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Financial News

Nzimande promises R1bn in bursaries to poor students 

By: African News Agency      12th July 2019 The national bursary scheme for students from families earning up to R350 000 a year will see R102.4-billion disbursed over the next three years, Higher Education, Science and Technology Minister Blade Nzimande said on Friday.  

Think-tank attacks State-owned regional airline for 'showing contempt for the law'

By: Rebecca Campbell     9th July 2019 The Free Market Foundation (FMF) think-tank has accused State-owned regional airline SA Express (SAX) of breaking the law by not responding to a request for information under the Promotion of Access to Information Act (PAIA). The FMF made a PAIA request to SAX on May 31 regarding the troubled... 

Think-tank attacks State-owned regional airline for 'showing contempt for the law'
Photo by SA Express
A Bombardier CRJ700 regional jet in SA Express colours

South African Mint features ‘environmental rights’ with new R2 release

By: Tasneem Bulbulia     8th July 2019 The South African Mint, a wholly owned subsidiary of the South African Reserve Bank (SARB), on Monday released into circulation a new R2 commemorative circulation coin themed ‘Environmental Rights’ as part of its coin programme launched last month to commemorate 25 years of South Africa’s... 

South African Mint features ‘environmental rights’ with new R2 release
Environmental Rights coin

Mminele retires as SARB deputy governor 

By: Tasneem Bulbulia     27th June 2019 South African Reserve Bank deputy governor Daniel Mminele will retire when his second five-year term expires on June 30. Mminele has advised President Cyril Ramaphosa and SARB board of his decision not to serve another term. Mminele leaves the SARB after almost 20 years of service. 

Mminele retires as SARB deputy governor
Photo by Bloomberg
Daniel Mminele

Prescribed assets not feasible for benefit funds – Alexander Forbes

By: Tasneem Bulbulia     25th June 2019 Alexander Forbes Investments says the proposed introduction of a prescription requiring investors to invest into specified assets is inefficient and will not result in efficient allocation of capital, but will rather lead to suboptimal investment outcomes. This was the key message expounded at... 

Standard Bank launches Africa China Agent Proposition in South Africa

By: Tasneem Bulbulia     21st June 2019 Standard Bank on Friday launched its Africa China Agent Proposition (ACAP), which connects African importers and Chinese exporters and facilitates trade financing and payments and collections that support Africa–China trade flow, in South Africa.     

Airbus signs amended contract with launch customers for A400M airlifter

By: Rebecca Campbell     14th June 2019 The Airbus group announced in Amsterdam on Friday that it had signed an amendment to its contract with OCCAR (the French acronym for the Organisation for Joint Armament Cooperation) for the A400M military airlift aircraft. The OCCAR member states are Belgium, France, Germany, Italy, Spain and the... 

Airbus signs amended contract with launch customers for A400M airlifter
Photo by Airbus
An Airbus A400M

Ethos Al Fund invests R200-million into TymeBank

By: Tasneem Bulbulia     10th June 2019 Empowerment investment holding company African Rainbow Capital (ARC) and alternative asset manager Ethos Private Equity have jointly announced an investment of R200-million by the Ethos Artificial Intelligence (AI) Fund and co-investors – jointly referred to as the Ethos Al Fund – in recently... 

Steinhoff, Tongaat woes raise South African auditor scrutiny

By: Bloomberg     10th June 2019 Steinhoff International’s financial scandal and sugar maker Tongaat Hulett’s admission it may need to restate results is spurring South African auditors to weigh tougher measures for the profession. While auditors are expected to reassure the public that the financial statements they have signed... 

Steinhoff, Tongaat woes raise South African auditor scrutiny

Brazilian VP says Brics should focus on economics, not politics

By: Rebecca Campbell     3rd June 2019 In comments made in Beijing on May 24, which appear not to have been much, if at all, reported outside his home country, Brazilian Vice-President Hamilton Mourão called on the Brazil, Russia, India, China, South Africa (Brics) alignment to switch away from political issues and focus instead on... 

Brazilian VP says Brics should focus on economics, not politics

Standard Bank shareholders vote for disclosure on lending to coal projects

By: Tasneem Bulbulia     31st May 2019 In a first for South Africa, climate-conscious shareholders of Standard Bank have compelled the bank to adopt and publicly disclose a policy on lending to coal-fired power projects and coal mining operations. Fifty-five per cent of shareholders in attendance at the bank’s annual general meeting... 

Digital accounting service to help startups, small businesses

By: Schalk Burger     31st May 2019 A digital accountant service was designed to help startups and small businesses manage their daily operations, tax and registration matters, which also change as they grow, says digital accountant company Osidon co-founder and CEO Hennie Ferreira. The Osidon service comprises an automated... 

Digital accounting service to help  startups, small businesses
HENNIE FERREIRA The automated service writes financial data to compliance and accounting documents based on regulations and client needs

Barometer aims to effect employee-centred benefits

By: Tasneem Bulbulia     30th May 2019 To create financial wellbeing for individuals and their families, it must be contextualised in an environment where a primary focus is placed on creating both a wellbeing economy and a wellbeing corporation, Alexander Forbes says. Its ‘Benefits Barometer 2018’ report, which was released on... 

Motsepe's African Rainbow Capital launches new long-term insurance company

By: African News Agency      30th May 2019 Patrice Motsepe's financial services group African Rainbow Capital on Thursday launched an insurance subsidiary, African Rainbow Life, earmarked for a sector that has traditionally been under-serviced. African Rainbow Life will focus on long-term insurance products including life cover, savings,... 

New listing approved for pharmaceuticals giant

24th May 2019 Global multinational specialty pharmaceuticals company Aspen Pharmacare Holdings Limited announced that the company has been approved for a secondary listing on stock exchange facilitator A2X Markets with effect from April 1, 2019. “We continually strive to identify ways to increase value for our... 

New listing approved  for pharmaceuticals giant
GENERIC GENIUS Through Aspen’s research and development, a cheaper more attainable generic anti-retroviral treatment is available globally

Retirement fund industry urged to invest in cybersecurity

By: Tasneem Bulbulia     21st May 2019 Given the increasing threat of cybercrime globally, Sanlam corporate sales and marketing CE Viresh Maharaj has warned the local retirement fund industry to give careful consideration to its cybersecurity. Speaking at a pre-briefing session outlining the contents that will be unlocked at the... 

Finance professionals urged to become proficient in digital technologies

By: Tasneem Bulbulia     16th May 2019 The Chartered Institute of Management Accountants (Cima) has emphasised the need for finance professionals to embrace digital technology. This was highlighted during a Future of Finance discussion, hosted by Cima on Wednesday, which explored how finance is being redefined in terms of a digital... 

Applications open for another round of AlphaCode incubation

By: Marleny Arnoldi     14th May 2019 Rand Merchant Investment Holdings, Bank of America Merrill Lynch and Royal Bafokeng Holdings have invited applications for the AlphaCode Incubate startup support initiative. To qualify, a business must be at least 51% black-owned and must operate in the financial services space. 

Massive opportunity to expand businesses

3rd May 2019 South Africa’s financial institutions and policy makers have a massive opportunity to create jobs by expanding financial services amid a stronger business environment for smaller businesses, according to a new study released in March by global development institution the International Finance... 

Massive opportunity  to expand businesses
Photo by Bloomberg
OPEN ACCESS To have a strong small business sector in South Africa, access to finance must be supported

Capital markets in Africa are evolving

By: Jessica Oosthuizen     3rd May 2019 Africa’s financial and capital markets are on a “path of evolution” and this is impacting on foreign investment and competition on the continent, says exchange trading platform 4 Africa Exchange (4AX) business development head Noah Greenhill. The evolution of the markets is creating... 

Capital markets in  Africa are evolving
Photo by Bloomberg
TRADING TIME Listing on an exchange is critical and gives companies some credibility

Stable oil price drives investment in burgeoning African oil, gas sector

By: Nadine James     25th April 2019 Africa is likely to experience continued oil and gas investment over the next three to five years as the stabilisation of crude prices above $60/bl, coupled with the continent’s rapidly expanding population, lure oil producers to one of the last remaining energy investment frontiers, Standard... 

Stable oil price drives investment in burgeoning African oil, gas sector
DELE KUTI

Patented solution aims to free up working capital for construction firms

By: Schalk Burger     19th April 2019 A patented working capital solution ‘Sponsored Advance Retention’ – developed by insurance major Santam and local specialist capital consulting firm Capital Breakthru Solutions business development director Wayne van Houten – will release working capital for construction contractors and... 

African Rainbow Capital acquires QED for undisclosed amount

By: Nadine James     17th April 2019 Empowerment investment holding company African Rainbow Capital (ARC) on Wednesday announced plans to acquire a majority shareholding in independent actuarial advisory business QED for an undisclosed amount. QED operates across 17 countries in Africa, offering actuarial and risk management... 

Technology helping financial firms to modernise risk management practices

By: Schalk Burger     12th April 2019 Regulatory and market pressures are prompting financial services organisations to modernise, and integrate their risk and finance processes, says analytics multinational SAS Africa head of risk Gabor Szalontai. There is much more data available to assess risks, with platforms designed to help... 

Technology helping financial firms to modernise risk management practices
GABOR SZALONTAI The risk processes of banks and financial service providers will continue to evolve in the digital space, increasing analytics requirements

Standard Bank appoints chief technology officer

By: Marleny Arnoldi     5th April 2019 Standard Bank Group has appointed Tau Mashigo chief technology officer, effective April 1. He will report to the group’s chief information officer. 

SystemicLogic buys Kagiso’s Knowledge Factory

By: Schalk Burger     2nd April 2019 Financial innovation consultancy SystemicLogic has acquired property data and information and communication technology company Knowledge Factory from media organisation Kagiso Media for an undisclosed sum. Knowledge Factory offers a range of solutions based on property data and marketing... 

Solar microleasing platform in deal with clean-energy fund manager

By: Schalk Burger     15th March 2019 Solar-generation microleasing platform Sun Exchange announced last month that it had signed an agreement with Johannesburg-based boutique clean energy fund manager Decentral Energy, says Sun Exchange founder and CEO Abe Cambridge. The agreement gives Decentral’s Grovest Energy, an Income Tax Act... 

TymeBank goes live in Pick n Pay and Boxer stores

15th March 2019 Last month, South Africa’s first fully licensed digital bank TymeBank went live in 500 stores of supermarket chain store Pick n Pay and discount supermarket Boxer in preparation for its formal launch. This followed a successful soft launch in December when the bank went live in 20 Pick n Pay and... 

TymeBank goes live  in Pick n Pay and Boxer stores
CUSTOMER CARE A TymeBank customer will be able to earn Smart Shopper points anywhere when they use their TymeBank card to make a purchase.

Local firm tackles general-use mobile payments

By: Schalk Burger     15th March 2019 Local mobile payments company Celbux has developed a platform to address the crucial enablers of low-costs and ease of use for an open, general-use mobile payments environment, says Celbux CEO Kobus du Plooy. The platform-as-a-service architecture is open to consumers and businesses. There are no... 

Local firm tackles general-use mobile payments
KOBUS DU PLOOY The simplest technology solution is the way to solve real problems

Process automation launched in SA to drive productivity

By: Schalk Burger     1st March 2019 Robotic process automation (RPA) company UiPath, headquartered in New York, US, has opened a local office to provide its automation services so that local companies can unlock more productivity without deploying new hardware, says UiPath South Africa sales director Lenore Kerrigan. Software... 

Process automation launched in SA to drive productivity
LENORE KERRIGAN The company is developing the ecosystem to support RPA growth

Client choice and protection at heart of bank’s approach to fintech regulation

By: Schalk Burger     22nd February 2019 Financial technologies (fintech) are growing worldwide and reshaping the definition of money, financial services and economies. However, while the disruptions roil existing business models, companies and industries, increasing the choice of fintech services users while protecting their rights is... 

Client choice and protection at heart of bank’s approach to fintech regulation

Sun Exchange signs fund agreement with Decentral Energy for solar projects

By: Schalk Burger     19th February 2019 Solar-generation microleasing platform Sun Exchange on Tuesday announced that it had signed an agreement with Johannesburg-based boutique clean energy fund manager Decentral Energy, said Sun Exchange founder and CEO Abe Cambridge. The agreement gives Decentral’s Grovest Energy, an Income Tax Act... 

Sun Exchange signs fund agreement with Decentral Energy for solar projects
473 kW Nioro Plastics solar project

Cryptocurrency trader welcomes SARB policy approach

By: Schalk Burger     15th February 2019 Local cryptocurrency trading platform Luno country manager Marius Reitz praises the South African Reserve Bank’s (SARB’s) approach to developing a regulatory response to cryptoassets in South Africa, which aims to protect cryptocurrency users and support the growth and development of the... 

Cryptocurrency trader welcomes SARB policy approach
MARIUS REITZ The regulations aim to ensure that the platforms are safe for people to use and combat illicit capital flows

Moody’s lowers Hyprop’s credit rating

By: Tasneem Bulbulia     13th February 2019 Moody’s Investors Services (Moody’s) has lowered Hyprop’s rating from Baa3 to Ba1 with immediate effect, Hyprop revealed in a statement on Wednesday. Concurrently, Moody’s has lowered the long-term national scale issuer rating to Aa3.za from Aa1.za and has affirmed the short-term national scale... 

Marginal decrease in South Africa’s unemployment rate

By: Tasneem Bulbulia     12th February 2019 South Africa’s official unemployment rate decreased marginally by 0.4 of a percentage point to 27.1% in the final three months of 2018, Statistics South Africa (Stats SA) reported on Tuesday. The Quarterly Labour Force Survey (QLFS) indicates the number of employed people increased by 149 000 to... 

Software adds value to automotive manufacturer supply chain

By: Thabi Madiba     8th February 2019 Software company Syspro Africa’s Enterprise Resource Planning (ERP) software enables automotive manufacturing and distribution companies to manage supply chain and financial processes. Syspro Africa professional services manager Doug Hunter explains that the ERP software assists automotive... 

Software adds value to  automotive manufacturer supply chain
Photo by Bloomberg
ON DUTY An employee holds a metal casing for an automotive steering system

BMF demands a black CEO for Absa

By: African News Agency      29th January 2019 The Black Management Forum (BMF) on Tuesday demanded that Absa Bank replace the outgoing chief executive Maria Ramos with a black executive. This comes after Absa announced that Ramos will retire at the end of February when she turns 60. Absa said its board had appointed René van Wyk, a... 

BMF demands a black CEO for Absa
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