Banking / Investment in South Africa
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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.
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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.
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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.
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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.
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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.
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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.
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CHINA, 2014/12/06
President Jacob Zuma has arrived in China where he is leading a delegation of ministers and businesspeople on a National visit aimed at strengthening bilateral relations, the Presidency said on Tuesday.
The two-day visit, scheduled for Thursday and Friday, signals a further consolidation of South African-Sino relations.
This is President Zuma's second National visit to China. In 2010, he took 17 Ministers and about 300 businesspeople and signed the Beijing Declaration on a comprehensive strategic partnership with China.
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SOUTH AFRICA, 2014/11/02
South African Reserve Bank (SARB) Governor designate Lesetja Kganyago has promised continuity at the central bank, saying he is honoured by his appointment.
This as President Jacob Zuma announced on Monday that Kganyago, who is currently serving as one of the three Deputy Governors of the SARB, will take over the reins on 9 November 2014. This follows the announcement by Governor Gill Marcus that she will step down at the same time as her term ends on 8 November this year.
"To Governor Marcus and colleagues it is continuity. I don't have to reinvent anything; I just have to carry from where she left off. She has guided us through the dangerous forest that is the world economy; she knows where the drinking holes are," he said.
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FRANCE, 2013/10/17
France is to lend €100-million (R1.3-billion) to South African national company Eskom to help finance a 100 megawatt (MW) concentrating solar power plant near Upington in the Northern Cape.
Eskom and the French Development Agency (AFD) agreed on Monday night, during French President Francois Hollande's national visit to South Africa, to facilitate the signing of the loan.
Concentrating solar power (CSP) technologies concentrate the sun's energy through large mirrors and uses this concentrated thermal energy to produce steam to drive a conventional steam turbine for electricity generation. The process is similar to that of conventional power plants in that steam is used to power a turbine and generator, but differs crucially in that fossil fuel combustion is restored with non-polluting solar energy.
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SOUTH AFRICA, 2013/06/20
Bankers have been quick to downplay weak results from one of South Africa’s major providers of unsecured loans, saying the decline in profits at African Bank Investments Limited (ABIL) does not portend additional wide-spread problems in the sector.
On May 20 ABIL announced that earnings for the six months ending March 30 dropped 26% compared to the previous year, due in part to a rise in bad deficit provisions associated with an increase in non-performing loans (NPLs). Before in May, the bank had issued a statement warning of lower-than-expected results, in which ABIL’s chief executive manager, Leon Kirkinis, said NPLs would weigh on the bank for the rest of the year.
