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Financial News

National Treasury highlights PFMA extensions

By: Tasneem Bulbulia 3rd April 2020 Following the declaration of a state of disaster and a national lockdown in the country, Finance Minister Tito Mboweni, in terms of the Public Finance Management Act (PFMA), has issued an exemption notice to institutions to which that Act applies to ensure effective financial management and to... →

Broadband Infraco, ItakaneICT partner to enable cashless platforms

By: Natasha Odendaal 3rd April 2020 Broadband Infraco and ItakaneICT have partnered to deploy cashless payment platforms to rural and disadvantaged communities. The move will help in dispensing and transacting financially without using physical cash amid the Covid-19 outbreak. →

Standard Chartered to launch $50m global fund for Covid-19 relief

By: Marleny Arnoldi 3rd April 2020 International banking group Standard Chartered has launched a $50-million global fund to provide assistance to those affected by the Covid-19 pandemic. Half of the funding will immediately be deployed for relief in the group’s most affected markets, while the balance will help communities over... →

Absa pledges financial support to SMMEs

By: Simone Liedtke 2nd April 2020 Financial institution Absa has partnered with the South African Future Trust (SAFT) to administer the disbursement of funds to small-, medium-sized and microenterprises (SMMEs) whose income will be impacted on in the wake of the Covid-19 pandemic. In a sign of support, Absa, alongside three other... →

RMB aims to ‘keep the wheels of the economy turning’ by assisting SMEs

By: Simone Liedtke 2nd April 2020 Banks, businesses, government, regulators and the broader financial services sector need to pull together like never before in a constructive partnership to help guide South Africa through what will be an extremely difficult economic period, the full scale of which is as yet unknown, Rand... →

FNB urges customers to apply for Covid-19 relief measures it offers

By: Marleny Arnoldi 2nd April 2020 FNB says Credit Life is one of the options it offers to provide relief to customers impacted by Covid-19, serving as a credit insurance mechanism. The financial services provider late in March announced a new set of cash flow relief measures for customers whose finances have been impacted by... →

AfDB leading the Covid-19 fight with financing in Africa

By: Marleny Arnoldi 2nd April 2020 The African Development Bank (AfDB) on April 1 approved $2-million in emergency assistance for the World Health Organisation (WHO). This will help reinforce the organisation’s capacity to help African countries contain the Covid-19 pandemic and mitigate its impacts. →

Santam commits R200m to assist clients, suppliers and for the Solidarity Fund

By: Donna Slater 1st April 2020 Financial services provider and general insurer, Santam Group, has committed R200-million in Covid-19 relief to help clients and suppliers and to contribute to the government’s Solidarity Fund. Santam Group will also contribute to flattening the Covid-19 curve through additional corporate social... →

AfDB, Moz government ink deal to pave road crucial to trade

By: Donna Slater 1st April 2020 The government of Mozambique and development finance institution, the African Development Bank (AfDB). have signed a protocol agreement for a $34-million grant for the paving of the 35 km Nambungali-Roma road, in Mozambique, to facilitate trade and promote social inclusion of local communities.... →

Standard Chartered commits $1bn to companies at forefront of fighting Covid-19

By: Donna Slater 31st March 2020 International banking group Standard Chartered will commit $1-billion in financing for companies that provide goods and services to help in the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the worldwide pandemic, the bank announced on... →

Covid-19 may exacerbate the abuse of power – Corruption Watch

By: Sane Dhlamini 31st March 2020 Not-for-profit organisation Corruption Watch on Tuesday released its yearly corruption report with executive director David Lewis saying South Africans should not expect corruption to lessen during the coronavirus pandemic. This year’s report is themed “The Writing is on the Wall” and shows... →

Corruption Watch executive director, David Lewis

FNB says assist customers impacted by Covid-19

By: Tasneem Bulbulia 30th March 2020 First National Bank (FNB) has been working to reconfigure its operations, where necessary, to operate efficiently and to help customers, especially those whose financial position has been impacted by Covid-19. “Our aim is to ensure that all our customers can continue keeping their financial... →

Insurers try to ease burden on policyholders amid Covid-19 pandemic

By: Donna Slater 30th March 2020 To help ease the financial burden potentially brought to some people by the slow-down in business during the coronavirus pandemic and national lockdown, Momentum Short-Term Insurance (MSTI) is giving clients early access to R26-million in future no-claims and safety bonuses. To provide immediate... →

Standard Bank ‘ready to serve’ during Covid-19 lockdown

By: Simone Liedtke 27th March 2020 Financial institution Standard Bank on March 27 said it “strongly supports” the measures to preserve people’s health and lives, adding that the strong public health measures adopted by governments against the spread of Covid-19 were “urgently necessary”. In his weekly newsletter, Standard Bank CE... →

Solidarity Fund launched to assist in Covid-19 fight

By: Tasneem Bulbulia 26th March 2020 President Cyril Ramaphosa on March 23 announced the creation of a Solidarity Fund, designated to unite the nation and accelerate the country’s response to Covid-19. The focus of the fund is to alleviate the suffering and distress caused by the virus on the country, and will mobilise the support... →

Kuben Naidoo reappointed SARB Deputy Governor

By: Tasneem Bulbulia 25th March 2020 The South African Reserve Bank (SARB) has welcomed the reappointment of Kuben Naidoo as one of the three Deputy Governors of the SARB for a second five-year term. Naidoo, whose reappointment is effective from April 1, to March 31, 2025, was first appointed a Deputy Governor on April 1, 2015. →

Public Enterprises, business rescue practitioners battle over SA Express

By: Rebecca Campbell 20th March 2020 The Department of Public Enterprises (DPE) has expressed, in a statement, its concern about the direction that the business rescue process for State-owned regional airline SA Express was taking. “[T]he Business Rescue Practitioners [BRPs] are planning to ‘ground’ the airline without first... →

Covid-19 to have ripple effect on markets, says Savca

By: Simone Liedtke 18th March 2020 The Southern African Venture Capital and Private Equity Association (Savca) has promised to offer its members guidance in “navigating the challenging economic landscape” that lies ahead through a weekly webinar series. Savca CEO Tanya van Lill on Wednesday stressed that the Covid-19 outbreak... →

Savca CEO Tanya van Lill

Targeted relief measures being considered for South Africa, says PwC

By: Simone Liedtke 16th March 2020 Apart from providing fiscal and monetary stimulus, a variety of targeted relief measures are under discussion in many countries across the world following the outbreak of the coronavirus (Covid-19) towards the end of last year. South Africa is one of the latest countries to experience the spread... →

Bank funds beverages company expansion strategy into Africa

13th March 2020 Financial services group Standard Bank has successfully arranged and structured $50-million in financing facilities for beverages company Coca-Cola Beverages Africa (CCBA) to support its expansion strategy in Ethiopia over the next five years. The Coca-Cola Company holds a majority stake in CCBA,... →

National nonrevenue water programme in development

By: Darren Parker 13th March 2020 The State-owned Development Bank of Southern Africa (DBSA) is spearheading a programme targeting the creation of a centralised national office to tackle non-revenue water projects for municipalities while seeking innovative funding solutions. DBSA product development specialist Johann Lübbe and... →

IN THE PIPELINE The national non-revenue water central office and programme should be fully operational by the end of 2021

Ethos Capital remains confident of achieving strong investment returns

By: Tasneem Bulbulia 12th March 2020 JSE-listed investment company Ethos Capital Partners modestly increased its total assets to R2-billion and its net asset value a share to R11.48 for the six months ended December 31. During the period under review, the economic outlook in South Africa was characterised by significant structural... →

South Africa's rand retreats as coronavirus worries weigh

By: Reuters 11th March 2020 South Africa's rand weakened early on Wednesday as another bout of risk aversion dragged emerging market currencies lower, with investors fretting over the economic impact of the coronavirus and opting to move money to safe-haven assets. At 0630 GMT, the rand was 0.56% weaker at 16.0350 per... →

South Africa losing R250m a day because of illicit trade – BLSA

By: Simone Liedtke 10th March 2020 Illicit trade is one of the biggest contributors to the strain that South Africa’s fiscus is currently experiencing, as the country is losing about R250-million a day in tax revenue as a direct result of illicit trade. Illicit trade is defined as the production, import, export, purchase, sale or... →

Business Leadership South Africa CEO Busi Mavuso speaks to Engineering News about the commissioned report surrounding illicit trade in South Africa. Video: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Nicholas Boyd.

Rand Water warns of further water cuts to nonpaying municipalities

By: Simone Liedtke 9th March 2020 Water utility Rand Water has formally notified three of its municipal customers of its intention to reduce water pressure owing to their nonpayment for water services rendered. The water pressure to the Ngwathe local municipality, in the Free State, will be reduced by 20% from Monday, March 9,... →

Standard Bank releases policy on lending to thermal coal mining projects

By: Simone Liedtke 5th March 2020 Financial services provider Standard Bank has released its Thermal Coal Mining Policy, making it the first South African bank to publicly release a policy on lending to coal mining projects. This follows a landmark shareholder vote in favour of a climate risk-related shareholder resolution which... →

South Africa's rand retreats on fear of economy slipping into recession

By: Reuters 3rd March 2020 South Africa's rand weakened early on Tuesday, giving back most of its gains from the previous session, ahead of the release of domestic data that is expected to show the economy had slipped into a recession. At 0630 GMT the rand was 0.75% weaker at 15.500 per dollar, retreating from a... →

Standard Bank issues South Africa’s first offshore green bond

By: Marleny Arnoldi 2nd March 2020 Standard Bank has issued its first-ever green bond through a private placement with development finance institution, the International Finance Corporation (IFC). The $200-million bond, which is Africa’s largest green bond and South Africa’s first offshore green bond issuance, has been listed on... →

Photo by Creamer Media
Standard Bank CE Sim Tshabalala

AfDB extends $80m line of credit for investments in Botswana

By: Tasneem Bulbulia 25th February 2020 The African Development Bank and the Botswana Development Corporation (BDC) have signed a line of credit totalling $80-million to help scale up key investments in the Southern African country. BDC will on-lend to specific target groups, focusing on industrialisation, including manufacturing,... →

EIB commits to continue supporting African investment

By: Tasneem Bulbulia 24th February 2020 Lending institution, the European Investment Bank (EIB) expects to significantly increase engagement in both sub-Saharan and North Africa and to provide €4-billion to support public and private investment across the continent this year. This will include increased support for infrastructure that... →

State-owned airlines struggling in financial turbulence

By: Rebecca Campbell 21st February 2020 Two of South Africa’s State-owned airlines continue to experience tough times as they try to recover from their current deep financial crises. They are national flag-carrier South African Airways (SAA) and the completely separate regional operator SA Express. SAA is now in business rescue, and... →

DBSA provides funds to Mozambican supplier of solar home systems

By: Marleny Arnoldi 20th February 2020 The Development Bank of Southern Africa (DBSA) has committed project funding to Ignite Mozambique, a local company that aims to supply solar home systems in rural Mozambique. The DBSA made the announcement during the Global Off-Grid Solar Forum and Expo 2020, on Thursday, adding that it would... →

SAB, AB InBev unveil new R5.4bn empowerment scheme

By: Simone Liedtke 17th February 2020 South African brewery company AB InBev on Monday announced details of its new black economic empowerment (BEE) scheme, where a new BEE ownership transaction will be implemented through a company called South African Breweries (SAB) Zenzele Kabili. The R5.4-billion SAB Zenzele Kabili transaction... →

South African brewery company AB InBev on Monday announced details of its new black economic empowerment (BEE) scheme, where a new BEE ownership transaction will be implemented through a company called South African Breweries (SAB) Zenzele Kabili. The Ndlovu Youth Choir also performed for attending delegates and media. Camerawork: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Darlene Creamer.

Vodafone Africa’s path to expansion is paved with $2 mini loans

By: Bloomberg 17th February 2020 Vodacom Group sees its African financial services business as a cornerstone of growth as the wireless carrier expands into products such as funeral insurance and loans of as little as $2. The unit of the UK’s Vodafone Group uses artificial intelligence and machine learning to customize its... →

SARB starts process of selling African Bank stake

By: Marleny Arnoldi 14th February 2020 The South African Reserve Bank (SARB) has published a request for proposals (RFP) to appoint a transaction adviser relating to the future sale of its shareholding in JSE-listed African Bank. SARB acquired a 50% shareholding in African Bank in 2016, as part of African Bank’s restructuring, after... →

R150m University Technology Fund a first for Africa

By: Tasneem Bulbulia 12th February 2020 Stellenbosch University (SU) and the University of Cape Town are coinvesting through a newly established R150-million University Technology Fund (UTF), set up by the SA SME Fund in its endeavour to partner with South African universities to commercialise the technologies and business ideas that... →

South Africa should brace for ‘toughest budget since 1994’, says PwC

By: Simone Liedtke 11th February 2020 As the 2020 National Budget approaches, consumers should expect to tighten their belts further, particularly with continued fiscal drag set to blot the horizon amid a continuing economic slowdown, says multinational advisory firm PwC. Speaking at a pre-budget review on Tuesday, PwC lamented that... →

Finance Minister Tito Mboweni

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