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Financial News
RMB provides bespoke $100m funding package to Powerfleet
By: Tasneem Bulbulia 16th May 2024 Financial services provider Rand Merchant Bank (RMB) acted as the sole mandated lead arranger and funder of a $100-million funding package for global telematics business Powerfleet. The entity was created from a merger between Powerfleet and Mix Telematics. The combined business aims to become a... →
Nedbank launches R10m Indalo Fund
By: Tasneem Bulbulia 15th May 2024 Finance institution Nedbank on May 15 announced the launch of the R10-million Indalo Fund at the Indalo Inclusive Symposium at the Council for Scientific and Industrial Research in Pretoria. The Indalo Fund is designed to change the way entrepreneurs are funded, creating a pipeline of viable... →
Absa partnering with development finance agency to help East African coffee farmers
By: Rebecca Campbell 15th May 2024 South African banking group Absa and the International Finance Corporation (IFC – part of the World Bank group) will jointly provide a commodity trade finance facility, worth up to $60-million, to a leading global green coffee merchant, Volcafe. This facility will strengthen Volcafe’s operations... →
Dipula reports improved metrics, hones in on solar
By: Sabrina Jardim 14th May 2024 JSE-listed real estate investment trust Dipula Income Fund has reported improved operational and financial metrics, as well as strategic gains in a period that marked the first phase of its new solar PV initiative roll-out for the six months ended February 29. Dipula’s revenue grew by 9% and its... →
South Africa must create a business-friendly environment to attract foreign investment
By: Tasneem Bulbulia 13th May 2024 Business organisation Business Leadership South Africa CEO Busiswe Mavuso writes in her latest weekly newsletter that the withdrawal of foreign investment seems to be “dominating” at present. She avers that while foreign investment in South Africa hinges on many factors, including global... →
Underspending on repairs, maintenance impacting on Joburg infrastructure – JoburgCAN
By: Sabrina Jardim 9th May 2024 Following a decade of underspending on repairs and maintenance on infrastructure, JoburgCAN, an initiative of the Organisation Undoing Tax Abuse (Outa), says it is “gravely concerned” over the budget allocations for the maintenance of fixed assets in the City of Johannesburg’s draft budget for... →
Absa launches non-banking subsidiary in China
By: Schalk Burger 8th May 2024 Financial services firm Absa has launched a non-banking subsidiary in China to fortify the economic links between Africa and the Asian country. The office will operate under a wholly foreign owned enterprise licence, which permits the financial institution to provide general advisory services to... →
JSE undertaking measures to mitigate de-listing, shrinkage
By: Tasneem Bulbulia 8th May 2024 The JSE is undertaking several initiatives to mitigate de-listings and reduced market capitalisation, chairperson Phuthuma Nhleko said during the entity’s AGM on May 7. Speaking to Engineering News prior to the meeting, consultancy and research provider AmaranthCX director Paul Miller posited... →
RAF launches campaign to deal with unfinalised claims
By: Sabrina Jardim 2nd May 2024 Amid a current backlog of around 321 000 unfinalised claims, the Road Accident Fund (RAF) has launched a campaign to reduce claims submitted before April 2021 that have yet to be finalised. The campaign calls claimants to submit all outstanding documents to ensure that the RAF has all the... →
Standard Bank mobilises debt fund to support sustainable infrastructure in Africa
By: Sabrina Jardim 26th April 2024 Financial services firm Standard Bank has committed to Acre Impact Capital’s Export Finance Fund I to support the financing of sustainable projects in Africa. Acre Impact Capital manages Export Finance Fund I, which seeks to invest in climate-aligned and sustainable infrastructure projects in... →
AfDB president calls for political will to kick-start Inga 3 project
19th April 2024 Development finance institution African Development Bank (AfDB) group president Dr Akinwumi Adesina has called for a major political commitment to kick-start construction work on the Democratic Republic of Congo’s (DRC’s) giant Inga 3 dam, which has the potential to meet the power needs of more... →
Will the Zimbabwe Gold, or ZiG, restore currency confidence?
By: Martin Zhuwakinyu 19th April 2024 The heightened sense of urgency within Zimbabwe’s government to act as the country’s currency crashed – losing 90% of its value since the beginning of the year – was there for all to see in the past few weeks. The latest tell-tale sign was the assumption of office of the new central bank governor... →
PPS highlights good value return to members in challenging 2023
By: Tasneem Bulbulia 17th April 2024 The Professional Provident Society (PPS), the financial services group focused solely on providing customised financial services solutions for graduate professionals in South Africa and Namibia, says in a statement that it returned “exceptional value” to its members last year, as operating... →
Alexforbes collaborating with Alternative Prosperity to provide sustainability consulting
By: Rebecca Campbell 11th April 2024 South African financial services group Alexforbes (more formally, Alexander Forbes) has entered a collaboration with local green advisory and investment group Alternative Prosperity to enter the sustainability consulting sector. This expands Alexforbes’ ability to deliver advice to corporates and... →
Multilateral development banks still need work on implementing reforms, group says
By: Reuters 11th April 2024 The World Bank and six other multilateral banks have made good progress in integrating global challenges like climate change into their agendas, but most have miles to go in implementing other needed reforms, a tool tracking the reforms shows. The tracker, developed last year by the Center for... →
Maasdorp to step down as NDB VP and CFO in July
By: Sabrina Jardim 5th April 2024 New Development Bank (NDB) VP and CFO Leslie Maasdorp will step down from his role on July 7, after nine years of service at the bank. In July 2015, South Africa’s Cabinet appointed Maasdorp as VP to represent the country at the NDB in Shanghai, China. Maasdorp was then appointed by the bank to... →
Coega Development Corporation has implemented R48bn worth of infrastructure since 2004
By: Darren Parker 4th April 2024 The Coega Development Corporation (Coega) says it has successfully implemented infrastructure projects to an accumulative value of about R48-billion since the inception of its development programme for infrastructure outside of its special economic zone (SEZ) in 2004. During the 2023/24 financial... →
Batandwa Damoyi appointed PIC CFO
By: Tasneem Bulbulia 4th April 2024 The Public Investment Corporation (PIC) has appointed Batandwa Damoyi as its new CFO. She is a chartered accountant, with more than 16 years of experience post articles in corporate finance. →
Standard Bank reduced its GHG emissions by 4.6% in 2023
By: Schalk Burger 3rd April 2024 Financial services firm Standard Bank has reduced the carbon emissions from its facilities across Africa by 4.6% year-on-year in 2023, putting the group ahead of its 2040 net-zerio target, says Standard Bank Group COO Margaret Nienaber. Standard Bank South Africa has reduced its carbon footprint... →
Digital transaction volumes increasing – Standard Bank
By: Schalk Burger 2nd April 2024 Financial services firm Standard Bank said digital transaction volumes increased by 23% between 2022 and 2023, and transaction volumes on its banking application increased by more than 35% during this period. The number of digitally active clients grew by 12.4% in 2022 compared with the prior... →
Standard Bank closes $300m sustainable capital loan with IFC
By: Tasneem Bulbulia 26th March 2024 Finance institution Standard Bank has successfully closed a $300-million sustainable Tier 2 capital loan. The facility, concluded with the International Finance Corporation (IFC), marks another significant step towards entrenching Standard Bank’s sustainability commitments, the bank says. →
African development finance institution secures its biggest ever debt facility
By: Rebecca Campbell 26th March 2024 African infrastructure funding specialist, the Africa Finance Corporation (AFC), announced on Tuesday that it had successfully closed its largest ever debt facility. This is a $1.16-billion syndicated loan, which had attracted new lenders from Asia, Europe and the Middle East. The AFC’s target... →
Brics development bank aims to make $5bn in loans in 2024
By: Reuters 26th March 2024 The New Development Bank (NDB), set up by the Brics group of emerging economies, aims to make about $5-billion in loans this year, its vice president, Zhou Qiangwu, said on Tuesday. "During the epidemic, our business has been somewhat affected, and now everything is going back on track," Zhou... →
SQM supports water treatment startup with initial $1.27m investment
By: Darren Parker 22nd March 2024 UK-based engineering tech startup Salinity Solutions has secured a $1.27-million initial investment from battery-grade lithium chemicals producer Sociedad Quimica y Minera de Chile’s (SQM’s) corporate venture capital arm SQM Lithium Ventures to fund the next stage of its growth. SQM Lithium... →
Partnerships with the private sector, communities key to building climate-resilient infrastructure
By: Marleny Arnoldi 19th March 2024 The African continent needs an estimated $190-billion a year to meet its climate change mitigation and energy needs transition, but 57% of countries are in debt and unable to support the amount of investment required. These countries, therefore, need innovative finance mechanisms to advance... →
JSE declares full year dividend on the back of strong financial performance
By: Tasneem Bulbulia 18th March 2024 The JSE produced “strong” results for the year ended December 31, 2023, with growth of 12.2% in headline earnings per share (HEPS) and return on equity of 19.4% in line with long-term targets, CEO Leila Fourie reports. This strong performance has enabled the board to declare a dividend of 784c... →
Dr Mampho Modise appointed deputy governor of the Reserve Bank
By: Tasneem Bulbulia 15th March 2024 Finance Minister Enoch Godongwana and the South African Reserve Bank (SARB) have welcomed President Cyril Ramaphosa’s appointment of Dr Mampho Modise as deputy governor of the SARB, following the resignation of Kuben Naidoo in November 2023. Modise is the current deputy director-general of Public... →
Economic and geopolitical uncertainty supporting strong gold demand and prices
By: Sabrina Jardim 15th March 2024 Amid economic uncertainties and rising inflation, total gold demand, including over-the-counter (OTC) demand, reached a new record of 4 899 t in 2023, thereby supporting the highest yearly average gold price of $1 940.54 /oz, according to the World Gold Council’s (WGC’s) ‘Gold Demand Trends... →
Private-equity investments could address water challenges
By: Lumkile Nkomfe 15th March 2024 Mid-market private equity firm Agile Capital asserts that investors have a great opportunity to make sizable investments in the water sector and contribute towards the advancement of sustainable water solutions. The firm invests across several industries in South Africa and uses its networks... →
Access Bank South Africa appoints Sandile Shabalala CEO
By: Schalk Burger 12th March 2024 Financial services firm Access Bank South Africa has appointed Sandile Shabalala CEO to lead the bank into its next phase of growth and innovation. Shabalala has more than three decades of experience in the banking sector and has a proven record of driving growth and managing risk. →
Nedbank provides Thesele Group with growth, cash flow financing
By: Schalk Burger 11th March 2024 Financial services firm Nedbank Corporate and Investment Banking (CIB) has provided diversified industrial investment company Thesele Group with a financing solution that boosts Thesele's growth potential and cash flow. Thesele Group aims to be an investment partner that creates lasting economic... →
Petrol price increase poses risks to other industries
By: Tasneem Bulbulia 5th March 2024 South Africa’s food security is in the spotlight, with current weather conditions posing enough of a threat to farmers to cause a potential yield loss of their crops, following the heatwaves and sparse rainfall in February. Moreover, the recently announced petrol price increase also poses... →
PwC report highlights importance of building trust by paying tax
By: Darren Parker 5th March 2024 Auditing firm PwC has released its ‘Building Public Trust through Tax Reporting’ publication, which outlines the importance of tax in the business operating environment and look at why tax is material to both internal and external stakeholders from a risk, opportunity and sustainability point of... →
African Risk Capacity marks ten year anniversary
By: Darren Parker 5th March 2024 Parametric insurer African Risk Capacity is commemorating its tenth anniversary. The company was founded in 2014 with the sole mandate from the African Union heads of States to provide insurance and other risk transfer solutions to African countries. →
IFC, Solcon Capital to provide growth capital funding for South African, Indian deep tech companies
By: Schalk Burger 28th February 2024 Development finance institution the International Finance Corporation (IFC) and technology investment company Solcon Capital have announced a strategic partnership aimed at identifying and nurturing investment opportunities in the deep technology (deep tech) sector within India and South Africa,... →
SA Home Loans bullish about future, despite 2023 headwinds
By: Tasneem Bulbulia 26th February 2024 As it celebrates its twenty-fifth birthday this week, mortgage finance company and mortgage insurance provider SA Home Loans is optimistic that, despite considerable challenges for consumers and the property market last year, the worst of this cycle has passed, and the company expects a slow but... →
Equity facility to facilitate innovation
By: Nadine Ramdass 23rd February 2024 The newly launched Defence Equity Facility (DEF) aims to bolster private equity and venture capital funds in European companies that are developing innovative technologies with dual-use components, within the European Union (EU), over the next four years. The facility was launched by financial... →
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