Engineering News | Services

https://www.engineeringnews.co.za

Advertise on this page? Click Here to Learn More

Financial News

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. →

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... →

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... →

African Ministers call for additional financial support

By: Simone Liedtke 9th February 2021 A unanimous call for additional liquidity, $500-billion in special drawing rights (SDR), better market access, more concessional resources and an extension in the Debt Service Suspension Initiative (DDSI) was issued following a meeting between representatives from the Economic Commission for... →

Private sector contributes R70m towards fight against gender-based violence and femicide

By: Yvonne Silaule 5th February 2021 Diversified miner Anglo American, financial services provider Absa and automotive manufacturer Ford have contributed a collective R70-million to support government's fight against gender-based violence and femicide. President Cyril Ramaphosa made the announcement during the virtual launch of the... →

PIC clarifies board changes

By: Simone Liedtke 4th February 2021 Futhi Mtoba and Karabo Morule have been appointed to the Public Investment Corporation’s (PIC’s) interim board, following the departure of prior interim board members. The current board was appointed in July 2019 on an interim basis for a period of 12 months, which ended in July 2020. This term... →

Deloitte not expecting major policy shifts in February Budget

By: Tasneem Bulbulia 4th February 2021 It is unlikely that there will be a massive policy shift in the 2021/22 National Budget, but rather, it is hoped that the five-year fiscal consolidation strategy will continue, professional services firm Deloitte Public Services Industry leader Gaba Tabane has said. He was speaking during... →

Treasury unlikely to announce significant tax hikes in February budget, says Mazars

By: Tasneem Bulbulia 3rd February 2021 Ahead of Finance Minister Tito Mboweni's 2021 Budget Speech later this month, accounting firm Mazars says the National Treasury is unlikely to implemented significant tax hikes. Mazars tax partner Bernard Sacks told participants in a webinar, held on February 3, that this was traditionally the... →

M&A activity drops in 2020 with late recovery

By: Donna Slater 3rd February 2021 Law firm Baker McKenzie reports that deal-making activity in sub-Saharan Africa dropped in the second half of 2020, when compared to the second half of 2019. Deal-making for the full year were also down in terms of both volume and value compared with 2019. →

GreenCape says climate finance is growing in South Africa, but more support is needed

By: Marleny Arnoldi 29th January 2021 A new report, titled 'South African Climate Finance Landscape' and published by GreenCape and the Bertha Centre for Social Innovation and Entrepreneurship, in partnership with the Climate Policy Initiative (CPI), shows that R62.2-billion has been invested in climate finance in South Africa for... →

CSIR, Nedbank join RES4Africa to further renewable energy development

By: Donna Slater 28th January 2021 Pretoria-based research organisation the Council for Scientific and Industrial Research (CSIR) and financial services provider Nedbank have become members of renewable energy lobby organisation the Renewable Energy Solutions for Africa (RES4Africa) Foundation. Their membership was approved and... →

€3m loan to support South African blueberry industry

By: Simone Liedtke 28th January 2021 A €3-million loan to United Exports will help to support growth, exports and jobs in South Africa’s blueberry industry. South Africa’s Western Cape Department of Agriculture estimates that the country’s blueberry sector employs 5 700 people. The fruit is an increasingly important product for... →

SA fails to make progress in Corruption Perceptions Index

By: Sane Dhlamini 28th January 2021 Civil rights group Corruption Watch pointed out, on Thursday, that corruption has impacted the ability of countries around the world, including South Africa, to manage their health care responses to the coronavirus pandemic. Recent statistics from the Corruption Perceptions Index reveals that... →

Photo by Creamer Media
Executive director of CW David Lewis

Moody’s upgrades Enel’s long-term credit rating

By: Donna Slater 25th January 2021 Credit rating company Moody’s Investors Service has upgraded the long-term rating of energy company Enel to Baa1, from the previous level of Baa2, with a stable outlook. The ratings agency has also affirmed the Prime-2 short-term ratings of the subsidiaries Enel Finance International and Enel... →

Pandemic drives reinvention of fintech businesses - GlobalData

By: Schalk Burger 20th January 2021 The Covid-19 pandemic continues to create economic uncertainty worldwide and several financial technology companies (fintechs) have started to realign their growth strategies, with some fintechs at the forefront of seizing new opportunities, while others need to reinstate their efforts to stay... →

Ninety One SA clients increase shareholding in Murray & Roberts

By: Tasneem Bulbulia 19th January 2021 JSE-listed Murray & Roberts has received formal notification that clients of financial services provider Ninety One SA have, in aggregate, acquired an interest in the ordinary shares of the company. The total interest in the ordinary shares held by Ninety One SA clients now amounts to 5.18% of... →

Concerns about future viability drove M&A activity in last months of 2020

By: Marleny Arnoldi 19th January 2021 In its latest 'Global Mergers & Acquisitions (M&A) Industry Trends' analysis, PwC finds that deal volumes went up 18% in the second half of 2020, while deal values increased by 94%, compared with the first half of the year. Deal activity in the second half of last year experienced a surge... →

R68 766 000 invested in Covid-19 research – Nzimande

By: Sane Dhlamini 18th January 2021 The Higher Education, Science and Innovation Ministry on Monday announced that it has invested R68 766 000 towards coronavirus (Covid-19) research and development. Addressing the media, Minister Dr Blade Nzimande said the funds were approved to support Covid-19 research and development in... →

Minister of Higher Education, Science and Innovation, Dr Blade Nzimande

TransUnion partners with Fincheck to make credit applications easier for consumers

By: Schalk Burger 18th January 2021 NYSE-listed consumer credit information and insights multinational TransUnion has partnered with South Africa’s biggest financial marketplace Fincheck to make the credit application process easier and less frustrating for consumers by finding the best-suited bank, lender or insurer. With its... →

BMO, Linklaters among the world's top mining M&A advisers

By: Marleny Arnoldi 14th January 2021 BMO Capital Markets has been named the top mergers and acquisitions (M&A) financial adviser in the global mining sector for 2020 by value, while Linklaters and Black Cassels & Graydon were the top M&A legal advisers by value and volume, respectively. BMO advised on 13 deals worth $4.8-billion. →

Emvelo refinances Karoshoek Solar One stake through TBI’s new fund

By: Tasneem Bulbulia 13th January 2021 Alternative investment and fund management group TBI has concluded its first deal in South Africa through its new Amandla Renewable Energy Fund. As part of the R440-million deal, TBI, along with Momentum Metropolitan Life and Absa, refinanced the existing funding of Emvelo’s 15% stake in the... →

EIB supports investment in Great Green Wall initiative

By: Tasneem Bulbulia 12th January 2021 Long-term lending institution, the European Investment Bank (EIB), announced on January 11 that it aims to provide new financial and technical support to back sustainable agriculture, clean energy, water, infrastructure and private sector financing in 11 Sahel countries most vulnerable to a... →

M&A challenges remain, but so do lessons – law firm

By: Marleny Arnoldi 12th January 2021 Global law firm Herbert Smith Freehills (HSF) says many of last year’s uncertainties that impacted merger and acquisition (M&A) activity will remain this year. HSF global M&A head Gavin Davies says the significant regional and global questions from 2020 have not gone away, although some have... →

Appian Capital Advisory’s second fund reaches $775m cap

By: Simone Liedtke 10th January 2021 Investment advisor Appian Capital Advisory’s second fund was oversubscribed and reached its hard cap of $775-million following strong support from both new and existing Tier 1 investors globally. Called Fund II, the fund will pursue the same proven strategy as Appian’s first fund (Fund I),... →

Atlantic Nickel pit at night

Africa CEO Forum, IFC to host pioneer financial industry summit

By: Tasneem Bulbulia 7th January 2021 To help address the unprecedented challenges facing African economies, the inaugural Financial Industry Summit will convene 500 decision-makers representing the entire spectrum of the financial industry, including bankers, insurers, fintech executives, mobile money operators and microfinance... →

Topics In These Articles

RSS Feed

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Newsletters

Sign up for our FREE daily email newsletter

Receive daily sector news alerts

More

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options

Subscribe