December 2016 Articles (68)

Approval granted for Neotel sale with R6.5-billion pricetag

The Independent Communications Authority of South Africa (Icasa) has given Liquid Telecom the go-ahead to purchase Neotel for the sum of R6.55 billion.

The collective network assets and service platforms will give Liquid Telecom, majority-owned by Econet Global, a bigger reach across…

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

Invest in SA, says Eskom chief Matshela Koko

Matshela Koko, Eskom’s interim group CEO, has called for business to invest in the South African economy, saying that electricity is no longer a constraint for the country, given that the first unit of the Kusile power station has now been connected to the national grid.…

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

Ekurhuleni Metro's Ramasela Ganda nominated for CFO Awards

Ramasela Ganda has been nominated for the 2017 CFO Awards for her achievements while heading up the financial division of the City of Ekurhuleni. The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations,…

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Added by CFO South Africa on December 30, 2016 at 5:30 — No Comments

Barclays named Middle East’s Wealth Manager of the Year

Barclays has been named ‘Wealth Manager of the Year’ in the Middle East for the third consecutive year by asset management publication Global Investor. The award was announced during the 2016 Global Investor/ISF MENA Awards ceremony, held in Dubai.

Cedric Lizin (pictured), head of Middle East and Africa at…

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

The future of banking is now: WATCH FNB CIO Peter Alkema at #afta16 #findaba16

FNB has long been lauded as the most progressive of South Africa's big four banks and it has received global recognition of its innovative and digitisation initiatives. The bank added another award to its bulging trophy cabinet at the African FinTech Awards at the Finance Indaba Africa 2016 in…

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Added by CFO South Africa on December 29, 2016 at 6:00 — No Comments

Sarb imposes administrative sanctions on two banks

The South African Reserve Bank (Sarb) has imposed administrative sanctions on Société Générale Johannesburg Branch (Société Générale) and Absa Bank Limited (Absa), directing the two banks to take remedial action. This was after the SARB conducted inspections in terms of the Financial Intelligence Centre Act (FIC Act) and…

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Added by CFO South Africa on December 28, 2016 at 11:30 — No Comments

Egyptian startups receive £1m boost

The British Embassy in Cairo is pumping a million pounds into the thriving Egyptian tech landscape in a show of support for the North African nation's entrepreneurs.

“Many of these have already been on display at this year’s RISEUP summit, which HMA John Casson was excited to be speak at last week…

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Added by CFO South Africa on December 28, 2016 at 8:00 — No Comments

EPPF's Nopasika Lila nominated for CFO Award

Nopasika Lila has been nominated for a CFO Award in 2017 for her sterling work at the Eskom Pension and Provident Fund (EPPF). The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government…

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Added by CFO South Africa on December 28, 2016 at 6:00 — No Comments

Standard Chartered to exit retail banking in Thailand

UK lender Standard Chartered has announced that, in 2017, it intends to transfer its Thai retail banking business to Tisco Financial Group Pcl, saying that it lacked the scale to generate adequate returns. It will, however, continue to operate corporate, institutional and commercial banking businesses in Thailand.…

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

Boloro launches debit authentication system in SA

Boloro, a New York-based technology company known for its globally patented, multifactor mobile authentication technology and mobile payment platform, has launched the first in a series of new, global products in South Africa to help eliminate fraud.

  • Do you want to know more about the latest and greatest…
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Added by CFO South Africa on December 27, 2016 at 8:52 — No Comments

You need to be a creative thinker, innovative and flexible, says Jabulani Dlamuka, uShaka CFO

In the two years since he has been at the helm of the finance department, uShaka Marine World chief financial officer Jabulani Dlamuka has increased revenue by 20% and cut costs by 5% overall. He has implemented…

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Added by CFO South Africa on December 27, 2016 at 6:00 — No Comments

The Coca-Cola Company and AB InBev reach $3.15 billion deal

The Coca-Cola Company and Anheuser-Busch InBev (AB InBev) have reached an agreement regarding the transition of AB InBev’s 54.5% equity stake in Coca-Cola Beverages Africa (CCBA) for $3.15 billion, after customary adjustments. In addition, the companies have reached an agreement in principle for The Coca-Cola Company to acquire AB InBev’s…

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

On-demand alcohol delivery app receives R500k investment

On-demand alcohol delivery app Bottles has successfully navigated the stringent demands of popular reality series Shark Tank SA and emerged with investment of R500 000, after The Creative Council co-CEO Gil Oved bought a 10% stake in the…

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Added by CFO South Africa on December 26, 2016 at 7:30 — No Comments

Finance enables transformation, says Department of Social Development CFO, Clifford Appel

Clifford Appel, a 2016 CFO Awards nominee in the public sector category, and finance head of the Department of Social Development, shared his thoughts on transformation and the role that finance plays, as part of a feature on the subject in CFO…

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Added by CFO South Africa on December 26, 2016 at 6:00 — No Comments

BCX receives R1 billion from Telkom

Telkom has given its ICT subsidiary, Business Connexion (BCX), which it acquired in 2015 in an all-cash deal worth R2.7 billion, a monetary boost of R1 billion, so that the IT services company can meet its debt and working capital requirements.…

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

Life Healthcare to fund Alliance deal with $756 million offer

SA’s Life Healthcare Group Holdings Ltd., which agreed in November to buy Alliance Medical Group Ltd. for $990 million, has said it intends to raise $756 million through a rights issue. This is in a bid to reduce debt following its UK expansion.

According to Bloomberg, the rights offer will refinance a portion of the…

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Added by CFO South Africa on December 24, 2016 at 8:00 — No Comments

Paystack earns $1,3m in seed funding

Y-Combinator-backed Nigerian fintech Paystack has closed on $1.3-million in seed funding from the likes of Tencent, Comcast Ventures and M&S Partners.

“Having painstakingly identified the many barriers that merchants on the…

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Added by CFO South Africa on December 24, 2016 at 8:00 — No Comments

Downgrade still a threat to SA, says BMI

BMI Research, in its latest Africa Monitor, says that, in the absence of key structural reforms, the risk of a downgrade of SA’s foreign currency debt to junk status remains a threat.

BMI said:

“While the mini budget highlighted some progress toward economic reforms – including improving the visa process and reducing…

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

Distell's Lucas Verwey nominated for CFO Award

Distell CFO Lucas Verwey has been nominated for a CFO Award in 2017. The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions and awards them for outstanding performance and…

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Added by CFO South Africa on December 23, 2016 at 6:00 — No Comments

Ethiopian Airlines borrows $159 million from AfDB

Ethiopian Airlines has taken a loan of $159 million from the African Development Bank (AfDB), which it will use to finance an expansion plan that includes doubling its fleet. The…

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

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