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30 January 2017 To achieve superior growth, a company needs to get its organic growth right, but acquisition strategy is a crucial and very powerful tool. In this article, I delve into my experience as a CFO to provide an insider’s guide to a successful M&A strategy. 29 January 2017 The South African Institute of Chartered Accountants (SAICA) says that more research is needed before introduction of mandatory audit firm rotation could be considered. 28 January 2017 Despite many CFOs rejecting mandatory audit firm rotation (see our recent interviews and articles on this matter by visiting our MAFR dossier), the Independent Regulatory Board for Auditors (IRBA) is continuing at full steam, with MAFR in South Africa set to kick in on 1 April 2023. 27 January 2017 “For me as a proud CFO it is a very touching experience being nominated and I feel quite privileged. To be acknowledged for one’s work is not an often-done thing in the world today. One works very hard but to get acknowledged is not easy,” says Rajesh Mahabeer (pictured), CFO of SANParks, one of the 25 nominees for this year’s CFO Awards. 27 January 2017 One of Europe’s leading FinTech startups, Oradian, is set to open a branch in South Africa to foster entrepreneurial development in the region. It also has plans to expand throughout Africa. 27 January 2017 Millennials, or those under the age of 35, have a bad rap in the recruitment industry at the moment. According to a survey from Duke University and CFO Magazine, most American CFOs see millennials as having poor work ethic. The latest additions to the corporate workforce simply aren’t cut out for it – at least in terms of traditional organisational thinking. 26 January 2017 According to the latest Big Mac Index by The Economist, the Rand is undervalued and should be trading at R5.20 to the dollar. It is undervalued by as much as 62.7%, the Index says. 26 January 2017 Public finance professionals are tasked with nation-building and ensuring economic progress and face a different set of challenges to their private sector counterparts. 26 January 2017 "We believe there is a lot of potential in Africa and this is why we are investing heavily. Up to 60 percent of our solutions are USSD- and SMS-based, but as Internet access becomes cheaper and easier, we are increasing our investment in web and mobile banking apps. Through our partnership model, we sit down with banks and understand their requirements to produce customised solutions," said Sebi Salim, a consultant at Eclectics International, a Microsoft Africa Partner of the Year in 2016. 25 January 2017 Mediclinic Southern Africa has announced that it will acquire a majority stake in Life Path Health, a mental health treatment provider which currently operates seven facilities in the Western Cape, with plans for more in other regions of South Africa. 25 January 2017 The Association of International Certified Professional Accountants (AICPA) has voiced its strong opposition to a plan by South Africa’s Independent Regulatory Board for Auditors (IRBA) to implement mandatory audit firm rotation (MAFR). 25 January 2017 The judging process for the CFO Awards 2017 is now underway after Peregrine CFO Robert Katz was asked a range of questions relating to strategic execution, transformation, high-performance teams and compliance. 24 January 2017 The world’s biggest diamond producer, De Beers, owned by Anglo American, sold $720 million of diamonds in its first sale of the year. This is compared to $545 million for January 2016’s sale. 24 January 2017 The Dubai International Financial Centre (DIFC) and professional services firm Accenture are set to launch a fintech accelerator that will support startups from Africa, Asia and the Middle East. 24 January 2017 “Everything I do is informed by risk. At any given time, we try to manage risk – be it business, financial or other. The NCR’s approach is that it takes risk management very seriously,” says Ayanda Mafuleka, chief financial officer of the National Credit Regulator (NCR), which falls under the Department of Trade and Industry (dti). Ayanda’s role includes overseeing the financial health of the organisation and ensuring that it complies with all the financial management-related legislation, as well as overseeing supply chain management and information technology (IT). A firm believer in the value of education, Ayanda is currently doing a Postgraduate Diploma in Forensic Auditing and recently applied at Unisa for an LLB. “I’m passionate about legislation and compliance. I was made to be a lawyer.” 23 January 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. 23 January 2017 Shareholders of listed specialised financial services group Alexander Forbes have approved African Rainbow Capital’s (ARC’s) acquisition of a 10% stake in its African operations, Alexander Forbes Limited. The price tag on the deal is some R753 million. 23 January 2017 Unpredictable, wildly volatile foreign exchange market conditions seem to be established as the normal state of things in today’s economic and political turmoil. Many South African companies with significant import/export business are naturally exposed to FX market fluctuations, which frequently lead to unwelcome volatility in profits and earnings. With today’s emphasis on cost efficiency, companies are torn between budgeting the resources to put an effective FX exposure hedging programme into place or risking a substantial proportion of their revenue. 22 January 2017 Cindy Hess, formerly CFO of Pioneer Foods, has taken on a new role as CFO of Media24. Media24 seems very pleased to have Cindy on board, referring to her as “an accomplished CFO”. Cindy was a finalist in the 2016 CFO of the Year Awards, for her work at Pioneer Foods. 21 January 2017 In a bid to resolve an ongoing investigation into credit ratings on subprime mortgage securities, Moody’s has agreed to pay a penalty of some $864 million - about one-third of the $2.5 billion that Moody’s earned in the four years leading up to the crisis, according to Bloomberg. 20 January 2017 4 Africa Exchange (4AX) has confirmed that all is now a-go with plans to begin trading later this year, as all appeals against the exchange licence that it was awarded in August 2016 have been formally withdrawn. 20 January 2017 African FinTechs received the lion’s share of the $129 million invested in 146 of the continent’s tech startups in 2016, accounting for a combined $31,4 million, according to Disrupt Africa’s African Tech Startups Funding Report. It was followed by the agricultural sector. 20 January 2017 The cybersecurity horizon looks bleak and is turning darker still with criminals preparing an onslaught on emerging technologies like the Internet of Things and driverless vehicles. In 2016, companies and individuals experienced over 90 million cyber attacks – 400 attacks every minute – and this number is expected to double this year. Over two-thirds of these go under the radar, but still wreak havoc. With this in mind, companies around the world are ramping up their security measures and the resources allocated to defending data are increasing dramatically. 19 January 2017 Woolworths, in a recently released trading update, has said that its sales are up 6.7% compared to the previous year. The retailer’s clothing and merchandise, and food sales grew by 3.5% and 9.5% respectively, although David Jones’ sales growth dropped 2.7% and Country Road 1.1%. Woolworths attributed this decline to the timing of Boxing Day this year, which fell on a Monday. 19 January 2017 Damage and data destruction, stolen money, lost productivity, embezzlement, and fraud… the costs resulting from cybercriminal activity is set to grow from $3 trillion to $6 trillion by 2021, according to the Cybersecurity Market Report. In early 2015, the British insurer Lloyd's estimated that cybercrime was costing businesses globally $400 billion annually — which included direct damage plus post-attack disruption to the normal course of business. 19 January 2017 Renowned futurist and life-hacker Martijn Aslander is not one to mince his words or confront his audiences with sometimes brutal truths. He has earned a reputation for being one of the world's foremost thinkers on the age of disruption. For Martijn, it is no longer about what you own or what you know, but about your attitude and your ability to adapt. 18 January 2017 According to Erik Roos (pictured), CEO of generic medicine company Pharma Dynamics, South Africa’s pharmaceutical industry has seen good growth, despite tough economic conditions. The generic market in particular is poised to continue its upward growth trend – since the introduction of generics in South Africa, medicine prices have dropped by as much as 80%. 18 January 2017 As dependence on third parties becomes increasingly critical, organisations are being compelled to rapidly “catch-up” in enhancing the maturity of their Third Party Governance and Risk Management (TPGRM) processes. This, according to Deloitte’s 2016 global survey on the subject. 18 January 2017 The role of the CFO is as challenging as they come, encompassing a host of responsibilities, so the distilled wisdom of those who have been through the quagmire can be an invaluable asset. Whether you are an experienced CFO or have designs on the position, the following tips from our interviews with seasoned executives will help you to succeed in your endeavours: 18 January 2017 CFO for the Johannesburg Metro Reggie Boqo has been nominated for the 2017 CFO Awards. 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 leadership. 17 January 2017 President Jacob Zuma last week signed seven new Finance Bills into law, including Amendment Acts to taxation and tax administration laws, and unemployment insurance. 17 January 2017 Small business owners that don’t sell their goods or services online can now offer an online payment option to make payments much easier for their clients. 16 January 2017 South African platinum producer Impala Platinum has said it intends to sell its chrome business so as to increase focus on its core business. Implats has a 65% interest in Impala Chrome, a beneficiation operation that produces 200,000 tonnes of chrome concentrate per year. 16 January 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. 16 January 2017 The Association of Chartered Certified Accountants (ACCA), a Finance Indaba 2017 partner, has announced that it will be conducting a regular Global Forum focussing on education. 16 January 2017 I had the privilege of learning with a great number of South Africa's finance leaders in 2016 and from these engagements it was revealed that a primary ingredient for success is consistency. Even in a year of huge turmoil, CFOs that are really making their mark show remarkable consistency. 15 January 2017 Christopher Forlee has been appointed CEO of the National Energy Regulator of South Africa (Nersa). The appointment, effective 1 January 2017, will span a period of five years. Forlee will also be a full-time regulator member of Nersa. 14 January 2017 The World Bank, in its latest Global Economic Prospects report, said it expected real gross domestic product (GDP) growth during 2017 to rebound to 2.7%, up from a post-financial crisis low of 2.3% in 2016. The multilateral lender added that growth in advanced economies is expected to rise to 1.8% in 2017, from 1.6% in 2016, while emerging and developing economies will see growth accelerate to 4.2%, up from 3.4% last year. 13 January 2017 Dirk Kunz (pictured) has been appointed acting CFO of Airports Company South Africa (ACSA) following Maureen Manyama’s recent resignation as ACSA CFO and executive director. 13 January 2017 While other major European capitals play to Brexit fears in a bid to steal the UK's leading FinTech hub status, Belgium is taking a different approach by seeking to build a mutually supportive bridge between startups across both jurisdictions. A delegation led by Belgian finance minister Johan van Overtveldt recently crossed the channel to initiate talks with UK FinTech agency Innovate Finance on the establishment of a collaboration between the two communities and to announce the launch of a new Brussels-based hub to support financial technology startups. 13 January 2017 Contrary to popular belief, accounting is a profession with a rich history and yes, even a modicum of cool. Here are a few facts about accounting that you may not have known. Use them to feel reinvigorated or better about your career, or an even as an icebreaker. Please do send us a thank you note when they turn out to be handy in the final round of a game show or pub quiz. 12 January 2017 According to Lynne Brown (pictured), Public Enterprises Minister, government will need to shell out R12.1 million if it wishes to utilise the services of Boston-based consultancy firm Bain and Company to manage the merger of South Africa’s three state airlines – SAA, SA Express and Mango. 12 January 2017 The role of the CFO is shifting beyond the traditional set of responsibilities. More and more financial executives are talking about the growing pressure on them to have a handle on a range of issues, from technology to people and strategy. This accelerating demand on finance professionals of all levels to evolve and add more value to their organisations is coupled with a rapidly increasing demand for quality peer-to-peer learning and networking opportunities. CFO South Africa is in intent on meeting this demand through events, dinners and print and online content. One of these events is the CFO Summit, which brings together leading minds to interrogate pertinent topics and has been expanded to encompass three learning tracks this year. We spoke to CFO South Africa MD Graham Fehrsen to find out more about the Summits. 12 January 2017 "There is a lot of hyperbole about blockchain right now: blockchain will change everything and become the beating heart of finance. Finance is a big thing for blockchain. Banks have a lot of interest in the potential for cross-border remittances, for instance. There are many other applications. Blockchain can replace letters of credit and be used for smart contracts. I think it is going to create new business models and surprise us," says BankyMoon CEO Lorien Gamaroff. 11 January 2017 Les Wood (pictured), currently VP of finance and commercial, has been appointed Tullow Oil’s interim CFO while Ian Springett, the actual finance head, is off on an extended leave of absence for medical treatment. 11 January 2017 “As we approach the 10th anniversary of the beginning of the financial crisis, the banking sector remains out of kilter,” writes Peter Thal Larsen (pictured), Global Economics Editor, Reuters Breakingviews, in the introduction of this year’s Predictions 2017 e-book. Every year, Reuters publishes a series of predictions through its Breakingviews team. This year’s book is out, and boy is it a captivating read. What follows is an excerpt from Peter’s Introduction to the book. 11 January 2017 The country's CFOs have the financial firepower to enjoy a luxurious lifestyle, but for many, the life they now lead in the upper echelons of business is a world away from the circumstances they found themselves in growing up, dreaming of a better life. Here are five CFOs who overcame the odds to beat poverty and join an elite club of financial executives: 11 January 2017 Multinational mass media and information firm Thomson Reuters is sponsoring the award for Finance Transformation at the CFO Awards 2017. In 2016, the accolade was scooped by ABI Finance Director Walter Leonhardt. 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 leadership. 10 January 2017 McDonald’s has agreed to sell a controlling stake in its China and Hong Kong operations for a staggering $1.7 billion. According to a statement, the investors, Chinese state-backed conglomerate Citic, Citic Capital Holdings and US private-equity firm Carlyle Group LP will acquire an 80% holding in the deal. Under the agreement, Citic and Citic Capital Partners will jointly take a 52% stake, while Carlyle will hold 28%. Oak Brook, Illinois-based McDonald’s, will hold onto the remaining stake. 10 January 2017 The Overseas Private Investment Corporation (OPIC), the US Government’s Development Finance Institution has announced the financing of up to $5 million to support Unreasonable Capital Fund I. Unreasonable Capital is a venture capital firm that invests in scalable and profitable companies working to address social and environmental issues that improve the lives of people living in underserved communities across Latin America, India, Asia and Africa. 10 January 2017 When Wayne Beifus took up his current role as area head of finance at British American Tobacco (BAT) South Africa around nine months ago, it was the culmination of a two-decades-long journey that sent him around the world and had him working on four continents and in seven regional offices. Once again on home soil, Wayne brings all his cultural experience to bear on the local team, reconnecting with South Africa at the same time. In this exclusive interview, Wayne talks to us about navigating diverse workplace cultures and increased uncertainty in globalised business. “In general, South African employees want to be empowered to operate within their own space but they are sometimes apprehensive to take the space. When I started to give permission to the team to make the calls, we saw quick results.” 09 January 2017 Les Wood (pictured), currently VP of finance and commercial, has been appointed Tullow Oil’s interim CFO while Ian Springett, the actual finance head, is off on an extended leave of absence for medical treatment. 09 January 2017 The Association of Certified Chartered Accountants (ACCA), a partner of Finance Indaba Africa 2017, has published a checklist to tackle the political uncertainties of 2017, including Brexit negotiations. 09 January 2017 With the festivities of the new year now passed, we tend to reflect on the madness that was 2016. Undoubtedly, globally we will remember BREXIT and the election of President Trump as arguably two of the most “shocking” global events; events which left many of the “experts” reeling after their failed predictions. Herein lies my predicament of writing this piece on the future of 2017: predictions, much like soothsaying, are never an accurate science. Rather, guesstimates of what will come by looking at the underlying cause versus – what has become – a very sexy view of trends. The future is a matter of choice, not a matter of chance. As such, what follows isn’t a set of predictions but what I expect will be three of the prevailing underlying forces; some may be seen and apparent, some will be unseen, with the “so what” repercussions felt way beyond 2017. 08 January 2017 Ratings agency Moody’s has said that South Africa will face several key ratings decisions this year, and that the possibility of a downgrade still looms. 07 January 2017 Oil refiner and marketer of petroleum products Chevron has said its process of disposing of its SA assets is ongoing, with Sasol having abandoned its earlier bid to purchase. Reasons for Sasol’s decision to pull out have not been given. 06 January 2017 South African carrier Solenta has become a 28% shareholder in African budget airline Fastjet. In addition, some $28.8 million has been raised through a share placement. Fastjet has said it will buy a special purpose vehicle (SPV) held within the Solenta group by issuing nearly 95.6 million shares. 06 January 2017 There is only one CFO position in a company and as such, it is a coveted spot, with many financial executives vying to make the shortlist. How do you know if you are CFO material and if there is anything that will stand against you when it comes to the final reckoning? Here are five sure-fire signs that you can do the business. 06 January 2017 Nigeria’s FinTech space is growing from strength to strength and the West African nation is well on its way to becoming a hub on the continent, if developments over the past few years are anything to go by. 05 January 2017 South Africa’s largest clothing retailer, Edcon, had a tumultuous 2016, narrowly avoiding business rescue. In a bid to save itself, it launched a compromise sanction process for the proposed restructuring of the group, approaching senior lenders with the offer of a shareholding in the company in exchange for a reduction in the debt owed to them. 05 January 2017 Check Point has revealed that five African nations were among the top 10 most-attacked countries in November as cybercriminals made increasing use of ransomware attacks using the Locky and Cryptowall viruses. 05 January 2017 Business expert Terry Moore examined the historical basis for what he called "an age of radical uncertainty" and provided advice for attendees on surviving a rapidly changing environment and disruption during a presentation at the Finance Indaba Africa 2016. While bemoaning the fact that risk had been passed onto employees, he also presented opportunities for financial executives and businesses in the seeming chaos. 04 January 2017 Pharmaceutical companies Aspen Pharmacare, Aspen Global's local arm, and GlaxoSmithKline (GSK) have ended their sub-Saharan collaboration, at a cost of R761.07 million. GSK will also be disposing of its shares in Aspen, worth some R8.47 billion. 04 January 2017 The world’s leading and largest professional body of management accountants, the Chartered Institute of Management Accountants (CIMA) is a partner at the Finance Indaba 2017. CIMA's qualifications comprise a unique blend of management accounting, financial accounting and business-focused subjects to produce graduates capable of leading from the front. The local chapter is headed by Zahra Cassim (pictured). We asked the organisation about its alternative qualifications and undergraduate support initiatives. 04 January 2017 Acting CFO for the Tshwane Metro Umar Banda has been nominated for the 2017 CFO Awards. 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 leadership. 03 January 2017 According to Foreign Direct Investment (fDi) Intelligence, a division of the Financial Times, Cape Town has been listed on the Global Cities of the Future 2016/17 as one of the world’s top cities for foreign direct investment (FDI). Cape Town, the only African city listed, was ranked 21st for its FDI strategy. 03 January 2017 Business advisory firm Cactus Advisors has closed its second and third investments of CY 2016 into African fintech startups Flutterwave and E-Factor. 02 January 2017 In what is certainly a dampener to the start of 2017, the Automobile Association (AA) says South Africans are likely to face a series of fuel price hikes this year. Unaudited month-end fuel price data released by the Central Energy Fund (CEF) showed substantial price increases for all types of fuel. According to the AA, petrol is expected to increase by 51 cents a litre, diesel by around 40 cents and illuminating paraffin by 43 cents. 02 January 2017 Cashless Africa will address the future of finance at the Lagos Oriental Hotel, Nigeria, from 22 - 23 March. 01 January 2017 German car manufacturer Volkswagen (VW) is expanding into East Africa. The company has opened a new assembly plant in Kenya, in the industrial town of Thika, and has also launched plans for a ride-sharing service to take advantage of the increased demand for vehicles in Africa. A few weeks prior, VW signed a deal to build an assembly plant in Algeria, too. 31 December 2016 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. 30 December 2016 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. 30 December 2016 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, state-owned entities and government institutions and awards them for outstanding performance and leadership. 29 December 2016 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. 29 December 2016 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 October, beating Absa and Standard Bank to the honours in the Incumbent Bank category. But while FNB may have enjoyed much success over the past few years, according to CIO Peter Alkema, it is certainly not resting on its laurels. 28 December 2016 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 found weaknesses in the anti-money laundering and combating the financing of terrorism control measures of both entities. 28 December 2016 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. 28 December 2016 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 institutions and awards them for outstanding performance and leadership. 27 December 2016 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. 27 December 2016 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. 27 December 2016 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 various new strategies and systems, and changed governance structures to make the department more efficient. To do all of this and keep the tourism entity successful, he’s had to be on his toes. “You cannot be relaxed. You need to be a creative thinker, innovative and flexible. At the same time, you need to understand the market you’re operating in. The industry is quite flexible, so if you’re not increasing your pace you’ll get left behind.” 26 December 2016 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 interest in bottling operations in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador and Honduras for an undisclosed amount. 26 December 2016 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 business. 26 December 2016 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 Magazine, contributed by Roy Clark. 25 December 2016 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. 24 December 2016 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. 24 December 2016 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. 23 December 2016 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. 23 December 2016 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 leadership. 22 December 2016 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 state-owned carrier currently has 80 planes, with a further 50 on order. 22 December 2016 Increasing productivity and dealing with stress and procrastination to work smarter and faster is the first port of call when it comes to transforming lagging enterprises. At the Finance Indaba Africa 2016 in October, Think Productive director of Western Europe and leading productivity trainer, Marcel van den Berg presented a host of tips and tricks that will turn anyone from mild-mannered office worker a into a productivity ninja. 21 December 2016 A Paris court has convicted Christine Lagarde (pictured), International Monetary Fund (IMF) chief, of negligence over her handling of a multi-million-euro dispute during the time she was France’s finance minister almost 10 years ago. 21 December 2016 Accounting firm SizweNtsalubaGobodo (SNG) has once again thrown its weight behind the CFO Awards by once again sponsoring the award for Compliance and Governance, which was won by ABI Finance Director Walter Leonhardt in 2016. 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 leadership. 21 December 2016 Pretoria-born inventor and visionary Elon Musk is 21st on the latest Forbes list of most powerful people on the planet. With an estimated fortune of over $11,5 billion, he is also one of the 100 wealthiest. 20 December 2016 Royal Dutch Shell has a new CFO: Jessica Uhl (pictured). Uhl takes over from Simon Henry, who has held the role for the past seven years. 20 December 2016 Africa is a continent of over one billion people, 54 countries, vast land mass and a multitude of languages, customs and cultures. Panelists at the Africa Technology Summit held in Lagos, Nigeria, by the Meltwater Entrepreneurial School of Technology earlier this month agreed that Africa's diverse markets and the need to adapt to individual circumstances remain a stern challenge for tech startups looking to expand across the continent. 20 December 2016 Ryan McDougall, Group financial director of Trustco Group Holdings, was almost lost to the financial world as he came close to pursuing a career in paleontology. Having recently announced he will be leaving Trustco and Namibia to return home to South Africa and take up a position as CFO of MyBucks from January 2017, we caught up with Ryan to chat about his time at Trustco. “I will really miss Trustco. The people create a unique atmosphere of energy and confidence, which other mid-sized companies seem to lack. There is something intangible and exciting about an organisation of this size which can respond rapidly and dynamically to shifting strategies and market trends.” 19 December 2016 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. 19 December 2016 British oil giant BP has struck a deal to take a 10% share in an onshore oil concession in Abu Dhabi, in one of the largest oil fields in the Middle East, in a deal worth $2.2 billion. 19 December 2016 The matter of diversity and transformation in the workplace is topical and can, at times, be somewhat controversial. Roy Clark penned a broad and insightful guest article about transformation in CFO Magazine. As part of this, we asked Seithati Bolipombo, an inspiring young CFO, to share her thoughts on the topic. “Transformation won’t happen by osmosis or natural selection because at its core, it is a people thing. It comes down to people and behaviour and the decisions that people make,” she said. 18 December 2016 SA’s Rand Merchant Investment Holdings (RMI), which has a majority stake in OUTsurance, has bought a 30% stake in UK-based insurer, Hastings, which sells car insurance through price comparison websites. The company listed a little over one year ago. 17 December 2016 Anheuser-Busch InBev (AB InBev) has announced that it will be selling its entire stake in South Africa’s Distell Group to state-owned pension fund, the Public Investment Corporation (PIC). This was part of the agreement concluded during AB InBev’s $100 billion takeover of SABMiller, as stipulated by the Competition Tribunal. 17 December 2016 Announced by Minster of Small Business Development Lindiwe Zulu, the Amavulandlela Fund will support entrepreneurs with disabilities and be managed by the Small Enterprise Funding Agency. 16 December 2016 Shoprite and Steinhoff issued a "joint detailed cautionary announcement" earlier this week saying that they are in talks about the possibility of combining operations to form a new retail entity: Retail Africa. Should the transaction conclude, the newly formed entity will be the largest retailer in Africa, employing some 186,000 staff members. 16 December 2016 Investec Group CFO Nishlan Samujh 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 leadership. 15 December 2016 This article refers to the blog post Nikon distributors fined R300,000, which was published on this website on 8 December 2016, but has subsequently been taken down. It has come to our attention that there were factual inaccuracies in the post, which we wish to correct. 15 December 2016 The recently concluded 2016 edition of the CFO Case Study Competition saw 320 teams from 53 universities, 25 countries and five continents take on the challenge, competing to win a cash price of R100,000. The winners were Team Athena from the Copperbelt University in Zambia. CFO South Africa and the Finance Indaba Africa 2017 will host the 2017 global finals of the CFO Case Study Competition. 15 December 2016 While many startups have the long-term aim of going global, real estate investment firm Wealth Migrate already boasts a presence on five continents with investors in 84 cities on its globally compliant platform. At the African FinTech Awards at the Finance Indaba Africa 2016 in October, Wealth Migrate CEO Scott Picken explained how his company aimed to solve one of the world's most pressing challenges: bridging the global wealth gap. While 49% of the world's wealth is held in real estate, only 12,9% actually have access to property and less than 1% retire wealthy, according to Scott. 14 December 2016 It has been a tumultuous year for Walter Leonhardt, the award-winning finance director of the company that bottles and distributes Coca-Cola and many other popular drinks. When he won two of the most coveted prizes at the 2016 CFO Awards he worked for Coca-Cola bottler ABI. Since then, ownership has changed from SABMiller to AB Inbev, with The Coca-Cola Company itself soon becoming the third majority owner – with a sale to a fourth party on the cards. 14 December 2016 Visa, in partnership with Hong Kong-based venture capital firm and incubator Nest, to run a four-day fintech bootcamp in Nairobi, Kenya, for innovative startups in Africa. 14 December 2016 Nedbank CFO Raisibe Morathi has been nominated for a CFO Award in 2017, following her nomination in 2015. 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 leadership. 13 December 2016 Kevin Johnson has left his position as CFO of Howden Africa Holdings Limited (HAHL), moving to the Colfax Corporation where he has accepted a senior position in the company. Marinella Vigouroux (pictured) has taken over the CFO role at HAHL, effective 8 December. Vogouroux is also an Executive Director of the company. 13 December 2016 Big Four financial institution Standard Bank has bought a majority stake in Firepay, which produced the SnapScan quick payment app in partnership with the bank in 2014. SnapScan, which allows users to make payments from their mobile device by scanning a QR code, now has more 32 000 physical and online merchants onboard. 13 December 2016 “Growing up, I remember being told that accounting was a difficult field and that those who were studying to become CAs were considered to be part of the elite,” writes Nopasika Lila, CFO of the Eskom Pension and Provident Fund (EPPF), in this self-penned piece. “I was initially overwhelmed by the task at hand, but over time I elegantly succeeded. My confidence grew and I’ve learned to be a lot more decisive, deliberate and immediate in my actions.” In this guest article, Nopasika reveals how she charted her path to success, talks about her love for the piano, and shares some crucial lessons about mentoring and people management. 12 December 2016 12 December 2016 Judge Bernard Ngoepe has retired from his role as Chancellor of the University of South Africa (Unisa); a role he held for the past 15 years. Former President Thabo Mbeki (pictured) has been appointed to take his place. 12 December 2016 The level of economic growth is the number one driver of change in the public sector, according to the latest report in the Association of Certified Chartered Accountants’ (ACCA) Professional Accountants: The Future series. 12 December 2016 Invoice fraud, when a genuine invoice is altered to get a customer to pay for goods or services but into the wrong account, is increasing at a rapid rate, and while it is difficult to trace it is not impossible. In this guest article, John Mc Loughlin, MD of J2 Software, explains seven practical steps you can take to prevent invoice fraud from happening to your business. 11 December 2016 The Johannesburg Stock Exchnge (JSE) has withdrawn its appeal on the award of the exchange licence granted to 4 Africa Exchange (4AX), after months of deliberation between the two entities. 10 December 2016 Mixed martial arts promotion the UFC has announced the appointment of former investment banker Andrew Schleimer as its new CFO.Insider's guide to a successful acquisition strategy
SAICA `not yet` in favour of MAFR, says more research is needed
IRBA full steam ahead with mandatory firm rotation
CFO Awards 2017 line-up wows
Croatian FinTech Oradian expands to South Africa
Would a millennial make a terrible CFO?
The rand is massively undervalued according to Burgernomics
CFO SA tackles public sector challenges
Africa has great potential: WATCH Eclectics consultant Sebi Salim at #afta16 #findaba16
Mediclinic acquires majority stake in Life Path Health
SA should reject MAFR says the AICPA
CFO Awards judging process underway
De Beers sells $720 million of diamonds in first sale of the year
Dubai to support African FinTech
Knowledge is power, says NCR CFO Ayanda Mafuleka
Finance flash: the TOP-10 articles of week 3, 2017
ARC acquires 10% stake in Alexander Forbes Ltd
Avoid market volatility pitfalls - use an FX expert
Cindy Hess new CFO of Media24
Moody's fined $864 million
4AX ready to begin trading
African FinTechs garnered most investment in 2016
5 corporate cybersecurity best practices
Woolies sees increased sales
Global cybercrime costs set to double by 2021
Adapt to win: WATCH life-hacker Martijn Aslander at #findaba16
SA pharma holding firm despite tough economy
Deloitte: third party governance and risk management matures
5 ways to become a better CFO
City of Johannesburg's Reggie Boqo nominated for CFO Awards
7 new Finance Bills for SA
Peach Payments introduces secure payment option
Implats to sell its chrome business
Finance flash: the TOP-10 articles of week 2, 2017
ACCA launches global education forum
What will make you successful in 2017?
New boss for Nersa: Christopher Forlee
Higher global growth in 2017 says World Bank
Dirk Kunz new acting CFO of ACSA, replacing Maureen Manyama
London and Brussels build FinTech bridge
5 things you didn't know about accounting
State airline merger to cost government R12 million in fees
Expanded CFO Summits meet demand for learning
Blockchain will surprise you: WATCH BankyMoon CEO Lorien Gamaroff at #afta16 #findaba16
Les Wood named interim CFO of Tullow Oil
Predictions 2017: What will shake up the world this year?
5 CFOs who grew up poor
Thomson Reuters joins CFO Awards as sponsor
McDonald's sells controlling stake in China ops for $1.7 billion
OPIC pledges $5 million towards emerging market investments
Take the chances you are presented, says BAT CFO Wayne Beifus
Les Wood named interim CFO of Tullow Oil
ACCA outlines success principles for 2017
Futurist Craig Wing: Forces to watch out for in 2017
Moody's: Downgrade still a possibility in 2017
Sasol pulls out of Chevron assets sale
New shareholder for budget airline Fastjet
5 signs that you are CFO material
Nigeria set to become FinTech hub
Edcon now under creditors' ownership
Cybercriminals take aim at Africa
Age of radical uncertainty: WATCH business expert Terry Moore at #findaba16
Glaxo and Aspen end collaboration at cost of R761 million
How CIMA supports success
City of Tshwane's Umar Banda nominated for CFO Awards
Cape Town top city for FDI
Cactus completes fintech investments
Brace yourselves for petrol price hikes
Nigeria to host CashlessAfrica Expo
VW expands into Kenya & Rwanda
Approval granted for Neotel sale with R6.5-billion pricetag
Invest in SA, says Eskom chief Matshela Koko
Ekurhuleni Metro's Ramasela Ganda nominated for CFO Awards
Barclays named Middle East's Wealth Manager of the Year
The future of banking is now: WATCH FNB CIO Peter Alkema at #afta16 #findaba16
Sarb imposes administrative sanctions on two banks
Egyptian startups receive £1m boost
EPPF's Nopasika Lila nominated for CFO Award
Standard Chartered to exit retail banking in Thailand
Boloro launches debit authentication system in SA
You need to be a creative thinker, innovative and flexible, says Jabulani Dlamuka, uShaka CFO
The Coca-Cola Company and AB InBev reach $3.15 billion deal
On-demand alcohol delivery app receives R500k investment
Finance enables transformation, says Department of Social Development CFO, Clifford Appel
BCX receives R1 billion from Telkom
Paystack earns $1,3m in seed funding
Life Healthcare to fund Alliance deal with $756 million offer
Downgrade still a threat to SA, says BMI
Distell's Lucas Verwey nominated for 2017 CFO Awards
Ethiopian Airlines borrows $159 million from AfDB
Be a productivity ninja: join Think Productive's two-day course
IMF chief Christine Lagarde found guilty of negligence
SNG joins 2017 CFO awards as sponsor
Elon Musk on global power list
Jessica Uhl succeeds Simon Henry as Shell CFO
Uber's Ebi Atawodi: "Collaboration in the African tech space is practically impossible`
Don't think risk, think business, says Ryan McDougall, Group FD Trustco Group Holdings
Finance flash: the TOP-10 articles of week 50
BP signs Abu Dhabi oil deal worth $2.2 billion
There's still room for improvement in transformation, says CFO of Chancellor House Holdings (CHH), Seithati Bolipombo
Rand Merchant buys 30% stake in Hastings
AB InBev to sell Distell stake in entirety
Disabled entrepreneurs receive R30m boost
Plans to merge Shoprite and Steinhoff into retail giant
Investec's Nishlan Samujh nominated for CFO Awards
Correction: payment but no guilt admission Nikon distributor
Global entries are open for the CFO Case Study Competition 2017
Towards global wealth creation: WATCH Wealth Migrate's Scott Picken at #afta16 #findaba16
Crazy! FOUR different owners for award-winning finance boss
Visa aims to boost African fintech
Nedbank's Raisibe Morathi nominated for CFO Awards
Marinella Vigouroux new Howden Africa CFO, replacing Kevin Johnson
Standard snaps up stake in Firepay
EPPF CFO Nopasika Lila's road to success - in her own words
Finance flash: the TOP-10 articles of week 49
Thabo Mbeki appointed new Chancellor of Unisa
Driving change in the public sector: ACCA report
Seven crucial steps to prevent invoice fraud
4AX and JSE cooperate towards broader financial markets
UFC appoints new CFO
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