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Financial News

PwC puts focus on gender pay gap

By: Anine Kilian     16th August 2018 Although South African companies are not required by law to report on the gender pay gap, many organisations have started taking steps to identify pay disparities at all levels, says PwC. “Many companies have also adopted a long-term view to ensure that diversity and, in particular, gender pay... 

Eskom prices oversubscribed $1.5bn notes offering

By: Marleny Arnoldi     13th August 2018 State-owned power utility Eskom has successfully priced a two-tranche ten-year $1.5-billion global bond, under its $4-billion global medium-term note programme, following a series of investor meetings held by the utility, the Department of Public Enterprises, and Europe and US National... 

Funding for SA firms seeking to increase African trade and investment exposure

By: Schalk Burger     3rd August 2018 Increased trade and interdependence with the rest of Africa are set to bolster the anaemic economy of South Africa through the R13.4-billion Export Credit Insurance Corporation of South Africa (ECIC) and African Export Import Bank (Afreximbank) South African Trade and Investment Promotion... 

Funding for SA firms seeking to increase African trade and investment exposure

PwC suggests reviewing corporate culture to combat economic crime

By: Nadine James     2nd August 2018 Digital innovation and technology have given rise to new attack surfaces for economic criminals and fraudsters, resulting in the rate of instances growing at exponential levels, PwC’s 2018 ‘Global Economic Crime’ survey shows.   The survey, released on Thursday, notes that just under half of... 

Growth potential positive – Naamsa

By: Halima Frost     27th July 2018 Owing to the right policies, interventions and goodwill by all automotive industry stakeholders, National Association of Automobile Manufacturers of South Africa (Naamsa) director Nico Vermeulen says the industry’s growth potential remains positive. “Currently, the automotive industry is the... 

SARB launches commemorative Mandela notes, R5 coin for circulation

By: Marleny Arnoldi     13th July 2018 The South African Reserve Bank (SARB) on Friday hosted a commemorative occasion at Freedom Park, in Pretoria, to introduce a series of banknotes and a R5 circulation coin, in honour of what would have been former President Nelson Mandela’s one-hundredth birthday this year.  

SARB launches commemorative Mandela notes, R5 coin for circulation
Photo by Marleny Arnoldi
SARB commemorative notes to be circulated in July

M&A advisory firm aims to use SA as gateway to African market

By: Nadine James     13th July 2018 Washington DC-headquartered mergers and acquisition advisory firm Taylor Advisory announced last week that it was entering the African market through South Africa with the appointment of Francois Baird as its Africa co-chairperson and Riaan Rademan as its South Africa co-chairperson. This is... 

M&A advisory firm aims to use SA as gateway to African market
FRANCOIS BAIRD Taylor Advisory's ability to deliver the best results, instead of simply brokering a deal, is specifically vital for Africa-based companies

South African CEOs’ optimism waning – index

By: Nadine James     6th July 2018 The Merchantec CEO Confidence Index (MCCI), compiled by corporate finance and research and business advisory company Merchantec Capital, recorded a 20.9% decrease in CEOs’ confidence between the first and second quarters of this year –  a downward spike following the increase in optimism between... 

Sars kicks off tax season with charter outlining taxpayers' rights

By: News24Wire      2nd July 2018 The South African Revenue Service (Sars) is taking steps to improve the service delivered to taxpayers with the release of the Service Charter which outlines taxpayers’ rights and responsibilities as well as service standards they can expect from the agency. Acting Sars commissioner Mark Kingon... 

 Sars kicks off tax season with charter outlining taxpayers' rights

SMEs invited to apply for grant funding

By: Nadine James     20th June 2018 A new application round has opened for the R12.8-million Growth Fund to boost small and medium-sized enterprise (SME) growth and job creation. The Growth Fund is a grant fund specifically aimed at growing South African SMEs that need a cash injection to scale up their businesses and create jobs.   

CIPC launches Extensible Business Reporting Language to relieve regulatory burden

By: Marleny Arnoldi     13th June 2018 The ease of doing business and particularly reducing the regulatory burden for businesses received a boost with the launch of the Companies and Intellectual Property Commission’s (CIPC’s) Extensible Business Reporting Language (XBRL) this week.  

CIPC launches Extensible Business Reporting Language to relieve regulatory burden
Trade & Industry Minister Dr Rob Davies at the XBRL launch, JSE

Demand rising for funding for grid-tied renewables

By: Schalk Burger     8th June 2018 Financing to build renewable-energy systems for use by businesses in South Africa is growing, with many projects showing good financial viability and return on investment, says financial institution Absa renewable-energy head Justin Schmidt. The return on investment for well-designed energy... 

Demand rising for funding for grid-tied renewables
JUSTIN SCHMIDT Most companies will rely on more than one source of energy, and the most compelling business cases currently are grid-tied solutions

Treasury hits back after EFF attack on Momoniat

By: Sashnee Moodley     7th June 2018 National Treasury on Thursday came to the defence of its deputy director-general Ismail Momoniat following what it called “vitriolic utterances” by the Economic Freedom Fighters (EFF). Earlier this week EFF deputy president Floyd Shivambu accused Momoniat of being corrupt, undermining black... 

Treasury hits back after EFF attack on Momoniat
Treasury deputy director-general Ismail Momoniat

Sars cuts deadline for tax returns

By: News24Wire      4th June 2018 The South African Revenue Service (Sars) said on Monday that the tax filing season, which kicks off on July 1, has been shortened by three weeks, in a bid to improve efficiency. "A shorter filing season allows additional time for Sars, taxpayers and the tax fraternity to deal with return... 

 Sars cuts deadline for tax returns

Private equity outperforms

By: Marleny Arnoldi     28th May 2018 Private equity has outperformed the FTSE/JSE all share total return index and the FTSE/JSE shareholder weighted total return index over the three-year and five-year reporting periods analysed in the fourth quarter of 2017, says private equity industry body Southern African Venture Capital and... 

SARB keeps repurchase rate at 6.5%

By: African News Agency      24th May 2018 South Africa's Reserve Bank (SARB) kept its benchmark repurchase rate at which it lends to commercial banks unchanged at 6.5% on Thursday, saying the stance was appropriate given the forecast inflation trajectory and the current state of the economy. The move follows a 25 basis point decrease at... 

SARB keeps repurchase rate at 6.5%

Despite somewhat dismal FY18 performance, Famous Brands remains cautiously optimistic

By: Simone Liedtke     24th May 2018 Despite a somewhat dismal performance by some of its operations in the financial year ended February 28, branded food services franchisor Famous Brands remains cautiously optimistic about the South African and African landscape, while feeling reserved about its UK operations. This follows... 

Despite somewhat dismal FY18 performance, Famous Brands remains cautiously optimistic

Local government accountability 'continues to fail' – Makwetu

By: Simone Liedtke     23rd May 2018 Auditor-General Kimi Makwetu on Wednesday emphasised that “accountability continues to fail in local government” as there was an overall deterioration in the audit results of South Africa’s municipalities for the 2016/17 financial year. The Auditor-General South Africa (AGSA) audited 257... 

Local government accountability 'continues to fail' – Makwetu
Auditor-General Kimi Makwetu

Fintech activity in Africa on the rise

By: Marleny Arnoldi     23rd May 2018 Africa’s fragmented markets and lack of legacy foreign exchange trading infrastructure means that the continent has become a melting pot of fintech activity and innovation, says Standard Bank financial markets digital head Tim Hutchinson.  

Fintech activity in Africa on the rise
Standard Bank financial markets digital head Tim Hutchinson

AfDB, Unido sign MoU to improve Africa’s industrialisation

By: Marleny Arnoldi     21st May 2018 The African Development Bank (AfDB) and the United Nations Industrial Development Organisation (Unido) have signed a memorandum of understanding (MoU) to step up collaboration that will boost Africa’s industrialisation. 

AfDB, Unido sign MoU to improve Africa’s industrialisation

Aton says will not support M&R’s proposed transaction with Aveng

By: Simone Liedtke     21st May 2018 German-owned Aton believes Murray & Roberts (M&R) is putting its interests ahead of that of shareholders and other stakeholders with its proposed combination with Aveng. The sole intent of M&R’s announcement on Friday that it plans to merge with Aveng, Aton states, is to frustrate Aton’s... 

Strong results confirm Capprec’s asset value, growth prospects

By: Schalk Burger     16th May 2018 The strong full year financial results of JSE-listed financial technology (fintech) special-purpose acquisition company Capital Appreciation (Capprec) confirm the value of the assets it acquired over the past few years and promises strong organic growth, said Capprec joint-CEO Bradley Sacks on... 

enX subsidiaries post satisfactory performance in six months to February 28

By: Simone Liedtke     14th May 2018 Diversified industrial group enX’s Eqstra Industrial Equipment (EIE) and Eqstra Fleet Management and Logistics (EFML) operations performed satisfactorily in the six months to February 28, enX reported on Monday. Group revenue for the six-month period ended February 28, increased to R3.6-billion,... 

Vukile grows Spanish retail investment to near €400m

By: Simone Liedtke     10th May 2018 Vukile Property Fund has, through its 98.7%-owned Spanish real estate investment trust (Reit) subsidiary Castellana Properties, acquired Habaneras Shopping Centre, its first shopping centre in Spain, for €80.6-million. The easily accessible open-air shopping centre is in Torrevieja, in the... 

Vukile grows Spanish retail investment to near €400m
Habaneras Shopping Centre, in Spain (Exterior)

Long4Life declares maiden dividend

By: Simone Liedtke     9th May 2018 Long4Life, which has raised R2-billion in capital since its listing on the JSE in April last year, has declared a maiden dividend of 5.4c a share for the 11 months to February 28. The company on Wednesday reported that it had, in the period under review, acquired Sportsmans Warehouse, Outdoor... 

More banks needed in SA, including State-owned bank – Ramaphosa 

By: African News Agency      8th May 2018 President Cyril Ramaphosa on Tuesday expressed support for a legislative amendment to create a State-owned bank and breaking the monopoly of the big four commercial banks in South Africa.  "We need to move away from the monopoly of just four banks in our country and create more banks so there is... 

 More banks needed in SA, including State-owned bank – Ramaphosa
President Cyril Ramaphosa

FNB to roll out biometric banking transaction points in South African townships

By: Schalk Burger     7th May 2018 Financial services firm First National Bank (FNB) will roll out 50 self-service kiosks that use fingerprint biometrics to verify a user’s identity in South African townships over the next six months, FNB Points of Presence CEO Lee-Anne van Zyl said on Monday. The “TouchPoint” is a self-service... 

FNB to roll out biometric banking transaction points in South African townships
The FNB TouchPoint reads a user's thumbprint to identify the user

New funding triggers open call for project proposals

4th May 2018 Multi-donor fund, the Energy and Environment Partnership covering Southern and East Africa (EEP Africa) will launch an open call for proposals on innovative clean energy projects, technologies, and business models that require funding during the African Utility Week (AUW) to be held in Cape Town... 

New funding triggers open call for project proposals
Photo by EEP
SIGNED, SEALED AND DELIVERED The financial commitment was signed at the at Nordic Development Fund (NDF) in Finland

Hyperscale cloud being used to increase scope of financial services

By: Schalk Burger     4th May 2018 Financial services companies in South Africa are using hyperscale cloud systems to increase their range of services, lower costs and reach into new markets, says financial services technology firm Synthesis Software Technologies MD Michael Shapiro. The capabilities of cloud services, including... 

Hyperscale cloud being used to increase scope of financial services
MICHAEL SHAPIRO Financial services can scale and change dramatically by using cloud services to increase their range of services, lower costs and reach into new markets

UK enters financial cooperation and development partnerships with African States

By: Rebecca Campbell     4th May 2018 The Bank of England, the South African Reserve Bank, the Bank of Ghana and the Bank of Sierra Leone (the last two being their countries’ central banks) have entered into a partnership to share their expertise, improve regulation and decrease the risks of banks failing in their respective... 

Sars introduces electronic reporting requirements for customs clients

By: African News Agency      20th April 2018 The South African Revenue Service (Sars) said on Friday it would at the weekend introduce a new electronic cargo reporting system to track the movement of cargo into and out of the country. Sars said the paperless system would bring an end to one of its last remaining paper-based processes and... 

Sars introduces electronic reporting requirements for customs clients

Government welcomes R&I’s improved currency debt rating for South Africa

By: Marleny Arnoldi     16th April 2018 The National Treasury on Monday welcomed capital market agency Rating and Investment Information’s (R&I’s) decision to affirm South Africa’s long-term foreign currency debt rating at BBB and its local currency debt rating at BBB+.  

Libstar targets growth with planned JSE listing

By: Simone Liedtke     9th April 2018 Consumer packaged goods producer and supplier Libstar intends to list its issued ordinary share capital on the main board of the JSE. The directors of the company believe the listing is the next step in Libstar’s growth phase and will provide access to additional capital to expand capacity and... 

Social safety net programmes make substantial impact in global fight against poverty – World Bank

By: Marleny Arnoldi     4th April 2018 An estimated 36% of the world’s very poor – about 50-million people – escaped extreme poverty because of social safety nets, providing clear evidence that social safety net programmes are making a substantial impact in the global fight against poverty, the World Bank reports.  

Social safety net programmes make substantial impact in global fight against poverty – World Bank
Photo by Bloomberg
Social safety net programmes reduce the poverty gap by about 45%

BankservAfrica sets EFT clearance record

By: Marleny Arnoldi     4th April 2018 Africa’s largest automated payments clearing house BankservAfrica announced on Wednesday that it has cleared 89-million electric funds transfers (EFTs) in March at a value of R847-billion – the highest monthly volume of EFTs ever recorded by the company.  

BankservAfrica sets EFT clearance record
BankservAfrica

Treasury implements Twin Peaks model of financial sector regulation

By: Marleny Arnoldi     29th March 2018 South Africa’s financial regulatory system will fundamentally change as from April 1, when two new regulators come into operation – the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), the National Treasury said on Thursday.  

Financial M&A deals in Africa, Middle East to drop in 2018 – Baker McKenzie

By: Marleny Arnoldi     28th March 2018 Law firm Baker McKenzie’s global transactions forecast predicts that the value of financial sector mergers and acquisitions (M&A) in Africa and the Middle East will drop to $9-billion in 2018, down sharply from $29.5-billion in 2017.  

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