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Financial News

Sars pays over R205bn in tax refunds

By: African News Agency 28th February 2018 The South African Revenue Service (Sars) said on Wednesday that it has paid over R205-billion in refunds across all tax types in the past 10-and-a-half months. Sars said that the payout to individuals and companies, from the beginning of the financial year on 1 April 2017 to 9 February 2018,... →

Investments in business controls result in shift in economic crime detection – PwC

By: Schalk Burger 27th February 2018 Investments made to detect fraud and corruption have resulted in more of these economic crimes being detected by corporate controls and oversight mechanisms, corporate services multinational PwC Forensics Services partner Trevor White said on Tuesday. Detailing the findings for South Africa of... →

Bidvest appoints new CFO, H1 headline earnings increase 13.4% y/y

By: Simone Liedtke 26th February 2018 Despite continued economic headwinds, South African services, trading and distribution company Bidvest achieved a 13.4% year-on-year increase in headline earnings for the six months ended December 31, to R1.9-billion, while headline earnings a share increased by 12.5% year-on-year to 574c.... →

VAT increase shouldn't have major impact on business-to-business transactions

By: Simone Liedtke 23rd February 2018 The one percentage point increase in the value-added tax (VAT) rate, from 14% to 15%, should not have a major impact on business-to-business transactions, says auditing firm KPMG COO Andrew Cranston. During a post-Budget discussion on Friday, he explained that the so-called “regressive effects”... →

Bidcorp interim results in line with company expectations

By: Simone Liedtke 21st February 2018 JSE-listed Bidcorp has delivered "pleasing results" with the foodservice group's half-year performance in line with management expectations, CEO Bernard Berson said on Wednesday. Headline earnings a share increased by 8.6% to 640c a share in the six months ended December 31, from 589.3c a share a... →

Sars welcomes tax administration inquiry

By: African News Agency 19th February 2018 The South African Revenue Service (Sars) on Monday welcomed President Cyril Ramaphosa's pledge to launch a Commission of Inquiry into tax administration and governance at Sars. During his maiden State of the Nation Address (Sona) on Friday, Ramaphosa said he would shortly appoint a Commission of... →

SARB to launch commemorative banknotes in honour of Nelson Mandela's centenary

By: Simone Liedtke 12th February 2018 The South African Reserve Bank (SARB) will this year launch a set of commemorative South African banknotes, which will cover all denominations - R10, R20, R50, R100 and R200 - in honour of what would have been Nelson Mandela's centenary. The South African Mint, a subsidiary of the SARB, will... →

Photo by Duane Daws
Current commemorative South African banknotes

New payment infrastructure designed to meet modern financial demands

By: Schalk Burger 9th February 2018 A new payment architecture and infrastructure is being designed to provide the transactional capabilities necessary to allow for new and faster financial services, says South Africa-based automated payments clearing house BankservAfrica CEO Chris Hamilton. BankservAfrica has renewed its... →

BANKSERVAFRICA BankservAfrica, in Selby, Johannesburg, facilitates payments clearing between financial organisations

Solar-asset marketplace using cryptocurrency, blockchain to monetise solar energy

By: Schalk Burger 9th February 2018 SUNEX, a new South African cryptocurrency representing the value of power produced and dispatched from the bearer's solar photovoltaic (PV) panels, helps to support and accelerate the rollout and use of PV solar renewable-energy technologies, says Sun Exchange co-founder and CEO Abraham... →

New Southern Africa payment infrastructure being designed

1st February 2018 Southern African payment clearing utility BankservAfrica and the regional banking community are working together to design a new payment architecture and infrastructure that will help to lower interbank transaction costs and allow new services to be offered, with a special focus on improving... →

New Southern Africa payment infrastructure being designed

Capitec is solvent – SARB

By: News24Wire 30th January 2018 The South African Reserve Bank (SARB) said on Tuesday that Capitec is solvent, well capitalised and has adequate liquidity. Responding to a damning research report from Viceroy Group into Capitec, the SARB told Fin24 in an emailed response to questions that the bank meets all prudential... →

Capitec shares fall sharply after research group says loan book overstated

By: African News Agency 30th January 2018 Shares in Capitec Bank tumbled as much as 20 percent on Tuesday after US researcher Viceroy said it had done extensive due diligence and compiled evidence suggesting the company must take significant impairments to its loans which would likely result in a net-liability position. The lender said... →

Trade expectations improve – Sacci

By: Anine Kilian 17th January 2018 Amid an improving business mood, the South African Chamber of Commerce and Industry’s (Sacci’s) latest Trade Conditions Survey for December saw the Trade Expectations Index (TEI) for the next six months retaining a level well into positive territory, at 60 index points. This is one point higher... →

KPMG appoints new chairperson

By: Anine Kilian 17th January 2018 Auditing firm KPMG South Africa has appointed University of Pretoria chancellor Professor Wiseman Nkuhlu chairperson and Ansie Ramalho independent director. Both individuals will assume their roles on March 1. Nkuhlu has over 30 years' experience working in both the public and private sectors... →

New app-based bank to launch in South Africa late 2018

By: African News Agency 16th January 2018 A new app-driven bank is set to launch in South Africa after getting a provisional licence from monetary authorities, the institution said on Tuesday. Bank Zero, a 45 percent black-owned mutual bank founded by veteran bankers Michael Jordaan and Yatin Narsai, is set to launch in the fourth... →

Ramaphosa to lead South African delegates at World Economic Forum

By: Dylan Slater 10th January 2018 Deputy President Cyril Ramaphosa, who is also the recently elected president of the incumbent African National Congress, will lead a South African delegation to the forty-eighth edition of the World Economic Forum’s yearly meeting, which will be held in Davos-Klosters, in Switzerland, from... →

Photo by Duane Daws
Deputy President Cyril Ramaphosa

Steinhoff says will have to restate 2015 financial statements

By: African News Agency 2nd January 2018 Beleaguered retailing group Steinhoff International Holdings said on Tuesday its 2015 financial statements, in addition to the 2016 accounts, could no longer be relied upon. In a statement, Steinhoff, which was engulfed by an accounting scandal last month, leading to the resignation of CEO... →

Dutch regulators to probe Deloitte over Steinhoff debacle

By: African News Agency 22nd December 2017 The Dutch Authority for the Financial Markets (AFM) was investigating auditing firm Deloitte over the alleged accounting irregularities that led to the share price of South African multinational retailer Steinhoff collapsing, it emerged on Friday. David Maynier, an MP from opposition party,... →

Alternative fuel and vehicle technologies viable, necessary for SA

By: Tasneem Bulbulia 15th December 2017 Different fuel and vehicle technologies will be required for a successful and sustainable transition to a low-carbon future, and how the transport sector evolves amid growing global demand for energy will have a significant impact on efforts to address climate change, indicates energy giant Shell... →

Blockchain set to change transactions, information flow and business processes

By: Schalk Burger 8th December 2017 Trust is the underlying factor supporting financial systems – from the value of currency and financial transactions to public spending. Similarly, trust underpins almost all information transfers, and money is a medium that allows people to communicate value throughout an economy, says financial... →

Last day of share trading for Datatec as Aim-listing cancellation takes effect

By: Dylan Slater 7th December 2017 Thursday was the last day that shares of international information and communications technology company Datatec could be traded on London’s Aim, as the company’s cancellation of its listing will take effect on Friday. →

CIPC collaboration with banks to extend to BEE certification

By: Nadine James 1st December 2017 Company registration and business licensing organisation, the Companies and Intellectual Property Commission (CIPC) reports that companies will soon be able to attain black economic empowerment (BEE) certificates from South Africa’s four main banking institutions. CIPC commissioner Advocate Rory... →

Landmark projects help Esor to improve performance in tough market

By: Dylan Slater 17th November 2017 Despite challenging market conditions and a deteriorating market environment for the six months ended August 31, JSE-listed civils and construction group Esor recorded a “significant improvement” in its finances, with profit before tax of R3.1-million, compared with a loss recorded in February.... →

SA lacking global competitiveness

By: Marleny Arnoldi 17th November 2017 Local legislation, including stringent policy frameworks, continues to prove cumbersome for the South African construction sector, particularly owing to the necessity to conduct socioeconomic- and environmental-impact assessments, as well as obtain approval from the respective government... →

SOCIOECONOMIC BENEFITS Authorities would do well to accelerate the pace of affordable housing delivery, such as Reconstruction and Development Programme housing

African models boost construction development

By: Marleny Arnoldi 17th November 2017 Owing to various African countries’ having secured sovereign funding for construction projects that are being planned or in the process of implementation, these countries have the potential to promote rapid gross domestic product (GDP) growth, says consultancy firm WSP. →

VISHAAL LUTCHMAN There is a lot more awareness around projects, and legislation, and people are more vocal about the impacts of development projects on their circumstances

South African rail operator rebrands, expands offering

By: Mia Breytenbach 10th November 2017 Following the investment by the Pan-African Infrastructure Development Fund 2 (PAIDF2), managed by Pan-African fund manager Harith General Partners, in South African locomotive and rail operator Sheltam Group in June, the company has launched several initiatives to enhance its offering to the... →

NEW FACE New initiatives for Sheltam Group include the rebranding to Traxtion

Saftu, Outa call for independent judicial inquiry at Sars

By: Sane Dhlamini 8th November 2017 The South African Federation of Trade Unions (Saftu) and the Organisation Undoing Tax Abuse (Outa) on Wednesday called for Finance Minister Malusi Gigaba to appoint an independent judicial inquiry into tax administration and governance at the South African Revenue Service (Sars). This follows... →

Photo by Duane Daws
Finance Minister Malusi Gigaba

Nonkululeko Nyembezi appointed as first black woman to chair Alexander Forbes

By: African News Agency 1st November 2017 South African financial services group Alexander Forbes on Wednesday announced the appointment of veteran business executive Nonkululeko Nyembezi as the new independent nonexecutive chairperson with effect from January 1, 2018. Nyembezi will become the first woman to chair the board in the... →

Continued volatility impacts on energy and chemicals company

27th October 2017 Continued volatility in the macroeconomic environment, particularly the stronger rand and low oil price, has adversely impacted energy and chemicals company Sasol’s financial performance, says Sasol CFO Paul Victor. →

Photo by Bloomberg
RECORD PRODUCTION Sasol showed great resilience and character through delivering record production volumes at Secunda Synfuels

UCT’s business school to participate in UN programme research council

By: Mia Breytenbach 27th October 2017 The University of Cape Town’s (UCT’s) Graduate School of Business (GSB) has been named as one of nine leading universities to be part of a partnership with the United Nations Development Programme (UNDP) to develop a research agenda that will better leverage private investment to finance the... →

Family-owned businesses outperform peers, report shows

By: Mia Breytenbach 27th October 2017 Family-owned companies have outperformed broader equity markets in every region and sector, according to the Credit Suisse Research Institute’s (CSRI’s) ‘The CS Family 1000’ report, which reviews the investment case for family-owned companies. The financial performance of family-owned companies... →

Credit default index offers visibility of pressures faced by consumer segments

By: Schalk Burger 27th October 2017 Consumer credit multinational Experian South Africa’s local consumer default index is a highly accurate tool to assess the economic pressures on different segments of the population, says Experian South Africa MD Simon Russell. The index functions as a business and policy formulation tool, and... →

SIMON RUSSELL The index is based on more than one-billion points of data and is one of the most detailed views available in an emerging market

Gigaba’s maiden MTBPS receives mixed reviews

By: Sane Dhlamini 26th October 2017 Finance Minister Malusi Gigaba’s maiden Medium-Term Budget Policy Statement (MTBPS) has received mixed reactions, with many organisations calling out its lack of attention to detail. Gigaba MTBPS was delayed by Economic Freedom Fighters MPs who objected to him delivering the budget on the basis... →

Photo by Reuters
Finance Minister Malusi Gigaba

Businesses must take action to drive inclusive growth in Africa

By: Robyn Wilkinson 20th October 2017 There is a need for a new social narrative that balances generating profits with building social capital to drive inclusive economic growth in Africa, says management consultant IQbusiness CEO Adam Craker. →

ADAM CRAKER South Africa must focus on building a strong home economy if it is to be a participant in regional or continental growth

Clarifying sustainability reporting imperative for modern business

By: Robyn Wilkinson 20th October 2017 A clear and shared sustainability reporting framework is integral for enabling companies to demonstrate a positive impact on not only the economies but also the societies and environments in which they operate, says independent international organisation Global Reporting Initiative (GRI) CE Tim... →

Photo by Bloomberg
DRIVING GROWTH GRI is assisting SMEs in Africa to gain access to global value chains by building their capacities for corporate sustainability management and reporting

Digital disruption to drive financial inclusion in Africa

20th October 2017 Digital disruption in the financial services sector is likely to gain further momentum and lead to exciting new business models that will facilitate financial inclusion in Africa, says advisory services provider Deloitte Africa financial services industry leader Roger Verster. →

Photo by Bloomberg
DIGITAL DISRUPTION Mobile wallet solution m-Pesa is now available in ten countries and has a customer base of about 30-million active users

New security solution effective for African banks

By: Robyn Wilkinson 20th October 2017 Technology solutions providers Mint Management Technologies and Microsoft are finalising the first version of an anti-money-laundering (AML) solution to help protect African financial institutions from illegal activities without enforcing cumbersome administration processes on clients. →

PRIORITISING PROTECTION Countries are finding it increasingly difficult to participate in the global economy if they are not engaged in some form of anti-money laundering programme

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