news (796)

SAICA and CIMA work together to advance accountancy in SA

SAICA and The Association of International Certified Professional Accountants (the Association) have joined forces to advance the accounting profession in South Africa by broadening access to their professional qualifications and resources.

Badibanga Promesse, the Association’s Regional Vice President for…

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Added by CFO South Africa on May 26, 2017 at 15:00 — No Comments

TFG sees good results as its diversification strategy pays off

TFG, whose diversified retail footprint covers 3,328 outlets in 34 countries, has overcome difficult trading conditions to deliver 11.6 percent retail turnover growth (R23.5 billion March 2017 year-end).

CEO Doug Murray (pictured) said:

“We are extremely pleased with…

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Added by CFO South Africa on May 25, 2017 at 15:00 — No Comments

Management shake-up at Lewis; CFO among those leaving

The chairperson, a board member and the CFO are leaving JSE-listed Lewis Group. Lewis said in a statement that David Nurek, Lewis chairperson, had advised the board that he plans to retire after serving as a director and chairman since the group’s listing on the JSE in 2004. Les Davies, who has served as the group’s CFO…

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Added by CFO South Africa on May 24, 2017 at 19:00 — No Comments

Felix Lombard new Pioneer Foods CFO

Following a robust recruitment process in evaluating external and internal candidates, Pioneer Food Group, the South Africa-based food and drinks group, has appointed Felix Lombard as its new CFO. Cindy Hess held the CFO role until late 2016, a tenure which saw her nominated for the 2016 CFO of the Year Awards.

Lombard, a qualified CA(SA), also…

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Added by CFO South Africa on May 23, 2017 at 15:00 — No Comments

Agriculture and mining growth forecast lifted by IMF

The Washington-based International Monetary Fund (IMF) has raised its forecast for economic growth in South Africa. It forecast growth of one percent for South Africa this year, up from the 0.8 percent prediction made in April.

The international lender has done this because the drought – considered the worst in more than a century – seems to have…

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Added by CFO South Africa on May 22, 2017 at 19:00 — No Comments

BCX partners with WeThinkCode in R60 million deal

Telkom subsidiary BCX has launched a R60-million partnership with local incubator, WeThinkCode, a tuition-free programme designed to educate new software engineers. The deal will see the South African incubator expand its Johannesburg-based operations and also launch in Cape Town.

Ian Russell (pictured), CEO of BCX,…

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Added by CFO South Africa on May 21, 2017 at 8:00 — No Comments

Kenya Africa’s second-best investment destination

EY, in its Africa Attractiveness Index 2017 (AAI 2017), has named Kenya as this year’s second-most attractive investment destination, pipped only by Morocco.

The index said:

“Kenya, which is East Africa’s anchor economy (and SSA’s fourth largest), saw investment flag in 2016 after a bumper year in 2015. FDI…

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Added by CFO South Africa on May 20, 2017 at 8:00 — No Comments

GM leaves South Africa

General Motors (GM) has announced its intentions to stop production and sale of its vehicles in South Africa by the end of 2017. GM has denied that the move was influenced by South Africa’s recent credit ratings downgrades and has said it is restructuring its business towards more profitable markets, including the US and China, where it could achieve greater return on investments…

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Added by CFO South Africa on May 19, 2017 at 15:00 — No Comments

Rwanda regulator fines MTN Rwanda $8.5 million

Rwanda's telecom industry regulator has fined MTN Rwanda, a division of South Africa's MTN Group, $8.5 million – the equivalent of R112 million – for running its IT services outside the country in breach of its licence. In a ruling posted on its website, the Rwanda Utilities Regulatory Authority said that MTN Rwanda was hosting its IT services…

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Added by CFO South Africa on May 18, 2017 at 15:00 — No Comments

Equity deal sees Vodacom buy 35% of Safaricom

Vodafone Group is selling its $2.6 billion stake in Kenya’s Safaricom to its majority-owned Vodacom Group. The all-share deal will transfer a 35-percent stake in Safaricom to Vodacom in return for stock in the Johannesburg-based unit. This will raise the parent company’s stake in its South African business to about 70…

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Added by CFO South Africa on May 17, 2017 at 19:00 — No Comments

Naspers invests R5.6 billion in food delivery company

JSE-listed internet and entertainment group Naspers has said it will be investing R5.6 billion (€387 million) in Delivery Hero, an online food ordering and delivery company and one of Europe’s biggest startups.…

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Added by CFO South Africa on May 16, 2017 at 15:00 — No Comments

Asher Bohbot, EOH CEO, steps down, Zunaid Mayet takes over

Asher Bonbot (pictured), a prior member of the CFO Awards judging panel and the founder and CEO of EOH, a large technology services group, has announced that he will be leaving the JSE-listed company at the end of June. Zunaid Mayet has been appointed group CEO to replace him.…

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Added by CFO South Africa on May 15, 2017 at 19:00 — No Comments

Omnia to acquire 90% of Umongo Petroleum

Omnia, through its subsidiary, Omnia Group, has entered into a sale of shares agreement with Lubricant Additives Solutions and Technology and Autumn…

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Added by CFO South Africa on May 14, 2017 at 8:00 — No Comments

Internet Solutions’ acquisition of Mweb to go ahead

The Competition Commission has recommended to the Competition Tribunal that the acquisition of MWEB by Internet Solutions – a subsidiary of Dimension Data – be allowed to proceed. The deal was first announced on 2 December 2016.

According to Saki…

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Added by CFO South Africa on May 13, 2017 at 8:00 — No Comments

SAA appoints new CFO, OUTA objects

National carrier South African Airways (SAA) has appointed Phumeza Nhantsi as its new permanent CFO. According to a statement by SAA, Nhantsi has served in an acting capacity since November 2015, following Wolf Meyer’s departure. 

Musa Zwane, SAA acting CEO, has said that stabilisation of finances and filling vacancies are the…

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Added by CFO South Africa on May 12, 2017 at 15:00 — No Comments

Coca-Cola sells 21.5% shares in Appletiser

Coca-Cola Beverages South Africa has sold 21.5 percent of the Appletiser brand. This includes a 17.5 percent stake that went to black-owned investment firm African Pioneer Group, and a further four percent to Sipho Excellent Madlala, a new entrant black empowerment partner.…

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Added by CFO South Africa on May 11, 2017 at 15:00 — No Comments

Sibanye reports decline in first-quarter gold production

Sibanye Gold has announced that its gold production fell nine percent in the first quarter of this year, with operating profit slumping 62 percent from a year earlier.

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Added by CFO South Africa on May 9, 2017 at 15:00 — No Comments

KPMG launches Incentive Tax App

KPMG has launched an innovate, web-based app, the Learnership Incentive Tax Tool (LITT), which calculates learnership tax allowances and generates tax schedules at the press of a button. It also provides an additional tax deduction for registered learnerships.

Mohammed Jada (pictured), Head of Corporate Tax for KPMG in South Africa,…

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Added by CFO South Africa on May 8, 2017 at 19:00 — No Comments

MTN reports increase in revenues

For the quarter ending 31 March 2017, the MTN group recorded a 7.1 percent increase in revenue, despite a slight drop of 1.5 percent in subscriber numbers. Data revenues were also up 29.4 percent year-on-year – data revenue contributing 20 percent to total revenue.

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Added by CFO South Africa on May 7, 2017 at 8:00 — No Comments

Netflix rival comes to Africa

Discover Digital, MTN Group’s former video-on-demand provider, is launching a new online TV service in South Africa; one that will rival Neflix – which has become increasingly popular. The service will provide a mix of pay-per-view entertainment, on-demand subscription content, and a range of sports and news coverage.

According to Bloomberg, Discover Digital has also…

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Added by CFO South Africa on May 6, 2017 at 8:00 — No Comments

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