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Financial News

Economic recovery support interventions aim to mitigate unrest impact for businesses  

By: Tasneem Bulbulia     20th August 2021 The R3.75-billion economic recovery support package announced by Trade, Industry and Competition Minister Ebrahim Patel, represents a united front from entities for the restoration of businesses that were adversely affected during the violent looting and unrests that took place in KwaZulu-Natal... 

Investec launches Global Sustainable Equity Fund, local replica on the horizon

By: Simone Liedtke     18th August 2021 Development finance institution Investec’s Global Sustainable Equity (GSE) Fund prioritises investment into companies doing good, with the aim of helping investors do well. Through the fund, investors are able to invest in companies that it believes “can provide attractive investment returns over... 

Pic/Image of nvestec Wealth & Investment fund manager Barry Shamley.
Investec Wealth & Investment fund manager Barry Shamley.

UK Climate Investments fulfils commitment, investing R500m in African renewables fund

By: Tasneem Bulbulia     18th August 2021 Pilot investment programme UK Climate Investments on August 18 fulfilled its cornerstone commitment of R500-million to help establish Africa’s first dedicated renewable energy yieldco, which is managed by majority black-owned fund manager Revego Fund Managers. Revego aims to tackle the challenge... 

JP Morgan launches R340m DTIC-approved equity equivalent investment programme 

By: Simone Liedtke     17th August 2021 Financial services multinational JP Morgan has launched the very first Department of Trade, Industry and Commerce- (DTIC-) approved equity equivalent investment programme (EEIP), which forms part of government’s broad-based black economic empowerment framework. The EEIP, funded by a R340-million... 

An image of Trade, Industry and Competition Minister Ebrahim Patel
Photo by Creamer Media's Donna Slater
Trade, Industry and Competition Minister Ebrahim Patel

TymeBank model to be replicated in the Philippines

By: Tasneem Bulbulia     17th August 2021 South African digital bank TymeBank will export its business concept and experience to its international sister company Tyme’s newly established banking operations, GOtyme, in the Philippines. GOtyme, which has had its digital banking licence application approved by the Philippines central bank,... 

Property company the first in South Africa to accept crypto for rental deposits

By: Tasneem Bulbulia     17th August 2021 Affordable residential and student housing specialist Quorum Holdings is the first in South Africa to accept rental deposits in cryptocurrency, and to allow tenants to potentially benefit from an increase in value, the company says in a statement. While rental deposits are standard practice in... 

Digital platforms can provide scale and access through partnerships

By: Schalk Burger     13th August 2021 The use and growth of digital platforms worldwide will provide greater value to users, but also enable and require a variety of companies to provide their services at scale to solve specific user requirements, which necessitates partnerships and greater collaboration among value chain... 

DTIC opens R3.75bn relief package for businesses affected by civil unrest

By: Donna Slater     11th August 2021 Eligible businesses can now apply for loans under the R3.75-billion economic recovery support package, announced by Trade, Industry and Competition Minister Ebrahim Patel a fortnight ago to assist businesses that were impacted by the mid-July civil unrest in KwaZulu-Natal and Gauteng. The DTIC... 

Green bonds could help South Africa finance its just energy transition

By: Tasneem Bulbulia     11th August 2021 Green bonds can help South Africa finance a just energy transition, but there are also challenges that must be mitigated as issuers and investors look to capitalise on the opportunities these bonds present. This was indicated by speakers during the Financing South Africa’s Energy Transition’s... 

African firms eye trade boost from global business card

By: Reuters     10th August 2021 His company may have been operating for 61 years, but that counts for nothing when Second Muguyo, finance manager at Zimbabwean copper and silver goods manufacturer Copperwares, tries to access overseas credit. The problem? Foreign lenders and trade partners don't know the company well enough. So... 

Sars to implement emergency tax relief measures

By: Tasneem Bulbulia     2nd August 2021 The South African Revenue Service (Sars) will implement several emergency tax relief measures as announced by President Cyril Ramaphosa, in response to the continuing Covid-19 pandemic and recent unrest that are aimed at helping affected and tax-compliant businesses to recover and ensure... 

Old Mutual Insure pledges R10m to help SMEs rebuild following riots

By: Tasneem Bulbulia     27th July 2021 Insurer Old Mutual Insure says it is working quickly to finalise looting-related claims – which it is mandated to handle on behalf of State-owned insurance company South African Special Risks Insurance Association (Sasria) – within three weeks so that affected small and medium-sized enterprises... 

S&P not planning immediate rating actions as a result of civil unrest

By: Donna Slater     27th July 2021 Ratings agency Standard & Poors (S&P) Global Ratings does not expect to take any immediate rating actions in the wake of the mid-July civil unrest that affected KwaZulu-Natal and parts of Gauteng. The unrest, which included widespread looting, violence, vandalism, loss and damage of stock, left... 

Banks on way to recovery, next is rebuilding business

By: Marleny Arnoldi     26th July 2021 To assist social grant recipients who live in areas where automatic teller machines (ATMs) and bank branches have been damaged in the recent riots, customers will be able to use any ATM, including those not operated by their own bank, without incurring additional charges, from August 1 to... 

Insurers advise on claims related to civil unrest

By: Donna Slater     23rd July 2021 Following the looting that took place during the civil unrest of mid-July in KwaZulu-Natal and Gauteng, insurance experts advise that claimants ensure they have proof of damage or loss or destruction of stock, to ensure they are able to submit claims within the 30-day threshold. During a webinar... 

AfDB finances cross-country power initiative, youth development in Ethiopia

By: Marleny Arnoldi     23rd July 2021 The African Development Bank (AfDB) has signed two grant agreements for new projects with the Ethiopian government, which aims to boost youth employment and electricity trade between Ethiopia and Djibouti. The grants are grouped under the bank’s concessional lending window and will comprise... 

German corporation invests in fibre provider

23rd July 2021 German investment corporation Deutsche Investitions- und Entwicklungsgesellschaft (DEG) has supported the successful placement of a bond issued by the African fibre optic network operator Liquid Telecommunications on the international capital market. DEG announced in March that it is investing... 

A farmer having connectivity out in the field
GROWING ROOTS The German investment firm DEG has agreed to invest in South African company Liquid Telecommunications

Investment event targets S Africa and Germany

By: Halima Frost     23rd July 2021 The annual Africa Financial Services Investment Conference – Investing in Africa event, known as AFSIC, organised by hosting company Africa Events Limited, will be held in London, UK, on October 11 and 12. The event provides a forum for investors, business leaders and dealmakers to build... 

Panel discussion at AFSIC Investing in Africa event
SEATED DEBATE The forums and mini country-summits will focus on highlighting investment and business opportunities in Africa

Technology at the heart of insurance in the agri industry, says Santam

By: Marleny Arnoldi     21st July 2021 Optimism in South Africa’s agricultural value chain has reached a six-year high despite the setbacks brought about by Covid-19. Insurance company Santam business development manager Hanlie Kroese says this suggests that the agricultural industry is bouncing back, although the full impact of... 

Africa experiencing cyberattacks comparable to other parts of world

By: Schalk Burger     21st July 2021 About 10% of computers experienced at least one malware attack in 2020, research by cybersecurity multinational Kaspersky shows. In some African countries, including South Africa, the figure was only slightly under the global 10% average, making the African region comparable to that of North... 

IFC appoints new manager for Angola, Botswana, Moz, Zambia

By: Marleny Arnoldi     19th July 2021 International Finance Corporation (IFC) has appointed Carlos Katsuya senior manager for Angola, Botswana, Mozambique and Zambia. He will lead the corporation’s work across these countries.  

Banking sector can transform through data, APIs and automation - Kearney

By: Schalk Burger     16th July 2021 The global Covid-19 pandemic has contributed to the need for the retail banking sector to more quickly transform to a customer-centric service that is digitised, personal and convenient. Data, application programming interfaces (APIs) and automation could be leveraged to satisfy these... 

Venture capital opportunity to ‘push the boundaries’ when investing in township economy

By: Simone Liedtke     16th July 2021 It is up to venture capital (VC) fund managers to “push the boundaries” with funders to bring across examples of businesses that are outside-the-norm and to challenge funders to consider investing in these, enterprise and supplier development company Edge Growth Ventures investment principal... 

Santam making progress with contingent business interruption claims

By: Tasneem Bulbulia     15th July 2021 Short-term insurer Santam is making progress in handling contingent business interruption (CBI) claims, with payments made to about 60% of policyholders that have submitted claims, the company said in an update on July 15. Since January, it has paid R600-million to policyholders in addition to... 

Standard Bank proposes Liberty takeover

By: Marleny Arnoldi     15th July 2021 Standard Bank Group (SBG) has made an offer to buy the remaining 46% of shares in Liberty Holdings that it does not already own. Should the transaction be finalised, Liberty will delist from the JSE and become a subsidiary of SBG.  

Nedbank leverages additional tier one instruments to help drive a net-zero economy

By: Tasneem Bulbulia     14th July 2021 To strategically finance the transition to a net-zero economy, financial services provider Nedbank has once again approached the investment market to raise ‘use-of-proceeds’ green finance, this time through the issuance of the first listed green additional tier one instrument by a financial... 

IFC appoints new Nigeria country manager

By: Donna Slater     12th July 2021 To support the long-term, inclusive growth of Nigeria’s private sector, global development institution the International Finance Corporation (IFC) has appointed Kalim Shah as Nigeria senior country manager. He succeeds Eme Lore who left the role after successfully serving as IFC Nigeria country... 

New Development Bank has role to play for Global South in a post-Covid-19 era

By: Tasneem Bulbulia     7th July 2021 The New Development Bank has played a key role in supporting Brazil, Russia, India, China and South Africa (Brics) through the pandemic. It is also expected to continue playing an integral role in helping to resolve the economic challenges arising from the Covid-19 pandemic and other... 

Settlement of Covid-19-related insurance claims remains problematic, says ICA

By: Donna Slater     6th July 2021 Insurance Claims Africa (ICA) CEO Ryan Woolley says it is clear from new research released on July 6, that the short-term insurance industry (STI) earned record profits during the pandemic. He states that the STI therefore has “no reason” to further delay the settlement of all outstanding... 

Public finance institutions can play key role in just transition to sustainable industries - CER

By: Schalk Burger     6th July 2021 Environmental advocacy organisation the Centre for Environmental Rights (CER) conducted a case study of the Industrial Development Corporation (IDC) as part of efforts to assess the role public institutions can play in supporting sustainable industrial and economic development, as well as... 

AfDB’s new economic governance strategy advocates bold public finance reforms

By: Simone Liedtke     2nd July 2021 The African Development Bank (AfDB) on July 2 launched its Strategy for Economic Governance in Africa (SEGA), which is aimed at fostering transparent and accountable governments and institutions to secure inclusive, sustainable development. The strategy proposes bold reforms in the management of... 

Salga expresses concern about state of municipal finances

By: Tasneem Bulbulia     1st July 2021 The South African Local Government Association (Salga) has expressed its disappointment at what it sees as deteriorating levels of accountability in the recent audit outcomes of local government for the 2019/20 financial year. Salga reiterates its calls, made following the previous year’s... 

Rise in healthcare cybercrime leading to increase in practices taking out cyber-liability insurance

By: Schalk Burger     29th June 2021 The increase in cybercrime affecting the healthcare industry in South Africa is contributing to private practices turning to cyber-liability to protect themselves from data breaches and ransomware. It pays for insurance brokers to assist clients with a cyber-liability policy, say Indwe Risk... 

Invicta records solid full-year results amid many positive changes

By: Tasneem Bulbulia     28th June 2021 Investment holding and management company Invicta Holdings, consisting of the Engineering Solutions Group (ESG), the Capital Equipment Group (CEG) and the Kian Ann Group (KAG), based in Singapore, reported good results for the year ended March 31, during a period of considerable changes. “The... 

Covid-19 Loan Guarantee Scheme to close applications as of June 28

By: Simone Liedtke     28th June 2021 The Covid-19 Loan Guarantee Scheme will not be accepting new applications after June 28, though it will remain in operation until July 11 to allow for in-process applications to be finalised. As at June 19, more than R18.3-billion in loans had been approved by banks and taken up by small... 

Banking sector establishes information sharing partnership to curb financial crime

By: Marleny Arnoldi     25th June 2021 Stakeholders from the banking sector have come together to fight financial crime through a financial information sharing partnership, called the South African Anti-Money Laundering Integrated Task Force (Samlit). Samlit has brought together the Financial Intelligence Centre (FIC), 22 national... 

Decentralised power projects on a positive trajectory, says Nedbank CIB’s Peo

By: Donna Slater     24th June 2021 The South Africa power sector is undergoing a major shift towards decentralised power projects as a “massive energy crisis” grips the country, says Nedbank Corporate and Investment Banking (CIB) infrastructure, energy and telecommunications head Mike Peo. Speaking during an Infrastructure Africa... 

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