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Financial News

$200m IFC loan to boost Nedbank CIB’s green investment reach

By: Donna Slater     24th March 2021 Financial services provider Nedbank Corporate and Investment Banking (CIB) says a recent agreement with the International Finance Corporation (IFC) will contribute to enhancing the investment scales in favour of sustainable development in the future Nedbank CIB sustainable finance solutions head... 

South African banks impacted but resilient in worst of Covid-19 pandemic of 2020 – PwC 

By: Donna Slater     19th March 2021 South Africa’s major banks were impacted negatively by an “unprecedented operating environment” during the Covid-19 pandemic, reports professional services firm PwC in its 'Major Banks Analysis' for the 2020 financial year. The analysis highlights key themes from the combined local currency... 

PwC Africa banking and capital markets leader Francois Prinsloo
PwC Africa financial services leader Costa Natsas details how South Africa’s major banks have adapted to an unprecedented operating environment. Video: KT Matlala; Editing Nicholas Boyd.

RisCura launches country’s first Impact fund of funds investment series

By: Tasneem Bulbulia     19th March 2021 Purpose-driven investment firm RisCura is applying its institutional investment experience to impact investing and has launched the country’s first Impact fund of funds series. The firm says this is in line with the globally recognised definition of impact investing “to generate positive,... 

ARC expands portfolio value despite tough trading in 2020 

By: Marleny Arnoldi     18th March 2021 JSE-listed African Rainbow Capital (ARC) experienced a strained trading period in the six months ended December 31, 2020; however, the company says it has seen market sentiment and activity in certain sectors improving since. ARC’s intrinsic investment value in its ARC Fund increased by 16.6%... 

ARC co-CEO Johan van der Merwe
African Rainbow Capital executives discuss the company's interim performance

Standard Bank remains leader in sustainable finance  

By: Marleny Arnoldi     11th March 2021 In its continued drive to sustainable financing, financial services provider Standard Bank has announced that it will, going forward, publish a Task Force on Climate-related Financial Disclosures-aligned report along with its yearly environmental, social and governance report. CEO Sim Tshabalala... 

Standard Bank CEO
Standard Bank CEO Sim Tshabalala discusses the group's performance in 2020

KwaZulu-Natal to implement Provincial Economic Reconstruction and Recovery Plan

By: Sane Dhlamini     9th March 2021 KwaZulu-Natal Finance MEC Nomusa Dube-Ncube has promised that her department will move with speed to implement, in line with the national plan, the Provincial Economic Reconstruction and Recovery Plan, as articulated by KwaZulu-Natal Premier Sihle Zikalala.  Dube-Ncube, on Tuesday, tabled the... 

KZN MEC for Finance Nomusa Dube-Ncube
KZN MEC for Finance Nomusa Dube-Ncube

President addresses need for efficient rail and ports network

By: Halima Frost     5th March 2021 South Africa’s ability to compete in global markets depends on the efficiency of its ports and rail network, President Cyril Ramaphosa said in his State of the Nation address held in Cape Town last month. He suggested that key infrastructure projects currently underway, including establishing... 

ON TRACK
In order for South Africa to compete globally its rail and port infrastructure needs to be addressed
ON TRACK In order for South Africa to compete globally its rail and port infrastructure needs to be addressed

Increase in feasibility studies bodes well for rail sector

By: Halima Frost     5th March 2021 There has been a significant increase in commissioned feasibility studies over the past 18 months in terms of reviewing possible rail infrastructure interventions along the North–South Corridor, says financial advisory firm Cresco Project Finance executive director Robert Futter. The corridor... 

CORRIDOR CARRIER
Rail infrastructure throughout the North-South Corridor is making steady progress
CORRIDOR CARRIER Rail infrastructure throughout the North-South Corridor is making steady progress

Absa PMI rises to 53 in February

By: Simone Liedtke     1st March 2021 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) increased to 53 index points in February from 50.9 in the month before. The further increase was supported by three of the five subcomponents gaining relative to January, while only the employment index moved lower. The supplier... 

Bidvest delivers strong interim performance

By: Tasneem Bulbulia     1st March 2021 JSE-listed Bidvest delivered a strong operating and financial performance for the six months ended December 31, 2020, with revenue up 3.4% year-on-year to R44.4-billion. Trading profit increased by 3.5% year-on-year to R4.1-billion, off a pre-pandemic base, which was enhanced by the consolidation... 

Some of Kruger’s ‘lost hoard’ up for sale through SA Mint

By: Donna Slater     25th February 2021 The South African Mint has released what it says is a rare, intriguing trove of century-old South African gold coins – Kruger ponde – that were discovered in a Swiss vault. The Mint is a wholly-owned subsidiary of the South African Reserve Bank.   

The Kruger half-pond
The Kruger half-pond

Alcohol, tobacco industries bemoan excise tax increase

By: Tasneem Bulbulia     25th February 2021 The South African alcohol industry, including the National Liquor Traders Council (NLTC), South African Liquor Brandowners Association (Salba), Vinpro, the Consumer Goods Council of South Africa (CGCSA), retailers and manufacturers, have noted their concern about Finance Minister Tito Mboweni’s... 

Sars establishes unit to crack down on high wealth tax evaders and offshore accounts

By: Donna Slater     25th February 2021 The South African Revenue Service (Sars) is establishing a separate unit – the High Wealth Individual Taxpayer Segment (HWI) – to focus on individual taxpayers with wealth and complex financial arrangements. The unit will initially be co-located with the Large Business and International Taxpayer... 

TymeBank receives R1.6bn investment to expand products, grow lending portfolio

By: Donna Slater     23rd February 2021 Emerging South African digital bank TymeBank, which has on-boarded 2.8-million customers 24 months after launching, has secured an investment of R1.6-billion, attracting new investors from the UK and Philippines. The investment, which is one of the largest foreign investments any financial... 

Khulisa launches investment vehicle for underserved businesses

By: Tasneem Bulbulia     22nd February 2021 Black-owned private equity management company Khulisa Investment Partners is providing funding to businesses typically under-served by financial institutions, and facilitating a transfer of wisdom to the next generation of business leaders in South Africa. It notes in a statement that, by... 

Budget must focus on lowering unemployment, debt, says NetVest CEO 

By: Tasneem Bulbulia     19th February 2021 This year’s Budget, set to be presented by Finance Minister Tito Mboweni on February 24, must focus on reducing unemployment in the country and addressing the country’s debt-to-gross-domestic-product (GDP) ratio, investment advisory NetVest Group of Companies CEO Busisiwe Mdletshe told... 

Busisiwe Mdletshe
Busisiwe Mdletshe

Chubb launches Civil Engineering Completed Risks insurance in South Africa

By: Schalk Burger     17th February 2021 Insurance multinational Chubb has launched its Civil Engineering Completed Risks (CECR) insurance offering in the South African market. The CECR is aimed at medium-sized and large organisations operating in all areas of infrastructure. 

MTN, MasterCard partnership enables mobile e-commerce payments

By: Schalk Burger     16th February 2021 Payment technology multinational MasterCard and telecommunications services multinational MTN on February 16 announced that MTN customers in 16 African countries will be able to make e-commerce payments safely and securely using a MasterCard virtual payment solution linked to MTN's mobile money... 

Budget must reflect fiscal credibly, says Citi

By: Tasneem Bulbulia     16th February 2021 This year’s budget must showcase the country’s fiscal credibility, investment bank and financial services company Citi Research head and chief economist Gina Schoeman said during the company’s pre-budget media roundtable on February 16. She indicated that fiscal credibility depends on maintaining... 

ICA claimants closer to receiving fair claims settlement from Santam

By: Tasneem Bulbulia     15th February 2021 Specialist loss adjustment company Insurance Claims Africa (ICA) says in a statement that it believes businesses in the tourism and hospitality sector are a step closer to having their claims resolved fairly as insurer Santam has abandoned its intended appeal to the Supreme Court of Appeal (SCA),... 

AfDB, Mozambique LNG project wins award

By: Tasneem Bulbulia     12th February 2021 The Mozambique Liquefied Natural Gas (LNG) Area 1 Project and financial organisation the African Development Bank (AfDB) have jointly received the Global Multilateral Deal of the Year 2020 award, from print and online publication Project Finance International (PFI). The project, the single... 

MIC commits $10m to Knife Capital’s African Series B Expansion Fund

By: Tasneem Bulbulia     10th February 2021 Black-owned investment company the Mineworkers Investment Company (MIC) has committed $10-million to venture capital firm Knife Capital’s new African Series B expansion fund − Knife Fund III. The fund’s aim is to invest in the aggressive expansion of African innovation-driven companies and fill a... 

Allan Gray says tax increases unlikely to have desired effect

By: Tasneem Bulbulia     9th February 2021 Investment company Allan Gray tax lead Carla Rossouw says government will have a number of aspects, including how to fund Covid-19 vaccine doses, to consider for the 2021 Budget. Allan Gray expects the budget to centre on tax increases and improving the tax collection capabilities of the South... 

African Ministers call for additional financial support

By: Simone Liedtke     9th February 2021 A unanimous call for additional liquidity, $500-billion in special drawing rights (SDR), better market access, more concessional resources and an extension in the Debt Service Suspension Initiative (DDSI) was issued following a meeting between representatives from the Economic Commission for... 

Private sector contributes R70m towards fight against gender-based violence and femicide

By: Yvonne Silaule     5th February 2021 Diversified miner Anglo American, financial services provider Absa and automotive manufacturer Ford have contributed a collective R70-million to support government's fight against gender-based violence and femicide. President Cyril Ramaphosa made the announcement during the virtual launch of the... 

PIC clarifies board changes

By: Simone Liedtke     4th February 2021 Futhi Mtoba and Karabo Morule have been appointed to the Public Investment Corporation’s (PIC’s) interim board, following the departure of prior interim board members. The current board was appointed in July 2019 on an interim basis for a period of 12 months, which ended in July 2020.  This term... 

Deloitte not expecting major policy shifts in February Budget

By: Tasneem Bulbulia     4th February 2021 It is unlikely that there will be a massive policy shift in the 2021/22 National Budget, but rather, it is hoped that the five-year fiscal consolidation strategy will continue, professional services firm Deloitte Public Services Industry leader Gaba Tabane has said. He was speaking during... 

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... 

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