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Financial News

Next-gen cost saving strategies needed for digital disruption age - Deloitte

By: Marleny Arnoldi     28th March 2018 Professional services firm Deloitte has revealed its next generation of cost savings strategies in the age of digital disruption.  

Youth Employment Service to benefit 1m young people  

By: Marleny Arnoldi     27th March 2018 President Cyril Ramaphosa on Tuesday launched the Youth Employment Service (Yes) initiative – a business-led partnership with government, labour and society, that aims to empower one-million young South Africans between the ages of 18 and 34 through paid work experiences over the next three years.  

Youth Employment Service to benefit 1m young people
President Cyril Ramaphosa announces youth employment service launch. Video and editing: Nicholas Boyd

M&R’s shares rise 50% as Germany’s Aton plans buyout 

By: Simone Liedtke     26th March 2018 JSE-listed Murray & Roberts’ (M&R’s) share price rose by more than 50% on Monday morning as it announced that German family owned business Aton plans to buy all shares in the company for R15 apiece. M&R on Monday said Aton, which already holds 33% of M&R’s shares, had informed the group of its... 

M&R’s shares rise 50% as Germany’s Aton plans buyout

Acting SARS commissioner announced

By: News24Wire      20th March 2018 Mark Kingon has been appointed as the acting SARS commissioner, National Treasury has confirmed. Kingon is currently the acting chief officer of business and individual taxes division at the revenue service. "He has been with SARS since its establishment and worked his way through the ranks to... 

Acting SARS commissioner announced

Investments in business controls result in shift in economic crime detection

By: Schalk Burger     16th March 2018 Investments made to detect fraud and corruption have resulted in more of these economic crimes being detected by corporate controls and oversight mechanisms, corporate services multinational PwC Forensics Services partner Trevor White says. Detailing the findings for South Africa of the... 

First global bond ETF listed on the JSE

By: Marleny Arnoldi     13th March 2018 The Ashburton World Government Bond Exchange Traded Fund (ETF) listed on the JSE on Tuesday, becoming the exchange’s first global bond ETF.  

First global bond ETF listed on the JSE
JSE capital markets strategy head Nicola Comninos & Ashburton CEO Boshoff Grobler

ARC lifts intrinsic net asset value to R9bn

By: Marleny Arnoldi     13th March 2018 Investment company African Rainbow Capital (ARC) on Tuesday released its maiden interim financial results for the six months ended December 31 and reported an increase in its share price to R8.79 before dilution (R8.75 after dilution) as at December 31, from R8.46 at its JSE listing in September.  

Automated systems reduce production waste

9th March 2018 The implementation at one of the largest foundries in the South Africa of supervised and unsupervised machine learning capabilities produced a 0% external scrap rate, saving the manufacturer as much as R10-million a month, explains business management consultant Dataprophet cofounder Daniel... 

Fund invests in Africa-focused renewables IPP 

By: Dylan Slater     9th March 2018 Clean energy infrastructure and resource efficiency investment company Inspired Evolution has signed a deal to invest up to $36-million in independent power producer (IPP) Alten Renewable Energy Developments Africa, which is the sub-Saharan Africa-focused subsidiary of Netherlands-based solar... 

UK dept earmarks £21.4bn for African infrastructure development

By: Marleny Arnoldi     6th March 2018 The UK’s Department of International Trade (DIT) is pledging funding for infrastructure development in Africa, including £4-billion in South Africa, £1-billion in Kenya and £750-million in Nigeria, through export credit agency, UK Export Finance (Ukef).  

Texton Property declares interim dividend of 47.95c

By: Simone Liedtke     5th March 2018 JSE-listed real estate investment trust (Reit) Texton Property, which has a portfolio of R5.4-billion of assets in South Africa and the UK, declared an interim dividend of 47.95c a share for the six months ended December 31. This, the company reported on Monday, was achieved from a solid... 

Hyprop lifts H1 distributions by 8.3% y/y

By: Simone Liedtke     2nd March 2018 JSE-listed specialist shopping centre real estate investment trust (Reit) Hyprop on Friday reported solid growth in distributions of 8.3% for the six months to December 31, which was driven by a stable performance from South African shopping centres and a strengthening South-Eastern European... 

Re-guarantee facility to benefit infrastructure sector SMEs

By: Nadine James     2nd March 2018 The African Guarantee Fund (AGF) for small and medium-sized enterprises (SMEs) has entered into a re-guarantee transaction with GuarantCo, a division of Private Infrastructure Development Group (PIDG), to increase its capacity for SME financing. The transaction will provide a platform for... 

Development programme encourages economic growth

By: Paige Müller     2nd March 2018 To date, steel service centre and distributor Macsteel’s Usizo development programme has assisted in creating 175 new jobs in the steel sector. The programme was first initiated by Macsteel in May 2015 to assist small, medium-sized and microenterprises (SMMEs) in the steel industry by... 

Development programme encourages economic growth
USIZO DEVELOPMENT PROGRAMME The Usizo development programme, spearheaded by Macsteel, has led to an injection of R50-million into the South African economy

Western Cape, financial institutions pledge commitment to affordable housing delivery

By: Simone Liedtke     1st March 2018 The Western Cape Department of Human Settlements on Thursday signed a memorandum of understanding (MoU) with five financial institutions operating within the affordable housing market, with the parties pledging their commitment to accelerating the delivery of affordable housing in the province.... 

Western Cape, financial institutions pledge commitment to affordable housing delivery
Memorandum of Understanding Signing Parties

Growthpoint's distributable income increases to R2.9bn in H1

By: Simone Liedtke     28th February 2018 JSE-listed Growthpoint's distributable income increased by R281-million, or 10.6%, to R2.9-billion, in the six months ended December 31. Distributions per share grew by 6.5%, with Growthpoint declaring an interim dividend of 101.2c a share for the six months under review. 

Sars pays over R205bn in tax refunds

By: African News Agency      28th February 2018 The South African Revenue Service (Sars) said on Wednesday that it has paid over R205-billion in refunds across all tax types in the past 10-and-a-half months. Sars said that the payout to individuals and companies, from the beginning of the financial year on 1 April 2017 to 9 February 2018,... 

Sars pays over R205bn in tax refunds

Investments in business controls result in shift in economic crime detection – PwC

By: Schalk Burger     27th February 2018 Investments made to detect fraud and corruption have resulted in more of these economic crimes being detected by corporate controls and oversight mechanisms, corporate services multinational PwC Forensics Services partner Trevor White said on Tuesday. Detailing the findings for South Africa of... 

Bidvest appoints new CFO, H1 headline earnings increase 13.4% y/y

By: Simone Liedtke     26th February 2018 Despite continued economic headwinds, South African services, trading and distribution company Bidvest achieved a 13.4% year-on-year increase in headline earnings for the six months ended December 31, to R1.9-billion, while headline earnings a share increased by 12.5% year-on-year to 574c.... 

VAT increase shouldn't have major impact on business-to-business transactions

By: Simone Liedtke     23rd February 2018 The one percentage point increase in the value-added tax (VAT) rate, from 14% to 15%, should not have a major impact on business-to-business transactions, says auditing firm KPMG COO Andrew Cranston. During a post-Budget discussion on Friday, he explained that the so-called “regressive effects”... 

Bidcorp interim results in line with company expectations

By: Simone Liedtke     21st February 2018 JSE-listed Bidcorp has delivered "pleasing results" with the foodservice group's half-year performance in line with management expectations, CEO Bernard Berson said on Wednesday. Headline earnings a share increased by 8.6% to 640c a share in the six months ended December 31, from 589.3c a share a... 

Sars welcomes tax administration inquiry 

By: African News Agency      19th February 2018 The South African Revenue Service (Sars) on Monday welcomed President Cyril Ramaphosa's pledge to launch a Commission of Inquiry into tax administration and governance at Sars. During his maiden State of the Nation Address (Sona) on Friday, Ramaphosa said he would shortly appoint a Commission of... 

Sars welcomes tax administration inquiry

SARB to launch commemorative banknotes in honour of Nelson Mandela's centenary

By: Simone Liedtke     12th February 2018 The South African Reserve Bank (SARB) will this year launch a set of commemorative South African banknotes, which will cover all denominations - R10, R20, R50, R100 and R200 - in honour of what would have been Nelson Mandela's centenary. The South African Mint, a subsidiary of the SARB, will... 

SARB to launch commemorative banknotes in honour of Nelson Mandela's centenary
Photo by Duane Daws
Current commemorative South African banknotes

New payment infrastructure designed to meet modern financial demands

By: Schalk Burger     9th February 2018 A new payment architecture and infrastructure is being designed to provide the transactional capabilities necessary to allow for new and faster financial services, says South Africa-based automated payments clearing house BankservAfrica CEO Chris Hamilton. BankservAfrica has renewed its... 

New payment infrastructure designed to meet modern  financial demands
BANKSERVAFRICA BankservAfrica, in Selby, Johannesburg, facilitates payments clearing between financial organisations

Solar-asset marketplace using cryptocurrency, blockchain to monetise solar energy

By: Schalk Burger     9th February 2018 SUNEX, a new South African cryptocurrency representing the value of power produced and dispatched from the bearer's solar photovoltaic (PV) panels, helps to support and accelerate the rollout and use of PV solar renewable-energy technologies, says Sun Exchange co-founder and CEO Abraham... 

New Southern Africa payment infrastructure being designed 

1st February 2018 Southern African payment clearing utility BankservAfrica and the regional banking community are working together to design a new payment architecture and infrastructure that will help to lower interbank transaction costs and allow new services to be offered, with a special focus on improving... 

New Southern Africa payment infrastructure being designed
New Southern Africa payment infrastructure being designed

Capitec is solvent – SARB 

By: News24Wire      30th January 2018 The South African Reserve Bank (SARB) said on Tuesday that Capitec is solvent, well capitalised and has adequate liquidity. Responding to a damning research report from Viceroy Group into Capitec, the SARB told Fin24 in an emailed response to questions that the bank meets all prudential... 

Capitec is solvent – SARB

Capitec shares fall sharply after research group says loan book overstated

By: African News Agency      30th January 2018 Shares in Capitec Bank tumbled as much as 20 percent on Tuesday after US researcher Viceroy said it had done extensive due diligence and compiled evidence suggesting the company must take significant impairments to its loans which would likely result in a net-liability position. The lender said... 

Capitec shares fall sharply after research group says loan book overstated

Trade expectations improve – Sacci

By: Anine Kilian     17th January 2018 Amid an improving business mood, the South African Chamber of Commerce and Industry’s (Sacci’s) latest Trade Conditions Survey for December saw the Trade Expectations Index (TEI) for the next six months retaining a level well into positive territory, at 60 index points. This is one point higher... 

KPMG appoints new chairperson

By: Anine Kilian     17th January 2018 Auditing firm KPMG South Africa has appointed University of Pretoria chancellor Professor Wiseman Nkuhlu chairperson and Ansie Ramalho independent director. Both individuals will assume their roles on March 1.   Nkuhlu has over 30 years' experience working in both the public and private sectors... 

New app-based bank to launch in South Africa late 2018

By: African News Agency      16th January 2018 A new app-driven bank is set to launch in South Africa after getting a provisional licence from monetary authorities, the institution said on Tuesday. Bank Zero, a 45 percent black-owned mutual bank founded by veteran bankers Michael Jordaan and Yatin Narsai, is set to launch in the fourth... 

New app-based bank to launch in South Africa late 2018

Ramaphosa to lead South African delegates at World Economic Forum

By: Dylan Slater     10th January 2018 Deputy President Cyril Ramaphosa, who is also the recently elected president of the incumbent African National Congress, will lead a South African delegation to the forty-eighth edition of the World Economic Forum’s yearly meeting, which will be held in Davos-Klosters, in Switzerland, from... 

Ramaphosa to lead South African delegates at World Economic Forum
Photo by Duane Daws
Deputy President Cyril Ramaphosa

Steinhoff says will have to restate 2015 financial statements

By: African News Agency      2nd January 2018 Beleaguered retailing group Steinhoff International Holdings said on Tuesday its 2015 financial statements, in addition to the 2016 accounts, could no longer be relied upon. In a statement, Steinhoff, which was engulfed by an accounting scandal last month, leading to the resignation of CEO... 

Steinhoff says will have to restate 2015 financial statements

Dutch regulators to probe Deloitte over Steinhoff debacle

By: African News Agency      22nd December 2017 The Dutch Authority for the Financial Markets (AFM) was investigating auditing firm Deloitte over the alleged accounting irregularities that led to the share price of South African multinational retailer Steinhoff collapsing, it emerged on Friday. David Maynier, an MP from opposition party,... 

Dutch regulators to probe Deloitte over Steinhoff debacle

Alternative fuel and vehicle technologies viable, necessary for SA

By: Tasneem Bulbulia     15th December 2017 Different fuel and vehicle technologies will be required for a successful and sustainable transition to a low-carbon future, and how the transport sector evolves amid growing global demand for energy will have a significant impact on efforts to address climate change, indicates energy giant Shell... 

Blockchain set to change transactions, information flow and business processes

By: Schalk Burger     8th December 2017 Trust is the underlying factor supporting financial systems – from the value of currency and financial transactions to public spending. Similarly, trust underpins almost all information transfers, and money is a medium that allows people to communicate value throughout an economy, says financial... 

Blockchain set to change transactions, information flow and business processes

Last day of share trading for Datatec as Aim-listing cancellation takes effect

By: Dylan Slater     7th December 2017 Thursday was the last day that shares of international information and communications technology company Datatec could be traded on London’s Aim, as the company’s cancellation of its listing will take effect on Friday.  

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