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Financial News

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... →

PIC appoint acting CIO

By: Donna Slater 7th August 2020 State-owned asset management firm the Public Investment Corporation (PIC) has appointed Sholto Dolamo as acting chief investment officer (CIO) with effect from August 6. He is PIC research and projects development executive head and a member of the PIC executive committee. →

DBSA gears up to fill Covid-induced municipal funding gaps

By: Terence Creamer 7th August 2020 Development Bank of Southern Africa (DBSA), which recently disbursed loans worth R4.5-billion to two Gauteng metropolitan councils to support ongoing infrastructure delivery amid coronavirus-induced liquidity constraints, reports that it is gearing up to support several other municipalities to... →

Mohan Vivekanandan

Municipalities, municipal entities receive two-month extension for audit submissions

By: Simone Liedtke 7th August 2020 Finance Minister Tito Mboweni has issued a Ministerial exemption of the Municipal Finance Management Act, exempting municipalities and municipal entities from submitting their yearly financial statements and related reports for auditing at the end of August. The exemption allows for a two-month... →

Finance Minister Tito Mboweni

EIB, Afreximbank direct €300m of support to Africa's Covid-19 response

By: Donna Slater 6th August 2020 The European Investment Bank (EIB), an arm of the European Union, and multilateral trade finance institution, the African Export-Import Bank (Afreximbank), are directing €300-million of financing to support the resilience and recovery of African nations in response to the Covid-19 pandemic. The... →

Covid-19 relief should reach all SMEs, says SAVCA

By: Simone Liedtke 5th August 2020 Small- and medium-sized enterprise (SME) relief was short-lived after President Cyril Ramaphosa announced a R200-billion government Covid-19 loan guarantee scheme in April. The scheme was intended to support businesses with a yearly turnover of less than R300-million, as part of efforts intended... →

SAVCA CEO Tanya van Lill

Absa revises GDP forecast on better-than-expected data

By: Donna Slater 4th August 2020 Based on better-than-expected data arising from the first and second quarters of the year, financial services company Absa has revised down its forecast for the gross domestic product (GDP) contraction this year from 9.7% previously, to 8.3%. However, Absa notes that taking into account the... →

Nedbank inks partnership to enable homeowners to leverage loans to install solar PV

By: Donna Slater 3rd August 2020 Financial services provider Nedbank has partnered with the South African Photovoltaic Industry Association (SAPVIA) through its PV GreenCard accreditation in an effort to increase access to and the affordability of installing renewable energy solutions for homeowners. Through the partnership,... →

Sithole to assume PIC office on August 1

By: Simone Liedtke 31st July 2020 Newly-appointed Public Investment Corporation (PIC) CEO Abel Sithole will assume his duties from August 1. Sithole’s appointment was announced on May 27, following Cabinet approval. →

DBSA disburses R4.5bn to Johannesburg, Tshwane for infrastructure

By: Donna Slater 31st July 2020 The Development Bank of Southern Africa (DBSA) has made available R4.5-billion in loans to two Gauteng metropolitan municipalities to fund large-scale infrastructure programmes. The City of Johannesburg (CoJ) will receive R3-billion and the City of Tshwane (CoT) R1.5-billion, the development... →

Association confident private equity industry will weather the Covid-19 storm

By: Simone Liedtke 30th July 2020 Despite the economic headwinds facing the sub-Saharan Africa region, the Southern African Venture Capital and Private Equity Association (Savca) 'Private Equity Industry Survey' shows that the private equity industry remained resilient in weak macroeconomic circumstances during 2019. This, the... →

Savca CEO Tanya van Lill

Compensation Fund records increase in claims as a result of Covid-19 infections

By: Tasneem Bulbulia 24th July 2020 The Compensation Fund reports that 2 361 claims have been lodged for compensation by employees who have been exposed to Covid-19 at work from April 1 to July 13. Of the claims lodged, 1 412 have been lodged directly with the Compensation Fund, while 900 were lodged with Rand Mutual Assurance and... →

Covid-19 crisis highlights need for renewable energy systems, says Standard Bank

By: Tasneem Bulbulia 23rd July 2020 The Covid-19 crisis has highlighted the need for Africa to develop flexible energy systems in which renewables and decentralised technologies play a far larger role, says financial services provider Standard Bank Group. The pandemic has led to a global decline in electricity demand as commercial... →

US agency supports Unicef to build handwashing stations in South Africa

By: Tasneem Bulbulia 23rd July 2020 To help slow the spread of Covid-19, the US government has contributed $500 000, which equates to about R8.6-million, to nonprofit organisation United Nations International Children's Emergency Fund (Unicef) to build handwashing stations in vulnerable communities and informal settlements across... →

AfDB approves R5bn loan for South Africa's Covid-19 fight

By: Donna Slater 23rd July 2020 The African Development Bank (AfDB) board has approved a loan of about R5-billion ($288-million) to the government of South Africa, as the country battles one of the largest Covid-19 caseloads in the world. The loan forms part of the AfDB’s $10-billion Covid-19 Response Facility and will finance... →

IFC exceed 2019 fiscal commitments with $4.6bn invested

By: Donna Slater 22nd July 2020 IFC, a member of the World Bank Group, committed $5.6-billion to private sector development in the Middle East and sub-Saharan Africa in fiscal year 2020, supporting businesses across the two regions to launch, grow, provide jobs and fight the impacts of the global Covid-19 pandemic. IFC is a... →

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