May 2016 Articles (58)

IMF: SA is Africa’s third biggest economy

The latest economic update from the International Monetary Fund (IMF) has revealed that South Africa is now the third biggest economy in Africa, with Nigeria taking first place and Egypt second.



According to the IMF, the weak rand, which worked against South Africa in the conversion to dollars…

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Added by CFO South Africa on May 31, 2016 at 11:30 — No Comments

Africa’s potential is exponential, says CHH CFO, Seithati Bolipombo

“Transformation won’t happen by osmosis or natural selection because at its core and at its foundation, it is a people thing. It comes down to behaviour and is a decision that people make,” says Seithati Bolipombo, CFO of Chancellor House Holdings (CHH), a…

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Added by CFO South Africa on May 31, 2016 at 8:00 — No Comments

Finance flash: the TOP-10 articles of week 21

Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience.

1. …

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Added by CFO South Africa on May 30, 2016 at 15:00 — No Comments

Tongaat Hulett FY HEPS down 17.9%, revenue up 3.2%

According to its audited results for the year ending 31 March 2016, Tongaat Hulett Ltd saw a rise of 3.2% in revenue, to R16,676 billion (compared to R16,155 billion for the previous year), with operating profit down 13.5% to R1,808 billion (compared to R2,089 billion the previous year.)…

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Added by CFO South Africa on May 30, 2016 at 11:30 — No Comments

Beware the cyber threat, says KPMG's Nathan Desfontaines

The prevalence of cyber threats is forcing companies to make tough decisions and quickly, otherwise they stand to lose direct control of data security, says Nathan Desfontaines, a Cyber Security Manager at KPMG  South Africa.



From coherent mobile information security…

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Added by CFO South Africa on May 30, 2016 at 8:00 — No Comments

Bruce Cleaver new CEO of De Beers Group

Anglo American has appointed Bruce Cleaver (pictured) as CEO of De Beers Group, with effect from 1 July. Cleaver replaces Philippe Mellier, who will be stepping down after a five-year tenure.



Mark…

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Added by CFO South Africa on May 29, 2016 at 11:30 — No Comments

SA banks get negative outlook from Moody’s

Moody’s Investors Service announced yesterday in a report that it has revised its outlook for the South African banking system from stable to negative. It believes that the creditworthiness of these institutions will take strain over the next year to 18 months.

  • Read:…
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Added by CFO South Africa on May 28, 2016 at 11:30 — No Comments

Wanted: nominations for the CFO Awards 2017

Following the great success of this year’s CFO Awards, held on 12 May at Summer Place, where Woolworths’ Reeza Isaacs walked away with the coveted CFO of the Year Award, we are calling for nominations for the CFO Awards…

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Added by CFO South Africa on May 27, 2016 at 11:30 — No Comments

Accounting in the cloud - Xero's Gary Turner on conquering SA

With personal computers and the internet mere precursors to the real digital revolution, CFOs need to change gears and get ready for radically different roles, says Xero executive Gary Turner. Few firms are riding the waves of digital change so confidently as Xero, the…

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Added by CFO South Africa on May 27, 2016 at 8:00 — No Comments

Nautilus receives approval for retail hedge fund offering

Hedge fund manager Nautilus, a subsidiary of the JSE, has received approval from the Financial Services Board (FSB) to offer a set of hedge fund products to the public. Nautilus is one of only a few managers to have received approval to date, in terms of the revised…

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Added by CFO South Africa on May 26, 2016 at 11:30 — No Comments

Meet Dumisani Dlamini (NAC), Young CFO of the Year 2016

“To god be the glory. I don’t even have a speech, this is so unexpected,” said Dumisani Dlamini, CFO of the National Arts Council (NAC) of South Africa, and winner of two awards at the recent CFO Awards 2016, Young CFO of the Year (for finance leaders aged 40 or…

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Added by CFO South Africa on May 26, 2016 at 8:00 — No Comments

Nomanini records massive growth in transactions as platform scales

Payments platform provider Nomanini has achieved a 1,500-percent growth in transactions as the company successfully scaled its mobile point-of-sale (PoS) platform for informal markets.

  • FinTech: …
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Added by CFO South Africa on May 25, 2016 at 11:30 — No Comments

Finance Indaba 2016: AAT graduates easily turn theory into practice

“Our local government and public sector qualifications are based on competency frameworks of municipalities and the National Treasury. They are designed to fit the purpose exactly,” says Nadine Kater, GM of the South African chapter of the Association of Accounting Technicians (AAT), a…

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Added by CFO South Africa on May 25, 2016 at 8:00 — No Comments

Nigeria suspends talks on MTN fine

According to reports, Nigeria has indefinitely suspended talks with the MTN Group regarding the $3.9 billion fine the telecoms company received in October last year, while the country’s House of Representatives undertakes an investigation into the size and delivery of the penalty.

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Added by CFO South Africa on May 24, 2016 at 11:30 — No Comments

Finance flash: the TOP-10 articles of week 20

Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience.



1. …

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Added by CFO South Africa on May 23, 2016 at 15:00 — No Comments

Prof Wiseman Nkuhlu joins panel of judges for 2017 CFO Awards

Prof Wiseman Nkuhlu (pictured), South Africa’s first black chartered accountant, current chancellor of the University of Pretoria and an often-cited inspiration for members of the CFO community, has accepted CFO South Africa’s invitation to join the panel of judges for the 2017 CFO…

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Added by CFO South Africa on May 23, 2016 at 11:30 — No Comments

INOVO's Thinus Janse van Rensburg: Four ways customers should drive a CFO’s IT spend

CFOs have traditionally not had to engage with IT. The CIO or other IT execs would simply recommend that the company adopt certain technologies without explaining how those technologies benefit the company. Buzzwords about technology and business processes can be impressive or baffling,…

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Added by CFO South Africa on May 23, 2016 at 8:00 — No Comments

Sarb: Interest rates to remain unchanged

Lesetja Kganyago (pictured), South African Reserve Bank (Sarb) governor, has announced that there will be no change in the interest rate. Thus, the repo rate will remains at 7%, while the cost of borrowing will stay at 10.5%.



A statement of the…

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Added by CFO South Africa on May 22, 2016 at 11:30 — No Comments

Shoprite to invest $572 million in Angola

Shoprite International, Africa’s largest food retailer, intends to invest $572 million in Angola, opening up new supermarkets and business units. It will also upgrade its existing chain of Angolan stores. This according to a recent statement published in the government…

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Added by CFO South Africa on May 21, 2016 at 11:30 — No Comments

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