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Financial News

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... →

FSCA publishes crypto asset draft declaration

By: Donna Slater 7th January 2021 The Financial Sector Conduct Authority (FSCA) has published for comment a draft declaration on crypto assets as a financial product in terms of the Financial Advisory and Intermediary Services Act of 2002 (FAIS). The FSCA also published a statement in support of the draft declaration, with the... →

AfDB appoints new DGs, deputy DGs across Africa

By: Donna Slater 7th January 2021 The African Development Bank (AfDB) Group has appointed new directors-general (DGs) for the East, Central and Southern Africa regions and deputy DGs for the East, Central, Northern, Southern and West Africa regions. The central Africa region’s new DG is Serge N’Guessan. He will drive and ensure... →

Sanlam to take stake in new unit of billionaire Motsepe's firm

By: Reuters 18th December 2020 South Africa's biggest insurer Sanlam said on Friday it would take a minority stake, worth $51-million, in a new subsidiary being set up by billionaire Patrice Motsepe's African Rainbow Capital Financial Services (ARC FS). Sanlam will take a 25% stake in the subsidiary which will hold ARC FS's... →

Capprec approved for secondary listing on A2X

By: Schalk Burger 10th December 2020 South African financial technology (fintech) group Capital Appreciation (Capprec) has been approved for a secondary listing on A2X Markets. Its shares will be available for trade on A2X from December 18. →

Visa adds partner toolkit, new fintechs to fast-track programme to help restore global economy

By: Schalk Burger 4th December 2020 As money management becomes increasingly digital, fintechs play a pivotal role in helping to restore and rebuild the global economy, says global payments and financial services company Visa. Visa has added a new Partner Toolkit and Visa Ready Fintech Enabler certification to its Fast Track... →

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... →

SA SME Fund CEO Ketso Gordhan

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. →

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... →

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... →

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