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Financial News

Moshesh achieves first close on renewable energy, clean infrastructure fund

By: Schalk Burger     9th April 2021 Asset management company Moshesh Partners has reached a first close for its first renewable energy and clean infrastructure fund, and is targeting R2-billion in assets under management in the next 18 months, said Moshesh Partners co-founding member and CEO Sifiso Shongwe on April 9. This goal was... 

Bank of America triples environmental funding goal to $1tr by 2030

By: Schalk Burger     9th April 2021 Financial institution Bank of America on April 8 announced its goal of deploying and mobilising $1-trillion by 2030 in its Environmental Business Initiative to accelerate the transition to a low-carbon, sustainable economy. This commitment will anchor a broader $1.5-trillion sustainable finance... 

Absa to train staff on cloud skills

By: Schalk Burger     8th April 2021 Financial services group Absa has launched a cloud incubator initiative in collaboration with cloud services multinational Amazon Web Services (AWS) to enhance the cloud computing skills across its operations in Africa. The cloud incubator initiative will equip more than 1 500 staff across Absa’s... 

Absa to train staff on cloud skills
Absa group chief technology officer Andrew Baker

Industry leaders committed to transformation, barometer shows

By: Tasneem Bulbulia     8th April 2021 The first African Financial Industry Barometer, developed by Deloitte in partnership with the Africa CEO Forum, reveals how, in the exceptional context of the Covid-19 pandemic, financial institutions operating in Africa are undertaking a transformation of their business model, governance and... 

NDB approves $1bn loan to South Africa to support economic recovery

By: Tasneem Bulbulia     8th April 2021 Finance institution the New Development Bank (NDB) on April 2 approved a $1-billion Covid-19 Emergency Program Loan to the South African government to support the country’s economic recovery from the Covid-19 pandemic. The loan will be used to support the government in its efforts to contain the... 

Customers using rewards to mitigate electricity increases, FNB says

By: Tasneem Bulbulia     7th April 2021 According to insights from financial service provider FNB, electricity spend is one of the largest spend categories for entry to middle income customers, and in the wake of the 15% increase in electricity tariffs for 2021/22, many households will have to review their monthly budgets to... 

S12J provide option for small business funding

By: Tasneem Bulbulia     6th April 2021 Many small business in South Africa are battling to stay afloat as banks and other traditional finance institutions will not accommodate them; however, Section 12J provides an effective and versatile funding instrument options, says Impact Group executive chairperson Chris Hart. He says this... 

IMF staff team concludes technical virtual mission to Mozambique

By: Tasneem Bulbulia     6th April 2021 An International Monetary Fund (IMF) mission team held a virtual staff visit with the Mozambican authorities, concluding on March 2. Discussions centred on macroeconomic prospects and policies to manage the difficult economic circumstances created by the Covid-19 pandemic, and the authorities’... 

Lenders cut off Nigeria’s biggest telco from banking platforms

By: Bloomberg     6th April 2021 Some Nigerian lenders have cut off MTN Nigeria from their banking platforms, making it impossible for millions of customers to buy credit for their phones. All lenders in Africa’s most populous country, except Zenith Bank, have taken MTN Nigeria off their platform, said Funso Aina, spokesman for... 

Eskom Pension, Provident Fund appoints as new CE

By: Tasneem Bulbulia     1st April 2021 The Eskom Pension and Provident Fund (EPPF) has appointed Shafeeq Abrahams as the new CE and principal officer, replacing Linda Mateza, effective April 1. Abrahams is the current EPPF CFO, a role he has held since 2018. 

Eskom Pension, Provident Fund appoints as new CE
Shafeeq Abrahams

PwC report identifies payment as a core digital economy value proposition

By: Schalk Burger     31st March 2021 Digital payments, and the ecosystem partnerships required to enable them, are a cornerstone of the new digital economy and customers and businesses are increasingly relying on digital options to buy and sell goods and services, says advisory multinational PwC Strategy& Payments Transformation... 

Absa, Amdec partner to develop first Harbour Arch tower

By: Tasneem Bulbulia     31st March 2021 Finance institution Absa Bank has partnered with urban precincts developer Amdec Group to develop the first tower of the multibillion-rand Harbour Arch project, on the Foreshore, in Cape Town. A long-time partner to Amdec, Absa has provided a loan of R1.43-billion in addition to an existing... 

World leaders call for Debt Service Suspension Initiative to be expanded, extended

By: Donna Slater     30th March 2021 In a virtual meeting of several heads of State, government, the United Nations (UN) and heads of multilateral development finance institutions on March 30, calls were made for an expansion of the Debt Service Suspension Initiative, under which low-income countries have suspended paying down debt... 

Eskom fund supports Pension Funds Act amendments

By: Schalk Burger     25th March 2021 The Eskom Pension and Provident Fund (EPPF) has welcomed proposed amendments to the Pension Funds Act regulation 28 that will allow funds to elect to invest in infrastructure projects, says EPPF chief investment officer Ndabe Mkhize. The proposed amendments are aligned to the EPPF's investment... 

$200m IFC loan to boost Nedbank CIB’s green investment reach

By: Donna Slater     24th March 2021 Financial services provider Nedbank Corporate and Investment Banking (CIB) says a recent agreement with the International Finance Corporation (IFC) will contribute to enhancing the investment scales in favour of sustainable development in the future Nedbank CIB sustainable finance solutions head... 

South African banks impacted but resilient in worst of Covid-19 pandemic of 2020 – PwC 

By: Donna Slater     19th March 2021 South Africa’s major banks were impacted negatively by an “unprecedented operating environment” during the Covid-19 pandemic, reports professional services firm PwC in its 'Major Banks Analysis' for the 2020 financial year. The analysis highlights key themes from the combined local currency... 

South African banks impacted but resilient in worst of Covid-19 pandemic of 2020 – PwC
PwC Africa financial services leader Costa Natsas details how South Africa’s major banks have adapted to an unprecedented operating environment. Video: KT Matlala; Editing Nicholas Boyd.

RisCura launches country’s first Impact fund of funds investment series

By: Tasneem Bulbulia     19th March 2021 Purpose-driven investment firm RisCura is applying its institutional investment experience to impact investing and has launched the country’s first Impact fund of funds series. The firm says this is in line with the globally recognised definition of impact investing “to generate positive,... 

ARC expands portfolio value despite tough trading in 2020 

By: Marleny Arnoldi     18th March 2021 JSE-listed African Rainbow Capital (ARC) experienced a strained trading period in the six months ended December 31, 2020; however, the company says it has seen market sentiment and activity in certain sectors improving since. ARC’s intrinsic investment value in its ARC Fund increased by 16.6%... 

ARC expands portfolio value despite tough trading in 2020
African Rainbow Capital executives discuss the company's interim performance

Standard Bank remains leader in sustainable finance  

By: Marleny Arnoldi     11th March 2021 In its continued drive to sustainable financing, financial services provider Standard Bank has announced that it will, going forward, publish a Task Force on Climate-related Financial Disclosures-aligned report along with its yearly environmental, social and governance report. CEO Sim Tshabalala... 

Standard Bank remains leader in sustainable finance
Standard Bank CEO Sim Tshabalala discusses the group's performance in 2020

KwaZulu-Natal to implement Provincial Economic Reconstruction and Recovery Plan

By: Sane Dhlamini     9th March 2021 KwaZulu-Natal Finance MEC Nomusa Dube-Ncube has promised that her department will move with speed to implement, in line with the national plan, the Provincial Economic Reconstruction and Recovery Plan, as articulated by KwaZulu-Natal Premier Sihle Zikalala.  Dube-Ncube, on Tuesday, tabled the... 

KwaZulu-Natal to implement Provincial Economic Reconstruction and Recovery Plan
KZN MEC for Finance Nomusa Dube-Ncube

President addresses need for efficient rail and ports network

By: Halima Frost     5th March 2021 South Africa’s ability to compete in global markets depends on the efficiency of its ports and rail network, President Cyril Ramaphosa said in his State of the Nation address held in Cape Town last month. He suggested that key infrastructure projects currently underway, including establishing... 

President addresses need for efficient rail and ports network
ON TRACK In order for South Africa to compete globally its rail and port infrastructure needs to be addressed

Increase in feasibility studies bodes well for rail sector

By: Halima Frost     5th March 2021 There has been a significant increase in commissioned feasibility studies over the past 18 months in terms of reviewing possible rail infrastructure interventions along the North–South Corridor, says financial advisory firm Cresco Project Finance executive director Robert Futter. The corridor... 

Increase in feasibility studies bodes well  for rail sector
CORRIDOR CARRIER Rail infrastructure throughout the North-South Corridor is making steady progress

Absa PMI rises to 53 in February

By: Simone Liedtke     1st March 2021 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) increased to 53 index points in February from 50.9 in the month before. The further increase was supported by three of the five subcomponents gaining relative to January, while only the employment index moved lower. The supplier... 

Bidvest delivers strong interim performance

By: Tasneem Bulbulia     1st March 2021 JSE-listed Bidvest delivered a strong operating and financial performance for the six months ended December 31, 2020, with revenue up 3.4% year-on-year to R44.4-billion. Trading profit increased by 3.5% year-on-year to R4.1-billion, off a pre-pandemic base, which was enhanced by the consolidation... 

Some of Kruger’s ‘lost hoard’ up for sale through SA Mint

By: Donna Slater     25th February 2021 The South African Mint has released what it says is a rare, intriguing trove of century-old South African gold coins – Kruger ponde – that were discovered in a Swiss vault. The Mint is a wholly-owned subsidiary of the South African Reserve Bank.   

Some of Kruger’s ‘lost hoard’ up for sale through SA Mint
The Kruger half-pond

Alcohol, tobacco industries bemoan excise tax increase

By: Tasneem Bulbulia     25th February 2021 The South African alcohol industry, including the National Liquor Traders Council (NLTC), South African Liquor Brandowners Association (Salba), Vinpro, the Consumer Goods Council of South Africa (CGCSA), retailers and manufacturers, have noted their concern about Finance Minister Tito Mboweni’s... 

Sars establishes unit to crack down on high wealth tax evaders and offshore accounts

By: Donna Slater     25th February 2021 The South African Revenue Service (Sars) is establishing a separate unit – the High Wealth Individual Taxpayer Segment (HWI) – to focus on individual taxpayers with wealth and complex financial arrangements. The unit will initially be co-located with the Large Business and International Taxpayer... 

TymeBank receives R1.6bn investment to expand products, grow lending portfolio

By: Donna Slater     23rd February 2021 Emerging South African digital bank TymeBank, which has on-boarded 2.8-million customers 24 months after launching, has secured an investment of R1.6-billion, attracting new investors from the UK and Philippines. The investment, which is one of the largest foreign investments any financial... 

Khulisa launches investment vehicle for underserved businesses

By: Tasneem Bulbulia     22nd February 2021 Black-owned private equity management company Khulisa Investment Partners is providing funding to businesses typically under-served by financial institutions, and facilitating a transfer of wisdom to the next generation of business leaders in South Africa. It notes in a statement that, by... 

Budget must focus on lowering unemployment, debt, says NetVest CEO 

By: Tasneem Bulbulia     19th February 2021 This year’s Budget, set to be presented by Finance Minister Tito Mboweni on February 24, must focus on reducing unemployment in the country and addressing the country’s debt-to-gross-domestic-product (GDP) ratio, investment advisory NetVest Group of Companies CEO Busisiwe Mdletshe told... 

Budget must focus on lowering unemployment, debt, says NetVest CEO
Busisiwe Mdletshe

Chubb launches Civil Engineering Completed Risks insurance in South Africa

By: Schalk Burger     17th February 2021 Insurance multinational Chubb has launched its Civil Engineering Completed Risks (CECR) insurance offering in the South African market. The CECR is aimed at medium-sized and large organisations operating in all areas of infrastructure. 

MTN, MasterCard partnership enables mobile e-commerce payments

By: Schalk Burger     16th February 2021 Payment technology multinational MasterCard and telecommunications services multinational MTN on February 16 announced that MTN customers in 16 African countries will be able to make e-commerce payments safely and securely using a MasterCard virtual payment solution linked to MTN's mobile money... 

Budget must reflect fiscal credibly, says Citi

By: Tasneem Bulbulia     16th February 2021 This year’s budget must showcase the country’s fiscal credibility, investment bank and financial services company Citi Research head and chief economist Gina Schoeman said during the company’s pre-budget media roundtable on February 16. She indicated that fiscal credibility depends on maintaining... 

ICA claimants closer to receiving fair claims settlement from Santam

By: Tasneem Bulbulia     15th February 2021 Specialist loss adjustment company Insurance Claims Africa (ICA) says in a statement that it believes businesses in the tourism and hospitality sector are a step closer to having their claims resolved fairly as insurer Santam has abandoned its intended appeal to the Supreme Court of Appeal (SCA),... 

AfDB, Mozambique LNG project wins award

By: Tasneem Bulbulia     12th February 2021 The Mozambique Liquefied Natural Gas (LNG) Area 1 Project and financial organisation the African Development Bank (AfDB) have jointly received the Global Multilateral Deal of the Year 2020 award, from print and online publication Project Finance International (PFI). The project, the single... 

MIC commits $10m to Knife Capital’s African Series B Expansion Fund

By: Tasneem Bulbulia     10th February 2021 Black-owned investment company the Mineworkers Investment Company (MIC) has committed $10-million to venture capital firm Knife Capital’s new African Series B expansion fund − Knife Fund III. The fund’s aim is to invest in the aggressive expansion of African innovation-driven companies and fill a... 

Allan Gray says tax increases unlikely to have desired effect

By: Tasneem Bulbulia     9th February 2021 Investment company Allan Gray tax lead Carla Rossouw says government will have a number of aspects, including how to fund Covid-19 vaccine doses, to consider for the 2021 Budget. Allan Gray expects the budget to centre on tax increases and improving the tax collection capabilities of the South... 

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