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Financial News

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... →

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... →

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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

MTN relaunches MoMo in South Africa

By: Natasha Odendaal 24th January 2020 JSE-listed telecommunications group MTN is going live with its mobile money (MoMo) service in South Africa. The company’s third attempt at deploying MoMo services in the country follows the finalisation of engagements with all the relevant regulatory bodies and authorities, including the South... →

CDC unveils $100m trade finance agreement with Absa

By: Tasneem Bulbulia 23rd January 2020 Impact investor for Africa and South Asia CDC Group has announced the signing of a $100-million trade finance loan agreement with financial services provider Absa Bank. The fresh injection of finance will be deployed by Absa and its affiliates in 12 countries to support trade transactions... →

AfDB president says LSE offers opportunities for Africa

By: Tasneem Bulbulia 22nd January 2020 Opening the LSE on Wednesday, African Development Bank (AfDB) president Dr Akinwumi Adesina indicated that this marked the beginning of a “new, exciting, strategic and impactful engagement” between the bank and the stock exchange to jointly expand wealth creation in Africa and the UK. Adesina... →

AfDB allocates grant to help African nations boost mining revenues

By: Tasneem Bulbulia 17th January 2020 The African Development Bank (AfDB) has allocated a €1.2-million grant to provide training to help resource-rich countries improve their mining revenues. The bank’s Regional Development, Integration and Business Delivery Complex approved the pioneer grant from the Transitional Support Facility... →

Sydney Soundy appointed acting Land Bank CEO

By: Tasneem Bulbulia 15th January 2020 Sydney Soundy, who is the executive for strategy and communications at the Land Bank has been appointed as acting CEO with immediate effect. This follows the resignation of Kone Gugushe as acting CEO, with immediate effect, and chief risk officer, effective March 31. →

AfDB signs five-year agreement to use Fidic standard contracts

By: Tasneem Bulbulia 14th January 2020 Global representative body, the International Federation of Consulting Engineers (Fidic) has secured an agreement with the African Development Bank (AfDB) that will see the development finance institution include the use of seven Fidic standard contracts for the next five years. Under the terms... →

IDC assures black industrialists of its support

By: Tasneem Bulbulia 3rd December 2019 The Industrial Development Corporation (IDC) does present funding opportunities to black industrialists, CEO Tshokolo Nchocho assured on Tuesday. Speaking at the Black Business Council’s (BBC’s) Access to Funding Series engagement with the IDC, in Johannesburg, he pointed out that there were a... →

Industrial Development Corporation South Africa CEO Tshokolo Nchocho outlines some of the successes the organisation has achieved in funding for black businesses. Camerawork: Kutlwano Matlala; Editing: Nicholas Boyd.

South African private equity affirms value amid slow economic growth, volatility

By: Simone Liedtke 28th November 2019 In the face of high market volatility and lagging economic growth, the latest RisCura-Southern African Venture Capital and Private Equity Association (Savca) ‘Private Equity Performance Report’ revealed that the South African private equity industry outperformed listed equity over the short- and... →

Ethos announces strategic equity partnership with Brait

By: Tasneem Bulbulia 27th November 2019 Alternative asset manager Ethos Private Equity (EPE), together with independent listed entity Ethos Capital, on Wednesday announced a strategic equity partnership with investment holding company Brait, providing a strong platform to maximise value through the realisation of assets in Brait’s... →

Industry boasts third positive year despite global downturn

By: Halima Frost 22nd November 2019 Steel and Engineering Industries Federation of Southern Africa (Seifsa) chief economist and commercial executive Dr Michael Ade says the local metals and engineering (M&E) industry has thus far had a third ‘good year’ in a row. This is in spite of the current challenge of increasing intermediate... →

BRIGHT FUTURE Improved trade to to the Southern African Development Community brings with it a positive outlook for the steel construction industry

AfDB buys $50m equity in AFC

By: Marleny Arnoldi 14th November 2019 The African Development Bank has invested $50-million towards equity in the Africa Finance Corporation. The investment will enable both institutions to accelerate infrastructure development and delivery on the African continent, by deepening co-financing opportunities, joint implementation,... →

Mobile giant takes another crack at mobile-money market

By: Natasha Odendaal 1st November 2019 MoMo forms a critical part of the group’s growth prospects, and MTN South Africa is confident that MoMo can mimic the success of telephony and the Internet being revolutionised and democratised over the past two decades. →

Medium-term investment buoying stainless steel industry

By: Halima Frost 25th October 2019 Despite a marked downturn in the global stainless steel industry, there are a few medium-term developments on the horizon for Southern Africa, notes research institute Afriforesight Commodities chief commodity economist Nathan Musson. “There are glimmers of hope in terms of investment in Southern... →

SPARKING INTEREST The stainless steel albeit somewhat stagnant offers a few sparks of investment interest

CFTA should take lessons from failed agreements

18th October 2019 The architects of the proposed African Continental Free Trade Area (CFTA) should learn from the failed Free Trade Area of the Americas (FTAA), says Export Credit Insurance Corporation senior economist Tsidiso Disenyana. The FTAA, which had been in the process of being negotiated by 34 diverse... →

TRADERS WITHOUT BORDERS The African CFTA could lead to the biggest free trade zone on the planet

Crowdfunding on the rise in Africa

By: Darren Parker 18th October 2019 Amid the prediction that about $300-billion will have been raised globally through online crowdfunding mechanisms by 2025, crowdfunding in South Africa is gaining traction as an increasingly viable option for raising capital. Other African countries are also not far behind in its adoption.... →

LEANA DE BEER Online crowdfunding may be a twenty-first century concept, but it finds its roots in traditions that go back centuries

Obstacles mar property investment opportunities

By: Darren Parker 18th October 2019 The level of corruption is one of several factors foreign investors consider in deciding which African countries to develop, says financial services company Nedbank Corporate Investment Banking Africa property finance divisional executive Gerhard Zeelie. “African governments need to take stock of... →

GERHARD ZEELIE Investors should opt for a mediocre opportunity in a corruption-free region, rather than a great opportunity in a heavily corrupt region

AfDB launches Cities Diagnostics tool in five African cities

By: Tasneem Bulbulia 8th October 2019 The African Development Bank (AfDB) and its partners, the Urban and Municipal Development Fund (UMDF) and the Korea–Africa Economic Cooperation, have launched the pilot phase of its Cities Diagnostics tool in five African cities. The Cities Diagnostics programme is funded by the UMDF, which helps... →

Standard Bank partners with SAPVIA to advance solar PV industry

By: Tasneem Bulbulia 4th October 2019 Standard Bank has formed a new strategic partnership with the South African Photovoltaic Industry Association (SAPVIA) to advance the growth of the solar photovoltaic (PV) industry in South Africa. Sapvia, representing more than 300 players in the solar PV industry, will leverage the partnership... →

SARB announces 12 finalists for its fintech demonstration day

By: Schalk Burger 3rd October 2019 The South African Reserve Bank (SARB) on Thursday announced 12 financial technology (fintech) solutions to be showcased at its Fintech Demo Day, on October 29, in Johannesburg, when it would select the two winning solutions. The 12 solutions were identified through the Global Fintech... →

Treasury’s Anthony Julies to retire

By: Tasneem Bulbulia 27th September 2019 Anthony Julies is retiring as deputy director-general (DDG) of the National Treasury’s Asset and Liability Management (ALM) division. Julies has opted for early retirement following a public service career spanning almost 24 years. →

Cybersecurity critical for mobile banking use

By: Schalk Burger 27th September 2019 Demands for quick and efficient mobile banking solutions, as well as the threat of fraud and cybercrime, are driving the adoption of biometric technology solutions, says digital identity company iiDentifii director Lance Fanaroff. Digital banking fraud in South Africa across all platforms in 2018... →

Labour court to rule tomorrow whether bank strike can go ahead

By: News24Wire 25th September 2019 The labour court will on Thursday rule on whether the banking union Sasbo can go ahead with what could be the biggest banking strike in 99 years. Sasbo plans to hold nationwide protest action on Friday September 27. It says as many as 50 000 workers have indicated that they will take part in... →

Banks still net job creators says industry body as strike looms

By: News24Wire 25th September 2019 As banking workers prepare for the biggest strike to protect jobs in decades, South Africa's big banks say they remain net job creators. The Banking Association of South Africa said South Africa’s six largest banks had 152 441 employees in 2018, some 4000 more than the total of 148 500 employees... →

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