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Financial News

May unveils British initiatives aimed at reducing Africa’s reliance on aid

By: Keith Campbell     21st July 2017 British Prime Minister Theresa May used the recent G20 Summit in Hamburg, Germany, to announce a series of new British initiatives intended to reduce the reliance of African countries on aid and increase their long-term stability and prosperity. This was in line with a theme for the summit... 

New tax regime punted as way to spur development of disused or degraded land

By: Dylan Slater     14th July 2017 Using tax increment financing to spur business development on disused or degraded land could be a highly feasible method to repurpose otherwise unusable land, as well as create jobs and encourage entrepreneurs and business in general.  

JSE’s cost savings drive to result in 60 job cuts

By: Megan van Wyngaardt     7th July 2017 The JSE plans to reduce its technology operating expenditure by a minimum of R70-million over a two-year period, which will also result in the stock exchange reducing its staff complement by 60 people. Noting that the plans form part of its ongoing cost optimization drive, JSE CEO Nicky... 

AfDB approves $15m equity investment to support inclusive growth

By: Mia Breytenbach     7th July 2017 The African Development Bank (AfDB) has approved a $15-million investment in multinational private equity fund Shore Capital Fund III (ShoreCap III), which promotes financial inclusion by supporting financial institutions serving Africa’s low-income and emerging middle-class communities. The... 

AfDB approves $15m equity investment to support  inclusive growth
Photo by Bloomberg
FUND OBJECTIVE The Shore Capital Fund III will focus exclusively on sub-Saharan Africa and will provide growth capital and capacity building for inclusive financial institutions

Singularity University to host inaugural African summit

By: Mia Breytenbach     7th July 2017 Singularity University, a global community leveraging exponential technologies to tackle the world’s key challenges, will host its first international SingularityU South Africa Summit from August 23 to 24 in Midrand, Gauteng.  The two-day summit will highlight the impact of artificial... 

Singularity University to host inaugural African summit
Photo by Bloomberg
SUMMIT HIGHLIGHT The SingularityU South Africa Summit will highlight impacts of exponential technologies in healthcare, security, design and finance

Manufacturer becomes latest tenant at Eastern Cape industrial park

By: Mia Breytenbach     30th June 2017 The Eastern Cape Department of Economic Development, Environment Affairs and Tourism (Dedeat) last month introduced green manufacturer and innovation company Ikusasa Green as the latest tenant to the Dimbaza Industrial Park, in the Eastern Cape. Ikusasa Green, which manufactures high-end cooler... 

Manufacturer becomes latest tenant at Eastern Cape industrial park
SUPPORTING INVESTMENT Eastern Cape Development Corporation chairperson Nhlanganiso Dladla, Buffalo City Metro Mayor Xola Phakathi, Economic Development, Environmental Affairs and Tourism MEC Sakhumzi Somyo, Massmart group supplier development manager Von Stander and Ikusasa Green MD Thami Gxowa

Local defence sector seeks strategic support from government

By: Keith Campbell     23rd June 2017 Pre-Cabinet level discussions are under way within the Government about transferring State-owned defence industrial group Denel from the aegis of the Department of Public Works to that of the Department of Defence (DoD). This was stated by Defence Secretary Dr Sam Gulube at a recent function... 

S Africa’s attractiveness to investors dependent on economic recovery

By: Nadine James     23rd June 2017 South Africa’s attractiveness to foreign investors in the future will depend a great deal on how it recovers from its latest economic knocks and political and policy developments, warns the Southern African-German Chamber of Commerce and Industry (SAGCCI). SAGCCI CEO Matthias Boddenberg explains... 

S Africa’s attractiveness to investors dependent on economic recovery
RESOLUTE RELATIONSHIP German businesses have deep roots in South Africa and are unlikely to pull out any time soon

State defence group Denel could be transferred from Public Enterprises to Defence 

By: Keith Campbell     9th June 2017 Pre-Cabinet level discussions are under way within the government about transferring State-owned defence industrial group Denel from the aegis of the Department of Public Works to that of the Department of Defence (DoD). This was stated by Defence Secretary Dr Sam Gulube at a function marking the... 

State defence group Denel could be transferred from Public Enterprises to Defence
Photo by Duane Daws/Creamer Media
Secretary of Defence Sam Gulube

Treasury appoints Dondo Mogajane as DG

By: African News Agency      8th June 2017 National Treasury has announced Dondo Mogajane as its new director-general (DG) after Cabinet confirmed his appointment on Wednesday. This follows the resignation of respected DG Lungile Fuzile last month. 

Treasury appoints Dondo Mogajane as DG
Treasury director-general Dondo Mogajane

FNB launches latest solution in nav» app series

By: Natasha Odendaal     7th June 2017 Banking giant FNB on Wednesday unveiled the latest addition to its mobile banking application, the nav» Car, developed in conjunction with WesBank, in the next chapter of the group’s ambition of building a seamless digital banking ecosystem aimed at making things easier for the customer.... 

On track for Africa Rail

By: Marleny Arnoldi     2nd June 2017 This month, business-to-business media company Terrapinn will host the twentieth annual Africa Rail exhibition and conference at the Sandton Convention Centre in Johannesburg, Gauteng, from June 13 to 14. Africa Rail provides an interactive platform for rail industry stakeholders to share... 

On track for Africa Rail
INCLUSIVE GROWTH Africa Rail provides an interactive platform for rail industry stakeholders with the view to improve railway performance and its contribution to economic development

Finance Minister Gigaba continues to oppose Denel Asia deal

By: Keith Campbell     26th May 2017 The National Treasury on Friday reaffirmed, in a press release, that Finance Minister Malusi Gigaba continues to oppose the proposed joint venture between the State-owned Denel defence industrial group and VR Laser Asia, intended to create a company called Denel Asia. The press release was issued... 

$100-million loan for African infrastructure spending

By: Nadine James     26th May 2017 The Development Bank of Southern Africa (DBSA) and the Agence Française de Développement (AFD) in March signed a $100-million loan agreement aimed at furthering the DBSA’s infrastructure financing activity across Africa. This flexible credit line will focus on DBSA’s four strategic sectors:... 

Mobile app aims to help South Africans save and invest better

By: David Oliveira     26th May 2017 South African financial services provider Liberty launched its Stash investment application (app) earlier this month to help improve a local savings culture by providing a solution that removes the complexity and fear associated with investing. Stash is designed to mitigate all the complicated... 

South Africa remains largest FDI hub in Africa, report shows

By: Mia Breytenbach     19th May 2017 South Africa remains the leading foreign direct investment (FDI) destination in Africa, with a 6.9% increase in FDI projects in 2016, according to financial services advisory firm EY’s latest ‘Africa Attractiveness’ report, published earlier this month. The report provides an analysis of FDI... 

South Africa remains largest FDI hub in Africa, report shows
Photo by Duane Daws
LEADING DESTINATION South Africa had an 6.9% increase in foreign direct investment projects in 2016, according to financial services advisory firm EY’s latest ‘Africa Attractiveness’ report

South African companies must prioritise cybersecurity

By: Robyn Wilkinson     19th May 2017 While the information technology (IT) security systems available in South Africa are highly competitive, corporate spend on this aspect of business remains too low if the country is to keep up with international trends, says hacking and industrial espionage protection company Neworder Industries... 

Atomic agency looks to increase assistance to nuclear hopefuls

     12th May 2017 Nuclear energy organisation, the International Atomic Energy Agency (IAEA) and the Russian State-owned atomic corporation Rosatom have reached an agreement that is aimed at strengthening IAEA assistance to member States that are considering introducing or expanding nuclear power programmes. Under... 

Atomic agency looks to increase assistance to nuclear hopefuls
Photo by Duane Daws
NUCLEAR AMBITIONS Ghana may soon erect a nuclear power station, making it the second African country to do so

Banks warned of ATMs being infected remotely by malware

By: Schalk Burger     12th May 2017 Cybersecurity multinational Kaspersky Lab advises banks in the Middle East, Africa and Turkey to check random-access memory (RAM), network and registry logs to determine whether the fileless ATMitch malware is present. The ATMitch uses in-memory malware to infect banking networks. This malware is... 

Banks warned of ATMs being infected remotely by malware
AMIN HASBINI ATMitch uses in-memory malware to infect banking networks and is remotely installed and executed

New audit service to support concrete product manufacturers

By: Tasneem Bulbulia     12th May 2017 Cement and construction materials supplier AfriSam is providing additional support for its Concrete Product Manufacturers (CPMs) customers through its new Efficiency Audit service offering. AfriSam national sales manager Amit Dawneerangen says there has been a downturn in infrastructure projects... 

New audit service to  support concrete  product manufacturers
CENTRE OF EXCELLENCE AfriSam’s Centre of Product Excellence offers customers an additional Efficiency Audit service

‘Dynamite’ GDP growth comes in small private-equity investment packages

By: David Oliveira     12th May 2017 According to a report by economic advisory service provider The Economist Corporate Network (ECN) every 0.01% increase in private equity (PE) investment penetration into Africa’s gross domestic product (GDP) would inject an incremental $1.1-billion investment over the next five years, providing a... 

Company to extend financial services into East and West Africa

By: Robyn Wilkinson     5th May 2017 As part of its strategic ambition to position itself as a leading Pan-African financial services leader, specialised financial services group Alexander Forbes is exploring opportunities for expansion in East and West Africa, as well as further afield in greenfield countries such as Morocco. 

EIB provides €95m support for East African entrepreneurs

By: Mia Breytenbach     5th May 2017 The European Investment Bank (EIB) has signed two new credit lines for East-Africa for €95-million, or about Kshs(Kenyan Shilings)10.45-billion, to be made available through financial institutions Equity Bank and HFC Limited to support smaller local projects in Kenya, Tanzania, the Democratic... 

EIB provides €95m support for East African entrepreneurs
Photo by Bloomberg
RUNNING SUPPORT In the past seven years, the European Investment Bank has provided €321-million, or Kshs 35-billion, in credit lines for Kenyan businesses

Intra-African trade and investment to drive long-term development

By: Robyn Wilkinson     5th May 2017 While the current reality is that many African countries have become reliant on foreign direct investment (FDI) to implement their development plans, the longer-term goal should be for these countries to become self-sufficient, says Thomson Reuters Africa corporates and partnerships head Kamal... 

Intra-African trade and investment to drive long-term development
PROMOTING ECONOMIC GROWTH African countries need to become more self-sufficient, relying on a network of neighbouring countries and regional trade blocks to support their growth

Report identifies key areas for growth in Africa

By: Robyn Wilkinson     5th May 2017 Well-balanced economies that have shown steady performance over an extended period present key opportunities for growth and development in Africa, while those with high political risk will continue to fail to instill confidence in foreign direct investors, says trade credit insurer Coface. 

South Africa remains largest FDI hub in Africa – report

By: Mia Breytenbach     3rd May 2017 South Africa remains the leading foreign direct investment (FDI) destination in Africa, with a 6.9% increase in FDI projects in 2016, according to financial services advisory firm EY’s latest ‘Africa Attractiveness’ report, published on Wednesday. The report provides an analysis of FDI investment... 

South Africa remains largest FDI hub in Africa – report

AfDB approves $253m for Uganda–Kenya connecting road upgrades

By: Mia Breytenbach     28th April 2017 The African Development Bank Group (AfDB) has approved $253-million in loans to the governments of Kenya and Uganda for the upgrading of a 118 km road section connecting the two countries and construction of the 32km Eldoret town bypass, in Kenya. Kenya will receive $147.3-million and Uganda... 

AfDB approves $253m for Uganda–Kenya connecting road upgrades
Photo by Bloomberg
SPEEDY ACCESS Upgrading of the road will reduce the travel time from Kapchorwa to Suam, in Uganda, from 4 hrs to 1.5 hrs and from Suam to Kitale, in Kenya, from 1.5 hrs to 45 min

Business R&D showing signs of recovery

By: Keith Campbell     28th April 2017 The South African Government seeks to increase the country’s investment in research and development (R&D) by 100% from the R29-billion of 2014/2015 to to about R60-billion/year by 2020. In terms of percentage of gross domestic product (GDP), this would involve an increase from 0.77% to 1.5%.... 

Financial services firm’s mentorship and training scheme delivers

By: David Oliveira     28th April 2017 Financial services provider Vunani Securities, a subsidiary of Vunani Group, paid homage to the 23 equity analyst alumni who received training and mentorship through its Vunani Securities Training Academy (VSTA) initiative at a gala dinner in Sandton last month. The event also coincided with the... 

Financial services firm’s mentorship and training scheme delivers
ARNOLD WERBELOFF It’s no good saying we’ll just take everyone else’s qualified people because that just doesn’t help

Independent agencies can have teeth and autonomy

By: Keith Campbell     28th April 2017 Some South Africans, with some knowledge of events in Brazil, have expressed a degree of envy at the successful impeachment, last year, of the President Dilma Rousseff. This was, in fact, the second time since the restoration of democracy in Brazil in 1985 that popular pressure has brought down a... 

Gigaba to attend IMF, World Bank meetings  

By: Sane Dhlamini     18th April 2017 Finance Minister Malusi Gigaba’s upcoming trip to the US for the International Monetary Fund (IMF) and World Bank Spring Meetings and further interactions with rating agencies received a thumbs up from Deputy President Cyril Ramaphosa today.  “Well, the Minister is going to the Spring IMF... 

Gigaba to attend IMF, World Bank meetings
Photo by Bloomberg
Finance Minister Malusi Gigaba

Africa Climate Change Fund embraces new partner contributions

By: Mia Breytenbach     14th April 2017 The African Development Bank (AfDB) approved the conversion of the Africa Climate Change Fund (ACCF) to a multidonor trust fund last month. This conversion brings two new partners to the fund, the governments of Italy and Flanders, Belgium, which are contributing €4.7-million and €2-million... 

Africa Climate Change Fund embraces new partner contributions
Photo by Bloomberg
FINANCE MOBILISATION The Africa Climate Change Fund was established in April 2014 with a €4.725-million contribution from Germany to scale up climate smart development in African countries

Barloworld launches incubation hub to assist SMMEs

By: David Oliveira     31st March 2017 JSE-listed Barloworld launched the Barloworld Siyakhula Incubation Hub at its Barlow Park head office in Sandton, Johannesburg, earlier this month to assist small business suppliers and companies operating in its value chain in overcoming challenges, including market access, finance and skills... 

Amid challenges, power sector offers massive opportunities

By: Nadine James     17th March 2017 Although the power and electricity sector in Africa faces massive challenges, it also offers massive opportunities, says Power & Electricity World Africa (PEWA) event organiser Terrapinn.  

Amid challenges, power sector offers massive opportunities
MOMENT IN THE SUN Africa’s largest power and electricity event offers innovative, cost-effective means of tackling Africa’s power challenges

Lack of reliable power supply hinders Africa’s growth – trade commission

By: Nadine James     17th March 2017 Despite an uptick in planned power-generation projects, it is still fair to say that Africa lacks reliable power supply, which has prevented the continent’s economies from developing in line with their potential, says Austrian Trade Commission Advantage Austria.  “The effects of the lack of... 

Lack of reliable power supply hinders Africa’s growth – trade commission
JOHANNES BRUNNER There is significant interest in Africa in terms of the opportunities available for companies in renewable-energy and energy-storage

Barloworld launches incubation hub to assist in SMME development

By: David Oliveira     14th March 2017 JSE-listed Barloworld on Tuesday launched the Siyakhula Incubation Hub at its Johannesburg offices to assist suppliers and other companies operating in its value chain to overcome challenges such as market access, finance and skills that tend to impact on small, medium-sized and microenterprises... 

New retirement fund for South African expatriates launched

By: Dylan Slater     10th March 2017 A new global retirement fund and medical plan, specifically designed for South African expatriates, has been launched by consulting, technology and outsourcing firm EOH.  

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