Financial Services | Finance Industry | Finance

https://www.engineeringnews.co.za

Advertise on this page? Click Here to Learn More

Financial News

Sars to implement emergency tax relief measures

By: Tasneem Bulbulia 2nd August 2021 The South African Revenue Service (Sars) will implement several emergency tax relief measures as announced by President Cyril Ramaphosa, in response to the continuing Covid-19 pandemic and recent unrest that are aimed at helping affected and tax-compliant businesses to recover and ensure... →

Old Mutual Insure pledges R10m to help SMEs rebuild following riots

By: Tasneem Bulbulia 27th July 2021 Insurer Old Mutual Insure says it is working quickly to finalise looting-related claims – which it is mandated to handle on behalf of State-owned insurance company South African Special Risks Insurance Association (Sasria) – within three weeks so that affected small and medium-sized enterprises... →

S&P not planning immediate rating actions as a result of civil unrest

By: Donna Slater 27th July 2021 Ratings agency Standard & Poors (S&P) Global Ratings does not expect to take any immediate rating actions in the wake of the mid-July civil unrest that affected KwaZulu-Natal and parts of Gauteng. The unrest, which included widespread looting, violence, vandalism, loss and damage of stock, left... →

Banks on way to recovery, next is rebuilding business

By: Marleny Arnoldi 26th July 2021 To assist social grant recipients who live in areas where automatic teller machines (ATMs) and bank branches have been damaged in the recent riots, customers will be able to use any ATM, including those not operated by their own bank, without incurring additional charges, from August 1 to... →

Insurers advise on claims related to civil unrest

By: Donna Slater 23rd July 2021 Following the looting that took place during the civil unrest of mid-July in KwaZulu-Natal and Gauteng, insurance experts advise that claimants ensure they have proof of damage or loss or destruction of stock, to ensure they are able to submit claims within the 30-day threshold. During a webinar... →

AfDB finances cross-country power initiative, youth development in Ethiopia

By: Marleny Arnoldi 23rd July 2021 The African Development Bank (AfDB) has signed two grant agreements for new projects with the Ethiopian government, which aims to boost youth employment and electricity trade between Ethiopia and Djibouti. The grants are grouped under the bank’s concessional lending window and will comprise... →

German corporation invests in fibre provider

23rd July 2021 German investment corporation Deutsche Investitions- und Entwicklungsgesellschaft (DEG) has supported the successful placement of a bond issued by the African fibre optic network operator Liquid Telecommunications on the international capital market. DEG announced in March that it is investing... →

A farmer having connectivity out in the field

GROWING ROOTS The German investment firm DEG has agreed to invest in South African company Liquid Telecommunications

Investment event targets S Africa and Germany

By: Halima Frost 23rd July 2021 The annual Africa Financial Services Investment Conference – Investing in Africa event, known as AFSIC, organised by hosting company Africa Events Limited, will be held in London, UK, on October 11 and 12. The event provides a forum for investors, business leaders and dealmakers to build... →

Panel discussion at AFSIC Investing in Africa event

SEATED DEBATE The forums and mini country-summits will focus on highlighting investment and business opportunities in Africa

Technology at the heart of insurance in the agri industry, says Santam

By: Marleny Arnoldi 21st July 2021 Optimism in South Africa’s agricultural value chain has reached a six-year high despite the setbacks brought about by Covid-19. Insurance company Santam business development manager Hanlie Kroese says this suggests that the agricultural industry is bouncing back, although the full impact of... →

Africa experiencing cyberattacks comparable to other parts of world

By: Schalk Burger 21st July 2021 About 10% of computers experienced at least one malware attack in 2020, research by cybersecurity multinational Kaspersky shows. In some African countries, including South Africa, the figure was only slightly under the global 10% average, making the African region comparable to that of North... →

IFC appoints new manager for Angola, Botswana, Moz, Zambia

By: Marleny Arnoldi 19th July 2021 International Finance Corporation (IFC) has appointed Carlos Katsuya senior manager for Angola, Botswana, Mozambique and Zambia. He will lead the corporation’s work across these countries. →

Banking sector can transform through data, APIs and automation - Kearney

By: Schalk Burger 16th July 2021 The global Covid-19 pandemic has contributed to the need for the retail banking sector to more quickly transform to a customer-centric service that is digitised, personal and convenient. Data, application programming interfaces (APIs) and automation could be leveraged to satisfy these... →

Venture capital opportunity to ‘push the boundaries’ when investing in township economy

By: Simone Liedtke 16th July 2021 It is up to venture capital (VC) fund managers to “push the boundaries” with funders to bring across examples of businesses that are outside-the-norm and to challenge funders to consider investing in these, enterprise and supplier development company Edge Growth Ventures investment principal... →

Santam making progress with contingent business interruption claims

By: Tasneem Bulbulia 15th July 2021 Short-term insurer Santam is making progress in handling contingent business interruption (CBI) claims, with payments made to about 60% of policyholders that have submitted claims, the company said in an update on July 15. Since January, it has paid R600-million to policyholders in addition to... →

Standard Bank proposes Liberty takeover

By: Marleny Arnoldi 15th July 2021 Standard Bank Group (SBG) has made an offer to buy the remaining 46% of shares in Liberty Holdings that it does not already own. Should the transaction be finalised, Liberty will delist from the JSE and become a subsidiary of SBG. →

Nedbank leverages additional tier one instruments to help drive a net-zero economy

By: Tasneem Bulbulia 14th July 2021 To strategically finance the transition to a net-zero economy, financial services provider Nedbank has once again approached the investment market to raise ‘use-of-proceeds’ green finance, this time through the issuance of the first listed green additional tier one instrument by a financial... →

IFC appoints new Nigeria country manager

By: Donna Slater 12th July 2021 To support the long-term, inclusive growth of Nigeria’s private sector, global development institution the International Finance Corporation (IFC) has appointed Kalim Shah as Nigeria senior country manager. He succeeds Eme Lore who left the role after successfully serving as IFC Nigeria country... →

New Development Bank has role to play for Global South in a post-Covid-19 era

By: Tasneem Bulbulia 7th July 2021 The New Development Bank has played a key role in supporting Brazil, Russia, India, China and South Africa (Brics) through the pandemic. It is also expected to continue playing an integral role in helping to resolve the economic challenges arising from the Covid-19 pandemic and other... →

Settlement of Covid-19-related insurance claims remains problematic, says ICA

By: Donna Slater 6th July 2021 Insurance Claims Africa (ICA) CEO Ryan Woolley says it is clear from new research released on July 6, that the short-term insurance industry (STI) earned record profits during the pandemic. He states that the STI therefore has “no reason” to further delay the settlement of all outstanding... →

Public finance institutions can play key role in just transition to sustainable industries - CER

By: Schalk Burger 6th July 2021 Environmental advocacy organisation the Centre for Environmental Rights (CER) conducted a case study of the Industrial Development Corporation (IDC) as part of efforts to assess the role public institutions can play in supporting sustainable industrial and economic development, as well as... →

AfDB’s new economic governance strategy advocates bold public finance reforms

By: Simone Liedtke 2nd July 2021 The African Development Bank (AfDB) on July 2 launched its Strategy for Economic Governance in Africa (SEGA), which is aimed at fostering transparent and accountable governments and institutions to secure inclusive, sustainable development. The strategy proposes bold reforms in the management of... →

Salga expresses concern about state of municipal finances

By: Tasneem Bulbulia 1st July 2021 The South African Local Government Association (Salga) has expressed its disappointment at what it sees as deteriorating levels of accountability in the recent audit outcomes of local government for the 2019/20 financial year. Salga reiterates its calls, made following the previous year’s... →

Rise in healthcare cybercrime leading to increase in practices taking out cyber-liability insurance

By: Schalk Burger 29th June 2021 The increase in cybercrime affecting the healthcare industry in South Africa is contributing to private practices turning to cyber-liability to protect themselves from data breaches and ransomware. It pays for insurance brokers to assist clients with a cyber-liability policy, say Indwe Risk... →

Invicta records solid full-year results amid many positive changes

By: Tasneem Bulbulia 28th June 2021 Investment holding and management company Invicta Holdings, consisting of the Engineering Solutions Group (ESG), the Capital Equipment Group (CEG) and the Kian Ann Group (KAG), based in Singapore, reported good results for the year ended March 31, during a period of considerable changes. “The... →

Covid-19 Loan Guarantee Scheme to close applications as of June 28

By: Simone Liedtke 28th June 2021 The Covid-19 Loan Guarantee Scheme will not be accepting new applications after June 28, though it will remain in operation until July 11 to allow for in-process applications to be finalised. As at June 19, more than R18.3-billion in loans had been approved by banks and taken up by small... →

Banking sector establishes information sharing partnership to curb financial crime

By: Marleny Arnoldi 25th June 2021 Stakeholders from the banking sector have come together to fight financial crime through a financial information sharing partnership, called the South African Anti-Money Laundering Integrated Task Force (Samlit). Samlit has brought together the Financial Intelligence Centre (FIC), 22 national... →

Decentralised power projects on a positive trajectory, says Nedbank CIB’s Peo

By: Donna Slater 24th June 2021 The South Africa power sector is undergoing a major shift towards decentralised power projects as a “massive energy crisis” grips the country, says Nedbank Corporate and Investment Banking (CIB) infrastructure, energy and telecommunications head Mike Peo. Speaking during an Infrastructure Africa... →

African IPOs lag behind global pace this year

By: Tasneem Bulbulia 18th June 2021 There were no cross-border initial public offerings (IPOs) on African exchanges in the first half of this year, multinational law firm Baker McKenzie’s ‘H1 IPO Snapshot: Unfolding Trends for 2021’ report shows. However, the continued global demand for special purpose acquisition company (SPAC)... →

Partnership eyed for vaccine rollout acceleration in Africa

By: Donna Slater 15th June 2021 World Bank president David Malpass and his senior management team, comprising Dr Axel van Trotsenburg and Dr Makhtar Diop, have met with the African Union’s Covid-19 Vaccine Acquisition Task Team (Avatt) to discuss modalities for a partnership that will accelerate vaccine deployment to Africa.... →

Transformational investing a challenge for developing nations – investment panel

By: Donna Slater 14th June 2021 Africa presents a unique case for the type of transformational investing that is required for sustainability, to meet the United Nations’ Sustainable Development Goals (SDGs) and to achieve net-zero carbon emissions by 2050, according to panellists participating in a Sanlam Investments Forum on... →

Finch increases its stake in FundingHub

By: Schalk Burger 10th June 2021 Financial technology (fintech) company Finch Technologies has made a further significant investment to become the majority shareholder in South African business finance marketplace FundingHub. This follows a previous investment in 2019 to boost small and medium-sized enterprises (SMEs) funding... →

EOH disposes of Sybrin

By: Donna Slater 9th June 2021 Technology services company EOH has entered into a share purchase agreement for the sale of Sybrin to a consortium group comprising One Thousand & One Voices (1K1V) Management and Crossfin Technology (CFTH) and their black economic empowerment partners led by Isaac Mophatlane. The sale is for a... →

CDC provides Absa with $50m microfinance risk sharing facility for MSMEs in Africa

By: Schalk Burger 8th June 2021 UK development finance institution CDC Group on June 8 announced a $50-million risk-sharing facility with Absa Bank, which increases Absa's capacity to offer financing solutions to micro-, small- and medium-sized enterprises (MSMEs) and households across sub-Saharan Africa through microfinance... →

Sub-Saharan Africa rebound significantly lower than globally

By: Halima Frost 4th June 2021 A smaller contraction in 2020 and a sharper growth rebound in 2021 have led to predictions of a global rebound of about 5.6%; however, sub-Saharan Africa will lag behind, with the slowest recovery rate of about 3%, said data research and analytics company Fitch Solutions Country Risk & Industry... →

PLUGGED IN The sub-Saharan Africa recovery is on on trend with the rest of the world

Business appetite for alternative energy solutions increasing

By: Tasneem Bulbulia 2nd June 2021 Companies in South Africa should consider investing in alternative energy solutions to minimise business interruptions while managing the cost of electricity, especially given the country’s challenges with load-shedding, which negatively impacts on businesses, FNB Business Alternative Energy... →

Growth in cashless payments reshaping payments infrastructure - PwC

By: Schalk Burger 1st June 2021 Payments are increasingly becoming cashless and, as digital money draws stronger interest, the financial services industry must recognise the entire infrastructure of payments is being reshaped, with new business models emerging, advisory multinational PwC says. Given the key role digitisation... →

Scopa to institute inquiry at DBSA

By: Tasneem Bulbulia 1st June 2021 The Standing Committee on Public Accounts (Scopa) on June 1 received a briefing from development finance institution the Development Bank of Southern Africa (DBSA) about the allegations of corruption, fraud and maladministration that were brought to Scopa by political party United Democratic... →

Topics In These Articles

Africa Business Dewatering Engineering engineering news Export Flow Industrial Installation Modular Pipes Pumps Sanitation Solar Storage System Systems Underground Water Automotive Service Stainless Steel Steel supply-chain Training Trucks Energy Financial Power PROJECT ... more

RSS Feed

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Newsletters

Sign up for our FREE daily email newsletter

Receive daily sector news alerts

More

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options

Subscribe