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Financial News

Labour court to rule tomorrow whether bank strike can go ahead

By: News24Wire 25th September 2019 The labour court will on Thursday rule on whether the banking union Sasbo can go ahead with what could be the biggest banking strike in 99 years. Sasbo plans to hold nationwide protest action on Friday September 27. It says as many as 50 000 workers have indicated that they will take part in... →

Banks still net job creators says industry body as strike looms

By: News24Wire 25th September 2019 As banking workers prepare for the biggest strike to protect jobs in decades, South Africa's big banks say they remain net job creators. The Banking Association of South Africa said South Africa’s six largest banks had 152 441 employees in 2018, some 4000 more than the total of 148 500 employees... →

Court can stop bank strike on Wednesday

By: News24Wire 23rd September 2019 A planned protest by workers in the banking sector could be stopped if the labour court rules in favour of employers who want to interdict the strike. Banking union Sasbo plans to hold nationwide protest action on Friday September 27. It says as many as 50 000 workers have indicated that they... →

'Make sure you have enough money on Thursday.' Union issues warning ahead of bank strike

By: News24Wire 23rd September 2019 As much as 50 000 workers in the banking sector will be protesting against retrenchments on Friday, making it difficult for consumers to transact, according to the finance union spokesperson. Sasbo general secretary Joe Kokela said that the protest action has been planned since June and there is... →

Sars warns Friday's banking strike may cause disruption

By: News24Wire 23rd September 2019 The South African Revenue Service has warned that a strike in the banking sector, planned for Friday 27 September, may cause disruption. In a statement, Sars warned that the “anticipated protest action” may impact tax payment and refund transactions. Sars said that the banks have informed it of a... →

Land Bank posts healthy results for agriculture sector, despite difficult times

By: Schalk Burger 13th September 2019 State-owned development finance institution the Land and Agricultural Development Bank of South Africa (Land Bank) grew its transformational loans to R7.9-billion and maintained a strong balance sheet in the 2018/19 financial year, despite challenging conditions in the agricultural sector, Land... →

HSBC appoints Julian Wentzel Global Banking UK head

By: Marleny Arnoldi 12th September 2019 Financial services organisation HSBC has appointed South African Julian Wentzel as head of its Global Banking UK and International Europe business units. The newly created role will see Wentzel leading HSBC corporate banking and corporate finance from a global platform. →

Discovery Health CEO Jonathan Broomberg unpacks the NHI

6th September 2019 The recent iteration of the National Health Insurance (NHI) has caused significant panic in the healthcare sector with Discovery's share price severely impacted following the tabling of the proposed NHI plans in parliament. Discovery Health CEO Jonathan Broomberg unpacks what the proposed NHI... →

Discovery Health CEO Jonathan Broomberg unpacks the NHI. (Camera: Kutlwano Matlala. Editing: Nicholas Boyd)

Land Bank posts healthy results during difficult times in agriculture sector

By: Schalk Burger 2nd September 2019 State-owned development finance institution (DFI), the Land and Agricultural Development Bank of South Africa (Land Bank), grew its transformational loans to R7.9-billion in the 2018/19 financial year. Transformational loans as a percentage of the total loan book increased from 12% in 2017/18 to... →

Workshop to assist with infrastructure project preparation

By: Simone Liedtke 27th August 2019 The Infrastructure Development and Engagement Unit (ID&EU) at the Nelson Mandela University’s Faculties of Engineering and Business Sciences will host its inaugural Infrastructure Project Preparation for Bankability Workshop on November 21 and 22. The ID&EU aims to drive infrastructure... →

SARB launches fintech competition

By: Tasneem Bulbulia 23rd August 2019 The South African Reserve Bank (SARB) on Thursday launched the 2019 Global Fintech Hackcelerator @ Southern Africa competition and called on fintech firms to submit their innovative and sustainable solutions to challenges identified within the financial services industry. Applications will close... →

Land Bank funding model needs work

By: Tasneem Bulbulia 20th August 2019 While the Land Bank’s mandate is good in its current form, its funding model needs work if it is to provide adequate funding for black business in the agricultural sector, Land Bank strategy and communications executive manager Sydney Soundy said during a Black Business Council (BBC) roundtable... →

Sars can transform IT integration alongside private sector

By: Schalk Burger 16th August 2019 Local small business digital accounting company Osidon’s smart, automated systems cannot integrate with those of the South African Revenue Service (Sars), but while Sars is yet to upgrade its integration systems, partnering with the private sector can help it to spend less than the estimated... →

HENNIE FERREIRA The accounting profession is changing with the introduction of new technologies and accountants will take on more strategic and advisory roles

TymeBank appoints Tauriq Keraan CEO

By: Marleny Arnoldi 7th August 2019 Digital bank TymeBank has appointed Tauriq Keraan CEO, effective immediately. He succeeds Sandile Shabalala, who resigned in June for personal reasons. →

TymeBank CEO Tauriq Keraan

Ethos concludes investment into South African analytics firm

By: Tasneem Bulbulia 5th August 2019 Following the successful delisting of Torre Industries from the JSE in April and further to the delisting plan, the business was successfully separated into two autonomous entities. Torre Analytical Services was acquired by Ethos Mid Market Fund and Torre Industrial by Apex Partners. →

Synerlytic CEO Jon Hillary and Ethos Mid-Market Fund Managing Partner Edward Pitsi detail the fund’s acquisition of Synerlytic

Boardroom brawl at South Africa insurer pits Manuel against Moyo

By: Bloomberg 1st August 2019 The nastiest boardroom bust-up in recent South African-corporate history has left the chairman and CEO of the nation’s oldest insurer with bloodied noses. Neither one is backing down. Nor would they, it’s not in their character. But their fight is now hurting the reputation of Old Mutual, a... →

Nigeria's central bank awards financial services licence to MTN subsidiary

By: Reuters 30th July 2019 A subsidiary of MTN Nigeria has been awarded a licence by the country's central bank that would allow it to provide financial services, the telecoms firm said on Monday. Nigeria announced last year that it would allow telecom companies to provide banking services, aiming to give millions of... →

Peer-to-peer payment platform grows amid changing transactional habits

By: Natasha Odendaal 26th July 2019 As South African consumers’ appetite for a cashless society steadily escalates, Virgin Money’s seamless integrated bank agnostic peer-to-peer payment platform Spot is experiencing its own growth. The rising cost of cash withdrawals, an increasing requirement for safety and security and a growing... →

Monetary policy alone will not solve South Africa’s economic challenges

By: Tasneem Bulbulia 25th July 2019 South Africa’s economic growth challenges cannot be solved by monetary policy alone, but require contributions from government and society, South African Reserve Bank (SARB) governor Lesetja Kganyago said this week. Kganyago was speaking at a public lecture held at Unisa’s campus, in Pretoria,... →

Think-tank attacks SAX for failing to provide requested information

By: Rebecca Campbell 19th July 2019 The Free Market Foundation (FMF) think-tank has accused State-owned regional airline SA Express (SAX) of breaking the law by not responding to a request for information under the Promotion of Access to Information Act (PAIA). The FMF made a PAIA request to SAX on May 31 regarding the troubled... →

Federation committed to small business growth

By: Mamaili Mamaila 19th July 2019 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) Small Business Hub (SBH) was created specifically to address the needs of small, medium-sized and microenterprises (SMMEs) in Southern Africa to contribute to economic growth and job creation. →

TECHNICAL SKILLS Seifsa’s training ensures that people in the metals and engineering sector become technically skilled individuals so that they can create products of high quality for the industry

Nzimande promises R1bn in bursaries to poor students

By: African News Agency 12th July 2019 The national bursary scheme for students from families earning up to R350 000 a year will see R102.4-billion disbursed over the next three years, Higher Education, Science and Technology Minister Blade Nzimande said on Friday. →

Higher Education, Science and Technology Minister Blade Nzimande

Think-tank attacks State-owned regional airline for 'showing contempt for the law'

By: Rebecca Campbell 9th July 2019 The Free Market Foundation (FMF) think-tank has accused State-owned regional airline SA Express (SAX) of breaking the law by not responding to a request for information under the Promotion of Access to Information Act (PAIA). The FMF made a PAIA request to SAX on May 31 regarding the troubled... →

Photo by SA Express
A Bombardier CRJ700 regional jet in SA Express colours

South African Mint features ‘environmental rights’ with new R2 release

By: Tasneem Bulbulia 8th July 2019 The South African Mint, a wholly owned subsidiary of the South African Reserve Bank (SARB), on Monday released into circulation a new R2 commemorative circulation coin themed ‘Environmental Rights’ as part of its coin programme launched last month to commemorate 25 years of South Africa’s... →

Environmental Rights coin

Mminele retires as SARB deputy governor

By: Tasneem Bulbulia 27th June 2019 South African Reserve Bank deputy governor Daniel Mminele will retire when his second five-year term expires on June 30. Mminele has advised President Cyril Ramaphosa and SARB board of his decision not to serve another term. Mminele leaves the SARB after almost 20 years of service. →

Photo by Bloomberg
Daniel Mminele

Prescribed assets not feasible for benefit funds – Alexander Forbes

By: Tasneem Bulbulia 25th June 2019 Alexander Forbes Investments says the proposed introduction of a prescription requiring investors to invest into specified assets is inefficient and will not result in efficient allocation of capital, but will rather lead to suboptimal investment outcomes. This was the key message expounded at... →

Standard Bank launches Africa China Agent Proposition in South Africa

By: Tasneem Bulbulia 21st June 2019 Standard Bank on Friday launched its Africa China Agent Proposition (ACAP), which connects African importers and Chinese exporters and facilitates trade financing and payments and collections that support Africa–China trade flow, in South Africa. →

Airbus signs amended contract with launch customers for A400M airlifter

By: Rebecca Campbell 14th June 2019 The Airbus group announced in Amsterdam on Friday that it had signed an amendment to its contract with OCCAR (the French acronym for the Organisation for Joint Armament Cooperation) for the A400M military airlift aircraft. The OCCAR member states are Belgium, France, Germany, Italy, Spain and the... →

Photo by Airbus
An Airbus A400M

Ethos Al Fund invests R200-million into TymeBank

By: Tasneem Bulbulia 10th June 2019 Empowerment investment holding company African Rainbow Capital (ARC) and alternative asset manager Ethos Private Equity have jointly announced an investment of R200-million by the Ethos Artificial Intelligence (AI) Fund and co-investors – jointly referred to as the Ethos Al Fund – in recently... →

Steinhoff, Tongaat woes raise South African auditor scrutiny

By: Bloomberg 10th June 2019 Steinhoff International’s financial scandal and sugar maker Tongaat Hulett’s admission it may need to restate results is spurring South African auditors to weigh tougher measures for the profession. While auditors are expected to reassure the public that the financial statements they have signed... →

Brazilian VP says Brics should focus on economics, not politics

By: Rebecca Campbell 3rd June 2019 In comments made in Beijing on May 24, which appear not to have been much, if at all, reported outside his home country, Brazilian Vice-President Hamilton Mourão called on the Brazil, Russia, India, China, South Africa (Brics) alignment to switch away from political issues and focus instead on... →

Standard Bank shareholders vote for disclosure on lending to coal projects

By: Tasneem Bulbulia 31st May 2019 In a first for South Africa, climate-conscious shareholders of Standard Bank have compelled the bank to adopt and publicly disclose a policy on lending to coal-fired power projects and coal mining operations. Fifty-five per cent of shareholders in attendance at the bank’s annual general meeting... →

Digital accounting service to help startups, small businesses

By: Schalk Burger 31st May 2019 A digital accountant service was designed to help startups and small businesses manage their daily operations, tax and registration matters, which also change as they grow, says digital accountant company Osidon co-founder and CEO Hennie Ferreira. The Osidon service comprises an automated... →

HENNIE FERREIRA The automated service writes financial data to compliance and accounting documents based on regulations and client needs

Barometer aims to effect employee-centred benefits

By: Tasneem Bulbulia 30th May 2019 To create financial wellbeing for individuals and their families, it must be contextualised in an environment where a primary focus is placed on creating both a wellbeing economy and a wellbeing corporation, Alexander Forbes says. Its ‘Benefits Barometer 2018’ report, which was released on... →

Motsepe's African Rainbow Capital launches new long-term insurance company

By: African News Agency 30th May 2019 Patrice Motsepe's financial services group African Rainbow Capital on Thursday launched an insurance subsidiary, African Rainbow Life, earmarked for a sector that has traditionally been under-serviced. African Rainbow Life will focus on long-term insurance products including life cover, savings,... →

New listing approved for pharmaceuticals giant

24th May 2019 Global multinational specialty pharmaceuticals company Aspen Pharmacare Holdings Limited announced that the company has been approved for a secondary listing on stock exchange facilitator A2X Markets with effect from April 1, 2019. “We continually strive to identify ways to increase value for our... →

GENERIC GENIUS Through Aspen’s research and development, a cheaper more attainable generic anti-retroviral treatment is available globally

Retirement fund industry urged to invest in cybersecurity

By: Tasneem Bulbulia 21st May 2019 Given the increasing threat of cybercrime globally, Sanlam corporate sales and marketing CE Viresh Maharaj has warned the local retirement fund industry to give careful consideration to its cybersecurity. Speaking at a pre-briefing session outlining the contents that will be unlocked at the... →

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