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Financial News

Patented solution aims to free up working capital for construction firms

By: Schalk Burger 19th April 2019 A patented working capital solution ‘Sponsored Advance Retention’ – developed by insurance major Santam and local specialist capital consulting firm Capital Breakthru Solutions business development director Wayne van Houten – will release working capital for construction contractors and... →

African Rainbow Capital acquires QED for undisclosed amount

By: Nadine James 17th April 2019 Empowerment investment holding company African Rainbow Capital (ARC) on Wednesday announced plans to acquire a majority shareholding in independent actuarial advisory business QED for an undisclosed amount. QED operates across 17 countries in Africa, offering actuarial and risk management... →

Technology helping financial firms to modernise risk management practices

By: Schalk Burger 12th April 2019 Regulatory and market pressures are prompting financial services organisations to modernise, and integrate their risk and finance processes, says analytics multinational SAS Africa head of risk Gabor Szalontai. There is much more data available to assess risks, with platforms designed to help... →

GABOR SZALONTAI The risk processes of banks and financial service providers will continue to evolve in the digital space, increasing analytics requirements

Standard Bank appoints chief technology officer

By: Marleny Arnoldi 5th April 2019 Standard Bank Group has appointed Tau Mashigo chief technology officer, effective April 1. He will report to the group’s chief information officer. →

SystemicLogic buys Kagiso’s Knowledge Factory

By: Schalk Burger 2nd April 2019 Financial innovation consultancy SystemicLogic has acquired property data and information and communication technology company Knowledge Factory from media organisation Kagiso Media for an undisclosed sum. Knowledge Factory offers a range of solutions based on property data and marketing... →

Solar microleasing platform in deal with clean-energy fund manager

By: Schalk Burger 15th March 2019 Solar-generation microleasing platform Sun Exchange announced last month that it had signed an agreement with Johannesburg-based boutique clean energy fund manager Decentral Energy, says Sun Exchange founder and CEO Abe Cambridge. The agreement gives Decentral’s Grovest Energy, an Income Tax Act... →

TymeBank goes live in Pick n Pay and Boxer stores

15th March 2019 Last month, South Africa’s first fully licensed digital bank TymeBank went live in 500 stores of supermarket chain store Pick n Pay and discount supermarket Boxer in preparation for its formal launch. This followed a successful soft launch in December when the bank went live in 20 Pick n Pay and... →

CUSTOMER CARE A TymeBank customer will be able to earn Smart Shopper points anywhere when they use their TymeBank card to make a purchase.

Local firm tackles general-use mobile payments

By: Schalk Burger 15th March 2019 Local mobile payments company Celbux has developed a platform to address the crucial enablers of low-costs and ease of use for an open, general-use mobile payments environment, says Celbux CEO Kobus du Plooy. The platform-as-a-service architecture is open to consumers and businesses. There are no... →

KOBUS DU PLOOY The simplest technology solution is the way to solve real problems

Process automation launched in SA to drive productivity

By: Schalk Burger 1st March 2019 Robotic process automation (RPA) company UiPath, headquartered in New York, US, has opened a local office to provide its automation services so that local companies can unlock more productivity without deploying new hardware, says UiPath South Africa sales director Lenore Kerrigan. Software... →

LENORE KERRIGAN The company is developing the ecosystem to support RPA growth

Client choice and protection at heart of bank’s approach to fintech regulation

By: Schalk Burger 22nd February 2019 Financial technologies (fintech) are growing worldwide and reshaping the definition of money, financial services and economies. However, while the disruptions roil existing business models, companies and industries, increasing the choice of fintech services users while protecting their rights is... →

Sun Exchange signs fund agreement with Decentral Energy for solar projects

By: Schalk Burger 19th February 2019 Solar-generation microleasing platform Sun Exchange on Tuesday announced that it had signed an agreement with Johannesburg-based boutique clean energy fund manager Decentral Energy, said Sun Exchange founder and CEO Abe Cambridge. The agreement gives Decentral’s Grovest Energy, an Income Tax Act... →

473 kW Nioro Plastics solar project

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... →

MARIUS REITZ The regulations aim to ensure that the platforms are safe for people to use and combat illicit capital flows

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... →

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... →

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... →

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... →

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... →

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. →

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... →

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... →

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... →

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... →

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... →

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