news (914)

Bailout needed for struggling SOEs

The Public Investment Corporation (PIC) is under pressure to provide R100 billion in funding to state-owned enterprises (SOEs) that are struggling, says Bloomberg.

National Treasury has asked the PIC to buy its R12 billion stake in Telkom to pay for a bailout of South African Airways (SAA), the news agency…

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Added by CFO South Africa on September 24, 2017 at 8:00 — No Comments

BLSA suspends KPMG

The board of Business Leadership South Africa (BLSA) has suspended KPMG SA’s membership, pending the outcome of the independent investigation currently underway into the firm’s goings-on.

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Added by CFO South Africa on September 23, 2017 at 8:00 — No Comments

Indian tycoon buys significant chunk of Anglo American

Indian mining billionaire Anil Agarwal (pictured) has said he intends to buy a further R27 billion worth of Anglo American shares. This in addition to the 12.43 percent stake he built since an announcement earlier this year that his Volcan unit would be investing in the company.…

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Added by CFO South Africa on September 22, 2017 at 15:00 — No Comments

RCL Foods loses R26 million to bird flu

RCL Foods, one of the country’s largest food producers, has lost R26 million through having to cull a large percentage of its chicken stock, following an outbreak of highly pathogenic avian influenza or bird flu.

Pictured: Rob Field, RCL Foods CFO

RCL said in a statement that bird flu – not known to affect humans - had been…

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Added by CFO South Africa on September 21, 2017 at 15:00 — No Comments

Sasol disbands Inzalo BEE scheme, launches new scheme

Petrochemical giant Sasol has announced that it will be disbanding Sasol Inzalo, its BEE scheme, when it matures next year. Instead, it will be launching a replacement scheme, the R21-billion Khanyisa.

Pictured: Sasol CFO, Paul Victor

Sasol has however said that,…

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Added by CFO South Africa on September 20, 2017 at 19:00 — No Comments

Discovery to open bank in 2018

Adrian Gore (pictured), Discovery CEO, has confirmed that the company is on track to open a bank next year. Gore was speaking at the group’s annual financial results presentation, where he described Discovery’s performance over the year as “robust”.…

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

Pick n Pay now accepting Bitcoin

For a limited time, customers at Pick n Pay’s head office campus store will be able to use the cryptocurrency Bitcoin to pay for their purchases.

The move, possibly a world-first for major grocery retailers, has been enabled by Electrum, a payments technology firm in Cape Town. According to the firm, the checkout…

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Added by CFO South Africa on September 18, 2017 at 19:00 — No Comments

CEOs must prioritise digital transformation to stay in business

New research by the Economist Intelligence Unit (EIU) has revealed that nearly 40 percent of CEOs currently have digital transformation at the very top of their boardroom agenda, with almost a quarter of them personally leading their company’s transformation programmes.

There is a high level of confidence (among 75…

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Added by CFO South Africa on September 17, 2017 at 8:00 — No Comments

Deon Viljoen relishes new CFO job at Discovery

“Invigorating!” That is what CFO of the Year 2015 Deon Viljoen called his first few months as CFO of Discovery, where he started in May this year, following a tough but celebrated tenure as Alexander Forbes CFO. “It has been a lot of fun, it has been busy, it has certainly been no controlled arrival,” said…

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Added by CFO South Africa on September 16, 2017 at 8:00 — No Comments

KPMG CEO, Trevor Hoole, resigns in wake of Gupta scandal

KPMG South Africa has undertaken a serious board clean-up in the aftermath of its dealings with the Guptas and the South African Revenue Service (SARS). Trevor Hoole (pictured), KPMG CEO in SA, was caught in the cross-hairs, and has since resigned. This, following a review of work done by the South…

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

Disruption alert: will CAs be redundant in 2025?

“We are experiencing a period of radical change,” says Mandi Olivier (pictured), senior executive for professional development at the South African Institute of Chartered Accountants (SAICA), when asked about the Fourth Industrial Revolution.

Globally, the chartered accounting profession is being asked to look into a crystal ball. No one can say with certainty what the…

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Added by CFO South Africa on September 14, 2017 at 15:00 — No Comments

Comair profits up 54%

Comair Limited has released its annual financial results, reporting a 54 percent increase in profits, to R297 million, as well as a 28 percent increase in cash generated by its operations. Moreover, income generated by its non-airline brands now constitutes 20 percent of its earnings.…

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Added by CFO South Africa on September 13, 2017 at 19:00 — No Comments

Sim Tshabalala sole Standard Bank CEO

Sim Tshabalala (pictured) has been appointed the sole CEO of Standard Bank Group, bringing to an end the dual role he shared with Ben Kruger. The appointment also makes Tshabalala the first black person to lead Africa’s largest lender independently.

Standard Bank said in a statement that…

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

Auditor independence under the spotlight

“Professional skepticism is about auditing the time, mindset, attitude and related questions about how management has scouted the transactions and applied judgments and assessments within disclosures in the financial statements as well,” says Ken Siong, technical director of the International Ethics Standards Board for Accountants (IESBA). “It’s…

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Added by CFO South Africa on September 11, 2017 at 19:00 — No Comments

Afrox H1 profits up

African Oxygen (Afrox) has announced that its half-year profits rose 22 percent, after earnings were boosted by increased volumes and effective cost management. Headline earnings per share rose to 93.3 cents per share, compared with 76.5 cents per share for the same period last year. This was in line with what the company had previously flagged to the market.…

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Added by CFO South Africa on September 10, 2017 at 8:00 — No Comments

Manufacturing output down

South Africa’s manufacturing output fell 1.4 percent year-on-year in July, after contracting by a revised 2.2 percent in June, Statistics South Africa has said.

Despite this, factory production on a month-on-month basis grew by 1.5…

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Added by CFO South Africa on September 9, 2017 at 8:00 — No Comments

Capitec now SA’s fourth-largest lender

Stellenbosch-based Capitec Bank Holdings has pipped Nedbank Group as South Africa’s fourth-largest lender by value, extending market-beating rally that has made it SA’s best-performing stock.

According to Bloomberg, Capitec shares in Johannesburg rose 2 percent yesterday, closing at R891.03, giving the bank a market…

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Added by CFO South Africa on September 8, 2017 at 16:00 — No Comments

Shareholders speaking out on auditor appointments

“What is clear is that the shareholders are beginning to make their voice heard at AGMs regarding the necessity for firm rotation to end excessively long relationships,” says Bernard Agulhas (pictured), CEO of the Independent Regulatory Board for Auditors (IRBA). “Where audit committees may feel a 20-year, 50-year or…

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Added by CFO South Africa on September 7, 2017 at 15:00 — No Comments

Vodafone sells stake in Vodacom

Vodafone has announced that it has sold 90 million ordinary shares in Vodacom – some 5.2 percent – to institutional investors. The shares were sold at R165 apiece. It did this through an accelerated book-build process.

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Added by CFO South Africa on September 6, 2017 at 19:00 — No Comments

SA’s economy rebounds

According to the latest GDP data from Stats SA, South Africa’s economy has rebounded from a technical recession, growing by 2.5 percent in the second quarter of 2017. This, following two successive quarters of decline.

To the relief of many, this brings an end to the second recession the country has seen in less than a decade. Economists have,…

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Added by CFO South Africa on September 5, 2017 at 15:00 — No Comments

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