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Financial News

Tungsten launches Quantura alternative litigation funding model in South Africa

By: Tasneem Bulbulia     5th November 2020 Global engineering and construction claims consultancy Tungsten Capital has launched its Quantura subsidiary in South Africa, through which it will provide an alternative method of funding and developing commercially viable construction and engineering claims. Allardyce & Partners Attorneys... 

B4SA calls for TERS benefit to ‘be retained’ under Level 1 lockdown

By: Simone Liedtke     2nd November 2020 Business for South Africa (B4SA) has requested a decision reversal following President Cyril Ramaphosa and the National Coronavirus Command Council’s decision to halt the Covid Temporary Employer/Employee Relief Scheme (TERS) benefit. B4SA says that, “if government believes the remaining Level 1... 

Sustainable financing imperative to sustainable future, says JSE’s Soobramoney

By: Simone Liedtke     29th October 2020 Finance has a significant role to play in a sustainable future, which comprises economic, environmental, social and governance responsibilities, JSE chief sustainability officer Shameela Soobramoney said during this year’s virtual Green Building Convention on October 29. Sustainability emerged as... 

US agency partners with Africa50 to attract capital to the continent

By: Tasneem Bulbulia     27th October 2020 Independent US foreign assistance agency the Millennium Challenge Corporation (MCC) has partnered with infrastructure investment platform Africa50 to create a global investment platform to attract more capital to Africa. The organisations have signed a memorandum of understanding (MoU) to develop... 

A2X boasts 37 listings after three years

By: Tasneem Bulbulia     27th October 2020 Three years after launching with just three listings and four brokers, South African stock exchange A2X Markets now has 37 securities listed, five of the country’s top six brokers trading on the exchange and a combined market cap of over R2.1-trillion, it acclaimed in an October 27 media release.... 

Solidarity Fund marks progress

By: Tasneem Bulbulia     22nd October 2020 The Solidarity Fund says that, while there will be a time when its work will no longer be needed, that time has not come yet and, until it does, the fund will continue to work with partners and stakeholders to support the country. As of October 15, the fund had received more than R3.12-billion of... 

Sanlam Investments partners with Robeco to enhance sustainable investing

By: Tasneem Bulbulia     15th October 2020 Investment company Sanlam Investments has partnered with international asset manager Robeco to enhance and cement its commitment to sustainable investment practices and, in turn, revitalise its purpose and create fresh impact, the company says in a statement. Robeco boasts sustainable investing... 

Standard Bank continues to increase exposure to renewables, move away from coal

By: Marleny Arnoldi     15th October 2020 Standard Bank has released its interim Task Force on Climate-related Financial Disclosures report, highlighting that environmental, social and governance aspects remain at the centre of the bank’s agenda of driving sustainable and inclusive growth in Africa. Sustainability head Wendy Dobson... 

Standard Bank continues to increase exposure to renewables, move away from coal

Least developed countries’ debt continues to rise

By: Tasneem Bulbulia     12th October 2020 According to the '2021 International Debt Statistics (IDS)' report, the total external debt of Debt Service Suspension Initiative- (DSSI-) eligible countries climbed 9.5% year-on-year to a record $744-billion in 2019, highlighting an urgent need for creditors and borrowers alike to collaborate to... 

All eyes on MTBPS as South Africa on verge of ‘catastrophic collapse’ of finances

By: Simone Liedtke     12th October 2020 The upcoming Medium-Term Budget Policy Statement (MTBPS) must show that public spending can be “restrained within [South Africa’s] means” so as to avoid a “catastrophic collapse of public finances”, Business Leadership South Africa (BLSA) CEO Busi Mavuso warns. In her weekly newsletter, published... 

ARC Investments successfully raises R750m for new investment opportunities

By: Simone Liedtke     7th October 2020 Investment holding company African Rainbow Capital (ARC) Investments has successfully raised R750-million from shareholders following a recent rights offer to the market. The company said in September that it was seeking to raise R750-million with the intention of deploying the capital in new... 

Insight into Commodity Trading in South Africa

2nd October 2020 World over, most commodities/goods are traded on the exchanges or commodity markets where buyers & manufacturers place their buy/sell bids on goods, and prices are decided based on the demand & supply metrics. There is a continuous variation in demand and supply of the commodities which results... 

Producer to mitigate Covid-19 challenges

2nd October 2020 With the onset of the Covid-19 pandemic, chemicals and energy group Sasol took urgent steps to stabilise the group in the short term. Sasol released its integrated report and 2020 performance for the year ended June 2020, noting revenue at over R190-billion. It was noted that earnings were... 

Treasury seeks comment on second draft of Conduct of Financial institutions Bill

By: Tasneem Bulbulia     29th September 2020 The National Treasury has invited public comments on the second draft of the Conduct of Financial institutions (COFI) Bill, published on September 29. The first draft of the Bill was published for comment in December 2018. 

TechSoft to support municipalities in revenue recovery, collections management

By: Tasneem Bulbulia     28th September 2020 Technology solutions provider TechSoft International has developed an integrated and data-rich solution to assist in improving revenue management and collection for struggling municipalities. With the company’s C3 platform, municipal entities are said to be able to leverage a software tool that... 

Investec says rand on track to average at R17/$ for third quarter

By: Simone Liedtke     28th September 2020 South Africa’s volatile currency is currently trading at R17.22/$ and is on track to average just under R17/$ for the third quarter of the year, says financial services provider Investec. It reports that high levels of uncertainty continue to plague financial markets, with a second wave of... 

ARA conference to be held virtually next month

By: Simone Liedtke     28th September 2020 Newly appointed executive secretary of the African Refiners and Distributors Association (ARA) Anibor Kragha has called for urgent financing to upgrade oil refineries and associated infrastructure to avoid premature deaths caused by air pollution in developing economies. Speaking ahead of the... 

ARC Investments notes update on R750m rights offer

By: Tasneem Bulbulia     25th September 2020 JSE-listed African Rainbow Capital (ARC) Investments has made a rights offer circular available on its website. The company previously announced its intention to raise R750-million, less expenses of the rights offer of about R3.5-million, through a fully committed and underwritten pro rata... 

SACU Ministers commit to industrialisation

By: Tasneem Bulbulia     22nd September 2020 Finance Minister Tito Mboweni chaired the fourth joint Finance and Trade Ministers’ virtual Ministerial Retreat meeting on September 21. The participating Ministers agreed on refined development priorities for the Southern African Customs Union (SACU) within the changing global and regional... 

Venture capital set for slowdown after record 2019 performance

By: Tasneem Bulbulia     18th September 2020 While South African venture capital (VC) investors may have seen a significant slowdown in deal activity this year as a result of measures implemented globally to contain the spread of Covid-19, the local VC landscape experienced record investment and exit activity in 2019. This is according... 

PAPE Fund 3 acquires 45% equity in DDS Group of Companies

By: Tasneem Bulbulia     17th September 2020 Midcap South African private equity fund PAPE Fund 3 has successfully acquired 45% of the equity in the DDS Group of Companies, an African beverage dispensing and refrigeration services provider. The DDS Group of Companies provide beverage dispensing and refrigeration services on behalf of the... 

Global Center on Adaptation opens regional office in Côte d’Ivoire

By: Donna Slater     17th September 2020 Hosted by the African Development Bank (AfDB) at its headquarters in Abidjan, Côte d’Ivoire, the Global Center on Adaptation (GCA) launched its African regional office on September 17.  GCA Africa will work with partners across the continent to scale and accelerate adaptation action that... 

African Rainbow Capital Investments finalises rights offer

By: Donna Slater     17th September 2020 African Rainbow Capital (ARC) Investments has finalised its fully committed and underwritten pro rata non-renounceable rights offer to raise R750-million, less expenses of the rights offer of about R3.5-million. The rights offer involves 272.72-million ARC Investments ordinary shares at a price... 

Eskom secures farmland as security for debt owed by Matjhabeng municipality

By: Tasneem Bulbulia     15th September 2020 The Matjhabeng local municipality, in the Free State, has agreed to hand over to State-owned power utility Eskom 139 farms belonging to the municipality as security for debt of R3.4-billion owed by the municipality to Eskom. The farms are valued at about R2.5-billion. 

Half-yearly employer reconciliations, third-party declarations to Sars due

By: Tasneem Bulbulia     15th September 2020 The South African Revenue Service (Sars) says the interim employer reconciliation and third-party declaration period is now open and will close on October 31. In the case of employers – large and small − a reconciliation of the first six months of declarations of employment taxes, monthly... 

IDC approves R746m for Covid-19 economic relief

By: Tasneem Bulbulia     14th September 2020 Development finance institution, the Industrial Development Corporation (IDC) has approved R746-million and disbursed R440.8-million as part of government’s Covid-19 economic relief measures. Following the onset of Covid-19 in South Africa, the IDC established three interventions in March. 

JSE introduces ETFs to help investors meet ESG objectives

By: Tasneem Bulbulia     11th September 2020 The JSE has introduced the Satrix MSCI World Environmental, Social and Governance (ESG) Enhanced exchange-trade fund (ETF) and the Satrix MSCI Emerging Markets ESG Enhanced ETF. The Satrix MSCI World ESG Enhanced ETF and Satrix MSCI Emerging Markets ESG Enhanced ETF give investors the opportunity... 

Puleng to offer buguroo behavioural biometric solution to South African banking clients

By: Schalk Burger     11th September 2020 Local user, data and cybersecurity architectures company Puleng Technologies has partnered with Madrid-based online fraud prevention specialist multinational buguroo to reduce the impact of online bank fraud in South Africa. Puleng Technologies will offer and support buguroo’s behavioural... 

Nedbank wins Deal of the Year for its green renewable energy bond

By: Marleny Arnoldi     10th September 2020 Nedbank’s Corporate and Investment Banking (CIB) division has again been recognised by its peers and the broader African financial services industry for its excellence. CIB had garnered two nominations for Deal of the Year Awards at the 2020 African Banker Awards, which was hosted virtually on... 

Tennant Group concludes BBBEE deal

By: Donna Slater     9th September 2020 Financial services company Tennant Group has concluded its first broad-based black economic empowerment (BBBEE) transaction with KDI Capital Partners, which will result in it becoming majority black-owned. This BBBEE transaction enables strong growth opportunities for the Tennant Group across... 

Tennant Group concludes BBBEE deal
Tennant Group founder and MD Stephen Tennant and chairperson Kuseni Dlamini

AfDB joins African Green Revolution Forum as sponsor for virtual event

By: Tasneem Bulbulia     8th September 2020 Finance institution the African Development Bank (AfDB) is returning as a partner of the African Green Revolution Forum (AGRF) – Africa’s largest agriculture conference – being held online for the first time in light of the Covid-19 pandemic. The tenth yearly AGRF, being held from September 8 to... 

Taxpayers note tax audit process improvement – PwC survey

By: Tasneem Bulbulia     3rd September 2020 South Africa’s tax administration system has undergone significant change in terms of leadership, structure and policy over the past two years, professional services firm PwC reports. It notes that, more recently, the government has introduced several economic measures, including tax measures to... 

M&As, JV activity continues, despite Covid-19 restrictions

By: Simone Liedtke     2nd September 2020 Mergers and acquisitions (M&As) and joint ventures (JVs) are expected to continue over the next 12 months, but some changes to usual due diligence process might be needed. In a Mines and Money-hosted webinar and panel discussion on September 2, Harvey Law Group foreign registered lawyer Amelia... 

Thebe Investment Corp welcomes new group FD

By: Simone Liedtke     1st September 2020 Grathel Motau has been appointed Thebe Investment Corporation’s group FD, effective September 1. She will also serve as an executive director on the Thebe board. 

Thebe Investment Corp welcomes new group FD
Grathel Motau

FNB cuts the carbon footprint of its branches by 50% over five years

By: Donna Slater     1st September 2020 After the adoption of carbon-cutting measures to drive energy efficiency across a network of more than 600 branches in South Africa, financial services provider First National Bank (FNB) FNB has reduced the carbon dioxide (CO2) footprint in its branches by nearly 50% over a period of five years.... 

SmartCover to ensure partial payment of life insurance within 48 hours

By: Schalk Burger     28th August 2020 Fiduciary technology company and online wills platform owner CliqTech and financial services provider Fedgroup Life have launched its SmartCover life insurance product, which will ensure beneficiaries receive at least partial payment of insurance within 48 hours of a claim being submitted. This... 

Digital finance can deliver long-term financing of SDGs, UN report says

By: Tasneem Bulbulia     26th August 2020 The unprecedented social and economic crisis caused by the Covid-19 pandemic has put a spotlight on the role of digital finance in providing relief for millions around the world, supporting businesses and protecting jobs and livelihoods. While the pandemic demonstrates the immediate benefits of... 

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