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Financial News

Market research shows growth in lift and escalator industries

23rd September 2016 The global lift and escalator market was valued at $86-billion in 2012 and is expected to grow steadily from 2016 to 2020 spurred by robust demand from Asia, according to a report released last month by market research company Research and Markets. →

Digital services offering stimulus to wealth management industry

By: Schalk Burger 23rd September 2016 The wealth management industry is ideally positioned to leverage and scale up using digital technology to improve efficiency and responsiveness, despite only 25% of wealth management firms globally offering more than email access to clients. When this is compared with the average... →

DBSA aims to ‘catalyse’ funding to poor munis as it sets R100bn funding goal

By: Terence Creamer 22nd September 2016 The Development Bank of Southern Africa (DBSA) disbursed a record R17.1-billion during its 2016 financial year, up from R13-billion in 2015, with disbursements to the country’s eight metropolitan councils (metros) surging to R7.5-billion from R3.7-billion. CEO Patrick Dlamini said a total of... →

Photo by Duane Daws
Finance Minister Pravin Gordhan and DBSA CEO Patrick Dlamini

Government still struggling to honour 30-day payment promise

By: Mia Breytenbach 16th September 2016 While there has been a consistent improvement in the setting up of systems to enable government institutions to pay suppliers and service providers within 30 days, the pace of the improvement is still inadequate, states Minister in the Presidency for Planning, Monitoring and Evaluation Jeff... →

SA legal firms soon to play more of a role in Africa business disputes with adoption of arbitration Bill

By: Donna Slater 16th September 2016 There are about 157 countries which have adopted the Model Law, thereby recognising international arbitration agreements and enforcing international arbitration awards. →

LEGAL OPINION
Clyde & Co partners Beth Cubitt and Rob Scott say the soon-to-be introduced Uncitral Law will transform the local legislative environment and curb arbitration case highjacking

Clyde and Co tells Engineering News about a new arbitration bill. Video courtesy of Shaun Smith.

Cabinet caught unawares by Zwane’s announcement on banks

By: News24Wire 15th September 2016 Fellow Cabinet members were not forewarned of Mineral Resources Minister Mosebenzi Zwane’s announcement of a judicial inquiry into banks and read about it in the media, Cabinet spokesperson and Presidency Minister Jeff Radebe said on Thursday. “No, I also like all of you read it in the... →

Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Deal to boost access to finance for Côte d’Ivoire smallholder farmers

By: Mia Breytenbach 9th September 2016 The International Finance Corporation (IFC), a member of the World Bank Group, chocolate producer Barry Callebaut and the Netherlands Sustainable Trade Initiative (IDH) have announced a $9-million risk-sharing agreement to help up to 100 000 smallholder cocoa farmers in Côte d’Ivoire to access... →

NECESSARY GROWTH
The $9-million risk-sharing agreement is aimed at helping smallholder cocoa farmers to access the credit needed to grow production and earnings

Photo by Bloomberg
NECESSARY GROWTH The $9-million risk-sharing agreement is aimed at helping smallholder cocoa farmers to access the credit needed to grow production and earnings

Old Mutual to increase agriculture, real estate investment through Nigerian partnership

By: Mia Breytenbach 9th September 2016 Asset management group Old Mutual Investment Group (OMIG) plans to expand its commercial real estate and agriculture footprints in Africa through a partnership with wealth fund the Nigerian Sovereign Investment Authority (NSIA). The partnership, signed in Abuja, Nigeria, last month, will allow... →

GROWING OPPORTUNITY
The aim of the agriculture investment agreement is to improve Nigeria’s food security and promote rural economic development

Photo by Bloomberg
GROWING OPPORTUNITY The aim of the agriculture investment agreement is to improve Nigeria’s food security and promote rural economic development

Risk of malfunctioning algorithms leads to calls for new AI regulation

By: Schalk Burger 9th September 2016 Although artificial intelligence (AI) is set to improve financial institutions' risk management, credit provision, asset management, trading and hedge funds, certain risks will remain, says multinational law firm Baker & McKenzie Banking and Finance partner Chris Hogan. These risks include... →

Despite payment interventions, 'much to be done' to improve 30-day payments to suppliers – Radebe

By: Mia Breytenbach 6th September 2016 While there has been a consistent improvement in the setting up of systems to enable government institutions to pay suppliers and service providers within 30 days, the pace of the improvement is still inadequate, states Minister Jeff Radebe. “We are the first to concede that much is [still] to be... →

Minister in the Presidency Jeff Radebe

Egyptian petrochemicals complex expected 2021

2nd September 2016 Egyptian petrochemicals company Carbon Holding's proposed Tahrir Petrochemicals Complex is to be located within the Ain Sokhna industrial zone, near the Gulf of Suez. Major contracts for the project have been awarded, with the construction work expected to start later this year and commissioning... →

SUNRISE INDUSTRY While the oil industry in other parts of the globe is stagnating the World Bank believes there is still potential in Africa's oil industry

Phase 1 of refinery expansion project to be completed this year

2nd September 2016 The Cameroonian government is planning to complete the first phase of the expansion and modernisation works at national refinery company Sonara’s refinery later this year, which will lead to an increase in production. According to local media, the refinery – the only one in the country – has been... →

DOGGED DEVELOPMENT The Sonara refinery has been in the process of expanding and modernising its equipment since 2013

Supplier development programme launched for black businesses

2nd September 2016 Oil refining company Chevron Corporation’s local subsidiary Chevron South Africa (SA) – which markets its fuel under the Caltex brand – last month announced a new enterprise and supplier development (E&SD) programme aimed at improving access to its value chain for black-owned businesses. The... →

CHEVRON OIL REFINERY The refinery produces petrol, diesel, jet fuel, liquefied petroleum gas and other specialty products for South Africa

Blockchain technology can improve multistakeholder process integrity

By: Schalk Burger 12th August 2016 The blockchain technology promises to improve the integrity and transparency of a variety of process and workflows in industry and commerce, says Wipro global treasury and payments services executive business advisor Mary Ann Francis. Blockchain is a method that relies on stakeholders having... →

Private-equity firm aims to raise R2bn through listing of unit

By: Mia Breytenbach 5th August 2016 Ethos Capital has received about R1.1-billion from investors, including investment adviser Ethos Private Equity (EPE), following its intention to list its issued A ordinary share capital on the main board of the JSE. The listing, scheduled for this week, is subject to market conditions and the... →

Photo by Duane Daws
DIVERSIFIED STRATEGY Ethos is listing as an investment entity in the ‘Financials – Speciality Finance’ sector of the JSE

Ethos to list on JSE main board, aims to raise up to R2bn

By: Mia Breytenbach 18th July 2016 Ethos Capital intends to list its issued A ordinary share capital on the main board of the JSE. The listing would be subject to market conditions and the requisite approvals by the JSE. Rand Merchant Bank, a division of First Rand Bank, is acting as the financial adviser, sole global coordinator,... →

Imperial acquires 70% of Sasfin Premier Logistics to create trade expert

By: Irma Venter 12th July 2016 The Imperial group said on Tuesday that it had entered into an agreement with Sasfin to acquire 70% of Sasfin Premier Logistics, a wholly owned subsidiary of Sasfin. Sasfin Premier Logistics would be renamed Imperial Sasfin Logistics. →

France, Switzerland to finance small-scale green energy projects in South Africa

By: Donna Slater 24th June 2016 An agreement to finance a technical assistance programme to assist banks in financing small scale renewable energy and energy efficiency projects in South Africa was signed on May 26 by the French Agency for Development (AFD) and the State Secretariat for Economic Affairs of Switzerland (Seco). →

Rockwell Automation in BEE deal, moves to new offices

By: Donna Slater 24th June 2016 Industrial automation and information company Rockwell Automation has expanded its presence in South Africa with the opening of its new offices in Randburg, in Johannesburg, on June 8. →

South African problems pose difficulties for German companies

By: Simon Sonnekus 17th June 2016 German companies aiming to enter the South African market in the near future will face several adversities, including visa regulations, a weakening currency and stringent regulations, says the Southern African–German Chamber of Commerce and Industry (SAGCC). Germany, South Africa’s biggest... →

World our oyster, says Bidcorp CEO after unbundling and listing

By: Mia Breytenbach 10th June 2016 Following the listing on the Johannesburg Stock Exchange (JSE) of international broad-line foodservice group Bid Corporation Limited (Bidcorp), which houses the international and local foodservice operations and assets unbundled from Bidvest Group Limited, at the end of last month, Bidcorp CEO... →

INVESTMENT INROAD
There are currently eight companies in the Johannesburg Stock Exchange food retailers and wholesaler sector with a market cap of about R220-billion

Photo by Duane Daws
INVESTMENT INROAD There are currently eight companies in the Johannesburg Stock Exchange food retailers and wholesaler sector with a market cap of about R220-billion

Bank showcases new modular branch design

By: David Oliveira 3rd June 2016 First National Bank’s (FNB’s) new modular branch design, which was piloted at the newly opened Mall of Africa, cost about 30% less than traditional designs, FNB innovation head Yolande Steyn said at the company’s innovation media breakfast, in Sandton, last month. The new branch design was not... →

South Africa must grow its small business community – economist

By: Ilan Solomons 31st May 2016 It is impossible for South Africa to be economically successful without a much bigger, more vibrant small business community. It is an area of the economy that has huge potential to create many much-needed job opportunities, financial services provider Stanlib economist Kevin Lings told attendees... →

Stanlib economist Kevin Lings discusses the importance of the small business sector to the future of the South African economy. Video and editing: Darlene Creamer 31.5.2016

Bidcorp lists on JSE, creates platform for growth

By: Mia Breytenbach 30th May 2016 International broad-line foodservice group Bid Corporation Limited (Bidcorp), which houses the international and local foodservice operations and assets unbundled from Bidvest Group Limited, has listed on the Johannesburg Stock Exchange (JSE) in an attempt to facilitate future growth. Speaking at... →

Bid Corporation CEO Bernard Berson discusses Bidcorp's listing and outlook for the company in the current global economic climate. Cameraperson: Nicholas Boyd. Editing: Lionel da Silva

To regain FDI ranking, South Africa must ‘rebuild trust’ with investors

By: Terence Creamer 20th May 2016 South Africa’s absence – for the second year running – from the top 25 countries listed in AT Kearney’s annual foreign direct investment (FDI) confidence index is suggestive of heightened investor concern about perceived political, policy and regulatory instability. Africa region head Wim... →

FNB highlights innovations successes at media breakfast

By: David Oliveira 12th May 2016 First National Bank’s (FNB’s) new modular branch design, which was piloted at the newly opened Mall of Africa, cost about 30% less than traditional designs, FNB innovation head Yolande Steyn said at the company’s innovation media breakfast, in Sandton, on Thursday. The new branch design was not... →

JACQUES CELLIERS

New infrastructure project development approach needed to address African infrastructure gap

By: David Oliveira 10th May 2016 An alternative approach to infrastructure project development in Africa would be needed to address the significant infrastructure gap on the continent, International Finance Corporation (IFC) infrastructure and natural resources global director Sujoy Bose told delegates at the africainvestor (Ai)... →

Africa’s 2015/16 growth projections will be difficult to meet

By: David Oliveira 6th May 2016 Following the drop in commodity prices and China’s demand for Africa’s resources, African economies were slumping and gross domestic product growth was stagnating in most of the continent’s emerging markets, said the New Partnership for Africa’s Development, or Nepad, Business Foundation (NBF)... →

Business incubation can play key role in stimulating and sustaining small firms

By: Mia Breytenbach 29th April 2016 One of the key messages to emerge ahead of the review of South Africa’s sovereign credit rating is that the country needs to outline the practical actions it will take to reignite growth, which has more or less petered out in recent years, with few expecting the economy to expand by better than... →

AfDB pledges increased financial support for Mozambique

By: Mia Breytenbach 22nd April 2016 The African Development Bank Group (AfDB) has affirmed its commitment to continue supporting the growing Mozambique economy, particularly regarding the country’s energy, agriculture and infrastructure sectors. Leading a team of senior staff to Maputo earlier this month, AfDB president Akinwumi... →

INVESTMENT NEED
Mozambique is in the process of revitalising its economy, focusing on priority areas, such as agriculture, energy and infrastructure

Photo by Duane Daws
INVESTMENT NEED Mozambique is in the process of revitalising its economy, focusing on priority areas, such as agriculture, energy and infrastructure

Home Affairs aspires to expand e-services, online document applications

By: Mia Breytenbach 22nd April 2016 While the new service of applying online for SmartID cards and passports through the eHome Affairs portal and at major banks in Gauteng will initially cater for people aged between 30 and 35, the Department of Home Affairs (DHA) hopes to extend the system to other age categories and more centres... →

SMART APPLICATION The main objective of the partnership with the banks is to make more centres available at which people can apply for SmartID Cards and passports

Municipal project bankability critical to attracting finance

By: Donna Slater 22nd April 2016 Financial lending to the public sector, namely municipalities, for investment in infrastructure projects requires lenders to investigate and determine the future bankability of such projects and calculate risk in terms of municipalities being able to repay the loans. →

Hulisani says it has R2.5bn project pipeline as it lists on JSE

By: David Oliveira 22nd April 2016 Newly established renewable energy special-purpose acquisition company (Spac) Hulisani listed on the main board of the Johannesburg Stock Exchange (JSE), earlier this month, taking advantage of investor demand for energy assets in South Africa and Africa. Company CEO Mlungelo Zilimbola... →

Banks obliged to ensure that clients abide by the law, says Basa

By: Samantha Herbst 14th April 2016 In an attempt to clarify ongoing speculation following Standard Bank and Nedbank’s move last week to sever ties with the Gupta-linked Oakbay Resources, the Banking Association of South Africa (Basa) on Thursday released a statement to account for the regulatory considerations that all banks... →

CIPC, Nedbank partner to ease registration process for small businesses

By: Anine Kilian 12th April 2016 Nedbank, together with the Companies and Intellectual Property Commission (CIPC) and the Department of Trade and Industry, on Tuesday launched the fully automated CIPC Online Web portal, allowing business owners to register a business and open a business bank account in one process. The service... →

Trade and Industry Minister Dr Rob Davies

Hulisani joins the JSE, leverages demand for energy assets

By: David Oliveira 7th April 2016 Newly established renewable energy special-purpose acquisition (Spac) company Hulisani on Thursday listed on the main board of the Johannesburg Stock Exchange (JSE), taking advantage of investor demand for energy assets in South Africa and Africa. Hulisani CEO Mlungelo Zilimbola highlighted that... →

Hulisani CEO Mlungelo Zilimbola discusses the company's JSE listing and its strategy for the near future. 07.04.2016. Camerawork and videoediting: Nicholas Boyd.

Labour dept to investigate death of employee at KZN company

By: Anine Kilian 5th April 2016 The Department of Labour (DoL) has launched an investigation into an incident at KatzStone Granite and Quartz, in Verulam, KwaZulu-Natal, which resulted in the death of one worker dead and the injury of three others. Details of the incident were scant and remained the subject of an investigation;... →

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