Financial Services | Finance Industry | Finance

https://staging1.creamermedia.com/

Advertise on this page? Click Here to Learn More

Financial News

Absa plays vital role in an infrastructure improvement transaction by Brics bank

By: Cameron Mackay 22nd August 2023 Infrastructure projects in South Africa have received a significant boost through a debut R1.5-billion debt issuance in the domestic market. The New Development Bank’s (NDB’s) bond issuance in South Africa is a landmark transaction for NDB, and local bank Absa Corporate and Investment Banking... →

Banks have a role in encouraging mindful online behaviour

By: Schalk Burger 21st August 2023 Financial services organisations have an important role to play in informing and encouraging their clients to be vigilant when using digital platforms as fraud and cybersecurity risks continue to evolve, says Standard Bank personal and private digital and ecommerce head Belinda Rathogwa.... →

Standard Bank personal and private digital and ecommerce head Belinda Rathogwa

COP28 president-designate calls for climate finance delivery

By: Tasneem Bulbulia 18th August 2023 Addressing the nineteenth session of the African Ministerial Conference on the Environment (AMCEN) in Ethiopia, COP28 president-designate Dr Sultan Al Jaber has shared his vision and priorities for the United Nations Climate Change Conference that will take place in Dubai at the end of the year,... →

COP28 president-designate Dr Sultan Al Jaber

Standard Bank declares 690c interim dividend

By: Marleny Arnoldi 17th August 2023 Financial services provider Standard Bank has attributed its strong performance in the first half of the year, including a 35% growth in headline earnings, to its differentiated franchise and Africa-focused strategy. The group posted headline earnings of R21.2-billion for the six months ended... →

Bigger targets needed to spur premium for South African projects

By: Bloomberg 17th August 2023 South African companies looking to issue green bonds or raise capital for climate-friendly projects have a better chance of getting preferential rates if they set ambitious targets that surpass market expectations. “In order to benefit, it should be a stretch target because that speaks to the... →

'Brics bank' issues first South African rand bonds

By: Reuters 16th August 2023 The development bank founded by the so-called Brics countries closed the auction for its first South African rand bonds on Tuesday, as it comes under pressure to boost its local currency fundraising and lending. The New Development Bank's (NDB) two bonds, a R1-billion ($52.3 million) five-year... →

Founders Factory Africa secures $114m to support Africa tech ecosystem

By: Marleny Arnoldi 15th August 2023 Early-stage investment company Founders Factory Africa has secured an additional $114-million in funding to scale its model to better serve founders across the African technology ecosystem. The additional support from the nonprofit Mastercard Foundation and Johnson & Johnson Impact Ventures,... →

FNB to roll out solar power systems to 100 branches

By: Schalk Burger 7th August 2023 Financial services provider FNB will install solar power systems at 100 of its branches across the country to prevent downtime during times of loadshedding, while also mitigating the environmental impact of its operations. The initiative will start with branches in Mthatha, in the Eastern Cape;... →

FNB CEO Jacques Celliers

African venture capital investments fell by 43% in H1

By: Darren Parker 4th August 2023 Venture capital investments in Africa fell by 43% year-on-year in the first half of this year according to a report published by venture capital body AVCA – the African Private Capital Association. This is against a backdrop of relatively strong fundraising by African venture capital fund... →

DBSA announces record R5.2bn full-year profit

By: Darren Parker 3rd August 2023 The Development Bank of Southern Africa (DBSA) has announced its highest ever profit of about R5.2-billion for the 2022/23 financial year. The development finance institution (DFI) says its commitment to sustainable development across the region has yielded a strong fiscal performance, closing... →

Research institute explains why SA’s Green Finance Taxonomy is not being used

By: Marleny Arnoldi 3rd August 2023 In the year since its release, the South African Green Finance Taxonomy (GFT) is hardly being used, despite its intention to provide a common language on financial markets, enhance transparency on sustainability of investments and reduce greenwashing. Sustainable development think tank German... →

Amazon Web Services unveils fourth round of funding for black entrepreneurs

By: Darren Parker 2nd August 2023 In a bid to address the funding gap faced by historically disadvantaged person (HDP) entrepreneurs in South Africa, Amazon Web Services (AWS) has unveiled the fourth round of its Equity Equivalent Investment Programme (EEIP). The programme is aimed at supporting black-owned and -led early-stage... →

JSE reports solid interim results

By: Tasneem Bulbulia 2nd August 2023 The JSE has reported year-on-year growth of 10% in its net profit after tax (NPAT) for the six months ended June 30 to R493-million. The stock exchange delivered solid growth in an uncertain environment as its largest market experienced lower trading activity amid continued macroeconomic... →

Photo by Creamer Media's Simone Liedtke
Leila Fourie

Novare invests in renewable energy to bolster pan-African sustainability drive

By: Cameron Mackay 2nd August 2023 Investment solutions company Novare, which has a substantial property portfolio in Africa, on August 1 announced a significant investment in rooftop photovoltaic (PV) panels as an eco-friendly and renewable energy source to curb carbon emissions across its African property portfolio and... →

Novare's rooftop PV project is a proactive response to actively managing the industry's negative impacts and promoting sustainability

RMB Corvest consortium invests in South Africa’s manufacturing sector

By: Tasneem Bulbulia 1st August 2023 Private equity business RMB Corvest has partnered with Umoya Capital Partners and Calibre Capital to obtain a minority share in original-equipment manufacturer M4A, which has capabilities in extrusion, injection and compression moulding, precast concrete, glass-reinforced concrete and compression... →

Absa PMI declines in July

By: Tasneem Bulbulia 1st August 2023 After what looks to have been a decent second quarter, at least in terms of quarterly growth momentum, the manufacturing sector had a setback at the start of the third quarter. This is the message from the latest seasonally adjusted Absa Purchasing Managers’ Index (PMI). →

Longer delivery times in July could reflect delays associated with the torching of multiple trucks on the N3 transport corridor during the month

Westbrooke reaches R300m close on renewable energy investment fund

By: Schalk Burger 31st July 2023 South African investment management company Westbrooke Alternative Asset Management has successfully closed its R300-million inaugural tax-enhanced renewable energy alternatives investment strategy. It plans to invest the capital alongside South African businesses that install, operate and own... →

Infra Impact Mid-Market Infrastructure Fund 1 reaches final close of R2.15bn

By: Schalk Burger 28th July 2023 Specialised infrastructure and impact investment management firm Infra Impact Investment Managers has announced that its Infra Impact Mid-Market Infrastructure Fund 1 exceeded its fundraising target, reaching a successful final close at R2.15-billion, or $115-million. The fund continues to... →

Naheem Ebrahim Essop appointed deputy pension funds adjudicator

By: Cameron Mackay 28th July 2023 Finance Minister Enoch Godongwana has appointed Naheem Ebrahim Essop as a deputy pension funds adjudicator. The appointment is for a term of three years and is effective from the date of assumption of duty, which is expected to be August 1. →

Entrepreneurship competition relaunched to celebrate SMMEs

By: Cameron Mackay 27th July 2023 This year, with the post-pandemic relaunch of finance institution Business Partners’ Entrepreneur of the Year competition, the unyielding resilience of South African entrepreneurs will once again be recognised and celebrated. South African entrepreneurs continue to prove their mettle, despite a... →

IFC partners with Banking Association South Africa to boost climate finance

By: Cameron Mackay 26th July 2023 Development finance institution the International Finance Corporation (IFC) is joining forces with local body the Banking Association South Africa (BASA) to help increase climate finance in the country and pave the way for a transition to a low-carbon economy. BASA is a member of the Sustainable... →

BankservAfrica index shows slight relief for take-home pay in June

By: Tasneem Bulbulia 26th July 2023 Despite the tough economic conditions, the average nominal take-home pay, tracked in financial payments partner BankservAfrica’s Take-home Pay Index (BTPI), showed a marginal uptick in June, adding to the stabilisation observed over the past three months. “The average nominal take-home pay for... →

DTIC aims to improve awareness on AfCFTA through outreach programme

By: Darren Parker 25th July 2023 The Department of Trade, Industry and Competition (DTIC) has embarked on provincial outreach and awareness workshops in collaboration with provincial governments, wherein it hopes to have engaged all provinces on the African Continental Free Trade Area (AfCFTA) by the end of July. The DTIC is... →

IFC investment in Metier to boost growth of mid-market companies in sub-Saharan Africa

By: Cameron Mackay 24th July 2023 To support the growth of mid-market companies in sub–Saharan Africa, World Bank Group subsidiary the International Finance Corporation (IFC) on July 24 announced an equity investment of $25-million in Metier Capital Growth Fund III (MCGF III), as well as a co-investment envelope of $15-million to... →

RMB arranges R4.5bn sustainability-linked debt facility for Pick n Pay

By: Marleny Arnoldi 21st July 2023 Financial services provider Rand Merchant Bank (RMB) has partnered with retailer Pick n Pay on its inaugural sustainability-linked loan of R4.5-billion. RMB, as the sole mandated lead arranger, bookrunner and sustainability coordinator for the syndicated debt facility, says it is encouraging to... →

IFC concludes first sustainable loan with South African bank

By: Marleny Arnoldi 20th July 2023 Financial services provider Standard Bank has successfully closed a $250-million sustainable seven-year term loan with the International Finance Corporation (IFC). The funding will be allocated to a portfolio of green and social assets – with a specific focus on renewable energy and affordable... →

Vantage Capital invests $25m in Aquasantec

By: Darren Parker 20th July 2023 Large-scale mezzanine debt fund manager Vantage Capital has made a $25-million investment into water tanks, pipes and related products manufacturer and distributor Aquasantec International, which works to address some of the water, sanitation and hygiene needs in East Africa. Vantage invested... →

Chery, Absa and Innovation Group launch extended insurance offering

By: Tasneem Bulbulia 18th July 2023 Vehicle manufacturer Chery, banking and financial services provider Absa and insurance technology platform provider the Innovation Group on July 17 officially launched an insurance partnership that aims to ensure post-warranty assurance for the growing number of Chery customers in South Africa.... →

An image showing Chery cars, branding, and Absa branding at a partnership launch in Johannesburg

Photo by Creamer Media's Tasneem Bulbulia
Partnership launch

EIB pledges $40m to support Acre’s climate infrastructure fund

By: Darren Parker 17th July 2023 The European Investment Bank (EIB) has pledged $40-million to support Acre Impact Capital's private debt fund, aimed at accelerating climate infrastructure investment throughout Africa. The funding will be allocated to Acre's Export Finance Fund I, which is the first of its kind to invest in the... →

Afreximbank disburses $120m to Kenyan investment development firm

By: Darren Parker 17th July 2023 The African Export-Import Bank (Afreximbank) in Nairobi has announced the disbursement of a $120-million financing facility to Djibouti’s Great Horn Investment Holding (GHIH) for the execution of a series of development projects in Djibouti’s Damerjog Industrial Development Free Trade Zone.... →

World Bank awards ten Southern African fintech startups with solution-growing capital

By: Marleny Arnoldi 17th July 2023 Ten innovative Southern African startups have been awarded financing through the Southern Africa Innovation Bridge Portal Fintech Challenge to advance their solutions, and help improve financial access for underserved communities. The Southern Africa Innovation Bridge Portal is supported by the... →

US helps fund water projects

7th July 2023 The United States Agency for International Development (USAID) announced last month that it has committed $3-million to the African Water Facility (AWF). The funding will support the preparation of water and sanitation investment projects in Africa, through the provision of grants and technical... →

An African child with cupped hands drinking water from a tap

WATER AID The African Water Facility welcomes the donation of $3-million which is being made by The United States Agency for International Development

Firm open to investing in the ‘right’ sectors in KZN

By: Bridget Lepere 7th July 2023 Black-owned private equity investment firm Agile Capital focuses on investments that drive sustainable development and have a demonstrable track record of growth and investment returns, with Agile Capital principal Elizabeth Kolobe noting that, unlike its rivals, it does not have exit timing... →

Image of an African woman in a navy suit

ELIZABETH KOLOBE Agile Capital is looking to invest in businesses with solid management teams, strong historical track records and good growth prospects

London investment company issues $800m Africa-focused bond

By: Marleny Arnoldi 6th July 2023 London-headquartered investment company Mainbridge has issued an $800-million Africa-related bond offering on the Frankfurt Stock Exchange (FSE). The bond is structured to appeal to long-term asset investors seeking access to African growth. →

GEPF to acquire 30% stake in Attacq’s Waterfall City subsidiary

By: Cameron Mackay 6th July 2023 Real estate developer Attacq and the Government Employees Pension Fund (GEPF) have concluded a nonbinding term sheet that will result in the GEPF acquiring a 30% interest in Attacq’s AWIC subsidiary, which holds the completed real estate portfolio and development and leasehold rights in Waterfall... →

Global FDI fell by 12% in 2022 – Unctad

By: Darren Parker 5th July 2023 Global foreign direct investment (FDI) fell by 12% to $1.3-trillion in 2022, the ‘World Investment Report 2023’, released by the United Nations Conference on Trade and Development (Unctad) on July 5, shows. This followed a sharp decline in FDI 2020 and a strong recovery in 2021. →

UN seeks to help developing countries access more funds for renewables investment

By: Darren Parker 5th July 2023 The world’s least developed countries rely on external sources for almost three-quarters of their energy investment but may pay up to seven times more than developed countries to access international capital markets, which is a major impediment to ramping up investments in renewables, United... →

Topics In These Articles

Africa Aggregate Construction Crushing Design DIESEL ENGINES Engineering engineering news Engines Infrastructure Mining Modular Screening Technology transport Weir Weir Minerals Components Energy Financial Innovation Resources Sustainable Systems Building Service System Terminals Business Gas ... more

RSS Feed

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Newsletters

Sign up for our FREE daily email newsletter

Receive daily sector news alerts

More

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options

Subscribe