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Financial News

Treasury unlikely to announce significant tax hikes in February budget, says Mazars

By: Tasneem Bulbulia     3rd February 2021 Ahead of Finance Minister Tito Mboweni's 2021 Budget Speech later this month, accounting firm Mazars says the National Treasury is unlikely to implemented significant tax hikes. Mazars tax partner Bernard Sacks told participants in a webinar, held on February 3, that this was traditionally the... 

M&A activity drops in 2020 with late recovery

By: Donna Slater     3rd February 2021 Law firm Baker McKenzie reports that deal-making activity in sub-Saharan Africa dropped in the second half of 2020, when compared to the second half of 2019.  Deal-making for the full year were also down in terms of both volume and value compared with 2019.  

GreenCape says climate finance is growing in South Africa, but more support is needed

By: Marleny Arnoldi     29th January 2021 A new report, titled 'South African Climate Finance Landscape' and published by GreenCape and the Bertha Centre for Social Innovation and Entrepreneurship, in partnership with the Climate Policy Initiative (CPI), shows that R62.2-billion has been invested in climate finance in South Africa for... 

CSIR, Nedbank join RES4Africa to further renewable energy development

By: Donna Slater     28th January 2021 Pretoria-based research organisation the Council for Scientific and Industrial Research (CSIR) and financial services provider Nedbank have become members of renewable energy lobby organisation the Renewable Energy Solutions for Africa (RES4Africa) Foundation. Their membership was approved and... 

€3m loan to support South African blueberry industry

By: Simone Liedtke     28th January 2021 A €3-million loan to United Exports will help to support growth, exports and jobs in South Africa’s blueberry industry.  South Africa’s Western Cape Department of Agriculture estimates that the country’s blueberry sector employs 5 700 people. The fruit is an increasingly important product for... 

SA fails to make progress in Corruption Perceptions Index

By: Sane Dhlamini     28th January 2021 Civil rights group Corruption Watch pointed out, on Thursday, that corruption has impacted the ability of countries around the world, including South Africa, to manage their health care responses to the coronavirus pandemic. Recent statistics from the Corruption Perceptions Index reveals that... 

Executive director of CW David Lewis
Photo by Creamer Media
Executive director of CW David Lewis

Moody’s upgrades Enel’s long-term credit rating

By: Donna Slater     25th January 2021 Credit rating company Moody’s Investors Service has upgraded the long-term rating of energy company Enel to Baa1, from the previous level of Baa2, with a stable outlook. The ratings agency has also affirmed the Prime-2 short-term ratings of the subsidiaries Enel Finance International and Enel... 

Pandemic drives reinvention of fintech businesses - GlobalData

By: Schalk Burger     20th January 2021 The Covid-19 pandemic continues to create economic uncertainty worldwide and several financial technology companies (fintechs) have started to realign their growth strategies, with some fintechs at the forefront of seizing new opportunities, while others need to reinstate their efforts to stay... 

Ninety One SA clients increase shareholding in Murray & Roberts

By: Tasneem Bulbulia     19th January 2021 JSE-listed Murray & Roberts has received formal notification that clients of financial services provider Ninety One SA have, in aggregate, acquired an interest in the ordinary shares of the company. The total interest in the ordinary shares held by Ninety One SA clients now amounts to 5.18% of... 

Concerns about future viability drove M&A activity in last months of 2020

By: Marleny Arnoldi     19th January 2021 In its latest 'Global Mergers & Acquisitions (M&A) Industry Trends' analysis, PwC finds that deal volumes went up 18% in the second half of 2020, while deal values increased by 94%, compared with the first half of the year. Deal activity in the second half of last year experienced a surge... 

R68 766 000 invested in Covid-19 research – Nzimande  

By: Sane Dhlamini     18th January 2021 The Higher Education, Science and Innovation Ministry on Monday announced that it has invested R68 766 000 towards coronavirus (Covid-19) research and development. Addressing the media, Minister Dr Blade Nzimande said the funds were approved to support Covid-19 research and development in... 

Minister of Higher Education, Science and Innovation, Dr Blade Nzimande
Minister of Higher Education, Science and Innovation, Dr Blade Nzimande

TransUnion partners with Fincheck to make credit applications easier for consumers

By: Schalk Burger     18th January 2021 NYSE-listed consumer credit information and insights multinational TransUnion has partnered with South Africa’s biggest financial marketplace Fincheck to make the credit application process easier and less frustrating for consumers by finding the best-suited bank, lender or insurer. With its... 

BMO, Linklaters among the world's top mining M&A advisers

By: Marleny Arnoldi     14th January 2021 BMO Capital Markets has been named the top mergers and acquisitions (M&A) financial adviser in the global mining sector for 2020 by value, while Linklaters and Black Cassels & Graydon were the top M&A legal advisers by value and volume, respectively. BMO advised on 13 deals worth $4.8-billion. 

Emvelo refinances Karoshoek Solar One stake through TBI’s new fund

By: Tasneem Bulbulia     13th January 2021 Alternative investment and fund management group TBI has concluded its first deal in South Africa through its new Amandla Renewable Energy Fund. As part of the R440-million deal, TBI, along with Momentum Metropolitan Life and Absa, refinanced the existing funding of Emvelo’s 15% stake in the... 

EIB supports investment in Great Green Wall initiative

By: Tasneem Bulbulia     12th January 2021 Long-term lending institution, the European Investment Bank (EIB), announced on January 11 that it aims to provide new financial and technical support to back sustainable agriculture, clean energy, water, infrastructure and private sector financing in 11 Sahel countries most vulnerable to a... 

M&A challenges remain, but so do lessons – law firm

By: Marleny Arnoldi     12th January 2021 Global law firm Herbert Smith Freehills (HSF) says many of last year’s uncertainties that impacted merger and acquisition (M&A) activity will remain this year. HSF global M&A head Gavin Davies says the significant regional and global questions from 2020 have not gone away, although some have... 

M&A challenges remain, but so do lessons – law firm

Appian Capital Advisory’s second fund reaches $775m cap

By: Simone Liedtke     10th January 2021 Investment advisor Appian Capital Advisory’s second fund was oversubscribed and reached its hard cap of $775-million following strong support from both new and existing Tier 1 investors globally. Called Fund II, the fund will pursue the same proven strategy as Appian’s first fund (Fund I),... 

Atlantic Nickel pit at night
Atlantic Nickel pit at night

Africa CEO Forum, IFC to host pioneer financial industry summit

By: Tasneem Bulbulia     7th January 2021 To help address the unprecedented challenges facing African economies, the inaugural Financial Industry Summit will convene 500 decision-makers representing the entire spectrum of the financial industry, including bankers, insurers, fintech executives, mobile money operators and microfinance... 

FSCA publishes crypto asset draft declaration

By: Donna Slater     7th January 2021 The Financial Sector Conduct Authority (FSCA) has published for comment a draft declaration on crypto assets as a financial product in terms of the Financial Advisory and Intermediary Services Act of 2002 (FAIS). The FSCA also published a statement in support of the draft declaration, with the... 

AfDB appoints new DGs, deputy DGs across Africa

By: Donna Slater     7th January 2021 The African Development Bank (AfDB) Group has appointed new directors-general (DGs) for the East, Central and Southern Africa regions and deputy DGs for the East, Central, Northern, Southern and West Africa regions.   The central Africa region’s new DG is Serge N’Guessan. He will drive and ensure... 

Sanlam to take stake in new unit of billionaire Motsepe's firm

By: Reuters     18th December 2020 South Africa's biggest insurer Sanlam said on Friday it would take a minority stake, worth $51-million, in a new subsidiary being set up by billionaire Patrice Motsepe's African Rainbow Capital Financial Services (ARC FS). Sanlam will take a 25% stake in the subsidiary which will hold ARC FS's... 

Capprec approved for secondary listing on A2X

By: Schalk Burger     10th December 2020 South African financial technology (fintech) group Capital Appreciation  (Capprec) has been approved for a secondary listing on A2X Markets. Its shares will be available for trade on A2X from December 18. 

Visa adds partner toolkit, new fintechs to fast-track programme to help restore global economy

By: Schalk Burger     4th December 2020 As money management becomes increasingly digital, fintechs play a pivotal role in helping to restore and rebuild the global economy, says global payments and financial services company Visa. Visa has added a new Partner Toolkit and Visa Ready Fintech Enabler certification to its Fast Track... 

Fund helps South African universities unlock benefits of homegrown IP 

By: Donna Slater     25th November 2020 Since its inception in February, the University Technology Fund (UTF) has approved six investments. Technology and innovation incubated in South Africa’s universities is, as a result, being commercialised and a step closer to commercialisation, creating significant economic, investment and job... 

SA SME Fund CEO Ketso Gordhan
SA SME Fund CEO Ketso Gordhan

Ghana urges African governments to allow some independence in mining investment decisions

By: Simone Liedtke     18th November 2020 Allowing a degree of independence when investment institutions decide on investments with commercial principles, is “a model that other African countries may want to consider replicating,” Ghana Infrastructure Investment Fund (GIIF) CEO Solomon Asamoah urged on November 17. He said this model... 

CEOs of large companies commit to paying SME suppliers within 30 days 

By: Tasneem Bulbulia     17th November 2020 In an effort to ensure small and medium-sized enterprises (SMEs) in South Africa survive the economic crisis, more than 50 large companies have formally committed to paying their SME suppliers within 30 days. The initiative, called #PayIn30, is spearheaded by Business for South Africa (B4SA), the... 

Moody’s affirms AfDB’s AAA credit rating

By: Donna Slater     16th November 2020 Moody’s Investor Service has affirmed the African Development Bank’s (AfDB’s) AAA credit rating, with a stable outlook. The AAA rating from Moody’s follows earlier affirmations of the AAA rating of the bank, with stable outlook, by the other leading rating agencies, namely Fitch Ratings,... 

Economy to affect home builders more

By: Mamaili Mamaila     13th November 2020 The effects of Covid-19 and the sluggish economy remain the biggest challenge for the civil engineering and construction sectors. 

SONGEZO BOOI 
After almost 12 years, the home-building industry is still struggling to reach its former peak
SONGEZO BOOI After almost 12 years, the home-building industry is still struggling to reach its former peak

Fintech a gateway for Africans to access financial services

By: Marleny Arnoldi     12th November 2020 Financial inclusion has been one of Africa’s greatest success stories over the past decade, with more than 470-million mobile money accounts having been created. Kenya-based Cellulant Corporation CEO Ken Njoroge on November 12 said that, with financial technology (fintech) financing of between... 

FNB launches new smart solutions on its app for customers  

By: Simone Liedtke     9th November 2020 Financial services provider FNB on November 9 launched its latest edition of nav>> Smart Tools via its FNB application (app) to assist customers in managing their money better through "dynamic budgeting", as well as facilitating access to market and creating a digital marketplace for FNB-banked... 

FNB CEO Jacques Celliers
The FNB team gives more insight into the bank’s new smart solution offerings under the ‘Nav >’ banner on its app. Video: Creamer Media’s Kutlwano Matlala. Editing: Creamer Media’s Nicholas Boyd.

JSE, Globacap to establish blockchain-enabled private placements platform

By: Tasneem Bulbulia     5th November 2020 The JSE has agreed the terms of a commercial arrangement with Globacap Technology to establish a blockchain-enabled private placements platform to enable the raising of infrastructure finance and to allow small-to-medium-sized issuers to raise capital in South Africa. The commercial arrangement... 

Mahube Infrastructure starts trading on the JSE

By: Tasneem Bulbulia     5th November 2020 Infrastructure company Mahube Infrastructure has begun trading on the JSE, following the end of trading in shares of GAIA Infrastructure on November 3. Mahube Infrastructure was formerly GAIA Infrastructure. 

Tungsten launches Quantura alternative litigation funding model in South Africa

By: Tasneem Bulbulia     5th November 2020 Global engineering and construction claims consultancy Tungsten Capital has launched its Quantura subsidiary in South Africa, through which it will provide an alternative method of funding and developing commercially viable construction and engineering claims. Allardyce & Partners Attorneys... 

B4SA calls for TERS benefit to ‘be retained’ under Level 1 lockdown

By: Simone Liedtke     2nd November 2020 Business for South Africa (B4SA) has requested a decision reversal following President Cyril Ramaphosa and the National Coronavirus Command Council’s decision to halt the Covid Temporary Employer/Employee Relief Scheme (TERS) benefit. B4SA says that, “if government believes the remaining Level 1... 

Sustainable financing imperative to sustainable future, says JSE’s Soobramoney

By: Simone Liedtke     29th October 2020 Finance has a significant role to play in a sustainable future, which comprises economic, environmental, social and governance responsibilities, JSE chief sustainability officer Shameela Soobramoney said during this year’s virtual Green Building Convention on October 29. Sustainability emerged as... 

US agency partners with Africa50 to attract capital to the continent

By: Tasneem Bulbulia     27th October 2020 Independent US foreign assistance agency the Millennium Challenge Corporation (MCC) has partnered with infrastructure investment platform Africa50 to create a global investment platform to attract more capital to Africa. The organisations have signed a memorandum of understanding (MoU) to develop... 

A2X boasts 37 listings after three years

By: Tasneem Bulbulia     27th October 2020 Three years after launching with just three listings and four brokers, South African stock exchange A2X Markets now has 37 securities listed, five of the country’s top six brokers trading on the exchange and a combined market cap of over R2.1-trillion, it acclaimed in an October 27 media release.... 

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