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Absa arranges major bond issuance for Dangote in Nigeria

By: Marleny Arnoldi 18th June 2020 Absa Capital Markets Nigeria has successfully completed a debut bond offering for Nigerian multinational cement manufacturer Dangote Cement, as its joint lead issuing house. Absa has allocated 100-billion naira in five-year fixed rate senior unsecured bonds under its 300-billion naira issuance... →

Labour department starts auditing UIF payments to ensure compliance

By: Donna Slater 15th June 2020 Employment and Labour Minister Thulas Nxesi reports that, during the second week of June, the Unemployment Insurance Fund (UIF) appointed auditors to investigate whether money paid to employers, to help bridge employees salary deficits during the Covid-19 pandemic, is being paid in full to... →

Futuregrowth makes venture capital investment in LifeCheq

By: Tasneem Bulbulia 12th June 2020 The South African economy needs the dynamism and growth potential that early-stage innovative companies have to offer and venture capital investments provide the funding that supports the growth of these entrepreneurial engines of economic growth, fixed-interest asset manager Futuregrowth Asset... →

Post Office rolls out cashless ATM as Sassa grant access point

By: Marleny Arnoldi 12th June 2020 State-owned postal service, the South African Post Office (SA Post Office) has rolled out a new cashless automated teller machine (ATM) at an informal store, in Ga Molepo, just outside of Polokwane. SA Post Office chairperson Colleen Makhubele says the cashless ATM helps decongest current... →

SA Post Office's cashless ATM

Rail needs innovative risk-sharing structures

By: Darren Parker 12th June 2020 African railway owners and operators should consider linking freight and passenger rail services as a way of diversifying the risks and rewards that have become evident in these systems on the back of the Covid-19 crisis, says Development Bank of Southern Africa transport, logistics and bulk... →

Photo by Creamer Media
SHOULDERING THE LOAD While passenger rail suffered losses, freight rail enjoyed increased demand throughout the Covid-19 lockdown

Time has come for all stakeholders to uplift South Africa’s youth, says PwC

By: Donna Slater 10th June 2020 South Africa’s lockdown restrictions are easing in the wake of the Covid-19 pandemic, but its impact on the economy will be long-lasting and challenging, and it remains an important time for business, government, educators, nongovernment organisations and other stakeholders to uplift the... →

Investment summit to go virtual

By: Donna Slater 10th June 2020 In the wake of the Covid-19 pandemic and the forced cancelation of mass gatherings, the South African Innovation Summit (SAIS) will be presented in a new and virtual way this year, with the first ever digital SA Innovation Summit due to be held from September 30 to October 1. The SAIS is a major... →

Investment managers bolster renewable energy project

By: Donna Slater 10th June 2020 Mergence Investment Managers and Third Way Investment Partners have invested R225-million each to refinance a major renewable energy plant in a remote area of South Africa, which cannot be named owing to confidentiality reasons. The renewable energy and infrastructure funds of both Mergence and... →

South Africa must rapidly implement measures to attract FDI − Leon

By: Simone Liedtke 10th June 2020 The South African economy finds itself on the edge of a fiscal cliff, especially as the Covid-19 pandemic has caused a “massive and rapid shock”, says law firm Herbert Smith Freehills partner and Africa co-chair Peter Leon. While the effects of the pandemic were initially localised to Asia,... →

Herbert Smith Freehills partner and Africa co-chair Peter Leon discusses the fiscal cliff edge that the South African economy finds itself on, and highlights some potential measures that can attract FDI into the country. Video: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Nicholas Boyd.

AfDB launches programmes to bolster Africa's food security

By: Donna Slater 9th June 2020 The African Development Bank (AfDB) has unveiled a strategic roadmap of projects and programmes to assist African countries in tackling the nutrition and food security aspects of the Covid-19 crisis. The Feed Africa Response to Covid-19 (Farec) paves the way for a comprehensive intervention to... →

AfDB debars contractor after uncovering sanctionable practices

By: Donna Slater 8th June 2020 Pursuant to a settlement agreement, the African Development Bank (AfDB) Group on June 8 debarred Scandinavian contractor Burmeister & Wain for a period of 21 months, for engaging in sanctionable practices in a power generation project financed by the AfDB in Mauritius. The bank stated that an... →

Solidarity Fund flies in essential PPE for frontline healthcare workers

By: Donna Slater 8th June 2020 The Solidarity Fund has taken delivery of a consignment of personal protective equipment (PPE) as part of its health and humanitarian intervention to provide much-needed PPE for frontline healthworkers. The consignment, received on June 6, includes gowns and N95 respirator masks, and takes the... →

Ascendis Health concludes agreements to refinance debt

By: Donna Slater 8th June 2020 Following health and wellness company Ascendis Health’s decision to further extend an interim stability agreement and find a more permanent structure for its existing debt facilities through its lender consortium, the company has, as of June 8, concluded agreements with its lender consortium to... →

SA banks ready to assist distressed businesses amid Covid-19 pandemic

By: Sane Dhlamini 3rd June 2020 Global law firm DLA Piper, which has advised the Banking Association South Africa and South Africa’s biggest banks on the country’s loan guarantee scheme, has announced that the banks are ready to receive loan applications from businesses impacted by the coronavirus. The loan scheme, which was... →

Bidvest warns of lower earnings amid Covid-19

By: Donna Slater 1st June 2020 Services, trading and distribution group, the Bidvest Group, expects its headline earnings a share and earnings a share for the financial year to June 30 to be more than 20% lower year-on-year, as a result of the impact of Covid-19 on some of its businesses. While trading profit has been... →

Production capacity rises in May but to remain subdued until demand grows

By: Donna Slater 1st June 2020 Having plunged to an all-time low of 5.1 index points in April, financial services provider Absa’s Purchasing Manager’s Index (PMI) survey rose sharply to 43.2 index points in May, propelled by many factories returning to production in May when South Africa went into Alert Level 4, the bank... →

Ramaphosa tables support for 2yr debt standstill for African countries

By: Donna Slater 29th May 2020 Addressing members of the African Union (AU) on development financing for developing countries in the era of Covid-19, chairperson and South African President Cyril Ramaphosa said Africa was encouraged by the collaboration of the Group of 20 economies, the Bretton Woods institutions and the... →

BBC, Treasury discuss how to enhance impact of R200bn loan guarantee scheme

By: Donna Slater 29th May 2020 Black professional, business associations and chambers confederation, the Black Business Council (BBC), led by its president Sandile Zungu, and the National Treasury, led by the Deputy Finance Minister Dr David Masondo, met recently to consider ways to enhance the R200-billion loan guarantee... →

Sithole appointed PIC chief

By: Marleny Arnoldi 27th May 2020 The Ministry of Finance on May 27 announced that Cabinet had approved its recommendation of appointing Abel Moffat Sithole as CEO and nonexecutive director of the Public Investment Corporation (PIC), for a period of five years. Sithole is currently the principal executive officer of the... →

UIF apologises for delay in capturing May claims

By: Simone Liedtke 27th May 2020 The Unemployment Insurance Fund (UIF) has apologised for the break in its network which has affected plans to capture the May Covid-19 Temporary Employer-Employee Relief Scheme (TERS) online applications. The system, which has been undergoing test runs since last week, was scheduled to go live on... →

First window of SMME debt relief financing scheme closing

By: Tasneem Bulbulia 22nd May 2020 The first window of the Department of Small Business Development's (DSBD's) Small, Medium-sized and Microenterprise (SMME) Debt Relief Financing Scheme will close soon. The scheme was initially allocated an amount of R200-million, which was later increased to R500-million, when the department... →

CFOs in Africa take steps to provide safe working environments for their employees

By: Donna Slater 21st May 2020 As governments in Africa ease lockdown restrictions and reopen local economies, CFOs are focusing on plans to provide a safe working environment for their employees and ensure that this safety can be sustained throughout the Covid-19 crisis and recovery. This deduction comes from the latest 'the... →

Photo by Creamer Media's Donna Slater
PwC Africa CEO Dion Shango

IDC CFO Dlamini resigns

By: Donna Slater 18th May 2020 Nonkululeko Dlamini has resigned as CFO of the Industrial Development Corporation (IDC). She will serve out her notice period until July. →

FNB pays out R100m worth of credit insurance claims by June

By: Marleny Arnoldi 18th May 2020 First National Bank (FNB) expects to pay out about R100-million worth of credit life insurance claims by June, for customers whose finances have been negatively impacted by Covid-19. The insurance provider division of FNB, FNB Life, previously announced relief measures for customers including... →

Kibo shareholders to vote on reorganisation of share capital as Covid-19 disrupts operations

By: Donna Slater 15th May 2020 Owing to the adverse impact of the Covid-19 pandemic on international business and the uncertainty surrounding the global economic outlook, Africa-focused energy company Kibo Energy is re-evaluating its business plans, partly involving the potential reorganisation of its share capital. The share... →

Prosperity Fund’s cities programme responds to Covid-19 crisis in South Africa

By: Tasneem Bulbulia 13th May 2020 In response to the Covid-19 outbreak, the British High Commission, through the Future Cities programme, will be delivering additional support to its partner municipalities. The Global Future Cities Programme launched in South Africa earlier this year to the value of up to R180-million, as part of... →

Absa invests in A2X

By: Tasneem Bulbulia 13th May 2020 Financial services provider Absa has become the first major South African bank to invest in start-up stock exchange A2X Markets, which began trading in October 2017. Absa, a diversified financial services group with a presence in 12 countries in Africa, participated in the capital raise launched... →

Govt avails more than R5bn in support to municipalities

By: Simone Liedtke 12th May 2020 National government has made more than R5-billion available in support to municipalities to assist them in responding to the Covid-19 pandemic in the 2019/20 municipal financial year. The support is assisting municipalities to provide additional access to basic services for vulnerable communities... →

Photo by Creamer Media's Donna Slater
Finance Minister Tito Mboweni

Covid-19 loan guarantee scheme now operational

By: Tasneem Bulbulia 12th May 2020 The Covid-19 loan guarantee scheme announced by President Cyril Ramaphosa in April is operational as of May 12. The initial set of participating banks − Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank − are ready to accept loan applications from distressed... →

Two companies partner to provide micro health insurance to informal traders in Kenya

By: Rebecca Campbell 12th May 2020 Kenya- and Uganda-focused fintech 4G Capital Group (4G) has announced a partnership with ‘insurtech’ company Turaco, which operates in the same two countries, to provide affordable micro health insurance to 4G’s 104 000 customers in Kenya. Most of the fintech’s clients are informal sector... →

Nedbank tables climate risk resolutions for May 22 shareholder meeting

By: Marleny Arnoldi 12th May 2020 In a first for a South African company, Nedbank’s board has tabled its own shareholder resolution on climate risk. Nedbank is also the first and only South African financial institution that has completely excluded the financing of new coal-fired power plants, says nonprofit responsible... →

Little insurance cover for Covid-19 impact on business

By: Schalk Burger 12th May 2020 Companies should seek professional advice on whether they are entitled to any insurance benefits against the consequences of the state of disaster declared in response to Covid-19, says legal firm Knowles Husain Lindsay director Nicholas Taitz. The reality is that most commercial policies issued... →

Recession expected to have severe impact on tenant payment performance

By: Simone Liedtke 11th May 2020 Financial services provider First National Bank (FNB) expects “a very significant” deterioration in residential rental tenant payment performance for this year, with a recession more severe than that of 2008/9 expected for this year. While the tenant performance deterioration in response to an... →

TERS payments reach R9.47bn

By: Donna Slater 8th May 2020 The Department of Employment and Labour reports that, as at May 8, the Unemployment Insurance Fund (UIF), had disbursed about R9.47-billion through the Covid-19 Temporary Employer/Employee Relief Scheme (TERS), benefitting 1.94-million workers. Employment and Labour Minister Thulas Nxesi says... →

Nxesi urges employers to pay staff UIF funds

By: Donna Slater 7th May 2020 Employment and Labour Minister Thulas Nxesi has urged employers to disburse Covid-19 Temporary Employer/Employee Relief Scheme (TERS) funds paid to them by the Unemployment Insurance Fund (UIF). This comes after the Minister received numerous complaints from workers who alleged that their... →

FNB, WesBank approves payment breaks on over 500 000 credit agreements

By: Simone Liedtke 6th May 2020 Finance services provider FNB and its subsidiary WesBank have approved payment breaks on more than 500 000 credit agreements for nearly 150 000 individual and business customers since April 1. The relief includes payment breaks and/or credit insurance assistance in excess of R4.3-billion to help... →

FNB CEO Jacques Celliers

African leaders laud AfDB president’s leadership amid Covid-19 crisis

By: Tasneem Bulbulia 6th May 2020 South African President and African Union chairperson Cyril Ramaphosa and Nobel peace laureate and former Liberian President Ellen Johnson Sirleaf have commended African Development Bank (AfDB) president Akinwumi Adesina for his “visionary leadership and bold initiatives to accelerate Africa’s... →

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