https://www.engineeringnews.co.za

Follow @EngNewsZA

Advertise on this page? Click Here to Learn More

Financial News

SARB keeps repurchase rate at 6.5%

By: African News Agency 24th May 2018 South Africa's Reserve Bank (SARB) kept its benchmark repurchase rate at which it lends to commercial banks unchanged at 6.5% on Thursday, saying the stance was appropriate given the forecast inflation trajectory and the current state of the economy. The move follows a 25 basis point decrease at... →

Despite somewhat dismal FY18 performance, Famous Brands remains cautiously optimistic

By: Simone Liedtke 24th May 2018 Despite a somewhat dismal performance by some of its operations in the financial year ended February 28, branded food services franchisor Famous Brands remains cautiously optimistic about the South African and African landscape, while feeling reserved about its UK operations. This follows... →

Local government accountability 'continues to fail' – Makwetu

By: Simone Liedtke 23rd May 2018 Auditor-General Kimi Makwetu on Wednesday emphasised that “accountability continues to fail in local government” as there was an overall deterioration in the audit results of South Africa’s municipalities for the 2016/17 financial year. The Auditor-General South Africa (AGSA) audited 257... →

Auditor-General Kimi Makwetu

Fintech activity in Africa on the rise

By: Marleny Arnoldi 23rd May 2018 Africa’s fragmented markets and lack of legacy foreign exchange trading infrastructure means that the continent has become a melting pot of fintech activity and innovation, says Standard Bank financial markets digital head Tim Hutchinson. →

Standard Bank financial markets digital head Tim Hutchinson

AfDB, Unido sign MoU to improve Africa’s industrialisation

By: Marleny Arnoldi 21st May 2018 The African Development Bank (AfDB) and the United Nations Industrial Development Organisation (Unido) have signed a memorandum of understanding (MoU) to step up collaboration that will boost Africa’s industrialisation. →

Aton says will not support M&R’s proposed transaction with Aveng

By: Simone Liedtke 21st May 2018 German-owned Aton believes Murray & Roberts (M&R) is putting its interests ahead of that of shareholders and other stakeholders with its proposed combination with Aveng. The sole intent of M&R’s announcement on Friday that it plans to merge with Aveng, Aton states, is to frustrate Aton’s... →

Strong results confirm Capprec’s asset value, growth prospects

By: Schalk Burger 16th May 2018 The strong full year financial results of JSE-listed financial technology (fintech) special-purpose acquisition company Capital Appreciation (Capprec) confirm the value of the assets it acquired over the past few years and promises strong organic growth, said Capprec joint-CEO Bradley Sacks on... →

enX subsidiaries post satisfactory performance in six months to February 28

By: Simone Liedtke 14th May 2018 Diversified industrial group enX’s Eqstra Industrial Equipment (EIE) and Eqstra Fleet Management and Logistics (EFML) operations performed satisfactorily in the six months to February 28, enX reported on Monday. Group revenue for the six-month period ended February 28, increased to R3.6-billion,... →

Vukile grows Spanish retail investment to near €400m

By: Simone Liedtke 10th May 2018 Vukile Property Fund has, through its 98.7%-owned Spanish real estate investment trust (Reit) subsidiary Castellana Properties, acquired Habaneras Shopping Centre, its first shopping centre in Spain, for €80.6-million. The easily accessible open-air shopping centre is in Torrevieja, in the... →

Habaneras Shopping Centre, in Spain (Exterior)

Long4Life declares maiden dividend

By: Simone Liedtke 9th May 2018 Long4Life, which has raised R2-billion in capital since its listing on the JSE in April last year, has declared a maiden dividend of 5.4c a share for the 11 months to February 28. The company on Wednesday reported that it had, in the period under review, acquired Sportsmans Warehouse, Outdoor... →

More banks needed in SA, including State-owned bank – Ramaphosa

By: African News Agency 8th May 2018 President Cyril Ramaphosa on Tuesday expressed support for a legislative amendment to create a State-owned bank and breaking the monopoly of the big four commercial banks in South Africa. "We need to move away from the monopoly of just four banks in our country and create more banks so there is... →

President Cyril Ramaphosa

FNB to roll out biometric banking transaction points in South African townships

By: Schalk Burger 7th May 2018 Financial services firm First National Bank (FNB) will roll out 50 self-service kiosks that use fingerprint biometrics to verify a user’s identity in South African townships over the next six months, FNB Points of Presence CEO Lee-Anne van Zyl said on Monday. The “TouchPoint” is a self-service... →

The FNB TouchPoint reads a user's thumbprint to identify the user

New funding triggers open call for project proposals

4th May 2018 Multi-donor fund, the Energy and Environment Partnership covering Southern and East Africa (EEP Africa) will launch an open call for proposals on innovative clean energy projects, technologies, and business models that require funding during the African Utility Week (AUW) to be held in Cape Town... →

Photo by EEP
SIGNED, SEALED AND DELIVERED The financial commitment was signed at the at Nordic Development Fund (NDF) in Finland

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... →

MICHAEL SHAPIRO Financial services can scale and change dramatically by using cloud services to increase their range of services, lower costs and reach into new markets

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. →

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: Dylan 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

Latest News

Omnia posts full-year loss on mix of negative drivers

BMW SA investigates software solution to counter problematic GridCars chargers

Denel confirms salary cut; union expresses shock and concern

Nelson Mandela Bay municipality vows to clean up filthy city

Water department going to court to stop EC municipality 'polluting' Great Fish River

WeWork opens second South African location in Cape Town

Pleasing Orion bankable points to fast project payback

More African capitals realise need for resilient, sustainable infrastructure

Kibo mulls renewables cogeneration opportunities

Astral Foods secures emergency water arrangement for Mpumalanga facility

South Africa, China sign deal to partner in Square Kilometer Array

Steel production up 5.4% y/y in May

Eskom's gain South Africa's pain as investors balk at debt

Sisulu calls on municipalities to prioritise water, sanitation infrastructure maintenance

Air Tanzania to reintroduce flights to South Africa

more

Latest Videos

Siemens Digital Industries

Aviation manufacturing can be showcase for industrial stimulation

Industrial development funding mix can improve success

Heavy Haul Game Changer

Renergen dual listing to provide benefit of Australian research, understanding

Commemorative coin series launched to celebrate South Africa’s 25 years of democracy

New coatings range launched in S Africa

Africa crash test results revealed for Avanza, Amaze and Ignis

more

Research Reports

Energy Roundup – June 2019

Road & Rail 2019: A review of South Africa's road and rail sector

Steel 2019: A review of South Africa's steel sector

Topics In These Articles

Dolutegravir Cape Town Durban Hughes Natal Lausanne Construction Expertise Agriculture Bothaville Pretoria Tshwane Pinetown A2X ASPEN GROUP Aspen Pharmacare Holdings Financial Manufacturing Prudential Safety ABB Drives WEG Group WEG Group Software Zest WEG Group Components Council For Scientific And Industrial Research Defence Denel Export Industrial ... more

RSS Feed

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Newsletters

Sign up for our FREE daily email newsletter

Receive daily sector news alerts

More

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options

Subscribe