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Banking / Investment in South Africa

  • HSBC 'complicit' in South Africa scandal, House of Lords told

    UNITED KINGDOM, 2017/11/04 HSBC has been accused of “possible criminal complicity” in a money laundering scandal involving South Africa’s wealthy Gupta family. Speaking in the Home of Lords on Wednesday, two weeks next he initial voiced concerns about UK links to the probe, Lord Hain said he had handed new evidence to the chancellor about the alleged involvement of a British bank in the “flagrant robbery” of South African taxpayers. Hain did not mention the name the bank in the Lords but did so in a letter to the Philip Hammond, in which he said the bank should be investigated over “possible criminal complicity” in corruption.
  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • South Africa’s central bank says has not instructed banks on ties with KPMG

    SOUTH AFRICA, 2017/10/17 South Africa’s central bank said on Friday it has not instructed banks on how to transaction with KPMG next the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma.
  • South Africa: Intra-African investments key for economic growth-Zuma

    SOUTH AFRICA, 2017/10/16 Visiting South African President Jacob Zuma, who ended his national visit to Zambia on Friday, has said that intra-African investments were critical to Africa’s next economic increase, and his country was ready to contribute meaningfully to increase the levels of investments while growing intra-Africa trade.Addressing the Zambia-South Africa Business Forum held in Lusaka in Zambia themed “Towards Increased Trade and Investment Cooperation,” Zuma said his government in 2016, through the Ministry of Trade and Industry, created Trade Invest Africa which, part others, establishes sourcing linkages with African trading partners as its contribution to facilitating the imports of African price-added manufactured products into South Africa.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • South Africa CB Unexpectedly Trims Interest Rate By 25 Bps

    SOUTH AFRICA, 2017/07/21 Africa\" href=\"http://www.globserver.cn/en/south-africa\">South Africa\'s central bank unexpectedly slashed its key interest rate by a quarter-point on Thursday, citing an improved inflation outlook, but weaker increase prospects. The Monetary Policy Committee of the South African Reserve Bank cut its key interest rate by 25 basis points to 6.75 %, while economists had expected it to be left unchanged for an eighth successive policy session.
  • Investec appointed to manage $670M fund for infrastructures in Africa

    SOUTH AFRICA, 2016/05/16 South African assets manager Investec Investment management has been appointed to manage a $670 million fund of Emerging Africa Infrastructure Fund (EAIF), a public-private partnership backed by the governments of UK, Holland, Sweden and Switzerland to finance infrastructure projects in sub Saharan Africa.
  • South Africa’s banks on solid ground

    SOUTH AFRICA, 2015/12/27 Bucking the trend of the country’s subdued economy, South Africa’s banks have again posted solid earnings, as they continue to strengthen their position through improved risk management practices and robust capital adequacy levels. Early October saw credit ratings agency Moody’s revise its outlook for the country’s banking system from negative to stable for the coming 12 to 18 months, signalling a additional positive estimate for the industry. Ratings rationale South Africa’s banking system had maintained a high level of return on equity, Nondas Nicolaides, a vice-president and senior credit officer with Moody’s, told media in October, while its Tier 1 capital ratio of 11.6% as of June provided a sufficient buffer against any increased credit losses or further economic headwinds.
  • Private equity: Why Old Mutual is betting on growth of cycling and golf

    SOUTH AFRICA, 2015/12/11 This month Old Mutual Private Equity bought a 70% stake in MoreCorp, the parent company of South Africa’s major retailers of golf and cycling sporting equipment, The Pro Shop and Cycle Lab. It as well houses affiliate businesses such as golf driving ranges and cycling parks. According to Jacci Myburgh, chief of Old Mutual Private Equity, the investment manager sees potential for both sports in South Africa. This despite a reported decline in golf in the US due to changing lifestyles and incomes. “Yes, in the US golf has in recent years been declining. But in Asia and China, for instance, it has grown completely aggressively in recent years. So I guess we look at South Africa and see both some emerging-market characteristics and some emerged-market characteristics,” he highlighted.
  • Western Cape is one of the hottest investment destinations on the African continent

    SOUTH AFRICA, 2015/05/26 Lying at the southernmost tip of Africa is the South African province of Western Cape. Mountains, farmland, desert-like terrain, golden beaches, and UNESCO World Heritage sites all make up the eclectic patchwork of this beautiful region. A gateway to Africa for investors, Western Cape is as well an economically dynamic, investment -focused region. The third-major economy in South Africa, the province of Western Cape contributes almost 14% to the national economy. Cape Town, the capital and major city, is as well the country’s second-wealthiest city and the economic hub of the region. Higher than the South African average, increase for the Western Cape is predicted to be 2.1% this year, increasing to 2.8% by 2018.