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Financial News

Cryptocurrency trader welcomes SARB policy approach

By: Schalk Burger     15th February 2019 Local cryptocurrency trading platform Luno country manager Marius Reitz praises the South African Reserve Bank’s (SARB’s) approach to developing a regulatory response to cryptoassets in South Africa, which aims to protect cryptocurrency users and support the growth and development of the... 

Moody’s lowers Hyprop’s credit rating

By: Tasneem Bulbulia     13th February 2019 Moody’s Investors Services (Moody’s) has lowered Hyprop’s rating from Baa3 to Ba1 with immediate effect, Hyprop revealed in a statement on Wednesday. Concurrently, Moody’s has lowered the long-term national scale issuer rating to Aa3.za from Aa1.za and has affirmed the short-term national scale... 

Marginal decrease in South Africa’s unemployment rate

By: Tasneem Bulbulia     12th February 2019 South Africa’s official unemployment rate decreased marginally by 0.4 of a percentage point to 27.1% in the final three months of 2018, Statistics South Africa (Stats SA) reported on Tuesday. The Quarterly Labour Force Survey (QLFS) indicates the number of employed people increased by 149 000 to... 

Software adds value to automotive manufacturer supply chain

By: Thabi Madiba     8th February 2019 Software company Syspro Africa’s Enterprise Resource Planning (ERP) software enables automotive manufacturing and distribution companies to manage supply chain and financial processes. Syspro Africa professional services manager Doug Hunter explains that the ERP software assists automotive... 

Software adds value to  automotive manufacturer supply chain
Photo by Bloomberg
ON DUTY An employee holds a metal casing for an automotive steering system

BMF demands a black CEO for Absa

By: African News Agency      29th January 2019 The Black Management Forum (BMF) on Tuesday demanded that Absa Bank replace the outgoing chief executive Maria Ramos with a black executive. This comes after Absa announced that Ramos will retire at the end of February when she turns 60. Absa said its board had appointed René van Wyk, a... 

BMF demands a black CEO for Absa

Absa chief executive Ramos to retire at end of February  

By: African News Agency      29th January 2019 Absa CEO Maria Ramos will retire at the end of February when she turns 60 and becomes eligible to do so, the banking group said on Tuesday. Ramos has been group CEO since 2009 and has led Absa through significant milestones including acquiring Barclays’s Africa subsidiary banks; the sell-down and... 

Absa chief executive Ramos to retire at end of February

Investors will continue to invest in solar

By: Halima Frost     25th January 2019 Specialist banking company Investec Bank will continue to offer funding to viable projects in the renewables sector as solar photovoltaic (PV) technology becomes more cost effective. Southern Africa – more notably the Northern Cape province, in South Africa, and Namibia – is considered as one of... 

Investors will continue to invest in solar
ANDRE WEPENER Asserts that South Africa’s recent reinvestment of power-generation projects are capital intensive

PIC suspends exec, manager pending investigation

By: Marleny Arnoldi     22nd January 2019 The Public Investment Corporation (PIC) has resolved to suspend listed investments executive head Fidelis Madavo and assistant portfolio manager Victor Seanie effective immediately amid investigations into alleged irregularities. This follows responses that were given to the Standing Committee... 

Iata’s new payment method for air tickets successfully demonstrated

By: Tasneem Bulbulia     8th January 2019 The International Air Transport Association (Iata) has successfully completed the first Iata Pay ticket purchase transaction in a live test environment, the organisation announced in a statement on Tuesday. The transaction was conducted in partnership with UK-based fintech company ipagoo. 

Land Bank appoints acting CFO, chief risk officers

By: Marleny Arnoldi     8th January 2019 JSE-listed Land and Agricultural Development Bank of South Africa (Land Bank) has appointed Konehali Gugushe acting CFO. It also appointed Sakhumzi Diza acting credit chief risk officer (CRO) and Nafiza Khan acting CRO.  

Global Business Services incentive to bolster youth employment opportunities

By: Tasneem Bulbulia     7th January 2019 The Global Business Services (GBS) incentive, which came into effect from January 1, will create employment opportunities for the youth in South Africa, says Trade and Industry Minister Dr Rob Davies. He notes that the opportunities will be especially in the areas of medium to high complexity... 

Global Business Services incentive to bolster youth employment opportunities
Trade and Industry Minister Dr Rob Davies

Dion Shango appointed PwC Africa CEO

By: Marleny Arnoldi     6th December 2018 Professional services firm PricewaterhouseCoopers (PwC) has appointed South Africa CEO Dion Shango the new Africa CEO, effective July 2019. Shango has been the regional senior partner of PwC Southern Africa since July 2015.  

Dion Shango appointed PwC Africa CEO
Photo by Dylan Slater
PwC South Africa CEO Dion Shango appointed Africa CEO from July 2019

SARB sponsors chair to develop financial stability studies portfolio at UCT

By: Marleny Arnoldi     5th December 2018 The South African Reserve Bank (SARB) has partnered with the University of Cape Town (UCT) to host the Research Chair in Financial Stability Studies, which will be chaired by Professor Co-Pierre Georg. The portfolio will be housed within the African Institute of Financial Markets and Risk... 

Omnia shares fall as it warns of interim loss

By: Simone Liedtke     12th November 2018 Local chemicals company Omnia Holdings’ share price on the JSE fell by more than 16% on Monday after it announced that it expects to swing to a loss a share for the six months to September 30. It expects to report a loss a share of between 85c and 170c, compared with the earnings a share of 423c... 

Standard Bank launches Internet banking in Chinese

By: Simone Liedtke     9th November 2018 Financial services provider Standard Bank successfully launched its first Chinese Internet banking site in Angola this week. With more than 30 000 active Chinese-owned firms in Africa, Standard Bank believes it can grow Africa-China trade by building and managing an innovative and effective... 

AVI, Standard Bank to list on A2X

By: Marleny Arnoldi     8th November 2018 South African fast-moving consumer goods (FMCG) group AVI and Standard Bank Group on Thursday announced their listings on the A2X. AVI will become the first FMCG company to list on the A2X.  

Deloitte proposes single figure standard for executive pay design

By: Schalk Burger     6th November 2018 Professional services firm Deloitte has proposed that the so-called single figure metric, which is a requirement of King IV reporting standards, become the standard to inform executive pay design – allowing internal and external comparisons on pay, as well as informing the shareholder and... 

ICT company continues to deliver on growth plans in H1

By: Simone Liedtke     25th October 2018 Information and communications technology (ICT) provider Allied Electronics (Altron) continued to deliver on its growth plans and reduce its debt, and completed the divestment of noncore assets in the six months to August 31. During a conference call on Thursday, the JSE-listed company noted that... 

ICT company continues to deliver on growth plans in H1
Altron group CE Mteto Nyati

Mboweni has received preliminary report on PIC 

By: African News Agency      16th October 2018 Finance Minister Tito Mboweni on Tuesday said he had received a preliminary report on the Public Investment Corporation (PIC), suggesting this would hasten the start date of an inquiry announced by President Cyril Ramaphosa in August. "A preliminary report on the PIC was given to me by the deputy... 

Mboweni has received preliminary report on PIC
President Cyril Ramaphosa & Finance Minister Tito Mboweni

ACSA reports fall in earnings in line with lower aeronautical charges

By: Rebecca Campbell     12th October 2018 The Airports Company South Africa (ACSA), one of the few South African State-owned companies that has been able to keep itself financially healthy, reported recently that, despite declines in its revenues, profits, and earnings before interest, tax, depreciation and amortisation (Ebitda), it was... 

Nene pleads for S Africans’ forgiveness for Gupta meetings  

By: Sane Dhlamini     5th October 2018 Finance Minister Nhlanhla Nene on Friday pleaded to South Africans to forgive him for his visits to the Gupta compound in Saxonwold, Johannesburg and their family business in Midrand during his terms as Deputy Minister, in 2010, and Finance Minister, in 2014.  His visits to the Gupta home were... 

Nene pleads for S Africans’ forgiveness for Gupta meetings
Photo by Bloomberg
Finance Minister Nhlanhla Nene

Importers tightening control over logistics processes

By: Jessica Oosthuizen     5th October 2018 Amid government’s Automotive Masterplan support programme that targets 60% local component production and manufacturing, automotive businesses are tightening control over their logistics processes – where trade finance is being viewed as a broader import finance solution rather than a... 

Importers tightening control over logistics processes
TECHNOLOGICAL VISIBILITY Technology is becoming critical in the importing process

IMF appoints Gita Gopinath economic counsellor, research dept director

By: Marleny Arnoldi     1st October 2018 The International Monetary Fund (IMF) has appointed Gita Gopinath economic counsellor and IMF research department director. Gopinath succeeds Maurice Obstfeld, who is retiring at the end of the year.  

Montalto to expand Intellidex’s depth of research

By: Marleny Arnoldi     1st October 2018 Research and consulting firm Intellidex has appointed Peter Attard Montalto head of capital markets research, to expand its depth of research and widen its client base among global investors. Montalto will lead Intellidex’s coverage of economics, politics and fixed income markets in South... 

African Rainbow Capital to acquire 25% of Moloto Capital Investments

By: Marleny Arnoldi     20th September 2018 Investment holding company African Rainbow Capital (ARC) Investments has subscribed for a 25%interest in black-owned and women-controlled investment company Moloto Capital Investments, which is focused on driving empowerment in the industrial and manufacturing sectors in the country. The... 

South Africa deal flow to continue upward trend this year – Savca

By: Simone Liedtke     13th September 2018 The South African venture capital industry exceeded the R1-billion mark for the first time in 2017 – investing R1.16-billion, the Southern Africa Venture Capital and Private Equity Association’s (Savca’s) ‘2018 Venture Capital Industry Survey’ reveals. The annual publication highlights start-up... 

Sygnia shares start trading on A2X

By: Simone Liedtke     13th September 2018 Investment management company Sygnia’s shares began trading on South African stock exchange A2X on Thursday, with the company becoming the eleventh issuer to secondary list on the exchange. Sygnia, which is based in South Africa, retains its primary listing on the JSE. 

Blockchain for enterprise cloud platform to raise transaction trust

By: Schalk Burger     7th September 2018 Cloud technology multinational Oracle’s Blockchain Cloud Service provides a development platform for enterprises and State organisations to build their own scalable and low-cost blockchain networks, says Oracle cloud platform business development director and Europe, Middle East and Africa... 

Blockchain for enterprise cloud platform to raise transaction trust
JOOST VOLKER Global shipping companies, multinational manufacturers, food producers and energy marketplaces are using Oracle’s Blockchain Cloud Service

Positive ratings from S&P’s, Fitch enhances NDB’s lending capacity

By: Marleny Arnoldi     29th August 2018 Multilateral development bank New Development Bank (NDB) has been assigned an AA+ long-term and A-1+ short-term issuer credit rating by Standard & Poor’s Global Ratings (S&P’s). Earlier this month, Fitch Ratings assigned the bank a long-term issuer default rating of AA+ with a stable outlook... 

Mazars appoints joint-CEOs

By: Marleny Arnoldi     27th August 2018 Financial services firm Mazars South Africa has appointed joint-CEOs Michelle Olckers and Anoop Ninan, effective September 1. The joint-CEOs were elected by Mazars South Africa’s partners in an independent process, based on manifestos indicating their strategic vision for the company.  

British aid partnership aimed at allowing Ethiopia to fund its own development

By: Rebecca Campbell     24th August 2018 Earlier this month the UK launched its largest ever “tax partnership programme”, with Ethiopia. In terms of this partnership, which was announced by UK International Development Secretary (Cabinet Minister) Penny Mordaunt while on a visit to the north east African country, Britain will provide... 

Treasury slams excess cash on NSFAS books

By: News24Wire      21st August 2018 The National Student Financial Aid Scheme (NSFAS) had R153.8-million more cash left than projected at the end of the 2017/18 financial year, it has emerged. Speaking to Parliament's Standing Committee on Appropriations on Tuesday, Treasury’s deputy director general Dr Mampho Modise explained that... 

 Treasury slams excess cash on NSFAS books

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... 

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