetrating methods of measuring social impact are driving radical revisions to corporate social investment (CSI) as practised by big business and global investors, according to sustainability consultancy Environmental Resources Management (ERM) Southern Africa.  

Sarb deputy governor reappointed

By: Sashnee Moodley     7th November 2016 South African Reserve Bank (Sarb) Deputy Governor Francois Groepe has been reappointed in the position by President Jacob Zuma for five years from January 1, 2017. Groepe is the chairperson of the South African Bank Note Company and the South African Mint Company, which are subsidiaries of Sarb.... 

Sarb deputy governor reappointed
Photo by Bloomberg
Sarb Deputy Governor Francois Groepe

Liberty using 'agile innovation' to create investment products

By: Schalk Burger     4th November 2016 Financial services firm Liberty is using a form of agile innovation to develop new investment products for people outside the affluent and mass affluent categories who do not typically invest because investment products do not suit their lifestyles. Comparing the investment milieu of South Africa... 

Liberty using 'agile innovation' to create investment products
DAVID LLOYD Taking a product that is successful in one sector and transplanting it to another does not constitute innovation

New FNB app simplifies financial decision-making when buying or selling property

By: David Oliveira     4th November 2016 First National Bank (FNB) has launched its nav›› Home edition digital financial navigation service last month, which simplifies customers’ financial decision-making when buying or selling property. The service is available on the bank’s mobile app. 

Impact of digital disruption starting to be felt by business

By: David Oliveira     28th October 2016 Availability and business recovery company Veeam hosted its VeeamON Tour conference earlier this month, where trend analysis consultancy Flux Trends owner and top South African trend analyst Dion Chang discussed global digital and technology trends that are promoting the “on-demand economy” and... 

RDR regulations to improve financial services outcomes, Liberty asserts

By: Schalk Burger     28th October 2016 The retail distribution review (RDR) regulations, which must be phased into financial services practices between January and April next year, are aimed at improving the outcomes for consumers and reducing risks for the financial services industry, says financial services and insurance firm... 

Survey shows only modest rise in innovation performance by SA firms

By: David Oliveira     28th October 2016 South African companies have shown only marginal growth in innovation in 2016, business management consultancy Accenture’s Innovation Index finds. A total of 57% of respondents were found to be laggards, 29% acted as leaders in innovation and 8% served as innovation value champions, with an... 

Government, society need joint solution for Fees Must Fall challenge

By: Anine Kilian     26th October 2016 Government has acknowledged concerns raised by various parts of the post-school community regarding free tertiary education, noted Finance Minister Pravin Gordhan in his Medium-Term Budget Policy Statement address on Wednesday. The Fees Must Fall movement, comprising university students demanding... 

Government, society need joint solution for Fees Must Fall challenge

FNB launches property ownership financial navigation tool

By: David Oliveira     19th October 2016 First National Bank (FNB) has launched its nav›› Home edition digital financial navigation service to simplify customers’ financial decision-making when buying or selling property. The service is available on the bank’s mobile app. 

Hard currency availability a challenge for cross-border trade in Africa

By: Simone Liedtke     14th October 2016 An issue that has come into sharp focus for businesses in Africa is the shortage of available hard currency as most capital projects on the continent tend to be funded in US dollars although they may generate their revenue in local currency, says Export Credit Insurance Corporation of South... 

Hard currency  availability a challenge for cross-border  trade in Africa
MANDISI NKUHLU The company enables export trade from South Africa to the rest of the world and also supports cross-border investments

$300m facility for African power, infrastructure projects announced

By: Mia Breytenbach     7th October 2016 Standard Bank of South Africa (SBSA), US overseas development financier Overseas Private Investment Corporation (OPIC) and diversified, community-based financial services company Wells Fargo Bank have announced a $300-million facility to fund power and infrastructure projects in Africa. The... 

Digital services offering stimulus to wealth management industry

By: Schalk Burger     23rd September 2016 The wealth management industry is ideally positioned to leverage and scale up using digital technology to improve efficiency and responsiveness, despite only 25% of wealth management firms globally offering more than email access to clients. When this is compared with the average... 

Market research shows growth in lift and escalator industries

     23rd September 2016 The global lift and escalator market was valued at $86-billion in 2012 and is expected to grow steadily from 2016 to 2020 spurred by robust demand from Asia, according to a report released last month by market research company Research and Markets. 

Market research shows growth in lift and escalator industries
Photo by Duane Daws
GROWING INDUSTRY Research has shown that there will be an increase in the amount of lifts installed throughout the Middle East

DBSA aims to ‘catalyse’ funding to poor munis as it sets R100bn funding goal

By: Terence Creamer     22nd September 2016 The Development Bank of Southern Africa (DBSA) disbursed a record R17.1-billion during its 2016 financial year, up from R13-billion in 2015, with disbursements to the country’s eight metropolitan councils (metros) surging to R7.5-billion from R3.7-billion. CEO Patrick Dlamini said a total of... 

DBSA aims to ‘catalyse’ funding to poor munis as it sets R100bn funding goal
Photo by Duane Daws
Finance Minister Pravin Gordhan and DBSA CEO Patrick Dlamini

Government still struggling to honour 30-day payment promise

By: Mia Breytenbach     16th September 2016 While there has been a consistent improvement in the setting up of systems to enable government institutions to pay suppliers and service providers within 30 days, the pace of the improvement is still inadequate, states Minister in the Presidency for Planning, Monitoring and Evaluation Jeff... 

SA legal firms soon to play more of a role in Africa business disputes with adoption of arbitration Bill 

By: Dylan Slater     16th September 2016 There are about 157 countries which have adopted the Model Law, thereby recognising international arbitration agreements and enforcing international arbitration awards.  

SA legal firms soon to play more of a role in Africa business disputes with adoption of arbitration Bill
Clyde and Co tells Engineering News about a new arbitration bill. Video courtesy of Shaun Smith.

Cabinet caught unawares by Zwane’s announcement on banks

By: News24Wire      15th September 2016 Fellow Cabinet members were not forewarned of Mineral Resources Minister Mosebenzi Zwane’s announcement of a judicial inquiry into banks and read about it in the media, Cabinet spokesperson and Presidency Minister Jeff Radebe said on Thursday. “No, I also like all of you read it in the... 

Cabinet caught unawares by Zwane’s announcement on banks
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Deal to boost access to finance for Côte d’Ivoire smallholder farmers

By: Mia Breytenbach     9th September 2016 The International Finance Corporation (IFC), a member of the World Bank Group, chocolate producer Barry Callebaut and the Netherlands Sustainable Trade Initiative (IDH) have announced a $9-million risk-sharing agreement to help up to 100 000 smallholder cocoa farmers in Côte d’Ivoire to access... 

Deal to boost access to  finance for Côte d’Ivoire smallholder farmers
Photo by Bloomberg
NECESSARY GROWTH The $9-million risk-sharing agreement is aimed at helping smallholder cocoa farmers to access the credit needed to grow production and earnings

Old Mutual to increase agriculture, real estate investment through Nigerian partnership

By: Mia Breytenbach     9th September 2016 Asset management group Old Mutual Investment Group (OMIG) plans to expand its commercial real estate and agriculture footprints in Africa through a partnership with wealth fund the Nigerian Sovereign Investment Authority (NSIA). The partnership, signed in Abuja, Nigeria, last month, will allow... 

Old Mutual to increase agriculture, real estate investment  through Nigerian partnership
Photo by Bloomberg
GROWING OPPORTUNITY The aim of the agriculture investment agreement is to improve Nigeria’s food security and promote rural economic development

Risk of malfunctioning algorithms leads to calls for new AI regulation

By: Schalk Burger     9th September 2016 Although artificial intelligence (AI) is set to improve financial institutions' risk management, credit provision, asset management, trading and hedge funds, certain risks will remain, says multinational law firm Baker & McKenzie Banking and Finance partner Chris Hogan. These risks include... 

Despite payment interventions, 'much to be done' to improve 30-day payments to suppliers – Radebe

By: Mia Breytenbach     6th September 2016 While there has been a consistent improvement in the setting up of systems to enable government institutions to pay suppliers and service providers within 30 days, the pace of the improvement is still inadequate, states Minister Jeff Radebe. “We are the first to concede that much is [still] to be... 

Despite payment interventions, 'much to be done' to improve 30-day payments to suppliers – Radebe
Minister in the Presidency Jeff Radebe

Egyptian petrochemicals complex expected 2021

     2nd September 2016 Egyptian petrochemicals company Carbon Holding's proposed Tahrir Petrochemicals Complex is to be located within the Ain Sokhna industrial zone, near the Gulf of Suez. Major contracts for the project have been awarded, with the construction work expected to start later this year and commissioning... 

Egyptian petrochemicals complex expected 2021
SUNRISE INDUSTRY While the oil industry in other parts of the globe is stagnating the World Bank believes there is still potential in Africa's oil industry

Phase 1 of refinery expansion project to be completed this year

     2nd September 2016 The Cameroonian government is planning to complete the first phase of the expansion and modernisation works at national refinery company Sonara’s refinery later this year, which will lead to an increase in production. According to local media, the refinery – the only one in the country – has been... 

Phase 1 of refinery expansion project to be completed this year
DOGGED DEVELOPMENT The Sonara refinery has been in the process of expanding and modernising its equipment since 2013

Supplier development programme launched for black businesses

     2nd September 2016 Oil refining company Chevron Corporation’s local subsidiary Chevron South Africa (SA) –  which markets its fuel under the Caltex brand – last month announced a new enterprise and supplier development (E&SD) programme aimed at improving access to its value chain for black-owned businesses.  The... 

Supplier development programme launched for black businesses
CHEVRON OIL REFINERY The refinery produces petrol, diesel, jet fuel, liquefied petroleum gas and other specialty products for South Africa

Blockchain technology can improve multistakeholder process integrity

By: Schalk Burger     12th August 2016 The blockchain technology promises to improve the integrity and transparency of a variety of process and workflows in industry and commerce, says Wipro global treasury and payments services executive business advisor Mary Ann Francis. Blockchain is a method that relies on stakeholders having... 

Private-equity firm aims to raise R2bn through listing of unit

By: Mia Breytenbach     5th August 2016 Ethos Capital has received about R1.1-billion from investors, including investment adviser Ethos Private Equity (EPE), following its intention to list its issued A ordinary share capital on the main board of the JSE. The listing, scheduled for this week, is subject to market conditions and the... 

Private-equity firm aims to raise R2bn through listing of unit
Photo by Duane Daws
DIVERSIFIED STRATEGY Ethos is listing as an investment entity in the ‘Financials – Speciality Finance’ sector of the JSE

Ethos to list on JSE main board, aims to raise up to R2bn

By: Mia Breytenbach     18th July 2016 Ethos Capital intends to list its issued A ordinary share capital on the main board of the JSE. The listing would be subject to market conditions and the requisite approvals by the JSE. Rand Merchant Bank, a division of First Rand Bank, is acting as the financial adviser, sole global coordinator,... 

Ethos to list on JSE main board, aims to raise up to R2bn

Imperial acquires 70% of Sasfin Premier Logistics to create trade expert

By: Irma Venter     12th July 2016 The Imperial group said on Tuesday that it had entered into an agreement with Sasfin to acquire 70% of Sasfin Premier Logistics, a wholly owned subsidiary of Sasfin. Sasfin Premier Logistics would be renamed Imperial Sasfin Logistics. 

Imperial acquires 70% of Sasfin Premier Logistics to create trade expert

France, Switzerland to finance small-scale green energy projects in South Africa

By: Dylan Slater     24th June 2016 An agreement to finance a technical assistance programme to assist banks in financing small scale renewable energy and energy efficiency projects in South Africa was signed on May 26 by the French Agency for Development (AFD) and the State Secretariat for Economic Affairs of Switzerland (Seco).  

Rockwell Automation in BEE deal, moves to new offices

By: Dylan Slater     24th June 2016 Industrial automation and information company Rockwell Automation has expanded its presence in South Africa with the opening of its new offices in Randburg, in Johannesburg, on June 8.  

South African problems pose difficulties for German companies

By: Simon Sonnekus     17th June 2016 German companies aiming to enter the South African market in the near future will face several adversities, including visa regulations, a weakening currency and stringent regulations, says the Southern African–German Chamber of Commerce and Industry (SAGCC). Germany, South Africa’s biggest... 

World our oyster, says Bidcorp CEO after unbundling and listing

By: Mia Breytenbach     10th June 2016 Following the listing on the Johannesburg Stock Exchange (JSE) of international broad-line foodservice group Bid Corporation Limited (Bidcorp), which houses the international and local foodservice operations and assets unbundled from Bidvest Group Limited, at the end of last month, Bidcorp CEO... 

World our oyster, says Bidcorp CEO after unbundling and listing
Photo by Duane Daws
INVESTMENT INROAD There are currently eight companies in the Johannesburg Stock Exchange food retailers and wholesaler sector with a market cap of about R220-billion
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