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Financial News

EIB commits to continue supporting African investment

By: Tasneem Bulbulia     24th February 2020 Lending institution, the European Investment Bank (EIB) expects to significantly increase engagement in both sub-Saharan and North Africa and to provide €4-billion to support public and private investment across the continent this year. This will include increased support for infrastructure that... 

State-owned airlines struggling in financial turbulence

By: Rebecca Campbell     21st February 2020 Two of South Africa’s State-owned airlines continue to experience tough times as they try to recover from their current deep financial crises. They are national flag-carrier South African Airways (SAA) and the completely separate regional operator SA Express. SAA is now in business rescue, and... 

DBSA provides funds to Mozambican supplier of solar home systems

By: Marleny Arnoldi     20th February 2020 The Development Bank of Southern Africa (DBSA) has committed project funding to Ignite Mozambique, a local company that aims to supply solar home systems in rural Mozambique. The DBSA made the announcement during the Global Off-Grid Solar Forum and Expo 2020, on Thursday, adding that it would... 

SAB, AB InBev unveil new R5.4bn empowerment scheme  

By: Simone Liedtke     17th February 2020 South African brewery company AB InBev on Monday announced details of its new black economic empowerment (BEE) scheme, where a new BEE ownership transaction will be implemented through a company called South African Breweries (SAB) Zenzele Kabili. The R5.4-billion SAB Zenzele Kabili transaction... 

SAB, AB InBev unveil new R5.4bn empowerment scheme
South African brewery company AB InBev on Monday announced details of its new black economic empowerment (BEE) scheme, where a new BEE ownership transaction will be implemented through a company called South African Breweries (SAB) Zenzele Kabili. The Ndlovu Youth Choir also performed for attending delegates and media. Camerawork: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Darlene Creamer.

Vodafone Africa’s path to expansion is paved with $2 mini loans

By: Bloomberg     17th February 2020 Vodacom Group sees its African financial services business as a cornerstone of growth as the wireless carrier expands into products such as funeral insurance and loans of as little as $2. The unit of the UK’s Vodafone Group uses artificial intelligence and machine learning to customize its... 

SARB starts process of selling African Bank stake 

By: Marleny Arnoldi     14th February 2020 The South African Reserve Bank (SARB) has published a request for proposals (RFP) to appoint a transaction adviser relating to the future sale of its shareholding in JSE-listed African Bank. SARB acquired a 50% shareholding in African Bank in 2016, as part of African Bank’s restructuring, after... 

R150m University Technology Fund a first for Africa

By: Tasneem Bulbulia     12th February 2020 Stellenbosch University (SU) and the University of Cape Town are coinvesting through a newly established R150-million University Technology Fund (UTF), set up by the SA SME Fund in its endeavour to partner with South African universities to commercialise the technologies and business ideas that... 

South Africa should brace for ‘toughest budget since 1994’, says PwC 

By: Simone Liedtke     11th February 2020 As the 2020 National Budget approaches, consumers should expect to tighten their belts further, particularly with continued fiscal drag set to blot the horizon amid a continuing economic slowdown, says multinational advisory firm PwC. Speaking at a pre-budget review on Tuesday, PwC lamented that... 

South Africa should brace for ‘toughest budget since 1994’, says PwC
Finance Minister Tito Mboweni

MTN relaunches MoMo in South Africa

By: Natasha Odendaal     24th January 2020 JSE-listed telecommunications group MTN is going live with its mobile money (MoMo) service in South Africa. The company’s third attempt at deploying MoMo services in the country follows the finalisation of engagements with all the relevant regulatory bodies and authorities, including the South... 

CDC unveils $100m trade finance agreement with Absa

By: Tasneem Bulbulia     23rd January 2020 Impact investor for Africa and South Asia CDC Group has announced the signing of a $100-million trade finance loan agreement with financial services provider Absa Bank. The fresh injection of finance will be deployed by Absa and its affiliates in 12 countries to support trade transactions... 

AfDB president says LSE offers opportunities for Africa

By: Tasneem Bulbulia     22nd January 2020 Opening the LSE on Wednesday, African Development Bank (AfDB) president Dr Akinwumi Adesina indicated that this marked the beginning of a “new, exciting, strategic and impactful engagement” between the bank and the stock exchange to jointly expand wealth creation in Africa and the UK. Adesina... 

AfDB allocates grant to help African nations boost mining revenues

By: Tasneem Bulbulia     17th January 2020 The African Development Bank (AfDB) has allocated a €1.2-million grant to provide training to help resource-rich countries improve their mining revenues. The bank’s Regional Development, Integration and Business Delivery Complex approved the pioneer grant from the Transitional Support Facility... 

Sydney Soundy appointed acting Land Bank CEO

By: Tasneem Bulbulia     15th January 2020 Sydney Soundy, who is the executive for strategy and communications at the Land Bank has been appointed as acting CEO with immediate effect. This follows the resignation of Kone Gugushe as acting CEO, with immediate effect, and chief risk officer, effective March 31. 

AfDB signs five-year agreement to use Fidic standard contracts

By: Tasneem Bulbulia     14th January 2020 Global representative body, the International Federation of Consulting Engineers (Fidic) has secured an agreement with the African Development Bank (AfDB) that will see the development finance institution include the use of seven Fidic standard contracts for the next five years. Under the terms... 

IDC assures black industrialists of its support 

By: Tasneem Bulbulia     3rd December 2019 The Industrial Development Corporation (IDC) does present funding opportunities to black industrialists, CEO Tshokolo Nchocho assured on Tuesday. Speaking at the Black Business Council’s (BBC’s) Access to Funding Series engagement with the IDC, in Johannesburg, he pointed out that there were a... 

IDC assures black industrialists of its support
Industrial Development Corporation South Africa CEO Tshokolo Nchocho outlines some of the successes the organisation has achieved in funding for black businesses. Camerawork: Kutlwano Matlala; Editing: Nicholas Boyd.

South African private equity affirms value amid slow economic growth, volatility

By: Simone Liedtke     28th November 2019 In the face of high market volatility and lagging economic growth, the latest RisCura-Southern African Venture Capital and Private Equity Association (Savca) ‘Private Equity Performance Report’ revealed that the South African private equity industry outperformed listed equity over the short- and... 

Ethos announces strategic equity partnership with Brait

By: Tasneem Bulbulia     27th November 2019 Alternative asset manager Ethos Private Equity (EPE), together with independent listed entity Ethos Capital, on Wednesday announced a strategic equity partnership with investment holding company Brait, providing a strong platform to maximise value through the realisation of assets in Brait’s... 

Industry boasts third positive year despite global downturn

By: Halima Frost     22nd November 2019 Steel and Engineering Industries Federation of Southern Africa (Seifsa) chief economist and commercial executive Dr Michael Ade says the local metals and engineering (M&E) industry has thus far had a third ‘good year’ in a row. This is in spite of the current challenge of increasing intermediate... 

Industry boasts third positive year despite global downturn
BRIGHT FUTURE Improved trade to to the Southern African Development Community brings with it a positive outlook for the steel construction industry

AfDB buys $50m equity in AFC

By: Marleny Arnoldi     14th November 2019 The African Development Bank has invested $50-million towards equity in the Africa Finance Corporation. The investment will enable both institutions to accelerate infrastructure development and delivery on the African continent, by deepening co-financing opportunities, joint implementation,... 

Mobile giant takes another crack at mobile-money market

By: Natasha Odendaal     1st November 2019 MoMo forms a critical part of the group’s growth prospects, and MTN South Africa is confident that MoMo can mimic the success of telephony and the Internet being revolutionised and democratised over the past two decades. 

Medium-term investment buoying stainless steel industry

By: Halima Frost     25th October 2019 Despite a marked downturn in the global stainless steel industry, there are a few medium-term developments on the horizon for Southern Africa, notes research institute Afriforesight Commodities chief commodity economist Nathan Musson. “There are glimmers of hope in terms of investment in Southern... 

Medium-term investment buoying stainless steel industry
SPARKING INTEREST The stainless steel albeit somewhat stagnant offers a few sparks of investment interest

CFTA should take lessons from failed agreements

18th October 2019 The architects of the proposed African Continental Free Trade Area (CFTA) should learn from the failed Free Trade Area of the Americas (FTAA), says Export Credit Insurance Corporation senior economist Tsidiso Disenyana. The FTAA, which had been in the process of being negotiated by 34 diverse... 

CFTA should take lessons from failed agreements
TRADERS WITHOUT BORDERS The African CFTA could lead to the biggest free trade zone on the planet

Crowdfunding on the rise in Africa

By: Darren Parker     18th October 2019 Amid the prediction that about $300-billion will have been raised globally through online crowdfunding mechanisms by 2025, crowdfunding in South Africa is gaining traction as an increasingly viable option for raising capital. Other African countries are also not far behind in its adoption.... 

Crowdfunding on  the rise in Africa
LEANA DE BEER Online crowdfunding may be a twenty-first century concept, but it finds its roots in traditions that go back centuries

Obstacles mar property investment opportunities

By: Darren Parker     18th October 2019 The level of corruption is one of several factors foreign investors consider in deciding which African countries to develop, says financial services company Nedbank Corporate Investment Banking Africa property finance divisional executive Gerhard Zeelie. “African governments need to take stock of... 

Obstacles mar property investment opportunities
GERHARD ZEELIE Investors should opt for a mediocre opportunity in a corruption-free region, rather than a great opportunity in a heavily corrupt region

AfDB launches Cities Diagnostics tool in five African cities

By: Tasneem Bulbulia     8th October 2019 The African Development Bank (AfDB) and its partners, the Urban and Municipal Development Fund (UMDF) and the Korea–Africa Economic Cooperation, have launched the pilot phase of its Cities Diagnostics tool in five African cities. The Cities Diagnostics programme is funded by the UMDF, which helps... 

Standard Bank partners with SAPVIA to advance solar PV industry

By: Tasneem Bulbulia     4th October 2019 Standard Bank has formed a new strategic partnership with the South African Photovoltaic Industry Association (SAPVIA) to advance the growth of the solar photovoltaic (PV) industry in South Africa. Sapvia, representing more than 300 players in the solar PV industry, will leverage the partnership... 

SARB announces 12 finalists for its fintech demonstration day

By: Schalk Burger     3rd October 2019 The South African Reserve Bank (SARB) on Thursday announced 12 financial technology (fintech) solutions to be showcased at its Fintech Demo Day, on October 29, in Johannesburg, when it would select the two winning solutions. The 12 solutions were identified through the Global Fintech... 

Treasury’s Anthony Julies to retire

By: Tasneem Bulbulia     27th September 2019 Anthony Julies is retiring as deputy director-general (DDG) of the National Treasury’s Asset and Liability Management (ALM) division. Julies has opted for early retirement following a public service career spanning almost 24 years. 

Cybersecurity critical for mobile banking use

By: Schalk Burger     27th September 2019 Demands for quick and efficient mobile banking solutions, as well as the threat of fraud and cybercrime, are driving the adoption of biometric technology solutions, says digital identity company iiDentifii director Lance Fanaroff. Digital banking fraud in South Africa across all platforms in 2018... 

Labour court to rule tomorrow whether bank strike can go ahead  

By: News24Wire      25th September 2019 The labour court will on Thursday rule on whether the banking union Sasbo can go ahead with what could be the biggest banking strike in 99 years. Sasbo plans to hold nationwide protest action on Friday September 27. It says as many as 50 000 workers have indicated that they will take part in... 

 Labour court to rule tomorrow whether bank strike can go ahead

Banks still net job creators says industry body as strike looms

By: News24Wire      25th September 2019 As banking workers prepare for the biggest strike to protect jobs in decades, South Africa's big banks say they remain net job creators. The Banking Association of South Africa said South Africa’s six largest banks had 152 441 employees in 2018, some 4000 more than the total of 148 500 employees... 

Banks still net job creators says industry body as strike looms

Court can stop bank strike on Wednesday   

By: News24Wire      23rd September 2019 A planned protest by workers in the banking sector could be stopped if the labour court rules in favour of employers who want to interdict the strike. Banking union Sasbo plans to hold nationwide protest action on Friday September 27. It says as many as 50 000 workers have indicated that they... 

 Court can stop bank strike on Wednesday

'Make sure you have enough money on Thursday.' Union issues warning ahead of bank strike

By: News24Wire      23rd September 2019 As much as 50 000 workers in the banking sector will be protesting against retrenchments on Friday, making it difficult for consumers to transact, according to the finance union spokesperson. Sasbo general secretary Joe Kokela said that the protest action has been planned since June and there is... 

 'Make sure you have enough money on Thursday.' Union issues warning ahead of bank strike

Sars warns Friday's banking strike may cause disruption

By: News24Wire      23rd September 2019 The South African Revenue Service has warned that a strike in the banking sector, planned for Friday 27 September, may cause disruption. In a statement, Sars warned that the “anticipated protest action” may impact tax payment and refund transactions. Sars said that the banks have informed it of a... 

Sars warns Friday's banking strike may cause disruption

Land Bank posts healthy results for agriculture sector, despite difficult times

By: Schalk Burger     13th September 2019 State-owned development finance institution the Land and Agricultural Development Bank of South Africa (Land Bank) grew its transformational loans to R7.9-billion and maintained a strong balance sheet in the 2018/19 financial year, despite challenging conditions in the agricultural sector, Land... 

HSBC appoints Julian Wentzel Global Banking UK head

By: Marleny Arnoldi     12th September 2019 Financial services organisation HSBC has appointed South African Julian Wentzel as head of its Global Banking UK and International Europe business units. The newly created role will see Wentzel leading HSBC corporate banking and corporate finance from a global platform.  

Discovery Health CEO Jonathan Broomberg unpacks the NHI 

6th September 2019 The recent iteration of the National Health Insurance (NHI) has caused significant panic in the healthcare sector with Discovery's share price severely impacted following the tabling of the proposed NHI plans in parliament. Discovery Health CEO Jonathan Broomberg unpacks what the proposed NHI... 

Discovery Health CEO Jonathan Broomberg unpacks the NHI
Discovery Health CEO Jonathan Broomberg unpacks the NHI. (Camera: Kutlwano Matlala. Editing: Nicholas Boyd)
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