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Financial News

AfDB launches programmes to bolster Africa's food security

By: Donna Slater     9th June 2020 The African Development Bank (AfDB) has unveiled a strategic roadmap of projects and programmes to assist African countries in tackling the nutrition and food security aspects of the Covid-19 crisis. The Feed Africa Response to Covid-19 (Farec) paves the way for a comprehensive intervention to... 

AfDB debars contractor after uncovering sanctionable practices

By: Donna Slater     8th June 2020 Pursuant to a settlement agreement, the African Development Bank (AfDB) Group on June 8 debarred Scandinavian contractor Burmeister & Wain for a period of 21 months, for engaging in sanctionable practices in a power generation project financed by the AfDB in Mauritius. The bank stated that an... 

Solidarity Fund flies in essential PPE for frontline healthcare workers

By: Donna Slater     8th June 2020 The Solidarity Fund has taken delivery of a consignment of personal protective equipment (PPE) as part of its health and humanitarian intervention to provide much-needed PPE for frontline healthworkers. The consignment, received on June 6, includes gowns and N95 respirator masks, and takes the... 

Ascendis Health concludes agreements to refinance debt

By: Donna Slater     8th June 2020 Following health and wellness company Ascendis Health’s decision to further extend an interim stability agreement and find a more permanent structure for its existing debt facilities through its lender consortium, the company has, as of June 8, concluded agreements with its lender consortium to... 

SA banks ready to assist distressed businesses amid Covid-19 pandemic

By: Sane Dhlamini     3rd June 2020 Global law firm DLA Piper, which has advised the Banking Association South Africa and South Africa’s biggest banks on the country’s loan guarantee scheme, has announced that the banks are ready to receive loan applications from businesses impacted by the coronavirus. The loan scheme, which was... 

SA banks ready to assist distressed businesses amid Covid-19 pandemic

Bidvest warns of lower earnings amid Covid-19

By: Donna Slater     1st June 2020 Services, trading and distribution group, the Bidvest Group, expects its headline earnings a share and earnings a share for the financial year to June 30 to be more than 20% lower year-on-year, as a result of the impact of Covid-19 on some of its businesses. While trading profit has been... 

Production capacity rises in May but to remain subdued until demand grows

By: Donna Slater     1st June 2020 Having plunged to an all-time low of 5.1 index points in April, financial services provider Absa’s Purchasing Manager’s Index (PMI) survey rose sharply to 43.2 index points in May, propelled by many factories returning to production in May when South Africa went into Alert Level 4, the bank... 

Ramaphosa tables support for 2yr debt standstill for African countries

By: Donna Slater     29th May 2020 Addressing members of the African Union (AU) on development financing for developing countries in the era of Covid-19, chairperson and South African President Cyril Ramaphosa said Africa was encouraged by the collaboration of the Group of 20 economies, the Bretton Woods institutions and the... 

BBC, Treasury discuss how to enhance impact of R200bn loan guarantee scheme

By: Donna Slater     29th May 2020 Black professional, business associations and chambers confederation, the Black Business Council (BBC), led by its president Sandile Zungu, and the National Treasury, led by the Deputy Finance Minister Dr David Masondo, met recently to consider ways to enhance the R200-billion loan guarantee... 

Sithole appointed PIC chief

By: Marleny Arnoldi     27th May 2020 The Ministry of Finance on May 27 announced that Cabinet had approved its recommendation of appointing Abel Moffat Sithole as CEO and nonexecutive director of the Public Investment Corporation (PIC), for a period of five years. Sithole is currently the principal executive officer of the... 

UIF apologises for delay in capturing May claims

By: Simone Liedtke     27th May 2020 The Unemployment Insurance Fund (UIF) has apologised for the break in its network which has affected plans to capture the May Covid-19 Temporary Employer-Employee Relief Scheme (TERS) online applications. The system, which has been undergoing test runs since last week, was scheduled to go live on... 

First window of SMME debt relief financing scheme closing

By: Tasneem Bulbulia     22nd May 2020 The first window of the Department of Small Business Development's (DSBD's) Small, Medium-sized and Microenterprise (SMME) Debt Relief Financing Scheme will close soon. The scheme was initially allocated an amount of R200-million, which was later increased to R500-million, when the department... 

CFOs in Africa take steps to provide safe working environments for their employees

By: Donna Slater     21st May 2020 As governments in Africa ease lockdown restrictions and reopen local economies, CFOs are focusing on plans to provide a safe working environment for their employees and ensure that this safety can be sustained throughout the Covid-19 crisis and recovery. This deduction comes from the latest 'the... 

CFOs in Africa take steps to provide safe working environments for their employees
Photo by Creamer Media's Donna Slater
PwC Africa CEO Dion Shango

IDC CFO Dlamini resigns

By: Donna Slater     18th May 2020 Nonkululeko Dlamini has resigned as CFO of the Industrial Development Corporation (IDC). She will serve out her notice period until July.  

FNB pays out R100m worth of credit insurance claims by June

By: Marleny Arnoldi     18th May 2020 First National Bank (FNB) expects to pay out about R100-million worth of credit life insurance claims by June, for customers whose finances have been negatively impacted by Covid-19. The insurance provider division of FNB, FNB Life, previously announced relief measures for customers including... 

FNB pays out R100m worth of credit insurance claims by June

Kibo shareholders to vote on reorganisation of share capital as Covid-19 disrupts operations

By: Donna Slater     15th May 2020 Owing to the adverse impact of the Covid-19 pandemic on international business and the uncertainty surrounding the global economic outlook, Africa-focused energy company Kibo Energy is re-evaluating its business plans, partly involving the potential reorganisation of its share capital. The share... 

Prosperity Fund’s cities programme responds to Covid-19 crisis in South Africa

By: Tasneem Bulbulia     13th May 2020 In response to the Covid-19 outbreak, the British High Commission, through the Future Cities programme, will be delivering additional support to its partner municipalities. The Global Future Cities Programme launched in South Africa earlier this year to the value of up to R180-million, as part of... 

Absa invests in A2X

By: Tasneem Bulbulia     13th May 2020 Financial services provider Absa has become the first major South African bank to invest in start-up stock exchange A2X Markets, which began trading in October 2017. Absa, a diversified financial services group with a presence in 12 countries in Africa, participated in the capital raise launched... 

Govt avails more than R5bn in support to municipalities

By: Simone Liedtke     12th May 2020 National government has made more than R5-billion available in support to municipalities to assist them in responding to the Covid-19 pandemic in the 2019/20 municipal financial year. The support is assisting municipalities to provide additional access to basic services for vulnerable communities... 

Govt avails more than R5bn in support to municipalities
Photo by Creamer Media's Donna Slater
Finance Minister Tito Mboweni

Covid-19 loan guarantee scheme now operational

By: Tasneem Bulbulia     12th May 2020 The Covid-19 loan guarantee scheme announced by President Cyril Ramaphosa in April is operational as of May 12.  The initial set of participating banks − Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank − are ready to accept loan applications from distressed... 

Two companies partner to provide micro health insurance to informal traders in Kenya

By: Rebecca Campbell     12th May 2020 Kenya- and Uganda-focused fintech 4G Capital Group (4G) has announced a partnership with ‘insurtech’ company Turaco, which operates in the same two countries, to provide affordable micro health insurance to 4G’s 104 000 customers in Kenya. Most of the fintech’s clients are informal sector... 

Nedbank tables climate risk resolutions for May 22 shareholder meeting

By: Marleny Arnoldi     12th May 2020 In a first for a South African company, Nedbank’s board has tabled its own shareholder resolution on climate risk. Nedbank is also the first and only South African financial institution that has completely excluded the financing of new coal-fired power plants, says nonprofit responsible... 

Little insurance cover for Covid-19 impact on business

By: Schalk Burger     12th May 2020 Companies should seek professional advice on whether they are entitled to any insurance benefits against the consequences of the state of disaster declared in response to Covid-19, says legal firm Knowles Husain Lindsay director Nicholas Taitz. The reality is that most commercial policies issued... 

Recession expected to have severe impact on tenant payment performance

By: Simone Liedtke     11th May 2020 Financial services provider First National Bank (FNB) expects “a very significant” deterioration in residential rental tenant payment performance for this year, with a recession more severe than that of 2008/9 expected for this year. While the tenant performance deterioration in response to an... 

TERS payments reach R9.47bn 

By: Donna Slater     8th May 2020 The Department of Employment and Labour reports that, as at May 8, the Unemployment Insurance Fund (UIF), had disbursed about R9.47-billion through the Covid-19 Temporary Employer/Employee Relief Scheme (TERS), benefitting 1.94-million workers. Employment and Labour Minister Thulas Nxesi says... 

Nxesi urges employers to pay staff UIF funds

By: Donna Slater     7th May 2020 Employment and Labour Minister Thulas Nxesi has urged employers to disburse Covid-19 Temporary Employer/Employee Relief Scheme (TERS) funds paid to them by the Unemployment Insurance Fund (UIF). This comes after the Minister received numerous complaints from workers who alleged that their... 

FNB, WesBank approves payment breaks on over 500 000 credit agreements

By: Simone Liedtke     6th May 2020 Finance services provider FNB and its subsidiary WesBank have approved payment breaks on more than 500 000 credit agreements for nearly 150 000 individual and business customers since April 1. The relief includes payment breaks and/or credit insurance assistance in excess of R4.3-billion to help... 

FNB, WesBank approves payment breaks on over 500 000 credit agreements
FNB CEO Jacques Celliers

African leaders laud AfDB president’s leadership amid Covid-19 crisis

By: Tasneem Bulbulia     6th May 2020 South African President and African Union chairperson Cyril Ramaphosa and Nobel peace laureate and former Liberian President Ellen Johnson Sirleaf have commended African Development Bank (AfDB) president Akinwumi Adesina for his “visionary leadership and bold initiatives to accelerate Africa’s... 

Africa50 aids Covid-19 fight in three phases

By: Marleny Arnoldi     5th May 2020 Infrastructure investment platform Africa50 has granted $300 000 to the Africa Centres for Disease Control and Prevention (Africa CDC) for it to buy test kits and other medical equipment, as well as to mobilise frontline responders. Africa50 also provided $500 000 to fund other targeted... 

Bridge Taxi Finance raises funds to support taxi industry, imports 650 ambulances

By: Donna Slater     4th May 2020 Minibus taxi financier Bridge Taxi Finance has raised more than R280-million as part of a R1-billion fundraising programme to enable it to continue to finance taxis for use by the South African taxi industry. Bridge Taxi Finance provides credit facilities to South African entrepreneurs in the... 

Stanlib launches Khanyisa Impact Investment Fund

By: Donna Slater     30th April 2020 Investment manager Stanlib Credit Alternatives has launched the Stanlib Khanyisa Impact Investment Fund, which will pursue investment opportunities in areas that support South Africa’s economic development. The fund was launched on April 30 using a live virtual stream headlined by two renowned... 

Momentum warns against ending life insurance, tapping into retirement savings during Covid-19 crisis

By: Donna Slater     30th April 2020 The impact on people’s lives and finances from the spread of Covid-19 is putting strain on conventional long-term savings and life insurance policies, with many having been laid off, paid only a portion of their usual salaries or temporarily being absent from work without pay. This is resulting... 

Momentum warns against ending life insurance, tapping into retirement savings during Covid-19 crisis
Blessing Utete

AfDB hosts successful online business opportunity seminar

By: Marleny Arnoldi     30th April 2020 The African Development Bank (AfDB) on April 28 hosted the first of its two business opportunity seminars for the year. The seminar provided information to potential partners and contractors on the bank’s strategic priorities and procurement procedures.  

Intellidex now expects 10.6% contraction in South Africa's GDP 

By: Simone Liedtke     29th April 2020 Financial consultancy Intellidex has revised its gross domestic product (GDP) outlook for South Africa for this year to a contraction of 10.6%, adding that about 1.7-million jobs could be lost owing to the Covid-19 pandemic and subsequent lockdown and phasing out of restrictions. In a webinar on... 

Long-term growth thinking, planning critical now for banks and public sector

By: Marleny Arnoldi     23rd April 2020 University of Stellenbosch Business School (USB) says South Africa will not see a sharp and quick economic bounce back that many are hoping for, but will rather see a 12- to 24-month gradual recovery with the added complexity of managing a rebuild and growth plan that, in turn, spans up to eight... 

Labour dept making good progress on Covid-19 TERS payments

By: Tasneem Bulbulia     23rd April 2020 The Department of Employment and Labour has ramped up its payment of Covid-19 Temporary Employer/Employee Relief Scheme (TERS), as well as normal benefits, to ensure workers are not inconvenienced during the lockdown. On April 22, the Unemployment Insurance Fund disbursed R92-million, taking the... 

Treasury provides more clarity on additional tax relief measures

By: Simone Liedtke     23rd April 2020 In line with President Cyril Ramaphosa’s address to the nation on April 21, Finance Minister Tito Mboweni has provided more detail on the second set of tax measures aimed at assisting individuals and businesses through the pandemic. The statement from the National Treasury states that it... 

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