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Financial News

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... 

ICA notes slow progress in Business Interruption claims process ahead of court case

By: Tasneem Bulbulia     26th August 2020 There has been slow progress on the Covid-19 Business Interruption claims process ahead of the September 1 court case, specialist loss adjustment firm Insurance Claims Africa (ICA) noted during a webinar on August 26. The company is representing more than 700 clients in the tourism and... 

Africa Prize selects 2020 finalists ahead of virtual event

By: Tasneem Bulbulia     25th August 2020 A more affordable, effective cervical cancer screening device, a digital platform to help farmers plan and distribute crops, a new way to secure banking through facial recognition, and a tool that monitors the condition of solar photovoltaic (PV) installations are the four innovations selected as... 

AfDB debars four companies involved in alleged fraudulent, collusive practices

By: Tasneem Bulbulia     21st August 2020 Development finance institution, the African Development Bank, has announced the 24-month debarment of Sangtech International Services, Sangar & Associates (Nigeria), Mashad Integrated and Investment Co and Medniza Global Merchants. All four companies are registered in Nigeria. 

Regional integration should be a tool for wealth creation in Africa, says AfDB

By: Tasneem Bulbulia     21st August 2020 The Covid-19 pandemic and its health and economic impacts has forced a global rethink of the current multilateral framework and what it means for the future and, for Africa, Covid-19 has served as a wake-up call in many ways, says African Development Bank (AfDB) regional development VP Khaled... 

Banks have provided voluntary relief on loans worth more than R500bn

By: Marleny Arnoldi     21st August 2020 As at August 9, banks in South Africa have provided voluntary relief on loans with a book value at risk of R537-billion, in efforts to support the South African economy during Covid-19. The Banking Association of South Africa (Basa), which represents all the registered banks and a board... 

Land Bank appoints risk management experts to leadership arsenal

By: Marleny Arnoldi     21st August 2020 The Land and Agricultural Development Bank of South Africa (Land Bank) has appointed Sakhumzi Diza chief risk officer and Dorothy Kobe GM of its treasury department, effective August 17. Diza holds a Masters degree in agricultural economics and has more than 16 years’ experience in banking and... 

DBSA hands over 110 isolation pods as part of Covid-19 response

By: Tasneem Bulbulia     20th August 2020 Development finance institution, the Development Bank of Southern Africa (DBSA), has donated 110 isolation pods to the Eastern Cape Department of Health as part of its Covid-19 humanitarian response. The isolation pods are manufactured in South Africa, to the standards aligned to the clinical... 

Nehawu to strike at National Health Laboratories Service

By: Sane Dhlamini     18th August 2020 The National Education, Health and Allied Workers’ Union is preparing for a strike at the National Health Laboratories Service to amicably resolve a salary dispute dating back to August last year. The decision follows an “unsuccessful meeting” convened yesterday with the management of the NHLS... 

Nehawu to strike at National Health Laboratories Service

PIC appoint acting CIO

By: Donna Slater     7th August 2020 State-owned asset management firm the Public Investment Corporation (PIC) has appointed Sholto Dolamo as acting chief investment officer (CIO) with effect from August 6. He is PIC research and projects development executive head and a member of the PIC executive committee.  

DBSA gears up to fill Covid-induced municipal funding gaps 

By: Terence Creamer     7th August 2020 Development Bank of Southern Africa (DBSA), which recently disbursed loans worth R4.5-billion to two Gauteng metropolitan councils to support ongoing infrastructure delivery amid coronavirus-induced liquidity constraints, reports that it is gearing up to support several other municipalities to... 

DBSA gears up to fill Covid-induced municipal funding gaps
Mohan Vivekanandan

Municipalities, municipal entities receive two-month extension for audit submissions  

By: Simone Liedtke     7th August 2020 Finance Minister Tito Mboweni has issued a Ministerial exemption of the Municipal Finance Management Act, exempting municipalities and municipal entities from submitting their yearly financial statements and related reports for auditing at the end of August. The exemption allows for a two-month... 

Municipalities, municipal entities receive two-month extension for audit submissions
Finance Minister Tito Mboweni

EIB, Afreximbank direct €300m of support to Africa's Covid-19 response 

By: Donna Slater     6th August 2020 The European Investment Bank (EIB), an arm of the European Union, and multilateral trade finance institution, the African Export-Import Bank (Afreximbank), are directing €300-million of financing to support the resilience and recovery of African nations in response to the Covid-19 pandemic. The... 

Covid-19 relief should reach all SMEs, says SAVCA

By: Simone Liedtke     5th August 2020 Small- and medium-sized enterprise (SME) relief was short-lived after President Cyril Ramaphosa announced a R200-billion government Covid-19 loan guarantee scheme in April. The scheme was intended to support businesses with a yearly turnover of less than R300-million, as part of efforts intended... 

Covid-19 relief should reach all SMEs, says SAVCA
SAVCA CEO Tanya van Lill

Absa revises GDP forecast on better-than-expected data

By: Donna Slater     4th August 2020 Based on better-than-expected data arising from the first and second quarters of the year, financial services company Absa has revised down its forecast for the gross domestic product (GDP) contraction this year from 9.7% previously, to 8.3%. However, Absa notes that taking into account the... 

Nedbank inks partnership to enable homeowners to leverage loans to install solar PV

By: Donna Slater     3rd August 2020 Financial services provider Nedbank has partnered with the South African Photovoltaic Industry Association (SAPVIA) through its PV GreenCard accreditation in an effort to increase access to and the affordability of installing renewable energy solutions for homeowners. Through the partnership,... 

Sithole to assume PIC office on August 1

By: Simone Liedtke     31st July 2020 Newly-appointed Public Investment Corporation (PIC) CEO Abel Sithole will assume his duties from August 1. Sithole’s appointment was announced on May 27, following Cabinet approval. 

DBSA disburses R4.5bn to Johannesburg, Tshwane for infrastructure

By: Donna Slater     31st July 2020 The Development Bank of Southern Africa (DBSA) has made available R4.5-billion in loans to two Gauteng metropolitan municipalities to fund large-scale infrastructure programmes. The City of Johannesburg (CoJ) will receive R3-billion and the City of Tshwane (CoT) R1.5-billion, the development... 

DBSA disburses R4.5bn to Johannesburg, Tshwane for infrastructure

Association confident private equity industry will weather the Covid-19 storm

By: Simone Liedtke     30th July 2020 Despite the economic headwinds facing the sub-Saharan Africa region, the Southern African Venture Capital and Private Equity Association (Savca) 'Private Equity Industry Survey' shows that the private equity industry remained resilient in weak macroeconomic circumstances during 2019. This, the... 

Association confident private equity industry will weather the Covid-19 storm
Savca CEO Tanya van Lill

Compensation Fund records increase in claims as a result of Covid-19 infections

By: Tasneem Bulbulia     24th July 2020 The Compensation Fund reports that 2 361 claims have been lodged for compensation by employees who have been exposed to Covid-19 at work from April 1 to July 13. Of the claims lodged, 1 412 have been lodged directly with the Compensation Fund, while 900 were lodged with Rand Mutual Assurance and... 

Covid-19 crisis highlights need for renewable energy systems, says Standard Bank

By: Tasneem Bulbulia     23rd July 2020 The Covid-19 crisis has highlighted the need for Africa to develop flexible energy systems in which renewables and decentralised technologies play a far larger role, says financial services provider Standard Bank Group. The pandemic has led to a global decline in electricity demand as commercial... 

US agency supports Unicef to build handwashing stations in South Africa

By: Tasneem Bulbulia     23rd July 2020 To help slow the spread of Covid-19, the US government has contributed $500 000, which equates to about R8.6-million, to nonprofit organisation United Nations International Children's Emergency Fund (Unicef) to build handwashing stations in vulnerable communities and informal settlements across... 

AfDB approves R5bn loan for South Africa's Covid-19 fight

By: Donna Slater     23rd July 2020 The African Development Bank (AfDB) board has approved a loan of about R5-billion ($288-million) to the government of South Africa, as the country battles one of the largest Covid-19 caseloads in the world. The loan forms part of the AfDB’s $10-billion Covid-19 Response Facility and will finance... 

IFC exceed 2019 fiscal commitments with $4.6bn invested

By: Donna Slater     22nd July 2020 IFC, a member of the World Bank Group, committed $5.6-billion to private sector development in the Middle East and sub-Saharan Africa in fiscal year 2020, supporting businesses across the two regions to launch, grow, provide jobs and fight the impacts of the global Covid-19 pandemic.   IFC is a... 

AIF partners unveil Covid-19 response to support Africa’s private sector

By: Tasneem Bulbulia     21st July 2020 Increased and decisive investment will be the channel for Africa’s economic recovery post Covid-19, partners of the Africa Investment Forum (AIF) said last week, expressing confidence in the continent’s potential to rebound from the ongoing health and economic crises. “Africa will come out of... 

Capitec CEO awarded USB Alumnus of the Year

By: Marleny Arnoldi     20th July 2020 Capitec CEO Gerrie Fourie was been named Alumnus of the Year 2019 by the University of Stellenbosch Business School (USB). The award is reportedly the highest honour given to alumni of the university on behalf of the Alumni Association.  

Solidarity Fund continues to make progress in supporting fight against Covid-19

By: Tasneem Bulbulia     17th July 2020 Four months since the first case of Covid-19 was identified in the country, the Solidarity Fund, established by President Cyril Ramaphosa as a rapid response to augment the fight against the pandemic, has made considerable progress in implementing its mandate and distributing funds, it said... 

Section 12J amendments muddying investment waters, says law firm

By: Donna Slater     17th July 2020 Ongoing amendments to the Section 12J Income Tax Act have left investors at risk as to whether the companies in which they have either invested, or hope to invest, continue to qualify, law firm CMS South Africa partner and tax co-head Andrew Wellsted tells Engineering News. Section 12J was... 

Section 12J amendments muddying investment waters, says law firm
CMS South Africa partner and tax co-head Andrew Wellsted

Household incomes severely, widely impacted by Covid-19 – Old Mutual

By: Donna Slater     16th July 2020 Fifty-eight per cent of households across South Africa are facing high, or overwhelming, financial stress as the Covid-19 crisis impacts people’s savings and raises debt levels, the latest Old Mutual Savings & Investment Monitor, released on July 16, shows. The survey has tracked the shifts in... 

ECDC closes offices as staff members contract Covid-19, CFO dies

By: Marleny Arnoldi     16th July 2020 Fund management company, the Eastern Cape Development Corporation, has closed its Queenstown regional office and its East London head office until further notice to allow for decontamination measures. Five staff members have contracted Covid-19 since June 30.  

New US development finance institution doubles down on investments in Africa

By: Tasneem Bulbulia     15th July 2020 Development finance institution (DFI), the US International Development Finance Corporation (DFC) is doubling down on investments in Africa amid the global Covid-19 pandemic, as it believes this is an essential time to drive investments and to bring liquidity facilities quickly to the continent... 

Solidarity Fund approves R405m for critical medical equipment

By: Tasneem Bulbulia     13th July 2020 As the Covid-19 pandemic intensifies across South Africa and the country braces for an expected surge in hospital admissions, the Solidarity Fund has responded by approving an additional R405-million towards the purchase of critical healthcare equipment for the public hospital system in the... 

JSE says ETFs a haven for institutional investors

By: Simone Liedtke     9th July 2020 Professional and institutional investors wishing to gain exposure to different sectors, asset classes such as equities, commodities or government bonds are being encouraged by the JSE to use exchange-traded funds (ETFs).    

JSE says ETFs a haven for institutional investors

CDC Group backs Helios IV with $100m commitment

By: Tasneem Bulbulia     7th July 2020 UK development finance institution CDC Group has committed $100-million to Helios Investors IV, the fourth private equity fund raised by Helios Investment Partners, an Africa-focused private equity firm. The pan-African generalist fund will invest in and build companies across the continent. 

Nedbank launches SDG-linked capital instrument

By: Marleny Arnoldi     6th July 2020 Nedbank has launched a new “green” tier two capital instrument that is linked with sustainable development goals (SDG), which is the first of its kind in South Africa. The instrument is linked on the green bonds segment of the JSE.  

CoJ council has until Friday to approve budget 

By: Sane Dhlamini     6th July 2020 Gauteng Cooperative Governance MEC Lebogang Maile has urged  the City of Johannesburg Municipal Council to put the interest of the residents of the City first following its failure to approve an annual budget for the start of the municipal financial year 2020/21. The Gauteng Provincial Executive... 

CoJ council has until Friday to approve budget

AfDB concludes R2bn investment in Nedbank SDG-linked bonds

By: Tasneem Bulbulia     3rd July 2020 Finance institution, the African Development Bank (AfDB) group, has concluded the investment of R2-billion in Sustainable Development Goals-linked bonds (SDG bonds) issued by banking group Nedbank South Africa. This investment, which is listed on the green bonds segment of the JSE, will... 

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