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Financial News

Fund helps South African universities unlock benefits of homegrown IP 

By: Donna Slater     25th November 2020 Since its inception in February, the University Technology Fund (UTF) has approved six investments. Technology and innovation incubated in South Africa’s universities is, as a result, being commercialised and a step closer to commercialisation, creating significant economic, investment and job... 

Ghana urges African governments to allow some independence in mining investment decisions

By: Simone Liedtke     18th November 2020 Allowing a degree of independence when investment institutions decide on investments with commercial principles, is “a model that other African countries may want to consider replicating,” Ghana Infrastructure Investment Fund (GIIF) CEO Solomon Asamoah urged on November 17. He said this model... 

CEOs of large companies commit to paying SME suppliers within 30 days 

By: Tasneem Bulbulia     17th November 2020 In an effort to ensure small and medium-sized enterprises (SMEs) in South Africa survive the economic crisis, more than 50 large companies have formally committed to paying their SME suppliers within 30 days. The initiative, called #PayIn30, is spearheaded by Business for South Africa (B4SA), the... 

Moody’s affirms AfDB’s AAA credit rating

By: Donna Slater     16th November 2020 Moody’s Investor Service has affirmed the African Development Bank’s (AfDB’s) AAA credit rating, with a stable outlook. The AAA rating from Moody’s follows earlier affirmations of the AAA rating of the bank, with stable outlook, by the other leading rating agencies, namely Fitch Ratings,... 

Economy to affect home builders more

By: Mamaili Mamaila     13th November 2020 The effects of Covid-19 and the sluggish economy remain the biggest challenge for the civil engineering and construction sectors. 

Economy to affect  home builders more
SONGEZO BOOI After almost 12 years, the home-building industry is still struggling to reach its former peak

Fintech a gateway for Africans to access financial services

By: Marleny Arnoldi     12th November 2020 Financial inclusion has been one of Africa’s greatest success stories over the past decade, with more than 470-million mobile money accounts having been created. Kenya-based Cellulant Corporation CEO Ken Njoroge on November 12 said that, with financial technology (fintech) financing of between... 

FNB launches new smart solutions on its app for customers  

By: Simone Liedtke     9th November 2020 Financial services provider FNB on November 9 launched its latest edition of nav>> Smart Tools via its FNB application (app) to assist customers in managing their money better through "dynamic budgeting", as well as facilitating access to market and creating a digital marketplace for FNB-banked... 

FNB launches new smart solutions on its app for customers
The FNB team gives more insight into the bank’s new smart solution offerings under the ‘Nav >’ banner on its app. Video: Creamer Media’s Kutlwano Matlala. Editing: Creamer Media’s Nicholas Boyd.

JSE, Globacap to establish blockchain-enabled private placements platform

By: Tasneem Bulbulia     5th November 2020 The JSE has agreed the terms of a commercial arrangement with Globacap Technology to establish a blockchain-enabled private placements platform to enable the raising of infrastructure finance and to allow small-to-medium-sized issuers to raise capital in South Africa. The commercial arrangement... 

Mahube Infrastructure starts trading on the JSE

By: Tasneem Bulbulia     5th November 2020 Infrastructure company Mahube Infrastructure has begun trading on the JSE, following the end of trading in shares of GAIA Infrastructure on November 3. Mahube Infrastructure was formerly GAIA Infrastructure. 

Tungsten launches Quantura alternative litigation funding model in South Africa

By: Tasneem Bulbulia     5th November 2020 Global engineering and construction claims consultancy Tungsten Capital has launched its Quantura subsidiary in South Africa, through which it will provide an alternative method of funding and developing commercially viable construction and engineering claims. Allardyce & Partners Attorneys... 

B4SA calls for TERS benefit to ‘be retained’ under Level 1 lockdown

By: Simone Liedtke     2nd November 2020 Business for South Africa (B4SA) has requested a decision reversal following President Cyril Ramaphosa and the National Coronavirus Command Council’s decision to halt the Covid Temporary Employer/Employee Relief Scheme (TERS) benefit. B4SA says that, “if government believes the remaining Level 1... 

Sustainable financing imperative to sustainable future, says JSE’s Soobramoney

By: Simone Liedtke     29th October 2020 Finance has a significant role to play in a sustainable future, which comprises economic, environmental, social and governance responsibilities, JSE chief sustainability officer Shameela Soobramoney said during this year’s virtual Green Building Convention on October 29. Sustainability emerged as... 

US agency partners with Africa50 to attract capital to the continent

By: Tasneem Bulbulia     27th October 2020 Independent US foreign assistance agency the Millennium Challenge Corporation (MCC) has partnered with infrastructure investment platform Africa50 to create a global investment platform to attract more capital to Africa. The organisations have signed a memorandum of understanding (MoU) to develop... 

A2X boasts 37 listings after three years

By: Tasneem Bulbulia     27th October 2020 Three years after launching with just three listings and four brokers, South African stock exchange A2X Markets now has 37 securities listed, five of the country’s top six brokers trading on the exchange and a combined market cap of over R2.1-trillion, it acclaimed in an October 27 media release.... 

Solidarity Fund marks progress

By: Tasneem Bulbulia     22nd October 2020 The Solidarity Fund says that, while there will be a time when its work will no longer be needed, that time has not come yet and, until it does, the fund will continue to work with partners and stakeholders to support the country. As of October 15, the fund had received more than R3.12-billion of... 

Sanlam Investments partners with Robeco to enhance sustainable investing

By: Tasneem Bulbulia     15th October 2020 Investment company Sanlam Investments has partnered with international asset manager Robeco to enhance and cement its commitment to sustainable investment practices and, in turn, revitalise its purpose and create fresh impact, the company says in a statement. Robeco boasts sustainable investing... 

Standard Bank continues to increase exposure to renewables, move away from coal

By: Marleny Arnoldi     15th October 2020 Standard Bank has released its interim Task Force on Climate-related Financial Disclosures report, highlighting that environmental, social and governance aspects remain at the centre of the bank’s agenda of driving sustainable and inclusive growth in Africa. Sustainability head Wendy Dobson... 

Standard Bank continues to increase exposure to renewables, move away from coal

Least developed countries’ debt continues to rise

By: Tasneem Bulbulia     12th October 2020 According to the '2021 International Debt Statistics (IDS)' report, the total external debt of Debt Service Suspension Initiative- (DSSI-) eligible countries climbed 9.5% year-on-year to a record $744-billion in 2019, highlighting an urgent need for creditors and borrowers alike to collaborate to... 

All eyes on MTBPS as South Africa on verge of ‘catastrophic collapse’ of finances

By: Simone Liedtke     12th October 2020 The upcoming Medium-Term Budget Policy Statement (MTBPS) must show that public spending can be “restrained within [South Africa’s] means” so as to avoid a “catastrophic collapse of public finances”, Business Leadership South Africa (BLSA) CEO Busi Mavuso warns. In her weekly newsletter, published... 

ARC Investments successfully raises R750m for new investment opportunities

By: Simone Liedtke     7th October 2020 Investment holding company African Rainbow Capital (ARC) Investments has successfully raised R750-million from shareholders following a recent rights offer to the market. The company said in September that it was seeking to raise R750-million with the intention of deploying the capital in new... 

Insight into Commodity Trading in South Africa

2nd October 2020 World over, most commodities/goods are traded on the exchanges or commodity markets where buyers & manufacturers place their buy/sell bids on goods, and prices are decided based on the demand & supply metrics. There is a continuous variation in demand and supply of the commodities which results... 

Producer to mitigate Covid-19 challenges

2nd October 2020 With the onset of the Covid-19 pandemic, chemicals and energy group Sasol took urgent steps to stabilise the group in the short term. Sasol released its integrated report and 2020 performance for the year ended June 2020, noting revenue at over R190-billion. It was noted that earnings were... 

Treasury seeks comment on second draft of Conduct of Financial institutions Bill

By: Tasneem Bulbulia     29th September 2020 The National Treasury has invited public comments on the second draft of the Conduct of Financial institutions (COFI) Bill, published on September 29. The first draft of the Bill was published for comment in December 2018. 

TechSoft to support municipalities in revenue recovery, collections management

By: Tasneem Bulbulia     28th September 2020 Technology solutions provider TechSoft International has developed an integrated and data-rich solution to assist in improving revenue management and collection for struggling municipalities. With the company’s C3 platform, municipal entities are said to be able to leverage a software tool that... 

Investec says rand on track to average at R17/$ for third quarter

By: Simone Liedtke     28th September 2020 South Africa’s volatile currency is currently trading at R17.22/$ and is on track to average just under R17/$ for the third quarter of the year, says financial services provider Investec. It reports that high levels of uncertainty continue to plague financial markets, with a second wave of... 

ARA conference to be held virtually next month

By: Simone Liedtke     28th September 2020 Newly appointed executive secretary of the African Refiners and Distributors Association (ARA) Anibor Kragha has called for urgent financing to upgrade oil refineries and associated infrastructure to avoid premature deaths caused by air pollution in developing economies. Speaking ahead of the... 

ARC Investments notes update on R750m rights offer

By: Tasneem Bulbulia     25th September 2020 JSE-listed African Rainbow Capital (ARC) Investments has made a rights offer circular available on its website. The company previously announced its intention to raise R750-million, less expenses of the rights offer of about R3.5-million, through a fully committed and underwritten pro rata... 

SACU Ministers commit to industrialisation

By: Tasneem Bulbulia     22nd September 2020 Finance Minister Tito Mboweni chaired the fourth joint Finance and Trade Ministers’ virtual Ministerial Retreat meeting on September 21. The participating Ministers agreed on refined development priorities for the Southern African Customs Union (SACU) within the changing global and regional... 

Venture capital set for slowdown after record 2019 performance

By: Tasneem Bulbulia     18th September 2020 While South African venture capital (VC) investors may have seen a significant slowdown in deal activity this year as a result of measures implemented globally to contain the spread of Covid-19, the local VC landscape experienced record investment and exit activity in 2019. This is according... 

PAPE Fund 3 acquires 45% equity in DDS Group of Companies

By: Tasneem Bulbulia     17th September 2020 Midcap South African private equity fund PAPE Fund 3 has successfully acquired 45% of the equity in the DDS Group of Companies, an African beverage dispensing and refrigeration services provider. The DDS Group of Companies provide beverage dispensing and refrigeration services on behalf of the... 

Global Center on Adaptation opens regional office in Côte d’Ivoire

By: Donna Slater     17th September 2020 Hosted by the African Development Bank (AfDB) at its headquarters in Abidjan, Côte d’Ivoire, the Global Center on Adaptation (GCA) launched its African regional office on September 17.  GCA Africa will work with partners across the continent to scale and accelerate adaptation action that... 

African Rainbow Capital Investments finalises rights offer

By: Donna Slater     17th September 2020 African Rainbow Capital (ARC) Investments has finalised its fully committed and underwritten pro rata non-renounceable rights offer to raise R750-million, less expenses of the rights offer of about R3.5-million. The rights offer involves 272.72-million ARC Investments ordinary shares at a price... 

Eskom secures farmland as security for debt owed by Matjhabeng municipality

By: Tasneem Bulbulia     15th September 2020 The Matjhabeng local municipality, in the Free State, has agreed to hand over to State-owned power utility Eskom 139 farms belonging to the municipality as security for debt of R3.4-billion owed by the municipality to Eskom. The farms are valued at about R2.5-billion. 

Half-yearly employer reconciliations, third-party declarations to Sars due

By: Tasneem Bulbulia     15th September 2020 The South African Revenue Service (Sars) says the interim employer reconciliation and third-party declaration period is now open and will close on October 31. In the case of employers – large and small − a reconciliation of the first six months of declarations of employment taxes, monthly... 

IDC approves R746m for Covid-19 economic relief

By: Tasneem Bulbulia     14th September 2020 Development finance institution, the Industrial Development Corporation (IDC) has approved R746-million and disbursed R440.8-million as part of government’s Covid-19 economic relief measures. Following the onset of Covid-19 in South Africa, the IDC established three interventions in March. 

JSE introduces ETFs to help investors meet ESG objectives

By: Tasneem Bulbulia     11th September 2020 The JSE has introduced the Satrix MSCI World Environmental, Social and Governance (ESG) Enhanced exchange-trade fund (ETF) and the Satrix MSCI Emerging Markets ESG Enhanced ETF. The Satrix MSCI World ESG Enhanced ETF and Satrix MSCI Emerging Markets ESG Enhanced ETF give investors the opportunity... 

Puleng to offer buguroo behavioural biometric solution to South African banking clients

By: Schalk Burger     11th September 2020 Local user, data and cybersecurity architectures company Puleng Technologies has partnered with Madrid-based online fraud prevention specialist multinational buguroo to reduce the impact of online bank fraud in South Africa. Puleng Technologies will offer and support buguroo’s behavioural... 

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