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30 June 2017 It never ceases to surprise us that many CFOs heading up the finance departments of massive organisations equipped with the bleeding edge of technology are content to limit themselves to the equivalent of an abacus when it comes to boosting their own productivity. Here are five apps to help you get a handle on your personal productivity. 30 June 2017 Koncart, a platform that empowers developers and techpreneurs to build their financially driven tech idea with ease, has recently been launched into the African FinTech sector. The platform enables startups to quickly create and manage virtual wallets and transactions with an in depth analysis to your data by leveraging on Koncart’s analytics dashboard. 29 June 2017 In the three years to 2016, almost 16,000 organisations across the globe had their IT systems breached – the equivalent of 17 cases of business email compromise every day, according to the US-based Internet Crime Complaint Center. Recent cyberattacks on companies around the world have rung alarm bells over how firms protect their business from criminals. A new report , Keeping Business Clean, tells business leaders how to crack the hackers on scams such as executive impersonation, where fraudsters dupe unwitting staff into transferring money from company accounts. 29 June 2017 “First and foremost, we have one focus: delivering value with a long-term objective of providing the best service in our industry," says Christo Jacobs, director at Intellection, a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 29 June 2017 South African diversified chemicals maker Omnia Holdings announced a drop in full-year profit of 7% in a results presentation on Tuesday, as difficult trading conditions took their toll on the company’s mining and chemicals divisions. 28 June 2017 Despite recently saying he would be retiring, Tyrone Soondarjee, previously financial director at the Sasfin Group, has been appointed Cell C’s new chief financial officer, effective 1 July 2017. Soondarjee will take over from Robert Pasley, who will return to his original role as chief strategy officer. 28 June 2017 Andrew Mackie, Deloitte’s newly appointed Head of Audit for Africa, believes there is great value in cultivating a strong network of CFOs and building a community of finance leaders. Mackie says he is excited about Deloitte partnering with CFO South Africa: “It is vital, particularly in these tumultuous times, that finance leaders hunker down together and find common ground.” 28 June 2017 “Strategy, strategy, strategy. In difficult economic times, it is critical that the CFO to manage, innovate and focus the company finances not only to survive short-term challenges, but to expand and grow in the long-term as well,” says the head of the University of Johannesburg’s accounting department, Professor Ben Marx. 28 June 2017 Consumer uptake of innovative FinTech products is set to be embraced by the mainstream as adoption levels surge among digitally-savvy consumers, according to a study by EY. The research, based on 22 000 online interviews with digitally active consumers across 20 markets, shows that the emerging markets are driving much of this adoption with China, India, South Africa, Brazil and Mexico averaging a 46% participation rate. 27 June 2017 Four years in the making, a new type of debit order, DebiCheck, is nearing completion. Created as a result of increased concern over the number of unauthorised debit orders being processed, this new debit order system will only authorise a debit order to be processed to a consumer’s account if the mandate for such has been electronically confirmed by the consumer. 27 June 2017 "With Treasury Cloud Technology, the benefits of an in-house bank are within reach of most medium-sized companies and not just available for the select few listed firms," says Rudolph Janse van Rensburg, CEO of Treasury Technologies, a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 27 June 2017 For his work as CFO of SANParks, Rajesh Mahabeer, now Head of Public Sector Finance and Deal Origination at Garuda Capital (Pty) Ltd, was nominated for the CFO Awards 2017. We chatted to Rajesh about his tenure at SANParks and how he turned the finance team around, setting a new strategic direction for the entity in doing so, as well as his new role in the M&A and corporate finance space. 26 June 2017 Agricultural services company KaapAgri (KAL) this morning listed on the ‘speciality retailer’ sector of the main board of the JSE. The company, which has a history dating back more than 100 years, to 1912, is valued at around R4.1 billion. 26 June 2017 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. 26 June 2017 South African tech and media giant Naspers on Friday recorded positive results for the year to March 2017, increasing revenue by 19% year on year to $14.6 billion. Core headline earnings at Naspers rose 41% to $1,8 billion for the year. Positive results from Chinese behemoth Tencent took the edge of its stuttering pay-TV and other e-commerce ventures, with businesses outside SA contributed 80% of revenues, compared to 77% a year ago. 26 June 2017 High-profile data breaches are regularly in the news and, seemingly, businesses and are losing the battle to protect their intellectual property (IP), corporate and customer data from professional cybercriminals. Michael Marriott, security expert at Digital Shadows, shares his insight. 25 June 2017 The Democratic Alliance (DA) and the Economic Freedom Fighters (EFF) have opposed the Twin Peaks Bill, officially known as the Financial Sector Regulation Bill, while the Inkatha Freedom Party (IFP) has accepted it, albeit with reservations. 24 June 2017 Johnny Dladla (pictured) has been appointed acting group chief executive of Eskom, with immediate effect. This after Public Enterprises minister Lynne Brown ordered Eskom to rescind Brian Molefe’s reappointment as the power utility’s chief executive late last month. 23 June 2017 The Independent Regulatory Board for Auditors (IRBA) has said that additional measures to drive transformation will be required to address government’s concerns regarding de-concentration of the audit market and transformation. This in the face of criticism that Mandatory Audit Firm Rotation (MAFR) will not address transformation of the profession. 23 June 2017 TechPreneur Africa, which aims to support FinTech firms and entrepreneurs that want to increase financial inclusion and opportunities for growth across Africa, has signed a memorandum of agreement with international financial hub Abu Dhabi Global Market (ADGM). 23 June 2017 Till Streichert (pictured), CFO of mobile communications company Vodacom Group, walked away with three awards at the 2017 CFO Awards in May. Besides claiming the coveted title of CFO of the Year, the quiet-spoken German national also scooped the Strategy Execution and Finance Transformation honours. 22 June 2017 Lushen Pather (pictured), CFO of Sasfin Bank Limited and Sasfin Holdings Limited, who was nominated for this year's CFO Awards, has been appointed acting group financial director, effective 1 July 2017, until such time as a permanent replacement is appointed. This as Tyrone Soondarjee, existing group FD, will be retiring from the Sasfin board and subsidiary boards, effective 30 June 2017. 22 June 2017 CFOs who are handed property portfolios or commercial challenges with a property aspect really have a great opportunity to get closer to the business. And with a closer handle on your business you become a better CFO. This was the view of guests at last night’s CFO South Africa dinner, which was filled with great insights, perspectives and relationship building. 22 June 2017 Accountants play a crucial role in the engine room of any business, but they have long been the victims of unkind stereotyping and have somewhat unfairly earned a reputation for being boring, methodical, number-crunchers with no sense of humour and a penchant for weird green peak caps. 22 June 2017 With more than 5 000 visitors tapping into a wealth of resources, know-how and inspiration and gaining unparalleled insights, Finance Indaba 2016 was an ambitious venture, but it was also one established on the idea that helping just a single individual would have a knock-on effect and prove fortuitous for the continent's financial services sector. 21 June 2017 The auditor-general (AG) local government report has been released, showing the audit outcomes of 263 municipalities and 51 municipal entities. Unfortunately, there was little improvement in the local government audit outcomes for the year 2015/16, and very few municipalities achieved clean audit opinions. 21 June 2017 Kenny Fihla was recently made CEO (he was, until then, deputy CEO) of Standard Bank’s Corporate and Investment Banking division. For him, the ideal CFO needs to be three key things: a core partner, concerned with sustainability, and a sanity check for the organisation. “If a CFO can play these three roles exceptionally well, you’ve got a winner.” 21 June 2017 “CFOs need to be drivers of strategy. We need to look beyond financial reporting and management accounts and actually get involved in driving our businesses. At Transnet, we feel that the CFO is the the strategic enabler of the business. We feel that those in the profession from both public and private sectors should work together to drive economic growth in the country,” said Transnet CFO Garry Pita. 21 June 2017 The South African Institute of Professional Accountants (Saipa) has joined Finance Indaba 2017 as a gold partner and will make its second showing at the event at the Sandton Convention Centre in October. 20 June 2017 Brooks Mparutsa (pictured), executive director of Hollard’s international business, has said that the insurer has “significant acquisitions” planned on the continent in the coming years, and would be partnereing with New York Stock Exchange-listed Cigna, a global hearlth insurer, to offer health insurance to companies working in Africa. Hollard already has offices in Zambia, Namibia, Mozambique, Botswana and Ghana, as well as South Africa. 20 June 2017 Six European cities attract 70% of all investments in European private FinTech companies. 20 June 2017 Jason Wright, CFO of Cape Union Mart, took an unusual route to get where he is today. Having finished matric, Jason went into gainful employment in the IT space before going on to study information systems, also gaining experience in web development and project management. It was only in his mid-twenties that the commerce bug really bit. 19 June 2017 In a deal that has sent shockwaves through both online and brick-and-mortar industries, Amazon.com has said it will acquire Whole Foods Market for $13.7 billion. According to Bloomberg, Amazon has agreed to pay $42 a share (in cash) for the organic-food chain. 19 June 2017 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. Apple Bank here we come Guys, it's happening. Did you miss the news? You probably did, because the announcement was tucked in between demos of the latest iMessage stickers. Millennials... sigh. At the annual developer conference WWDC, Apple announced their next move into the world of Financial Services. If you thought Apple Pay was as far as they would go, you were mistaken. Sorely mistaken! 2. Amazon, Whole Foods, and the Future of the (Old) New Economy I heard the news today, oh boy — Amazon is buying Whole Foods Market in a deal worth nearly $14 billion. The combination of these iconic companies, both of which have come of age in the last two decades, raises obvious questions. Does the transaction reflect how hard it’s been for Whole Foods to keep Wall Street satisfied with its growth and profits? (It does.) Does the deal underscore just how expansive a vision Jeff Bezos has for Amazon, his dream of it becoming the “everything store”? (No doubt.) 3. Why accountants need to get a grip on blockchain By strict definition, blockchain is a global digital ledger of economic transactions that is transparent, continually updated by countless users, and considered by many as almost impossible to corrupt or hack. But in the broader sense, blockchain is also a lightning rod for highly charged opinion, confusion, and even fear. Some argue that blockchain will completely transform finance, accounting, and auditing. Others are decidedly more circumspect regarding its impact. And a certain segment is nervous, not knowing whether blockchain will make portions of the accounting profession obsolete – perhaps large ones, specifically as it relates to the current audit and tax practices focusing on compliance. 4. CFOs Still Spurning High-Return Projects Modern finance theory says that as long as an investment earns a rate higher than the cost of capital, it creates value for a firm. Thus, when the hurdle rate exceeds the cost of capital, a firm is passing up value-creating projects, explains John Graham, professor of finance at Duke University. 5. 5 Leadership Mistakes Even the Best Bosses Make If you think your boss is some freak of nature and you're the luckiest person alive, I'll break it to you gently: He or she is human and will make mistakes. The great ones rise up from their errors by A) acknowledging they made a mistake and correcting a behavior (think humility), or B) acknowledging a blind spot that needs to be addressed, then doing something about it. Lets dive into a few prevalent leadership mistakes that even the best and smartest leaders tend to make. 6. How artificial intelligence can deliver real value to companies After decades of extravagant promises and frustrating disappointments, artificial intelligence (AI) is finally starting to deliver real-life benefits to early-adopting companies. Retailers on the digital frontier rely on AI-powered robots to run their warehouses—and even to automatically order stock when inventory runs low. Utilities use AI to forecast electricity demand. Automakers harness the technology in self-driving cars. 7. How Can You Tell Someone Has True Leadership Skills? Look for This ... Ever been in an important meeting where a topic on the agenda causes tension that you can cut with a knife? Instead of colleagues speaking up to solve an issue, you get poker faces and eyes looking down to avert what nobody wants to deal with. The same is true when it comes to having those tough conversations to call someone to the carpet. We procrastinate or avoid the confrontation, because it's never pleasant, for example, to tell someone she's not cutting it. So when people ask me, "What's the secret to great communication?" my usual response baffles some, because it can seem so counterintuitive: "Be radically transparent." 8. The benefits of thinking like an activist investor The rapid growth and influence of activist investors has many executives nervously looking over their shoulders. Even large companies are increasingly vulnerable (Exhibit 1). But there is a benefit to be had by those managers with the courage to take as hard a look at their own company’s performance as a performance-minded outsider might. The objective isn’t necessarily for managers to do what activists would do—activists’ performance is mixed, after all (Exhibit 2). Instead, the goal is for managers to examine their own strategy, governance, and operations with an eye to unearthing opportunities to improve performance. 9. How To Write A Work Email When You’re Really Pissed Off Just don’t. But if you absolutely must, do it like this. 10. Top 10 tips for great teamwork Doing great teamwork or being an inspirational team leader are terms we often hear bandied in our workplace or perhaps in the plethora of management aid books now available. Leader, player, server of teams – we all have a part to play. Yet, how well are you playing your part? In the first of a new series of articles by global job board CareersinAudit.com, Simon Wright, operations director, provides a top 10 teamwork checklist. 19 June 2017 Treasury Technologies has joined Finance Indaba 2017 as a gold partner and will make its second showing at the event at the Sandton Convention Centre in October. 19 June 2017 A thorough, smart and stealthy due diligence process is among the top ingredients for successful mergers and acquisitions. We spoke to finance executives and dealmakers about the homework a growth-hungry company needs to do. “You cannot over-plan,” says Arie Maree, Ansarada Managing Director for Africa and the Middle East. “Once the rubber hits the road with a deal, there are tight timelines, plenty of stress and lots of money at stake. More planning means a smoother due diligence and ultimately, a smoother transaction,” 18 June 2017 Abigail Mukhuba (pictured), the current CFO of African Rainbow Minerals (ARM), has been appointed FD, with effect from 11 December 2017. Mukhuba replaces outgoing FD, Mike Arnold, who reaches ARM’s retirement age of 60 in July. 17 June 2017 This year’s CEO Outlook, released by KPMG, has revealed that 68 percent of CEOs see disruptive forces as an opportunity, not a threat, for their business. The CEO Outlook is based on in-depth interviews with 50 CEOs of some of the country’s largest companies. 16 June 2017 JSE-listed African Oxygen (Afrox) has appointed Matthias Vogt (pictured) as its new CFO and executive director. Vogt, who joined Afrox as finance GM in July 2015, will replace outgoing CFO Dorian Devers, from 1 August this year. 16 June 2017 Durban-based investment firm Multiply Group has acquired 35% of newly formed Crossfin Technology Holdings, part of the Capital Eye Investments’ portfolio, which owns stakes in several companies in the FinTech space. 15 June 2017 During the first roundtable session of the June CFO Summit, South Africa's leading financial executives learnt operational strategies to cut costs and optimise their businesses, so as to retain their levels of productivity and maintain their organisations’ competitiveness. 15 June 2017 “You can use your office space to create happier and more productive staff by making sure that you're providing a space that makes them feel engaged, empowered and fulfilled,” said Craig Hean, MD of JLL Sub-Saharan Africa, who was speaking yesterday at the CFO Summit. 15 June 2017 With the purse strings in their hands and the demands of their board, stakeholders and personal lives, CFOs face numerous pressures, especially in the current volatile market. The latest CFO Summit equipped them for survival and future success. 15 June 2017 With more than 5 000 visitors tapping into a wealth of resources, knowhow and inspiration and gaining unparalleled insights, not only was Finance Indaba 2016 a golden opportunity to meet others in the industry, network with peers and speak to professional organisations and training institutions, but it also offered neatly segmented paths and programmes for visitors to get the best out of the event. 15 June 2017 It can be easy to lose sight of the end goal in the helter-skelter world of finance, as you are bogged down in interminable meetings, email overload and organisational bureaucracy. While meeting your obligation to drive business efficiencies, your personal productivity may take a hit. Here are five productivity hacks to help streamline your own processes. 14 June 2017 South African food company Tiger Brands announced today that its deputy chairman, Bheki Sibiya, would be stepping down at the end of June. 14 June 2017 Kenny Fihla was recently made CEO (he was, until then, deputy CEO) of Standard Bank’s Corporate and Investment Banking division. He shares with young finance professionals some personal pearls of wisdom for success. “Organisations are desperate for leaders and leaders are really tested in that kind of way – who is always willing to step out of the ordinary and to venture into the unknown?” 14 June 2017 “The single most important thing that CFOs need to keep in mind in the years that lie ahead is how best to cut costs and drive efficiencies, ensuring that their businesses are sustainable in a difficult, low-growth environment,” said University of Pretoria Chancellor Wiseman Nkhulu. 14 June 2017 South African FinTech Entersekt has received a multi-million-dollar cash boost to fund its global expansion. 13 June 2017 Ben Ngubane (pictured) has resigned as non-executive director and chairperson of the board of Eskom with immediate effect. Lynne Brown, Public Enterprises minister, made the announcement late last night. 13 June 2017 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. 13 June 2017 DocFox has joined Finance Indaba 2017 as a gold partner and will make its debut at the event at the Sandton Convention Centre in October. 13 June 2017 “As a leader, you should create an environment that allows for growth in the team and for people to feel passionate about the work that they do,” says Fabian Naidoo, divisional CFO of non-profit organisation (NPO), Right to Care (Rtc). Fabian is currently also acting as finance director of the RtC Group. Fabian says his philosophy about work can be summed up by this quote from Steve Jobs, ‘The only way to do great work is to love what you do’. 12 June 2017 KPMG won two prestigious accolades at the recent Private Equity Africa Awards 2017 (PEA Awards): Global Financial Advisor and Single Deal Advisor. 12 June 2017 South African cement-maker PPC has reported an astonishing 93% plunge in full-year earnings after enduring a liquidity crisis following a cut in its credit rating to junk status by S&P Global Ratings. 12 June 2017 At the turn of the year, futurist Craig Wing wrote a piece where he postulated an increase in three seemingly unconnected developments all aligned with the central tenant of trust and transparency in a connected world. As we approach the middle of the year, Craig has updated it, adding local context particularly within the changing landscape of credit downgrades. 11 June 2017 Communications Minister Ayanda Dlodlo announced during a cabinet meeting late last week that Dondo Mogajane (pictured) has been appointed the new director general of National Treasury. Cabinet has approved the appoinement. 10 June 2017 Kenny Fihla (pictured) has been appointed Chief Executive of Standard Bank’s Corporate & Investment Banking (CIB) division, effective immediately. Kenny takes over from David Munro, who will be fulfilling the role of CEO at Liberty, also part of the Standard Bank Group. 09 June 2017 Successfully merging companies is no small feat. Walter Leonhardt, award-winning FD of Coca-Cola Beverages South Africa, talked a group of CFOs through Coca-Cola’s journey of ‘continuous improvement’. “Authenticity is key because it plays on trust. If you want to win the trust of employees, you have to be authentic. You’ve got to do what you say you’re going to do, and follow up on what you say you’re going to follow up on,” the seasoned finance executive said. 09 June 2017 London remains the powerhouse of global FinTech, despite concerns over Brexit and the upcoming UK elections. Some 31 London-based FinTech firms are featured in the annual Fintech50 report, which lists the best startups in the space as decided by industry leaders including Microsoft and Samsung. The number has increased from 29 in 2016 and the list includes seven more London-based startups than it did in 2015. 09 June 2017 CFO Summit #3 on 14 June 2017 at the Summer Place in Johannesburg’s Hyde Park continues our efforts to bring the very best CFOs and experts together for exceptional learning and networking. 08 June 2017 South Africa-based retail group Steinhoff International has reported a 13 percent rise in half-year operating profit, along with a 48 percent increase in revenue. This as recent acquisitions bolstered sales. 08 June 2017 Gaining access to the C-suite isn’t the end game for executive development. In many ways, it is just the beginning, as you seek to make your mark in a field of a higher calibre and plug the knowledge gaps you may have overlooked on your way to the corner office. Here are four soft skills that will make you stand apart from your peers. 07 June 2017 Dorian Devers has resigned as CFO of JSE-listed African Oxygen (Afrox), effective 31 July. He is relocating to New Zealand to pursue opportunities outside Linde Group AG, the holding company of Afrox. 07 June 2017 Telecommunications giant and South Africa’s biggest fixed-line telephone group Telkom delivered pleasing results for the past financial year, including a rise in headline earnings by 12,4% that saw its shares jump by more than five percent immediately after the presentation in Midrand on Monday. 07 June 2017 “CFOs are the custodians of capital and capital drives a lot of decision-making. Many people don’t look beyond the bottom line, but beyond the economic realities, there are socio-economic issues. CFOs need to start focusing on how they can use capital and explore synergistic opportunities to address not just company issues, but those of the broader community,” said Clover finance boss Elton Bosch, who is widely regarded as one of the leading CFOs in the country. 07 June 2017 As one of the foremost financial institutions on the continent, Standard Bank has been making great things happen in Africa for over 154 years. The bank currently operates in 20 countries on the African continent, including South Africa, as well as in other selected emerging markets, and employs more than 54 000 people across its 1 221 branches. CFO South Africa is pleased to have retained such a prestigious diamond partner for Finance Indaba 2017. 06 June 2017 DA leader Mmusi Maimane has laid several charges on various individuals, including Eskom CFO Anoj Singh (pictured right with Transnet CFO Garry Pita at the 2017 CFO Awards), in the wake of the leaked Gupta emails. 06 June 2017 Naspers, a global internet and entertainment group and one of the largest technology investors in the world, today announced that it led an $80 million Series E investment in India-based Swiggy, an online food ordering and delivery platform in India. Ashutosh Sharma, head of investments in India for Naspers, will join the Swiggy board. The investment will help to bolster Swiggy’s growth plans and demonstrates Naspers commitment to help Swiggy become the undisputed leader in food ordering and delivery across India. 06 June 2017 “You only have one chance for a first impression. I am always respectful but I never confuse respect with blindly following others,” says National Treasury CFO, Silindile Kubheka. We have tried to unpack the remarkable metamorphosis of the National Treasury CFO from a shy, quiet serial student to a leadership powerhouse with strong views on boardroom dynamics, youth development and ways to professionalise government. 05 June 2017 The CFO Forum has said it is “deeply concerned” by the decision to introduce mandatory audit firm rotation (MAFR) for South African business. 05 June 2017 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. 05 June 2017 i-Pay has joined Finance Indaba 2017 as a silver partner and will make its second showing at the event at the Sandton Convention Centre in October. 05 June 2017 “Everyone has a different way of thinking about FX and settling and hedging their FX and we must solve and understand for each of these,” says Richard de Roos, Head of Foreign Exchange for the Standard Bank Group. In this, the second article in a series from Standard Bank specialists, Richard talks about forex trends in Africa, what Standard Bank is doing to stay ahead of the pack, and what CFOs should expect in this arena. 04 June 2017 Barclays has announced the sale of its Zimbabwe bank to Malawi-listed First Merchant Bank, as the British lender continues to exit Africa. 03 June 2017 The Public Investment Corporation (PIC), Vodacom Group’s second-largest shareholder, has said it will vote in favour of the R34.6 billion takeover of Kenya’s Safaricom. The PIC holds a 15.63% interest in Vodacom Group. 02 June 2017 Gautam Gupta, Uber head of finance, has announced that, come July, he will no longer be with the international ride-hailing company. Instead, he will be joining another San Francisco-based startup as COO. Gupta’s moves comes as several other top Uber officers have left the company this year. 02 June 2017 Website CFO.co.za welcomed 18,444 visitors in the month of May 2017, a new record for the online hub for finance executives. Posts about the 2017 Finance Indaba Africa and the 2017 CFO Awards were among the best read, along with this news article about the recently announced collaboration between accounting bodies SAICA and CIMA. 02 June 2017 Researchers from the London Business School have found that encouraging employees to keep from showing positive or negative emotions will drag down their performance and that of their organisation. On the other hand, workers who feel that they are able to express themselves freely in the work environment tend be more productive, innovative and creative. Corporate leaders have a vital role to play in creating this sort of workplace environment. “What emotions and experiences are allowed, encouraged and supported and how does this impact an organisation’s strategic priorities such as innovation?” asks Michael Parke, Assistant Professor of Organisational Behaviour at London Business School. “When people are invested in their jobs, they can get upset or frustrated with things but they should be able to share those emotions so it doesn’t stymie their work or creativity.” 02 June 2017 Did someone cancel the FinTech revolution or has it just been delayed? That's the question posed by a new report on the UK scene, which argues that new entrants have failed to lure customers from incumbents and that VC money has started to dry up. Over the last few years, the FinTech hype machine has been in overdrive, with a digital revolution promising to change market structure, radically improve products and services, and save the high street veterans from sliding into invisible utilities. 01 June 2017 CFOs of two of The Netherlands most famous retailers have received CFO Awards during a celebratory ceremony at the end of CFO Day, a full day of learning and networking attended by 500 Dutch finance executives in the coastal town of Noordwijk. The awards went to Jeff Carr (pictured left) of Ahold Delhaize and Ron Hemmer (pictured below) of Hunkemöller. 01 June 2017 After posting a 6.3 percent rise in half-year profit, food company Tiger Brands said that it will pull focus back onto middle-income consumers in its home market of South Africa. 01 June 2017 KPMG is a leading global professional service company and one of the "Big Four". Established in 1987 with headquarters in Amsterdam, KPMG employs 189 000 people, offering financial audit, tax, and advisory services. The firm, which is frequently cited as one of the best places to work and build a career, was also a diamond sponsor of CFO South Africa's Finance Indaba extravaganza in 2016. 01 June 2017 CFO South Africa is all about networking and gaining knowledge from peers. The CFO community is a worldwide one and we pride ourselves on our ability to bring you relevant insights that can assist you in furthering your personal aims and those of your organisation, no matter the sector in which you operate. Here are four pieces of advices from the CFOs of leading global companies. 31 May 2017 Standard Bank corporate and investment banking (CIB) CEO David Munro (pictured) has taken over as CEO of Liberty in the wake of Thabo Dloti’s unexpected departure. Standard Bank holds a 54 percent share in Liberty. 31 May 2017 Intellection has joined Finance Indaba 2017 as a gold partner and will make its second showing at the event at the Sandton Convention Centre in October. 31 May 2017 Tongaat Hulett reported a 45 percent rise in full-year earnings on Monday, as higher export prices and improved local prices gave the South African sugar producer a jab in the arm. 30 May 2017 TFG, the holding company of fashion chain, Foschini, has announced that it will be acquiring menswear group, Retail Apparel Group (RAG). TFG is the latest retailer to enter the Australian market. 30 May 2017 South African FinTech company, Entersekt has won the Judges' Choice: Best Technology Provider at the fourth Banker Africa East Africa Awards held recently at a gala dinner in Nairobi. In April, the firm won the award for Best Mobile Security Technology in the 2017 Banker Africa Southern Africa Banking Awards for the second year in a row. 30 May 2017 “I joined the company at a time when it was struggling, so I’ve had to be innovative and creative,” says Mampe Gololo, CFO of Great North Transport, a public entity focused on commuter transport in Limpopo. “The company has been loss-making for the last five consecutive years, so issues of turnaround are key. We’ve got to get the company back on its feet.” 29 May 2017 Net1 founder and CEO Serge Belamant (pictured) will retire at the end of this month, marking the end of what is almost a 17-year tenure at the company. CFO Herman Kotzé, who has been with Net1 for more than 18 years, will take over from Belamant as of 1 June. Kotzé will stand as both CEO and CFO until a new CFO has been appointed. 29 May 2017 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. 29 May 2017 PowerMani has joined Finance Indaba 2017 as a silver partner and will make its debut at the event at the Sandton Convention Centre in October. 29 May 2017 A thorough, smart and stealthy due diligence process is among the top ingredients for successful mergers and acquisitions. We spoke to finance executives and deal makers about the homework a growth-hungry company needs to do. “The due diligence report is often just used to tick the box and the findings are not adequately translated into the pricing and sale and purchase agreement,” says Karin Hodson, Partner and Transaction Services Leader at Deloitte. Failure to undertake adequate due diligence can result in significant erosion in value and potential losses of customers, staff and everything in between, she adds. 28 May 2017 South African insurer Discovery has announced a joint venture with two Australian companies to create a health insurance brand and to expand the footprint of its behaviour tracking programme. The players are Australia’s largest life insurer, AIA Australia, and non-profit health and care company, GMHBA. 27 May 2017 Former Massmart executive Grant Pattison (pictured) has been appointed Edcon CEO, his primary aim to assemble a new board with retail experience and hopefully pull the struggling retail group out of the doldrums. 26 May 2017 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. 26 May 2017 In these tough economic times, many CFOs are looking for ways to increase productivity and cut costs to maintain their organisations’ competitiveness. If you are one of these finance chiefs, you simply can’t afford to miss out on the third CFO Summit of the year on 14 June 2017 at the opulent Summer Place in Johannesburg’s Hyde Park. 26 May 2017 South African media and e-commerce giant Naspers has continued its expansion into the FinTech and cryptocurrency space by putting $5 million behind Philippines-based startup Coins.ph. The investment was facilitated by Naspers’ Ventures division. 25 May 2017 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). 25 May 2017 Cassel & Co has joined Finance Indaba 2017 as a gold partner and will make its second showing at the event at the Sandton Convention Centre in October. 25 May 2017 South African hotel and casino operator Tsogo Sun reported an increase in full-year earnings in a results presentation on Wednesday, as new hotel acquisitions offset disappointing gaming earnings. 24 May 2017 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 and financial director since 1989, advised the board that he would be stepping down as CFO and as an executive director of the group. Davies will continue to serve as CEO of the group’s short-term insurer, Monarch Insurance. 24 May 2017 "Companies are now required by governments and stock exchanges to be transparent about their sustainability performance for all stakeholders, including investors, to see and evaluate," writes Stephane Bello, Executive VP and CFO at Thomson Reuters. 24 May 2017 You may feel that years of hard work may be enough to break the glass ceiling and join the ranks of the financial elite in the corner offices and upper echelons of management, but you’d be better off thinking more strategically about your skills development plan. Being technically proficient in your job is a prerequisite for advancement, not the manna you need to propel upward. The simple truth is that companies prize certain skills above others and this Here are three that if consciously developed, are likely to see you go all the way from open-plan anonymity to the boardroom. 24 May 2017 CFO South Africa has the privilege of boasting Deloitte as a trusted partner. The headline sponsor of the CFO Awards 2017 earlier this month, Deloitte is the largest of the Big Four global professional services networks. Deloitte has more than 244 000 professionals at member firms delivering services in audit, tax, consulting, financial advisory, risk management, and related services in more than 150 countries and territories. Revenues for fiscal year 2015 were $35.2 billion.In 2016, Fortune magazine ranked Deloitte as one of the 100 Best Companies to Work For[and Bloomberg Business has consistently named Deloitte as the best place to launch a career. 23 May 2017 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. 23 May 2017 Wayne Koonin, CFO of Omnia, led a strategy to implement a new, company-wide ERP system and IT platform as a basis for taking the business to a new level. For this, Wayne won the Finance & Technology Award at the recent CFO Awards, held on 11 May at Summer Place in Johannesburg. 23 May 2017 FinTech unicorn Transferwise says the company has reached operational profitability six years after launch. The London-based currency exchange startup says it is currently amassing £8 million a month in revenue and is on target to reach £100 million for the year. 23 May 2017 “I am operationally focused and have good attention to detail and follow up. If there is a problem I determine immediately what the issue is and address and follow up with management and hold them accountable,” says Melanie Chong, FD of Oakbay Resources and Energy Limited, a company in the business of mining and exploration of energy-related resources. Oakbay mines coal for the local market and owns one of the largest uranium resources in the world. It also mines gold as a by-product at its uranium mine. We caught up with Melanie to talk about her role at Oakbay. 22 May 2017 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. 22 May 2017 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. 22 May 2017 At the recent CFO Awards, held on 11 May at the stunning Summer Place in Johannesburg, Debbie Ransby of pharmaceutical firm Takeda Africa walked away with the Moving into Africa Award, received largely because of her change management work in Egypt, where she faced numerous tough challenges, including diverse cultures and complex business practices. 22 May 2017 Digiterra has joined Finance Indaba 2017 as a silver partner and will make its debut at the event at the Sandton Convention Centre in October. 22 May 2017 “In South Africa, the full impact of a downgrade to sub-investment status will probably only manifest over the next 12 to 18 months. Companies in strong balance-sheet positons should be cautiously opportunistic and look for value-enhancing acquisitions both in South Africa and abroad. As much as economic conditions may be tough, my view is that we should never let a good crisis go to waste,” says Zaid Moola, Head of Client Coverage South Africa for Corporate & Investment Banking (CIB) at Standard Bank. In this, the first article in a series from Standard Bank specialists, Zaid talks about the trends he is seeing in his area of expertise and offers expert advice for CFOs. 21 May 2017 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. 20 May 2017 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. 19 May 2017 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 than in South Africa. 19 May 2017 For his diligent and forward-looking approach to risk and audit, Investec CFO Nishlan Samujh went home with the Compliance & Governance Award at this year’s CFO Awards, held on 11 May at Summer Place in Johannesburg. 19 May 2017 JSE-listed speciality finance company Capital Appreciation has acquired FinTech firm Synthesis for R132,1 million.Five apps to help CFOs boost their productivity
Africa's first FinTech development platform launches
Stay safe from cybercrime
Finance Indaba 2017: Intellection is the leader in procure to pay improvement
Omnia profits drop amid economic pressures
Tyrone Soondarjee new Cell C CFO
Deloitte's Andrew Mackie shares his thoughts on the value of the CFO community
CFOs should strategise for growth in the long-term, says UJ's Ben Marx
Consumer uptake of FinTech services surges - EY
Payments industry launches new type of debit order
Finance Indaba 2017: Treasury Technologies gives you the benefit of in-house banking
Leaders are there to grow and empower staff, not to be their friend, says Rajesh Mahabeer
KAL lists on JSE main board
Finance flash: the TOP-10 articles of week 25, 2017
Naspers' earnings skyrocket
Cyberattacks are big business for criminals, says security expert Michael Marriott
Political parties oppose Twin Peaks Bill
Eskom appoints Johnny Dladla as acting group exec
IRBA: Extra measures required to promote transformation of audit profession
TechPreneur Africa and Abu Dhabi sign FinTech agreement
Engage with CFO of the Year 2017 Till Streichert at CFO Summit 4
Lushen Pather appointed acting group FD of Sasfin
Perspectives on property: leading CFOs share insights
Monty Python: required viewing for accountants
Africa's biggest learning platform: WATCH CFO SA MD Graham Fehrsen at #findaba16
AG report: Clean audits for only 9 new municipalities
Standard Bank CIB CEO Kenny Fihla's ideal CFO
CFOs should be drivers of strategy, says Transnet's Garry Pita
Saipa joins Finance Indaba 2017
Hollard and Cigna partner to broaden African footprint
Six European cities attract 70% of all continental FinTech investments - report
Jason Wright, Cape Union Mart CFO: Balancing staff and systems with growth
Amazon to acquire Whole Foods in $13.7 billion deal
Finance flash: the TOP-10 articles of week 24, 2017
Treasury Technologies signs up for Finance Indaba 2017
If you want to see deal success, plan, says Ansarada's Arie Maree
Abigail Mukhuba replaces Mike Arnold as FD of ARM
Majority of CEOs see disruptive forces as an opportunity, not a threat
Afrox appoints Matthias Vogt as new CFO
Multiply Group delves into FinTech
In tough times, is it better to cut costs or to optimise? CFOs discuss
Shape your organisation: surprisingly awesome office space debate at #CFOSummit
Skills CFOs need to survive: exceptional insights at June's #CFOSummit
Beneficial experience: WATCH leading executives at #findaba16
5 productivity hacks for finance professionals
Tiger Brands' deputy chair, Bheki Sibiya, resigns
Stick your neck out to succeed, says Standard Bank CIB CEO, Kenny Fihla
CFOs must adapt to difficult economic times, says Wiseman Nkhulu
Entersekt receives cash windfall
Ben Ngubane resigns from Eskom board
Finance flash: the TOP-10 articles of week 23, 2017
DocFox joins Finance Indaba 2017
Lead the way you want to be lead, says Fabian Naidoo, CFO of Right to Care
KPMG bags two awards at PEA Awards
PPC rocked by S&P downgrade
Trend update 2017: Futurist Craig Wing chats populism, bitcoin & long knives
Dondo Mogajane new Treasury DG
Kenny Fihla new CIB CEO
Walter Leonhardt, Coca-Cola Beverages SA FD, talks continuous improvement
London remains global FinTech powerhouse
Leading executives sign up for CFO Summit 3
Steinhoff profits up
4 soft skills CFOs must master
Dorian Devers, Afrox CFO, resigns
Mobile magic spurs Telkom progress
CFOs need to look beyond the bottom line, says Clover's Elton Bosch
Golden opportunity: WATCH Standard Bank's Tiro Motlogeloa at #findaba16
DA lays corruption charges against Eskom CFO Anoj Singh
Naspers pours $80m into Indian platform
I want to be part of professionalising government, says National Treasury CFO, Silindile Kubheka
Firm rotation announcement shocks CFOs
Finance flash: the TOP-10 articles of week 22, 2017
i-Pay joins Finance Indaba 2017
There's no one-size-fits-all solution in forex, says Standard Bank's Richard de Roos
Malawi's First Merchant buys Zimbabwe bank from Barclays
PIC backs Vodacom-Safaricom deal
Head of Finance Gupta leaves Uber
Records tumbling: more visitors than ever on CFO.co.za
Open up to drive productivity - report
Beware the FinTech hype - Accenture report
Lingerie & groceries: retail CFOs dominate Dutch CFO Awards
Tiger Brands narrows focus to home market
Outstanding event: WATCH KPMG's John Saker at #findaba16
4 pieces of advice from leading CFOs
David Munro new Liberty CEO
Intellection signs up for Finance Indaba 2017
Tongaat Hulett hits earnings sweet spot
TFG acquires Australian menswear group
Entersekt clinches second banking award
I want to excel in my role as CFO, says Mampe Gololo, CFO of Great North Transport
Net1 CEO retires, CFO takes over
Finance flash: the TOP-10 articles of week 21, 2017
PowerMani joins Finance Indaba 2017
In deal making, understand what you buy, says Deloitte's Karin Hodson
Discovery launches in Australia
Grant Pattison, ex Massmart chief, new Edcon CEO
SAICA and CIMA work together to advance accountancy in SA
Learn to drive productivity at CFO Summit 3
Naspers invests $5m in Filipino FinTech Coins
TFG sees good results as its diversification strategy pays off
Cassel&Co joins Finance Indaba 2017
Hotels keep Tsogo Sun in the black
Management shake-up at Lewis; CFO among those leaving
Sustainability - why CFOs should care
Three skills to prise open the C-suite
Platinum sponsor: WATCH Deloitte's Delise Muller at #findaba16
Felix Lombard new Pioneer Foods CFO
Meet Wayne Koonin (Omnia), winner of the Finance & Technology Award
FinTech unicorn Transferwise hits the black
I came to finance less by design and more by default
Agriculture and mining growth forecast lifted by IMF
Finance flash: the TOP-10 articles of week 20, 2017
Meet Debbie Ransby (Takeda), winner of the Moving into Africa Award
Digiterra signs up for Finance Indaba 2017
Look for the opportunity within the crisis, says Standard Bank's Zaid Moola
BCX partners with WeThinkCode in R60 million deal
Kenya Africa's second-best investment destination
GM leaves South Africa
Meet Nishlan Samujh (Investec), winner of the Compliance & Governance Award
SA FinTech Synthesis acquired for R132m
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