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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.”

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

“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.

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.

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.

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.

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.

Mixed martial arts promotion the UFC has announced the appointment of former investment banker Andrew Schleimer as its new CFO.

The results of the recently released Ashish J. Thakkar Global Entrepreneurship Index for 2016 are out and South Africa placed 46th overall, scoring 230 points on the index. A total of 85 countries were ranked this year.

Yimile Ngqele, Roads and Public Works department CFO for the Province of the Eastern Cape, has been suspended following allegations of financial mismanagement and poor performance, as well as alleged irregular expenditure incurred by his department. In his absence, Zoleka Madikazi has been appointed Acting CFO.

Microsoft SA finance director Paul Marten 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.

With more than 120 000 South Africans planning to embark on a course of postgraduate study over the next 12 months, education remains a key driver of a successful career. At the Finance Indaba Africa 2016 in October, Monash SA acting CFO Alvin Liew examined how to maximise the ROI on postgraduate study and use it to launch an international career, when to embark on a programme of study and how to invest in oneself, drawing on his own experiences.

Jorgen Vig Knudstorp (pictured), part of the team responsible for turning Lego into one of the world’s most profitable toy makers, will be stepping down as chief executive officer at the end of this year to become chairman of the company. Knudstorp was the first non-family member to head up the 84-year-old toy company.

“We have a completely different approach to financial services. We take what we do seriously, but not ourselves, so we have a lot of fun with our customers. Despite the fact that investment is a very serious discussion, it doesn’t need to be a boring and staid experience," says Charles Savage, CEO of Purple Group, a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg.

Peregrine CFO Robert Katz has being nominated for a CFO Award in 2017, after being put forward for an award in 2016 as well. 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.

According to the latest survey from the Bureau for Economic Research (BER), the last quarter of 2016 will show only subdued growth.

There’s little doubt that Lonmin, a dual-listed company and one of the world's largest primary producers of Platinum Group Metals, has been through a few rocky patches over recent years. Chief financial officer Barrie van der Merwe, who took on the role in mid-April, after his previous post as CFO of Debswana Diamond Company, says this has impacted the CFO role quite significantly:

The weekend was surely jovial for many after S&P Global Ratings announced late Friday that it had kept its assessment of South Africa’s foreign-currency debt at BBB- (one level above non-investment grade), with a negative outlook, while cutting the local-currency rating to BBB.

AFGRI group financial director Johan Geel has followed his 2016 nomination by being 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.

As part of a broad feature about transformation in CFO Magazine, including an insightful guest article by Roy Clark, we asked the award-winning finance leader, Walter Leonhardt, to share his thoughts on the topic. "If you have an engaging, friendly and approachable style, you probably empower by default."

MTN chairman Phuthuma Nhleko (pictured) has sold off some R123 million in shares, ahead of the arrival of the company's new CEO, Rob Shuter, says Bloomberg. This amounts to almost half of Nhleko's stock in the telecoms company.

British miner Anglo American has said it intends to sell its 9.7% stake in South African diversified miner Exxaro Resources, valued at R3.39 billion. The company says it plans to use the proceeds to reduce debt.

Christiaan Engelbrecht (pictured), who has worked previously for Vodacom, Deloitte UK and Deloitte, took on the role of CFO for Ster-Kinekor from 1 November. We caught up with him to find out how things are going. "If you ask how I feel about my appointment it is difficult to put into words how humbled I am to be considered for this role and how excited I am to co-create with and learn from everyone in Ster-Kinekor and Primedia.”

Rowland Wallenius (pictured) has joined the senior management team of Vancouver-based, JSE-listed Eastern Platinum Limited (Eastplats) as chief financial officer and corporate secretary. Wallenius takes over from interim CFO, David Li.

SA Taxi has secured R300 million in funding from Futuregrowth Asset Management, which will be used to finance the company's Zebra Cabs owner-driver scheme. The country's largest financier of minibus taxis acquired Zebra Cabs in 2015 as it continued its drive to expand its business activities into relevant adjacent markets.

Financial director Elton Bosch's work at Clover has been recognised with a nomination for a CFO Award. 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.

“Trustco is one of the most dynamic and progressive organisations I’ve ever come across and it has been a pleasure to work here,” says Ryan McDougall (pictured), outgoing financial director of Trustco. McDougall, a nominee of the CFO Awards 2016, recently announced that he will be leaving the Namibia-based Trustco at the end of December this year, and relocating back to South Africa.

According to global financial services giant KPMG, more than $200 million has flowed into the Nigerian FinTech space over the past two years. It called on the Nigerian government to take the initiative to further increase investment by proving incentives and a welcoming regulatory ecosystem at a summit entitled The FinTech Disruption – Understanding the Value Proposition at the Eko Hotel and Suites in Lagos.

When he’s not hard at work heading up the finance team at Liberty Health, CFO Philip Timberlake can be found running along his favourite trails on Table Mountain, developing his “mental fortitude”. The key to being a successful CFO lies in communication, he says: “Within our economy of knowledge, ideas are currency. Of course, to understand, we need to listen, engage and be prepared to let go of our own ideas.”

Merchant West, an authorised financial services provider specialising in business finance and advisory services, has been awarded a AAA rating by the leading international rating agency, Standard & Poors. This is the highest credit rating that can be afforded to a company, country or structured finance transaction. In light of this, Merchant West can now officially list its bonds on the JSE.

The Association of Chartered Certified Accountants (ACCA) has partnered with Finance Indaba 2017. It will be the association's second showing at the event. Founded in 1904, the ACCA casts itself as the world's most forward-thinking accounting organisation, working across the globe to uplift the profession and boasting more than 188 000 qualified members and 480 000 students of its masters-level qualifications worldwide.

Invoice fraud is considered a low-risk crime by fraudsters and is increasing at alarming levels because it is difficult to trace. Difficult, but not impossible!

Leading, trading and information solution provider Infront has opened two new offices in South Africa, one in Johannesburg and the other in Cape Town, in a bid to stimulate local business. The company also welcomes two seniors to the local team, Renier Linde and Timothy Singh.

After just two years of development, online savings platform ADDaBIT has managed to attract the interest of financial services behemoth Sanlam. The basic premise is that users choose what they want for their children – education, gifts, etc – and ask friends and family to contribute whenever they are able. There are no penalties, monthly fees or minimum payments, and users earn a competitive rate of return on their investment.

Lesrick Nayager (pictured) has been appointed CFO for Decision Inc., a company which represents leading global technology brands and are experts in the implementation, support and execution of such technologies.

Oceana, Africa’s largest black-owned fishing company, whose finance head Imraan Soomra (pictured) was recipient of the Transformation & Empowerment Award at the CFO Awards 2015, has seen impressive results for the year ending 30 September. Group revenue grew by 34% to R8.2bn, operating profit increased by 69% to R1.7bn, earnings per share was up by 34% and headline earnings per share was up by 20%.

Rajesh Mahabeer has been recognised for his work at SANParks by being nominated for a CFO Award. 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.

If the world's economy has slowed, Netcare does not seem to be feeling it. In the Group’s 2016 annual financial results released on 21 November, it noted that group revenue was up 12.1%, to R37 796 million, group EBITDA was up 11.2% to R5 539 million, and normalised profit after taxation was up 19.1% to R2 906 million.

Africa has a huge untapped potential for solar power generation and initiatives that electrify businesses and impoverished communities could help the continent meet its economic development goals. At the African FinTech Awards at the Finance Indaba Africa 2016 in October, The Sun Exchange CCO Morwesi Ramonyai talked about the revolutionary bitcoin-based investment scheme that is filling the gap between large-scale solar farms and solar-powered lamps and other items.

The Department of Social Development, whose finance division is headed up by 2016 CFO Awards nominee Clifford Appel, has received a clean audit for the year 2015/2016. It was one of nine other national departments to achieve this hard-won feat. According to the auditor-general (AG), the number of auditees that received financially unqualified opinions with no findings (clean audits) increased overall from 122 in 2013-14 to 152 in 2015-16.

Anthea Gardner of Cartesian Capital and popular radio DJ and TV personality Gareth Cliff have launched an investment product they hope will “uberise” the investment industry.

Arina McDonald has been recognised for her work at Atlas Mara by being nominated for a CFO Award. 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.

Zuretha Steyl (pictured) has been appointed chief financial officer of LexisNexis South Africa, a provider of content and technology solutions for the legal and professional markets, effective 1 November 2016.

Fintech startup DocFox has partnered with leading global law firm Norton Rose Fulbright to provide a digital solution to help companies simplify the FICA compliance process.

“We started a new business in Domino’s – our stores had only been open for a year before we started another new business with Starbucks. The food business was like a startup within a startup. At this point in time there are a lot of moving pieces,” says Evan Tsatsarolakis, Group CFO of Taste Holdings, and a CFO Awards 2016 nominee. He adds that while this brings its own complications and challenges, he is confident that future growth opportunities will be plentiful. We sat down with Evan to talk about the two acquisitions, his role as CFO and what it is about Taste Holdings – which began as a family-owned business but which is now a JSE-listed group operating eight brands within its Food and Luxury Goods divisions – that makes the company so successful.

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.

Deputy President Cyril Ramaphosa, speaking yesterday at a press briefing at the National Economic and Development and Labour Council (Nedlac) offices, said that, in a bid to avoid a credit downgrade, he intends to highlight the findings of the National Minimum Wage (NMW) report when he meets with ratings agencies later this week, informing them of the “tremendous progress” made on labour stability issues. Ratings agencies Moody’s, Standard and Poor’s (S&P) and Fitch will make their announcements on the country’s credit rating in the next few weeks.

The Chartered Institute of Management Accountants (CIMA) has become the latest partner to join Finance Indaba 2017, following on from its exhibition at this year’s event. The world’s leading and largest professional body of management accountants, 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.

Three years ago, MiX Telematics decided their JSE listing was nice but that what would really boost the fleet and mobile asset management solutions firm was a New York Stock Exchange (NYSE) listing. CFO Megan Pydigadu, nominated for the CFO Awards in both 2014 and 2015, describes the listing process as a roller coaster ride. In this exclusive article, Megan shares a number of important lessons for companies that are considering going to New York.

Leading black-owned assurance and advisory firm, Nkonki, on Friday announced the results of its sixth annual review of integrated reporting among the Top 100 JSE Listed Companies. The report, ‘Integrated Reporting – Raising the Bar’, assesses how the companies measure up in terms of applying the International Integrated Reporting Council’s (IIRC) Integrated Reporting (IR) Framework. ArcelorMittal South Africa, Barloworld and Nampak came out tops.

Fintech Circle Innovate, a London-based fintech accelerator, has joined forces with the well-established Cape Innovation and Technology Initiative to stimulate growth in the local sector as well as fintech development in the rest of Africa.

Patrick Cooke, CA(SA) (pictured), has been appointed CFO of Rockwell Diamonds, a company in the business of operating and developing alluvial diamond deposits, effective 7 November 2016.

Capital & Counties Properties PLC (Capco) has announced that Situl Jobanputra (pictured) will be appointed to the executive director position of CFO effective 1 January 2017. This follows the resignation of Soumen Das as MD and CFO, announced on 26 July 2016.

Mark Godfrey has been nominated for a CFO Award for his work at supermarket behemoth Spar. He was last put forward for an award 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.

Megan Pydigadu will be the new CFO of Eazi Access Group, Africa's market leader in the rental, sale and servicing of work-at-height solutions. The current finance head of MiX Telematics will leave the telematics company after serving her three-month notice period and will start her new job mid-February 2017.

How do business leaders adapt and help their organisations to stay relevant in an era of digital disruption characterized by uncertainty? At the Finance Indaba Africa 2016 in October, internationally recognized futurist Graeme Codrington provided insights into the shifting landscape and a toolkit for leaders to navigate disruption.

Mark Pamensky (pictured) has resigned from the Eskom board, according to Lynne Brown, Public Enterprises minister. His resignation follows that of CEO Brian Molefe last week, who will be stepping down on 1 January 2017.

Charl Keyter has once again been nominated for a CFO Award for his outstanding achievements at Sibanye Gold, after also being nominated for a gong at the 2016 edition of the 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.

Kosie Louw, the longest-serving member of the South African Revenue Service (Sars) executive committee and a former deputy head of Sars, has announced his resignation. According to Fin24, Louw will be leaving end February 2017.

Donald Trump’s shock victory in the US elections has sent shockwaves around the world, causing volatility in many key markets. FinTech is not immune to the effects of the Republican candidate’s ascent to power and commentators believe there are choppy waters ahead for US firms.

“Setting a target, being clear about it and measuring it are some of the key ingredients for my success,” says Reeza Isaacs, group finance director at Woolworths, who was elected CFO of the Year 2016 at the CFO Awards on 12 May. Reeza talks to us about his adventures in Australia, acquiring a new brand, his passion for transformation, and changing the mindset of the business to focus on balance sheet and return on capital.

According to Andile Sangqu (pictured), Anglo American executive head, township economies should not be seen as secondary to or less important than big business.

Johannesburg-based AdvanceNet has signed up as a partner to the Finance Indaba 2017. Launched in 1987, AdvanceNet offers sophisticated business solutions in more than 30 African countries across a number of industries, including mining, financial services, telecommunications, logistics and the public sector.

Healthier companies outperform the market by as much as 50 percent, recent studies indicate. If health is an important measure of a country’s developmental status and needs, the same goes for a business. In this regard, companies are becoming more attuned to the need to both measure and report on their staff’s health and well-being. We spoke to two top CFOs and two corporate wellness experts to find out what companies can do to invest in the well-being of their staff – and what ROI they can expect.

AB InBev is set to get an improved dividend paycheck after Delta Corporation, its Zimbabwean associate, improved its dividend payout ratio to 80% for the six months to end September 2016.

The Competition Tribunal has approved, albeit with conditions, a merger between Clicks and Netcare with regards to the latter’s in-hospital “front shops”. The approval comes five months after the companies entered into the agreement on 8 June 2016.

"I have, in the interests of good corporate governance, decided to leave my employ at Eskom from 1 January 2017," wrote Brian Molefe (pictured), CEO of Eskom, in a statement released today regarding his decision to leave the company. "I do so voluntarily: indeed, I wish to pay tribute to the unfailing support I have had since I took up office from the chairman, the Board and with those with whom it has been my privilege to work. Together we brought Eskom back from the brink. I will take time off to reflect before I decide on my next career move."

According to Statistics South Africa, South Africa’s manufacturing output was flat year-on-year (YoY) in September, after expanding by 2.2% in August. Meanwhile, mining production was up by 3,4% YoY, due largely to platinum group metals, iron ore and coal.

The South African Post Office has been beset by mismanagement and labour issues over the past few years, but CEO Mark Barnes and Postbank CFO Nichola Dewar have been credited with steering the organization into calmer waters. The pair discussed their efforts in a CFO SA session sponsored by KPMG and facilitated by CFO SA MD Graham Fehrsen at the Indaba Club in Johannesburg on 10 November 2016.

Nichola Dewar has been nominated for a CFO Award for her sterling work as the CFO of Postbank at the South African Post Office, where she has since taken over the reigns as CFO. 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.

As far as terrorist financing goes, research indicates that there are at least four primary types:

With cybercrime, Brexit and the surprising result of the US elections affecting economic sentiment, these are unpredictable times. The modern CFO has to contend with the risks of this environment, acting as both policeman and enabler, but relinquishing the natural tendency to forgo all risk.

Governor Lesetja Kganyago has said that SA’s central bank will not react to the sharp sell-off in the rand following Donald Trump’s election victory as this was a one-off event.

As the oldest bank in the country, Standard Bank has a lot of challenges to overcome in terms of legacy systems. During her pitch at the African FinTech Awards at the Finance Indaba Africa 2016 in October, the bank’s manager of innovation capability Danielle Laity explained what her organisation was doing to better serve its customers in an era marked by fear in the banking sector amid the threat of being unbundled and attacked.

Financial services provider FedGroup is disrupting traditional approaches to wealth creation with the launch of its direct ownership network, which involves the ownership of a physical asset to generate income, instead of investment.

The historical victory of Donald Trump in the US elections has taken the world by surprise. In the next few days, weeks, months and years there will be countless analysis, debates and studies to explain why hardly anyone saw it coming. CFO South Africa Editor in Chief Joël Roerig doesn't want to wait that long and has listed six important lessons South African CFOs should learn from the property baron, tv-star and president-elect.

Richemont, a company founded in 1988 by Johann Rupert (pictured) and his father Anton, has announced that 64-year-old Richard Lepeu, its CEO, and 56-year-old Gary Saage, its CFO, will retire in 2017.

Omnia Holdings CFO Wayne Koonin has once again been nominated for the CFO Awards, after being put forward in 2016 as well. 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.

Graeme Stephens (pictured), the CEO of South African hotels and casinos operator Sun International, will be stepping down from his role at the end of April 2017 to take up the role of CEO at SkyCity Entertainment Group. He will be replaced by Anthony Leeming, the company’s current CFO. Leeming has been with the group for 17 years, having joined as group financial manager in 1999. He held various group finance roles prior to his appointment as CFO in March 2013. He will take over the CEO role effective 1 May 2017. Stephens has been with the group for more than five years. As yet, no announcement has been made regarding the replacement CFO.

As Group CFO of Peregrine Group, Robert Katz says he has learnt valuable leadership lessons from his two favourite hobbies - boxing and long-distance running. In this exclusive interview Rob discusses the need for finance leaders to be both ruthless and human, and shares what he has learned in the ring, on the road and beyond.

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.

Last week, Cabinet discussed various recommendations from the Inter-Ministerial Committee on State-owned Enterprises (SOEs) as it moves to make these entities more efficient and financially viable. In recent months, international ratings agencies have pegged South African SOEs as a source of concern over their financial management and governance instability.

“It seems that many executives continue to make decisions not only based on the past but even in the interest of the past or in its defence,” writes Dr Morne Mostert, Director of the Institute for Futures Research at Stellenbosch University. According to him, “the intellectual agility to engage simultaneously with multiple possible futures is highly likely to increase as a prerequisite for a chair in the boardroom of the future”.

In 2016, a very large portion of our population still live on the outskirts of society. Unilever’s 2014 Survivor report spoke of about 70% of SA’s population living off less than R6,000 per month. For these people it is therefore crucial to save where possible on obvious expenses such as water, electricity and even items such as food and toiletries.

JSE-listed exploration and development company Kumba Iron Ore has announced the appointments of Nonkululeko Dlamini and Seamus French as non-executive directors to the Board, effective 1 November 2016.

London’s Financial Times recognised Investec Private Banking and Wealth & Investment as the best private bank and wealth manager in South Africa (for the fourth consecutive year) at the Global Private Banking Awards.

Two vibrant women, Jo Pohl and Mary Vilakazi, whose dynamism and energy radiates throughout the room, sat down with Roy Clark from Clarkhouse Human Capital and discussed their views on women and success. To say it was inspiring is an understatement – these two women shared such powerful messages that even the most astute and experienced business person would walk away with a burning passion to succeed.