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Financial News

Hyperscale cloud being used to increase scope of financial services

By: Schalk Burger 4th May 2018 Financial services companies in South Africa are using hyperscale cloud systems to increase their range of services, lower costs and reach into new markets, says financial services technology firm Synthesis Software Technologies MD Michael Shapiro. The capabilities of cloud services, including... →

UK enters financial cooperation and development partnerships with African States

By: Rebecca Campbell 4th May 2018 The Bank of England, the South African Reserve Bank, the Bank of Ghana and the Bank of Sierra Leone (the last two being their countries’ central banks) have entered into a partnership to share their expertise, improve regulation and decrease the risks of banks failing in their respective... →

Sars introduces electronic reporting requirements for customs clients

By: African News Agency 20th April 2018 The South African Revenue Service (Sars) said on Friday it would at the weekend introduce a new electronic cargo reporting system to track the movement of cargo into and out of the country. Sars said the paperless system would bring an end to one of its last remaining paper-based processes and... →

Government welcomes R&I’s improved currency debt rating for South Africa

By: Marleny Arnoldi 16th April 2018 The National Treasury on Monday welcomed capital market agency Rating and Investment Information’s (R&I’s) decision to affirm South Africa’s long-term foreign currency debt rating at BBB and its local currency debt rating at BBB+. →

Libstar targets growth with planned JSE listing

By: Simone Liedtke 9th April 2018 Consumer packaged goods producer and supplier Libstar intends to list its issued ordinary share capital on the main board of the JSE. The directors of the company believe the listing is the next step in Libstar’s growth phase and will provide access to additional capital to expand capacity and... →

Social safety net programmes make substantial impact in global fight against poverty – World Bank

By: Marleny Arnoldi 4th April 2018 An estimated 36% of the world’s very poor – about 50-million people – escaped extreme poverty because of social safety nets, providing clear evidence that social safety net programmes are making a substantial impact in the global fight against poverty, the World Bank reports. →

Photo by Bloomberg
Social safety net programmes reduce the poverty gap by about 45%

BankservAfrica sets EFT clearance record

By: Marleny Arnoldi 4th April 2018 Africa’s largest automated payments clearing house BankservAfrica announced on Wednesday that it has cleared 89-million electric funds transfers (EFTs) in March at a value of R847-billion – the highest monthly volume of EFTs ever recorded by the company. →

BankservAfrica

Treasury implements Twin Peaks model of financial sector regulation

By: Marleny Arnoldi 29th March 2018 South Africa’s financial regulatory system will fundamentally change as from April 1, when two new regulators come into operation – the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), the National Treasury said on Thursday. →

Financial M&A deals in Africa, Middle East to drop in 2018 – Baker McKenzie

By: Marleny Arnoldi 28th March 2018 Law firm Baker McKenzie’s global transactions forecast predicts that the value of financial sector mergers and acquisitions (M&A) in Africa and the Middle East will drop to $9-billion in 2018, down sharply from $29.5-billion in 2017. →

Next-gen cost saving strategies needed for digital disruption age - Deloitte

By: Marleny Arnoldi 28th March 2018 Professional services firm Deloitte has revealed its next generation of cost savings strategies in the age of digital disruption. →

Youth Employment Service to benefit 1m young people

By: Marleny Arnoldi 27th March 2018 President Cyril Ramaphosa on Tuesday launched the Youth Employment Service (Yes) initiative – a business-led partnership with government, labour and society, that aims to empower one-million young South Africans between the ages of 18 and 34 through paid work experiences over the next three years. →

Gauteng Premier David Makhura, President Cyril Ramaphosa and Eskom chairperson Jabu Mabuza at the Yes initiative launch

President Cyril Ramaphosa announces youth employment service launch. Video and editing: Nicholas Boyd

M&R’s shares rise 50% as Germany’s Aton plans buyout

By: Simone Liedtke 26th March 2018 JSE-listed Murray & Roberts’ (M&R’s) share price rose by more than 50% on Monday morning as it announced that German family owned business Aton plans to buy all shares in the company for R15 apiece. M&R on Monday said Aton, which already holds 33% of M&R’s shares, had informed the group of its... →

Acting SARS commissioner announced

By: News24Wire 20th March 2018 Mark Kingon has been appointed as the acting SARS commissioner, National Treasury has confirmed. Kingon is currently the acting chief officer of business and individual taxes division at the revenue service. "He has been with SARS since its establishment and worked his way through the ranks to... →

Investments in business controls result in shift in economic crime detection

By: Schalk Burger 16th March 2018 Investments made to detect fraud and corruption have resulted in more of these economic crimes being detected by corporate controls and oversight mechanisms, corporate services multinational PwC Forensics Services partner Trevor White says. Detailing the findings for South Africa of the... →

First global bond ETF listed on the JSE

By: Marleny Arnoldi 13th March 2018 The Ashburton World Government Bond Exchange Traded Fund (ETF) listed on the JSE on Tuesday, becoming the exchange’s first global bond ETF. →

JSE capital markets strategy head Nicola Comninos & Ashburton CEO Boshoff Grobler

ARC lifts intrinsic net asset value to R9bn

By: Marleny Arnoldi 13th March 2018 Investment company African Rainbow Capital (ARC) on Tuesday released its maiden interim financial results for the six months ended December 31 and reported an increase in its share price to R8.79 before dilution (R8.75 after dilution) as at December 31, from R8.46 at its JSE listing in September. →

Automated systems reduce production waste

9th March 2018 The implementation at one of the largest foundries in the South Africa of supervised and unsupervised machine learning capabilities produced a 0% external scrap rate, saving the manufacturer as much as R10-million a month, explains business management consultant Dataprophet cofounder Daniel... →

Fund invests in Africa-focused renewables IPP

By: Donna Slater 9th March 2018 Clean energy infrastructure and resource efficiency investment company Inspired Evolution has signed a deal to invest up to $36-million in independent power producer (IPP) Alten Renewable Energy Developments Africa, which is the sub-Saharan Africa-focused subsidiary of Netherlands-based solar... →

UK dept earmarks £21.4bn for African infrastructure development

By: Marleny Arnoldi 6th March 2018 The UK’s Department of International Trade (DIT) is pledging funding for infrastructure development in Africa, including £4-billion in South Africa, £1-billion in Kenya and £750-million in Nigeria, through export credit agency, UK Export Finance (Ukef). →

Texton Property declares interim dividend of 47.95c

By: Simone Liedtke 5th March 2018 JSE-listed real estate investment trust (Reit) Texton Property, which has a portfolio of R5.4-billion of assets in South Africa and the UK, declared an interim dividend of 47.95c a share for the six months ended December 31. This, the company reported on Monday, was achieved from a solid... →

Hyprop lifts H1 distributions by 8.3% y/y

By: Simone Liedtke 2nd March 2018 JSE-listed specialist shopping centre real estate investment trust (Reit) Hyprop on Friday reported solid growth in distributions of 8.3% for the six months to December 31, which was driven by a stable performance from South African shopping centres and a strengthening South-Eastern European... →

Re-guarantee facility to benefit infrastructure sector SMEs

By: Nadine James 2nd March 2018 The African Guarantee Fund (AGF) for small and medium-sized enterprises (SMEs) has entered into a re-guarantee transaction with GuarantCo, a division of Private Infrastructure Development Group (PIDG), to increase its capacity for SME financing. The transaction will provide a platform for... →

Development programme encourages economic growth

By: Paige Müller 2nd March 2018 To date, steel service centre and distributor Macsteel’s Usizo development programme has assisted in creating 175 new jobs in the steel sector. The programme was first initiated by Macsteel in May 2015 to assist small, medium-sized and microenterprises (SMMEs) in the steel industry by... →

USIZO DEVELOPMENT PROGRAMME The Usizo development programme, spearheaded by Macsteel, has led to an injection of R50-million into the South African economy

Western Cape, financial institutions pledge commitment to affordable housing delivery

By: Simone Liedtke 1st March 2018 The Western Cape Department of Human Settlements on Thursday signed a memorandum of understanding (MoU) with five financial institutions operating within the affordable housing market, with the parties pledging their commitment to accelerating the delivery of affordable housing in the province.... →

Memorandum of Understanding Signing Parties

Growthpoint's distributable income increases to R2.9bn in H1

By: Simone Liedtke 28th February 2018 JSE-listed Growthpoint's distributable income increased by R281-million, or 10.6%, to R2.9-billion, in the six months ended December 31. Distributions per share grew by 6.5%, with Growthpoint declaring an interim dividend of 101.2c a share for the six months under review. →

Sars pays over R205bn in tax refunds

By: African News Agency 28th February 2018 The South African Revenue Service (Sars) said on Wednesday that it has paid over R205-billion in refunds across all tax types in the past 10-and-a-half months. Sars said that the payout to individuals and companies, from the beginning of the financial year on 1 April 2017 to 9 February 2018,... →

Investments in business controls result in shift in economic crime detection – PwC

By: Schalk Burger 27th February 2018 Investments made to detect fraud and corruption have resulted in more of these economic crimes being detected by corporate controls and oversight mechanisms, corporate services multinational PwC Forensics Services partner Trevor White said on Tuesday. Detailing the findings for South Africa of... →

Bidvest appoints new CFO, H1 headline earnings increase 13.4% y/y

By: Simone Liedtke 26th February 2018 Despite continued economic headwinds, South African services, trading and distribution company Bidvest achieved a 13.4% year-on-year increase in headline earnings for the six months ended December 31, to R1.9-billion, while headline earnings a share increased by 12.5% year-on-year to 574c.... →

VAT increase shouldn't have major impact on business-to-business transactions

By: Simone Liedtke 23rd February 2018 The one percentage point increase in the value-added tax (VAT) rate, from 14% to 15%, should not have a major impact on business-to-business transactions, says auditing firm KPMG COO Andrew Cranston. During a post-Budget discussion on Friday, he explained that the so-called “regressive effects”... →

Bidcorp interim results in line with company expectations

By: Simone Liedtke 21st February 2018 JSE-listed Bidcorp has delivered "pleasing results" with the foodservice group's half-year performance in line with management expectations, CEO Bernard Berson said on Wednesday. Headline earnings a share increased by 8.6% to 640c a share in the six months ended December 31, from 589.3c a share a... →

Sars welcomes tax administration inquiry

By: African News Agency 19th February 2018 The South African Revenue Service (Sars) on Monday welcomed President Cyril Ramaphosa's pledge to launch a Commission of Inquiry into tax administration and governance at Sars. During his maiden State of the Nation Address (Sona) on Friday, Ramaphosa said he would shortly appoint a Commission of... →

SARB to launch commemorative banknotes in honour of Nelson Mandela's centenary

By: Simone Liedtke 12th February 2018 The South African Reserve Bank (SARB) will this year launch a set of commemorative South African banknotes, which will cover all denominations - R10, R20, R50, R100 and R200 - in honour of what would have been Nelson Mandela's centenary. The South African Mint, a subsidiary of the SARB, will... →

Photo by Duane Daws
Current commemorative South African banknotes

New payment infrastructure designed to meet modern financial demands

By: Schalk Burger 9th February 2018 A new payment architecture and infrastructure is being designed to provide the transactional capabilities necessary to allow for new and faster financial services, says South Africa-based automated payments clearing house BankservAfrica CEO Chris Hamilton. BankservAfrica has renewed its... →

BANKSERVAFRICA BankservAfrica, in Selby, Johannesburg, facilitates payments clearing between financial organisations

Solar-asset marketplace using cryptocurrency, blockchain to monetise solar energy

By: Schalk Burger 9th February 2018 SUNEX, a new South African cryptocurrency representing the value of power produced and dispatched from the bearer's solar photovoltaic (PV) panels, helps to support and accelerate the rollout and use of PV solar renewable-energy technologies, says Sun Exchange co-founder and CEO Abraham... →

New Southern Africa payment infrastructure being designed

1st February 2018 Southern African payment clearing utility BankservAfrica and the regional banking community are working together to design a new payment architecture and infrastructure that will help to lower interbank transaction costs and allow new services to be offered, with a special focus on improving... →

New Southern Africa payment infrastructure being designed

Capitec is solvent – SARB

By: News24Wire 30th January 2018 The South African Reserve Bank (SARB) said on Tuesday that Capitec is solvent, well capitalised and has adequate liquidity. Responding to a damning research report from Viceroy Group into Capitec, the SARB told Fin24 in an emailed response to questions that the bank meets all prudential... →

Capitec shares fall sharply after research group says loan book overstated

By: African News Agency 30th January 2018 Shares in Capitec Bank tumbled as much as 20 percent on Tuesday after US researcher Viceroy said it had done extensive due diligence and compiled evidence suggesting the company must take significant impairments to its loans which would likely result in a net-liability position. The lender said... →

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