Financial Services | Finance Industry | Finance

https://www.engineeringnews.co.za

Advertise on this page? Click Here to Learn More

Financial News

Least developed countries’ debt continues to rise

By: Tasneem Bulbulia 12th October 2020 According to the '2021 International Debt Statistics (IDS)' report, the total external debt of Debt Service Suspension Initiative- (DSSI-) eligible countries climbed 9.5% year-on-year to a record $744-billion in 2019, highlighting an urgent need for creditors and borrowers alike to collaborate to... →

All eyes on MTBPS as South Africa on verge of ‘catastrophic collapse’ of finances

By: Simone Liedtke 12th October 2020 The upcoming Medium-Term Budget Policy Statement (MTBPS) must show that public spending can be “restrained within [South Africa’s] means” so as to avoid a “catastrophic collapse of public finances”, Business Leadership South Africa (BLSA) CEO Busi Mavuso warns. In her weekly newsletter, published... →

ARC Investments successfully raises R750m for new investment opportunities

By: Simone Liedtke 7th October 2020 Investment holding company African Rainbow Capital (ARC) Investments has successfully raised R750-million from shareholders following a recent rights offer to the market. The company said in September that it was seeking to raise R750-million with the intention of deploying the capital in new... →

Insight into Commodity Trading in South Africa

2nd October 2020 World over, most commodities/goods are traded on the exchanges or commodity markets where buyers & manufacturers place their buy/sell bids on goods, and prices are decided based on the demand & supply metrics. There is a continuous variation in demand and supply of the commodities which results... →

Producer to mitigate Covid-19 challenges

2nd October 2020 With the onset of the Covid-19 pandemic, chemicals and energy group Sasol took urgent steps to stabilise the group in the short term. Sasol released its integrated report and 2020 performance for the year ended June 2020, noting revenue at over R190-billion. It was noted that earnings were... →

Treasury seeks comment on second draft of Conduct of Financial institutions Bill

By: Tasneem Bulbulia 29th September 2020 The National Treasury has invited public comments on the second draft of the Conduct of Financial institutions (COFI) Bill, published on September 29. The first draft of the Bill was published for comment in December 2018. →

TechSoft to support municipalities in revenue recovery, collections management

By: Tasneem Bulbulia 28th September 2020 Technology solutions provider TechSoft International has developed an integrated and data-rich solution to assist in improving revenue management and collection for struggling municipalities. With the company’s C3 platform, municipal entities are said to be able to leverage a software tool that... →

Investec says rand on track to average at R17/$ for third quarter

By: Simone Liedtke 28th September 2020 South Africa’s volatile currency is currently trading at R17.22/$ and is on track to average just under R17/$ for the third quarter of the year, says financial services provider Investec. It reports that high levels of uncertainty continue to plague financial markets, with a second wave of... →

ARA conference to be held virtually next month

By: Simone Liedtke 28th September 2020 Newly appointed executive secretary of the African Refiners and Distributors Association (ARA) Anibor Kragha has called for urgent financing to upgrade oil refineries and associated infrastructure to avoid premature deaths caused by air pollution in developing economies. Speaking ahead of the... →

ARC Investments notes update on R750m rights offer

By: Tasneem Bulbulia 25th September 2020 JSE-listed African Rainbow Capital (ARC) Investments has made a rights offer circular available on its website. The company previously announced its intention to raise R750-million, less expenses of the rights offer of about R3.5-million, through a fully committed and underwritten pro rata... →

SACU Ministers commit to industrialisation

By: Tasneem Bulbulia 22nd September 2020 Finance Minister Tito Mboweni chaired the fourth joint Finance and Trade Ministers’ virtual Ministerial Retreat meeting on September 21. The participating Ministers agreed on refined development priorities for the Southern African Customs Union (SACU) within the changing global and regional... →

Venture capital set for slowdown after record 2019 performance

By: Tasneem Bulbulia 18th September 2020 While South African venture capital (VC) investors may have seen a significant slowdown in deal activity this year as a result of measures implemented globally to contain the spread of Covid-19, the local VC landscape experienced record investment and exit activity in 2019. This is according... →

PAPE Fund 3 acquires 45% equity in DDS Group of Companies

By: Tasneem Bulbulia 17th September 2020 Midcap South African private equity fund PAPE Fund 3 has successfully acquired 45% of the equity in the DDS Group of Companies, an African beverage dispensing and refrigeration services provider. The DDS Group of Companies provide beverage dispensing and refrigeration services on behalf of the... →

Global Center on Adaptation opens regional office in Côte d’Ivoire

By: Donna Slater 17th September 2020 Hosted by the African Development Bank (AfDB) at its headquarters in Abidjan, Côte d’Ivoire, the Global Center on Adaptation (GCA) launched its African regional office on September 17. GCA Africa will work with partners across the continent to scale and accelerate adaptation action that... →

African Rainbow Capital Investments finalises rights offer

By: Donna Slater 17th September 2020 African Rainbow Capital (ARC) Investments has finalised its fully committed and underwritten pro rata non-renounceable rights offer to raise R750-million, less expenses of the rights offer of about R3.5-million. The rights offer involves 272.72-million ARC Investments ordinary shares at a price... →

Eskom secures farmland as security for debt owed by Matjhabeng municipality

By: Tasneem Bulbulia 15th September 2020 The Matjhabeng local municipality, in the Free State, has agreed to hand over to State-owned power utility Eskom 139 farms belonging to the municipality as security for debt of R3.4-billion owed by the municipality to Eskom. The farms are valued at about R2.5-billion. →

Half-yearly employer reconciliations, third-party declarations to Sars due

By: Tasneem Bulbulia 15th September 2020 The South African Revenue Service (Sars) says the interim employer reconciliation and third-party declaration period is now open and will close on October 31. In the case of employers – large and small − a reconciliation of the first six months of declarations of employment taxes, monthly... →

IDC approves R746m for Covid-19 economic relief

By: Tasneem Bulbulia 14th September 2020 Development finance institution, the Industrial Development Corporation (IDC) has approved R746-million and disbursed R440.8-million as part of government’s Covid-19 economic relief measures. Following the onset of Covid-19 in South Africa, the IDC established three interventions in March. →

JSE introduces ETFs to help investors meet ESG objectives

By: Tasneem Bulbulia 11th September 2020 The JSE has introduced the Satrix MSCI World Environmental, Social and Governance (ESG) Enhanced exchange-trade fund (ETF) and the Satrix MSCI Emerging Markets ESG Enhanced ETF. The Satrix MSCI World ESG Enhanced ETF and Satrix MSCI Emerging Markets ESG Enhanced ETF give investors the opportunity... →

Puleng to offer buguroo behavioural biometric solution to South African banking clients

By: Schalk Burger 11th September 2020 Local user, data and cybersecurity architectures company Puleng Technologies has partnered with Madrid-based online fraud prevention specialist multinational buguroo to reduce the impact of online bank fraud in South Africa. Puleng Technologies will offer and support buguroo’s behavioural... →

Nedbank wins Deal of the Year for its green renewable energy bond

By: Marleny Arnoldi 10th September 2020 Nedbank’s Corporate and Investment Banking (CIB) division has again been recognised by its peers and the broader African financial services industry for its excellence. CIB had garnered two nominations for Deal of the Year Awards at the 2020 African Banker Awards, which was hosted virtually on... →

Tennant Group concludes BBBEE deal

By: Donna Slater 9th September 2020 Financial services company Tennant Group has concluded its first broad-based black economic empowerment (BBBEE) transaction with KDI Capital Partners, which will result in it becoming majority black-owned. This BBBEE transaction enables strong growth opportunities for the Tennant Group across... →

Tennant Group founder and MD Stephen Tennant and chairperson Kuseni Dlamini

AfDB joins African Green Revolution Forum as sponsor for virtual event

By: Tasneem Bulbulia 8th September 2020 Finance institution the African Development Bank (AfDB) is returning as a partner of the African Green Revolution Forum (AGRF) – Africa’s largest agriculture conference – being held online for the first time in light of the Covid-19 pandemic. The tenth yearly AGRF, being held from September 8 to... →

Taxpayers note tax audit process improvement – PwC survey

By: Tasneem Bulbulia 3rd September 2020 South Africa’s tax administration system has undergone significant change in terms of leadership, structure and policy over the past two years, professional services firm PwC reports. It notes that, more recently, the government has introduced several economic measures, including tax measures to... →

M&As, JV activity continues, despite Covid-19 restrictions

By: Simone Liedtke 2nd September 2020 Mergers and acquisitions (M&As) and joint ventures (JVs) are expected to continue over the next 12 months, but some changes to usual due diligence process might be needed. In a Mines and Money-hosted webinar and panel discussion on September 2, Harvey Law Group foreign registered lawyer Amelia... →

Thebe Investment Corp welcomes new group FD

By: Simone Liedtke 1st September 2020 Grathel Motau has been appointed Thebe Investment Corporation’s group FD, effective September 1. She will also serve as an executive director on the Thebe board. →

Grathel Motau

FNB cuts the carbon footprint of its branches by 50% over five years

By: Donna Slater 1st September 2020 After the adoption of carbon-cutting measures to drive energy efficiency across a network of more than 600 branches in South Africa, financial services provider First National Bank (FNB) FNB has reduced the carbon dioxide (CO2) footprint in its branches by nearly 50% over a period of five years.... →

SmartCover to ensure partial payment of life insurance within 48 hours

By: Schalk Burger 28th August 2020 Fiduciary technology company and online wills platform owner CliqTech and financial services provider Fedgroup Life have launched its SmartCover life insurance product, which will ensure beneficiaries receive at least partial payment of insurance within 48 hours of a claim being submitted. This... →

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... →

Topics In These Articles

Africa Engineering engineering news PROJECT Resources Service Systems Training Building Business Efficiency Fire Freight Logistics Mining MiX Telematics Petrochemicals Road Safety supply-chain Technology transport Electrical Export Financial Flow Sanitation Sustainable System Water ... 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