December 17, 2009
Mazars Moores Rowland reports revenue of R267 million and 27% growth
Mazars Moores Rowland, the South African arm of global audit, tax and advisory services group Mazars, has announced revenues of R267 million for the year to 31 August 2009. This represents an increase of 27% over 2008.
Posted by StaffWriter at 10:03 AM | Comments (0)
December 15, 2009
Market watcher: David Shapiro - Sasfin
Today's markets. 'I think April/May is going to be a very telling time.'
ALEC HOGG: Hello, good evening and welcome to the SAfm Market Update with Moneyweb. I'm Alec Hogg.
Posted by StaffWriter at 9:51 AM | Comments (0)
December 10, 2009
Mvela 'factors' in R120m deal
Cape Town - Mvelaphanda Holdings, the private BEE investment company, has made a shift into specialist financing with the acquisition of a strategic stake in Merchant Factors.
Posted by StaffWriter at 10:09 AM | Comments (0)
December 2, 2009
Consumers less glum
Consumer confidence has made some steady gains, said Cees Bruggemans, chief economist of FNB, on Tuesday.
Posted by StaffWriter at 10:11 AM | Comments (0)
December 1, 2009
Brait quits sustainability index over franchise risks
Brait has quit the JSE's Socially Responsible Investment (SRI) index as its executives are displeased that index members are open to external examination of their environmental, social and governance performance.
Posted by StaffWriter at 9:40 AM | Comments (0)
November 27, 2009
Liberty Q3 lapse rate in line with H1, lags peers
JOHANNESBURG (Reuters) - South African insurer Liberty Holdings was profitable in its third quarter, but is lagging its peers as the lapse rate at its units remains in line with its first-half.
Posted by StaffWriter at 1:26 PM | Comments (0)
November 26, 2009
Banking BEE body 'is dead'
Johannesburg - The banking sector wants to do away with the Financial Sector Charter Council.
Posted by StaffWriter at 9:56 AM | Comments (0)
Banks halt talks over call for 15% BEE level
Protracted talks between the banking sector, unions and communities about increasing equity ownership in the sector to 15 percent are over.
Posted by StaffWriter at 9:51 AM | Comments (0)
November 23, 2009
Time to cut losses and skill up
David Shapiro: The big talking point on the JSE last week was the level of bad debts that companies had written off their profits.
Posted by StaffWriter at 9:48 AM | Comments (0)
November 12, 2009
Rotten to the core - DBSA bosses raid coffers
THE Development Bank of Southern Africa is dishing out millions of rands in loans to private companies in which its directors own shares.
Posted by StaffWriter at 10:27 AM | Comments (0)
November 11, 2009
Resources help JSE extend gains
THE JSE extended gains by noon today, led higher by resource counters on the back of stronger commodity prices.
Posted by StaffWriter at 10:31 AM | Comments (0)
November 7, 2009
Turnaround expertise will stand new FIA boss in good stead
Manie Booysen has been appointed the new CEO of the Financial Intermediaries Association of Southern Africa (FIA).
Posted by StaffWriter at 8:18 AM | Comments (0)
October 29, 2009
Absa offers alternate funding for small businesses
Absa has set up a new R267.5 million funding initiative in partnership with six provincial government departments in a move which is expected to make a significant contribution to the growth of small businesses.
Posted by StaffWriter at 8:30 AM | Comments (0)
October 26, 2009
Ombud slams lack of transformation
Charles Pillai, the outgoing ombud for financial services providers, on Friday launched a fierce assault on South Africa's financial services industry, saying he had seen serious transformation problems in the sector.
Posted by StaffWriter at 3:05 PM | Comments (0)
October 21, 2009
Old Mutual gets board stamp, but déjavu persists
In its latest bid to buy out the minority shareholders in Mutual & Federal (M&F), Old Mutual has done a few things a little differently. It has managed to get a corporate bank to provide a "fair and reasonable" stamp of approval and, as a result, has been able to secure the support of the M&F board.
Posted by StaffWriter at 9:35 AM | Comments (0)
October 16, 2009
Atmosphere appoints Etheridge to board
Julie Etheridge has been appointed to the board of Atmosphere Communications after being with the company for four years.
Posted by StaffWriter at 9:54 AM | Comments (0)
September 16, 2009
SA must focus on 'critical' elements of BEE to speed up implementation - KPMG
The seven elements of the Department of Trade and Industry's (DTI's) Codes of Good Practice on broad-based black economic empowerment (BBBEE) should be rationalised to four, audit, tax, and advisory firm KPMG proposed on Thursday.
Posted by StaffWriter at 9:41 AM | Comments (0)
September 15, 2009
UC Capital changes name, appoints new CEO and expands offshore
Investment holding company UC Capital (formerly known as Umbono Capital) has changed its name to One Stone Capital. At the same time, the group announced that it has appointed Nomhle Canca, formerly group chairman, as CEO. Canca is the former CEO of Blue IQ Investment Holdings.
Posted by StaffWriter at 4:04 PM | Comments (0)
August 30, 2009
Sanlam bails out Absa BEE partner
Absa Group announced on Friday that its black shareholders had raised funds to retain a 5.1 percent stake.
Posted by StaffWriter at 1:24 PM | Comments (0)
August 27, 2009
Reformed - Alexander Forbes SA
Financial, risk and multimanager investment services group Alexander Forbes SA has achieved a level 3 broad-based black economic empowerment (BBBEE) rating in all three of its local business units: Financial Services, Risk & Insurance Services and Investment Solutions. This accomplishment is two years ahead of its internal schedule, with level 3 being targeted for achievement only in 2011.
Posted by StaffWriter at 7:18 AM | Comments (0)
August 19, 2009
Denel order book standing at R17.8bn
Denel releases annual results: 31 March 2009
Posted by StaffWriter at 11:00 AM | Comments (0)
August 12, 2009
Santam sells its 35% stake in Lion of Africa
CORPORATE and commercial insurer Lion of Africa Insurance Company became 100% black-owned yesterday after the purchase of Santam 's 35% interest by Brimstone Investment Corporation and Commlife Holdings, for an undisclosed amount.
Posted by StaffWriter at 9:57 AM | Comments (0)
July 16, 2009
JSE ends flat amid consolidation
Stocks closed flat on Thursday after a day of consolidation and profit taking, with resource stocks taking a breather after a good run recently, a local trader said.
Posted by StaffWriter at 12:40 PM | Comments (0)
July 2, 2009
JSE back on top
The JSE shrugged off the firmer rand and rallied to a close on Wednesday, boosted by buoyant resources stocks while a positive opening on Wall Street contributed to the gains.
Posted by StaffWriter at 10:13 AM | Comments (0)
June 10, 2009
Industry lacks transparency, say banks
Johannesburg - The South African banking community on Tuesday bemoaned a lack of transparency as a primary criticism within the industry.
Posted by StaffWriter at 9:29 AM | Comments (0)
June 8, 2009
Scarce funding takes Absa BEE ship down - analysts
The Batho Bonke ship was sinking and that might leave Absa with no black economic empowerment (BEE) partner in three months, analysts said at the weekend.
Posted by StaffWriter at 8:12 AM | Comments (0)
June 3, 2009
ABSA: BEE shareholder to get R1.7bn loan
Absa would provide a R1.7 billion three-month loan to its black economic empowerment (BEE) shareholder, Batho Bonke, the lender said yesterday.Posted by StaffWriter at 9:33 AM | Comments (0)
June 1, 2009
Secret VAT deductions
Companies have been pressing the South African Revenue Service (Sars) to allow VAT deductions on holding company expenses, corporate finance fees incurred relating to BEE transactions and company reorganisations, investment transactions and the apportionment of dividend income but have had few successes.
Posted by StaffWriter at 10:07 AM | Comments (0)
April 23, 2009
JSE ends higher
Stocks ignored a frail Dow and ended firmly in the black on Thursday, with resource counters offering support in a session that saw the local bourse playing catch-up with world markets after being closed for elections on Wednesday.
Posted by StaffWriter at 7:30 AM | Comments (0)
April 5, 2009
Charter has not collapsed, despite missing deadline, says Treasury
The Treasury says the financial services charter (FSC) has not collapsed despite its failure to meet its deadline, which was on March 31, and contrary to media reports.
Posted by StaffWriter at 6:54 AM | Comments (0)
April 2, 2009
Financial Sector Charter has not collapsed - Treasury
The National Treasury would like to advise that, contrary to media reports the Financial Sector Charter (FSC) has not collapsed because of the March 31 2009 deadline. The deadline as in fact much earlier, 31 August 2008.
Posted by StaffWriter at 7:09 AM | Comments (0)
March 27, 2009
Market watcher: Hassan Motala: Oasis Asset Management
GEOFF CANDY: Hello, good evening and welcome to the SAfm Market Update with Moneyweb. I'm Geoff Candy. Alec Hogg's not here today, but he'll be back again on Monday.
Posted by StaffWriter at 7:09 AM | Comments (0)
Special purpose vehicles crash too often, cautions Bravura consultant
A veteran black economic empowerment (BEE) expert recently lashed out at banks that were still using special purpose vehicles (SPVs) to finance BEE deals.
Posted by StaffWriter at 7:04 AM | Comments (0)
BEE debt defaults sting banks, say analysts
The dramatic increases in impairment charges at South Africa's big four banks could be attributed to bank-financed black economic empowerment (BEE) transactions on which debt payments were falling behind because of sliding share prices and the economic downturn, analysts said on Thursday.
Posted by StaffWriter at 7:02 AM | Comments (0)
March 26, 2009
Absa BEE deal
Summit TV speaks to Jacques Schindehutte from Absa about the second tranche of their BEE deal and how their empowerment partner may be laughing all the way to the bank
Posted by StaffWriter at 7:08 AM | Comments (0)
March 25, 2009
Phosa puts foot down on bailouts for business
Firms in the private sector that are struggling due to the economic slowdown should not be bailed out by the government, according to ANC treasurer-general Matthews Phosa.
Posted by StaffWriter at 7:36 AM | Comments (0)
March 24, 2009
Massive tax relief for BEE employee shares
The value of BEE employee shares that may be acquired by an employee on a tax free basis has been increased.
Posted by StaffWriter at 8:11 AM | Comments (0)
March 23, 2009
Billions switched in line with BEE
THE Public Investment Corporation (PIC) is to switch billions of rands in government pension funds to black money managers on April 1, in an effort to support them.
Posted by StaffWriter at 7:32 AM | Comments (0)
March 20, 2009
PIC's new billion rand fund managers
Find out where the billions Old Mutual and FirstRand lost from the PIC are going...
Posted by StaffWriter at 7:28 AM | Comments (0)
March 18, 2009
Brown is not the right colour, say BEE champs
Four black candidates who interviewed for the position of Nedbank Group chief executive were not as good as Mike Brown, who had been appointed to succeed Tom Boardman, Reuel Khoza, the chairman of South Africa's fourth-biggest bank, said yesterday.
Posted by StaffWriter at 8:04 AM | Comments (0)
RMB's creation limps out with a whimper
Makalani Holdings (JSE:MKL) was welcomed to the JSE lists in 2005 and quickly earned a following from fans of the genius of Rand Merchant Bank. Now the R2,7bn company that provides mezzanine finance to BEE deals is gradually winding itself up - one of dozens of companies trading on the JSE under a question mark.
Posted by StaffWriter at 8:01 AM | Comments (0)
March 17, 2009
Market watcher: David Shapiro - Sasfin
ALEC HOGG: Hello, good evening and welcome to the SAfm Market Update with Moneyweb. I'm Alec Hogg.
Nedbank gets a youthful chief executive - David, 42 in your terms is almost a baby, half you age!
Posted by StaffWriter at 7:58 AM | Comments (0)
March 10, 2009
Debt-heavy BEE companies face a financial 'perfect storm'
OUR financial system may be unburdened by the toxic assets that have plagued the balance sheets of American, European and some Asian institutions but we have not escaped the effects of the global liquidity crisis and the resultant collapse in asset prices.
Posted by StaffWriter at 8:08 AM | Comments (0)
March 3, 2009
Why BEE deals are not SA's subprime banking crisis
THOUGH SA has been relatively immune to the global financial meltdown , it has not escaped it. The JSE has fallen about a third in less than a year, and many black economic empowerment (BEE) investors have seen their investments fall below their entry price levels.
Posted by StaffWriter at 11:42 AM | Comments (0)
February 26, 2009
Liberty's 2008 profit declines
Listed insurer Liberty Holding's profit for the year 2008 declined as its investments were hit by lower equity markets, it said on Thursday as it released its annual results.
Posted by StaffWriter at 9:11 AM | Comments (0)
February 24, 2009
Khumalo's tiff with Reserve Bank likely to be drawn out
Mining entrepreneur Mzi Khumalo's legal tussle with the Reserve Bank over his R1 billion offshore profit grab from selling shares in Harmony Gold six years ago is likely to be lengthy.
Posted by StaffWriter at 7:08 AM | Comments (0)
February 18, 2009
Neither a lender nor a borrower be - Duncan Artus
Markets remain frozen despite billion dollar bailouts.
In the last 200 years or so, according to Allan Gray's Duncan Artus, the current banking crisis has happened a number of times, most notably in 1907 when JPMorgan saved Wall Street and money markets froze.
Posted by StaffWriter at 7:24 AM | Comments (0)
February 13, 2009
CAF Southern Africa Comments on the 2009/10
Consensus emerging from business and government sectors a day after what is probably Trevor Manuel's swansong budget is that the budget is as good as it can be, given the overarching global economic crisis.
Posted by StaffWriter at 10:13 AM | Comments (0)
February 11, 2009
Empowerment has morphed into tokenism, says Sonjica
The government was unhappy with the progress of black economic empowerment (BEE) in the mining sector, Buyelwa Sonjica, the minister of minerals and energy, said on Tuesday, highlighting at least three areas of concern.
Posted by StaffWriter at 8:01 AM | Comments (0)
'Urgent steps needed' to save BEE deals
CAPE TOWN - Co-ordinated intervention is necessary and urgent because a number of sensitive black empowerment deals in the mining sector are now in breach of their debt covenants after a deterioration in company earnings and share prices.
Posted by StaffWriter at 7:59 AM | Comments (0)
February 10, 2009
Absa-Barclays warn of 'subprime-like' BEE meltdown
CAPE TOWN (miningweekly.com) - Steps that South African banks might have to take to protect themselves against defaulting black economic empowerment (BEE) mining transactions would be "unpleasant, but necessary" if South Africa was to avoid a "subprime-like string of bank write-downs, or worse", Absa Capital-Barclays investment banker Cliff Zephyrine warned on Tuesday.
Posted by StaffWriter at 7:57 AM | Comments (0)
February 5, 2009
Pamodzi's latest cash flow woes reveal the cracks
In this case the JSE had required that Pamodzi alter the terms of its loans, totalling R400 million, with the Industrial Development Corporation (IDC) and Pamodzi Resources by last Friday.
Posted by StaffWriter at 7:08 AM | Comments (0)
February 1, 2009
Procurement rule offers SMEs a ray of hope amid crunch
This puts more pressure on companies to perform well in the other areas of BEE.
Posted by StaffWriter at 1:32 PM | Comments (0)
January 28, 2009
Scalded foreign banks pull in horns
As corporate finance activity declines in SA, a number of the world's major banks have withdrawn or cut back their operations.
Posted by StaffWriter at 7:33 AM | Comments (0)
January 26, 2009
Finance sector squabbles over BEE charter, code
THE ongoing dispute over black ownership levels in the financial services industry has entered a critical stage.
Posted by StaffWriter at 7:31 AM | Comments (0)
January 19, 2009
ACTowers in BEE deal with Tiso
Newly formed Tiso Telecom, a subsidiary of black economic-empowerment (BEE) investment group Tiso, would become a 25,1% shareholder in African Cellular Towers (ACTowers), for between R115-million and R138-million.
Posted by StaffWriter at 7:42 AM | Comments (0)
January 12, 2009
Imperial update and outlook for 2009: Hubert Brody - CEO, Imperial
ALEC HOGG: Imperial chief executive Hubert Brody is with us in the studio. Imtiaz Ahmed, our market commentator tonight, has also come in. Imtiaz, if you back for the last six months of last year, you'll probably find that, if you were to calculate the Top 40 shares, Imperial probably beats the rest of them because it's up 28% in the last six months.
Posted by StaffWriter at 11:05 AM | Comments (0)
December 20, 2008
JSE made easy
Investing on the JSE seems a daunting task for most first time investors but it is proven to be the most effective form of long term investing and according to the experts, investing in these turmoil conditions make perfect business sense.
Posted by StaffWriter at 1:41 PM | Comments (0)
December 19, 2008
FINANCIAL SECTOR CHARTER : Battle lines drawn
The banking industry has raised the stakes in its battle to fend off the demand to raise the direct black ownership target in the financial sector charter (FSC) from 10% to 15% by calling for political intervention.
Posted by StaffWriter at 1:51 PM | Comments (0)
December 15, 2008
SAfm Market Update - Market watcher: Wayne McCurrie: RMB Asset Management
GEOFF CANDY: Hello, and welcome to SAfm Market Update with Moneyweb. I'm Geoff Candy, and it's my great pleasure to be in your company on what has been a strong start to the week. Let's just hope it carries on to Friday.
Coming up in the next half hour, we get the lowdown on what to expect in the property market with Madison Property Fund Managers executive director Marc Wainer.
Posted by StaffWriter at 12:07 PM | Comments (0)
JSE stays up on firm resources
The JSE remained strong in noon trade, held up by resource stocks which gained momentum on the back of firmer metal prices.
Posted by StaffWriter at 12:05 PM | Comments (0)
Offer a new social pact
The global financial crisis offers developing countries such as South Africa the opportunity not only to refashion their own economies, but to help create a new global financial system. But they will need a plan.
Posted by StaffWriter at 12:02 PM | Comments (0)
December 11, 2008
Recent deals could drop 'underwater'
MANY corporate deals struck over the past few years could find themselves "underwater" as share prices on the JSE have plummeted in line with international markets.
Posted by StaffWriter at 10:19 AM | Comments (0)
December 10, 2008
Increasing BEE direct ownership of banks will only create pain - Basa
Johannesburg - The Banking Association of SA (Basa) would not give 15 percent direct ownership of banks to empowerment companies, as this would be more burdensome when market conditions put pressure on black economic empowerment (BEE) deals, Cas Coovadia, the managing director, said yesterday.
Posted by StaffWriter at 7:13 AM | Comments (0)
December 9, 2008
Negative equity BEE deals can be saved through appropriate rescue mechanisms
Many corporate BEE deals struck over the past few years would now find themselves 'underwater'
When the debt secured to acquire the equity interest exceeds the current value of the equity, as share prices on the JSE have plummeted in line with international markets.
Posted by StaffWriter at 11:44 AM | Comments (0)
December 8, 2008
Financial firms brace for blow from BEE debt
Johannesburg - The banking and financial sector is bracing for a multibillion-rand hit to its profitability in the months ahead as the industry provides for the write-off of loans to empowerment companies in the resources sector.
Posted by StaffWriter at 7:43 AM | Comments (0)
Financial firms brace for blow from BEE debt
Johannesburg - The banking and financial sector is bracing for a multibillion-rand hit to its profitability in the months ahead as the industry provides for the write-off of loans to empowerment companies in the resources sector.
Posted by StaffWriter at 7:26 AM | Comments (0)
December 4, 2008
Lifeline offered to BEE casualties
Cape Town - Black economic empowerment (BEE) companies that found themselves in financial difficulties because of the economic crisis should approach the National Empowerment Fund (NEF) and the Industrial Development Corporation (IDC) for help, trade and industry director-general Tshediso Matona said yesterday.
Posted by StaffWriter at 8:43 AM | Comments (0)
No lifeline for black enterprises
Government turns back on players feeling the pinch of economic slump
THE government will not bail out black economic empowerment players whose investments have been hammered by the slowdown in the world economy.
Posted by StaffWriter at 8:41 AM | Comments (0)
December 3, 2008
Jobs overtake inflation as markets' biggest worry
With the oil price below $50 (R519) a barrel, rising unemployment is replacing rising inflation as the main concern for policy makers worldwide.
Posted by StaffWriter at 7:26 AM | Comments (0)
December 2, 2008
Absa, Vunani list BEE fund
Absa Capital and Vunani Capital had listed NewSA, South Africa's first black economic empowerment (BEE)exchange traded fund (ETF), the firms said yesterday.
Posted by StaffWriter at 9:30 AM | Comments (0)
November 27, 2008
SA mining - The politics of profits
Focusing on the crippled platinum sector, analysts at the Royal Bank of Canada examine the topic of "BEE Bankruptcy - 2009 The Acid Test".
Posted by StaffWriter at 2:44 PM | Comments (0)
November 25, 2008
Banks should just say no to ANC's latest wealth grab
Allow a muted cheer for the banking crisis. Market turmoil should lay to rest the thinly disguised wealth grab for an addition to the direct "empowerment" shareholdings in financial institutions.
Posted by StaffWriter at 7:40 AM | Comments (0)
November 24, 2008
BEE eats into Abil earnings
Johannesburg - The country's biggest microlender, African Bank Limited Investments (Abil), on Monday reported a 21 percent decline in headline earnings per share (HEPS) after a BEE charge.
Posted by StaffWriter at 12:55 PM | Comments (0)
November 21, 2008
Market watcher: Wayne McCurrie - RMB Asset Management
GEOFF CANDY: Hello, and welcome to the SAfm Market Update with Moneyweb on a day when the market finished in the green, giving traders a little respite from the declines seen over the rest of the week.
Posted by StaffWriter at 7:46 AM | Comments (0)
November 17, 2008
Recession worries hit JSE
South African markets opened in the red due to sharp falls in gold miners and resources counters and continued global recession concerns.
Posted by StaffWriter at 10:14 AM | Comments (0)
November 7, 2008
High court OKs Absa takeover of MeegBank
MEEG Bank, once the country's only black-controlled lender, will soon become a wholly-owned subsidiary of Absa.
Posted by StaffWriter at 9:26 AM | Comments (0)
November 6, 2008
Sinking BEE deals 'will plunge banks too'
Cape Town - Black economic empowerment (BEE) deals that were under water because of underperforming stock markets were going to affect the balance sheets of all local banks, Johan De Kock, the head of equity research at Metropolitan Asset Management (Metam), said yesterday.
Posted by StaffWriter at 11:21 AM | Comments (0)
November 5, 2008
ANCYL warns big businesses
The ANC Youth League has issued "a general warning" to major corporations not to allow themselves to be used as platforms for mobilising party support.
Posted by StaffWriter at 1:20 PM | Comments (0)
November 4, 2008
Masonge share offer reopened by Abil
African Bank Investment Limited (Abil) had decided to reopen the Masonge scheme, a black equity ownership programme, to the public and its employees, the microlender said yesterday.
Posted by StaffWriter at 8:28 AM | Comments (0)
October 31, 2008
Business skills and compliance key to success of emerging contractors
In SA the history of construction majors sub-contracting to juniors hasn't been a happy one.
There is a frightening disconnect in South Africa between the hundreds of emerging contractors out there and the long list of unplaced tenders piling up on the desks of government departments and construction majors.
Posted by StaffWriter at 2:31 PM | Comments (0)
October 26, 2008
Crisis to hurt black interests
Black investors have the opportunity to acquire good assets on the JSE - if they can find willing funders and executives who are not sufficiently distracted by the shrinking credit and slowing global economy.
Posted by StaffWriter at 7:36 AM | Comments (0)
October 23, 2008
Afrimat BEE deal bites the dust
The credit and financial markets crisis has sunk the black economic empowerment deal announced by construction and infrastructure company Afrimat in July.
Posted by StaffWriter at 7:30 AM | Comments (0)
October 21, 2008
Financing a share purchase - is it that simple?
What if the purchaser does not have cash on hand to finance the purchase?
Prospective investors wishing to buy the assets of a company lock, stock and barrel could buy all of the shares from the seller and there would, ordinarily, be no difficulty in arranging such a transaction.
Posted by StaffWriter at 3:02 PM | Comments (0)
Buffet points the way for SA to win through hard times
The fear of impending worldwide recession and the ensuring decline in the global demand for raw material has sent both the rand and the JSE tumbling.
Posted by StaffWriter at 11:09 AM | Comments (0)
October 15, 2008
Deadlock over Meeg takeover
AN OUT-of-court settlement attempt between Absa and opponents of the Meeg Bank takeover has reached deadlock after stakeholders failed to agree at a closed meeting last month.
Posted by StaffWriter at 7:08 AM | Comments (0)
October 13, 2008
BEE deal repricing is under fire
Analysts on Friday opposed the idea of repricing black economic empowerment (BEE) transactions to protect black shareholders whose stakes in some companies were severely battered by falling share prices, insisting that all shareholders should be treated equally.
Posted by StaffWriter at 7:32 AM | Comments (0)
Markets wipe out BEE gains
Global market meltdown highlights inherent problems with empowerment share schemes.
Posted by StaffWriter at 7:30 AM | Comments (0)
October 8, 2008
Short-term insurance industry contributes to financial literacy education
The South African Insurance Association (SAIA) today reported back on the short-term insurance industry's consumer education initiative implemented in 2007/8 with 2007 financial year end funds.
Posted by StaffWriter at 10:02 AM | Comments (0)
September 15, 2008
Old Mutual's BEE partners out of the money - again
Old Mutual's (JSE:OML) black economic empowerment deal is again underwater after the stock price slide as much as 8% on Monday to a new 12-month low of R12,86.
Posted by StaffWriter at 7:15 AM | Comments (0)
September 13, 2008
Makalani adds to BEE expertise
Makalani has appointed Keshan Pillay as its new CEO. He has a BCom and has vast experience in structuring and financing BEE transactions.
Posted by StaffWriter at 7:25 AM | Comments (0)
September 11, 2008
Cool heads needed to resolve impasse on financial charter
The debate around the financial services charter is a crucial one that needs cool heads and negotiated compromises.
Posted by StaffWriter at 7:46 AM | Comments (0)
September 2, 2008
Can the banking charter be saved?
South African could face a higher risk profile if its dispute with the unions over the banking charter is not settled, but banking representatives say all is not yet lost.Posted by StaffWriter at 7:00 AM | Comments (0)
September 1, 2008
Finance sector BEE talks miss deadline
South African banks, insurance companies, Cosatu and the SA Communist Party (SACP) have failed to find common ground on direct ownership in the financial services sector and have missed the August 31 deadline set by the department of trade and industry (dti) to gazette sector charters.Posted by StaffWriter at 7:34 AM | Comments (0)
August 28, 2008
Banking sector charter at risk
The whole edifice of delicate negotiations on which the Banking Sector Charter rests is now wobbling and may come crashing down in a few days.Posted by StaffWriter at 9:11 AM | Comments (0)
August 27, 2008
Rate hikes hurt BEE firm's investments
EMPOWERMENT company Vunani's R58million fair value loss due to recent interest rate hikes and a sharp decline in listed share prices on the JSE has exposed the vulnerability of vendor finances acquisitions in volatile times.Posted by StaffWriter at 7:55 AM | Comments (0)
August 26, 2008
Bank chiefs dispute 15% BEE target
Increasing the target for direct black ownership of banks and insurance firms to 15 percent was "wrong in principle and anti-transformation" because it would deny financial services to those who needed them most, Sim Tshabalala, the chief executive of Standard Bank South Africa (SBSA), has said.Posted by StaffWriter at 7:25 AM | Comments (0)
August 22, 2008
Taquanta Investment Holdings BEE deal squared away
Taquanta is now a truly financially independent, black-owned financial services companyPosted by StaffWriter at 8:03 AM | Comments (0)
August 20, 2008
Nedbank boosts Mvela's prospects
Nedbank Capital has structured a deal that will assist BEE mining company Mvelaphanda Resources increase its stake in Northam Platinum to 63 percent, the bank said on Wednesday.Posted by StaffWriter at 2:13 PM | Comments (0)
August 15, 2008
BEE financier under fire
Makalani, the flailing JSE-listed empowerment financier, has been attacked by angry shareholders for failing to put together a plan to haul itself out of the dumps.
Posted by StaffWriter at 2:28 PM | Comments (0)
August 12, 2008
FNB signs R15m office automation deal with Itec dealership
First National Bank has signed a deal with Itec West for a printing solution that will save the financial institution between 15% and 20% per annum.Posted by StaffWriter at 12:15 PM | Comments (0)
JSE earnings up 400%
Summit TV speaks to Russell Loubser from the JSE about their results with headline earnings per share up 400% on a 24% increase in revenue based on some non-recurring times including their BEE transactionsPosted by StaffWriter at 8:33 AM | Comments (0)
August 6, 2008
Liberty reports good progress on growth path
Liberty Group CEO Bruce Hemphill says the wealth-management group is far better positioned for growth and a return to a longer-term trend of increasing earnings than it was six months ago.Posted by StaffWriter at 2:10 PM | Comments (0)
Liberty chained down
In the short term, the Liberty Group was not immune to the current South African economic downturn, Chief Executive Bruce Hemphill said on Wednesday after the group released its interim results for the half-year ended 30 June 2008.Posted by StaffWriter at 11:01 AM | Comments (0)
August 4, 2008
Times are 'too tough' for banks to extend BEE
The chances that the financial services sector would increase the direct black economic empowerment (BEE) ownership of major banks to 15 percent were slim in the current global economic climate, analysts cautioned on Friday.Posted by StaffWriter at 7:24 AM | Comments (0)
August 1, 2008
Life Offices' Association (LOA) - Response to a Statement by COSATU
The LOA would never consider boycotting the process or walk out of negotiations.The Life Offices' Association (LOA) has been a partner of the Financial Sector Charter process for many years and remains absolutely committed to the transformation of our industry as well as the processes and negotiations needed to finalise the gazetting of the Financial Sector Charter as a sector code in terms of the Broad-based Black Economic Empowerment Act.
Posted by StaffWriter at 2:51 PM | Comments (0)
Swindler conned Land Bank
Alleged "master-swindler" Kobus Boshoff's tentacles reached to the highest levels of the Land Bank.Posted by StaffWriter at 10:07 AM | Comments (0)
Finance sector shelves BEE talks over rift on ownership
The country's major banks and insurance companies suspended their negotiations with Cosatu and the SA Communist Party (SACP) yesterday after failing to make progress on the ownership clause in the transformation charter of the financial services industry.Posted by StaffWriter at 7:32 AM | Comments (0)
How bad are bank's BEE stings
SA's big-four banks all chose different methods of structuring their BEE deals when they were established three or four years ago. Which of these structures is holding up best - and worst - now that the international banking crisis is pressuring these BEE deals?Posted by StaffWriter at 7:31 AM | Comments (0)
Cosatu condemns bank 'boycott'
The Congress of SA Trade Unions (Cosatu) has condemned in the strongest terms what it termed "the walkout" by financial institutions from a meeting to gazette the Financial Sector Charter.Posted by StaffWriter at 7:07 AM | Comments (0)
July 29, 2008
Reserve Bank snuffs growth, jobs and empowerment
The codes of good practice on black economic empowerment (BEE) have set a target of 25 percent for black ownership across the economy, to be achieved by 2017. However, the target will never be met without a wholesale review of monetary policy.Posted by StaffWriter at 11:16 AM | Comments (0)
SA's R20bn banking BEE deals looking shaky
Three years ago, many BEE investors in the big-four banks were confident they would earn a packet. If they cashed out a month ago, many would have got only a few cents.Posted by StaffWriter at 11:09 AM | Comments (0)
July 25, 2008
Amabubesi Capital is on a mission to be sustainable
Amabubesi Investment division Amabubesi Capital is on a mission to be sustainable beyond being an investment and BEE company. It aims to use its Capital Technologies division to achieve this.
Posted by StaffWriter at 11:01 AM | Comments (0)
July 24, 2008
Old Mutual's BEE deal dips out-of-the-money
Old Mutual's (JSE:OML) black economic empowerment deal is hair-raisingly close to being out-of-the-money, raising for the first time in years the possibility - albeit in the somewhat distant future - of a major BEE deal failing.Posted by StaffWriter at 7:34 AM | Comments (0)
July 21, 2008
Absa's contract management for tracking BEEs
With approximately 8 000 suppliers, contract management is a necessity, says Ian Russel, Absa's chief administration officer.Posted by StaffWriter at 3:05 PM | Comments (0)
July 20, 2008
Manuel seconds Hadede as interim Land Bank head
Finance minister Trevor Manuel had seconded Phakamani Hadebe as the interim chief executive of the Land Bank, the national treasury announced on Friday.Posted by StaffWriter at 8:09 AM | Comments (0)
Manuel to restore trust in Land Bank
But turnaround strategy is up to the new chief executiveFinance minister Trevor Manuel has told the board of the Land Bank he would not meddle in their functions but would cultivate a relationship of trust with them.
Posted by StaffWriter at 7:52 AM | Comments (0)
July 13, 2008
Trevor Manuel takes over Land Bank
Minister of finance Trevor Manuel is to take over the reins at the troubled Land Bank from his colleague, agriculture and land affairs minister Lulu Xingwana.Posted by StaffWriter at 7:37 AM | Comments (0)
July 11, 2008
Eastern Cape Bank Meeg - shareholder vote to go ahead
Despite potential court cases, arguments over BEE and an apparent falling out between two leading Eastern Cape, the sale of struggling Eastern Cape bank Meeg to Absa appears likely.Posted by StaffWriter at 7:35 AM | Comments (0)
July 9, 2008
Icasa thinks again on its BEE demand
WIDESPREAD criticism of "unworkable" demands made on bidders for new licences to offer high-speed internet access have forced the regulator to reconsider its stance.Posted by StaffWriter at 7:33 AM | Comments (0)
July 7, 2008
Absa acquires Gautrain stake
Financial services provider Absa Capital Infrastructure Equity Investments (IEI) has bought an 8% shareholding in the Gautrain rapid-rail project and funded a further 8% shareholding acquired by black economic-empowered (BEE) investment and management company, the J&J Group, the bank announced on Monday.Posted by StaffWriter at 12:55 PM | Comments (0)
July 4, 2008
PwC Corporate Finance launches the fourth edition of its Valuation Methodology Survey
PricewaterhouseCoopers Corporate Finance recently launched the fourth edition of its biennial Valuation Methodology survey.Posted by StaffWriter at 11:35 AM | Comments (0)
July 2, 2008
Nedbank excels with BEE
JUST more than 18% of Nedbank, SA's fourth-biggest bank by market capitalisation, is now directly owned by black investors, according to an audited report from the Financial Sector Charter (FSC) council.Posted by StaffWriter at 2:37 PM | Comments (0)
July 1, 2008
RMB Properties in BEE deal
RAND Merchant Bank (RMB) has concluded a transaction to introduce a consortium of RMB Properties management, Tiso Group and Royal Bafokeng Holdings (RBH) to a 60% equity interest in its property services business, RMB Properties.Posted by StaffWriter at 2:39 PM | Comments (0)
June 30, 2008
Share slip crashes Sasfin's BEE deal
Sasfin's black economic empowerment (BEE) deal collapsed last week as its shares fell to half the value of the planned issue price, said chief executive Roland Sassoon.Posted by StaffWriter at 7:53 AM | Comments (0)
June 25, 2008
Futuregrowth Asset Management
Historic BEE investment fund closes having delivered outstanding returns
Futuregrowth's Structured Empowerment Fund (SEF), the pioneer of South Africa's BEE funding vehicles, has achieved annualised returns of 18.76% over its 12-year lifespan.
Posted by StaffWriter at 2:21 PM | Comments (0)
June 23, 2008
Thembeka Capital to boost BEE
With more than R100 million available, Thembeka Capital was well positioned to exploit the credit crunch facing empowerment deals, PSG Group's black empowered investment associate said last week.Posted by StaffWriter at 7:52 AM | Comments (0)
Combi, PSG's Rich Combination
WHILE there have been plenty of BEE deals in the last decade, the proceeds from empowerment initiatives to participants have not always been plentiful.Posted by StaffWriter at 7:51 AM | Comments (0)
June 19, 2008
MIC - Largest Single Distribution Ever Made To A Beneficiary Trust
MIC MAKES LARGEST SINGLE DISTRIBUTION EVER MADE TO A BENEFICIARY
TRUST
R245 million single distribution
BEE investment group, Mineworkers Investment Company (MIC), yesterday announced that it has made a distribution of R245 million to its shareholder and beneficiary trust, the Mineworkers Investment Trust (MIT). This represents the largest single South African distribution ever made by an empowerment investment company to a beneficiary trust.
Posted by StaffWriter at 12:27 PM | Comments (0)
June 11, 2008
Technology in financial services: is there a competitive edge?
Who would want to be at the technology helm of a major retail bank today? It may seem glamorous, but what do you think wakes these CEOs up at 3am in a panicky cold sweat?Posted by StaffWriter at 1:58 PM | Comments (0)
May 27, 2008
Abil's second BEE deal on cards
AFRICAN Bank Investments Limited (Abil) yesterday said its second BEE deal will begin between June and July, with the planned finalisation by early September this year.Posted by StaffWriter at 8:48 AM | Comments (0)
Abil earnings rise 11% on strong growth
African Bank Investments Limited (Abil) posted an 11 percent rise in headline earnings a share to R1.25 for the six months to March as price reductions "facilitated" strong growth momentum, the listed microlender said yesterday.Posted by StaffWriter at 8:48 AM | Comments (0)
May 19, 2008
GPI to List on JSE Main Board
Western Cape-based empowerment investment group, Grand Parade Investments (GPI), which has a 26,41% economic interest in Sun International's SunWest, is listing on the Main Board of the JSE on 6 June in the "General Financial" sector.Posted by StaffWriter at 9:09 AM | Comments (0)
May 8, 2008
Corporate deals 'will focus on cash flow'
MORE management buyouts, private equity investments, part disposals and limited exits are likely to characterise corporate transactions for the remainder of this year, says tax, audit and advisory firm Mazars Moores Rowlands.Posted by StaffWriter at 9:22 AM | Comments (0)
April 29, 2008
Stats SA comes a cropper again
Economists are once again questioning the credibility of Statistics SA figures - this time in relation to last month's producer price data, released last week. The agency itself spoke of problems and warned that components of the data could be revised.Posted by StaffWriter at 7:26 AM | Comments (0)
April 25, 2008
Bank Notes - Mutual & Federal may yet fall into Royal Bafokeng Holdings embrace
Where in the financial sector will quietly acquisitive community empowerment group Royal Bafokeng Holdings (RBH) strike next since failing to persuade Old Mutual to part with its short-term insurer Mutual & Federal?Posted by StaffWriter at 7:48 AM | Comments (0)
April 22, 2008
SAB&T Ubuntu acquires major stake in Cortell
The JSE-listed BEE financial consulting and business advisory group, SAB&T Ubuntu Holdings Limited (SUHL), has acquired a majority shareholding in specialist business intelligence (BI) solutions provider, Cortell Corporate Performance Management, for an undisclosed amount.Posted by StaffWriter at 3:11 PM | Comments (0)
April 20, 2008
Risk management systems can be used to effect BEE
The current credit crisis invites reflection on how far we have come with regards to black economic empowerment (BEE) financing. During the apartheid years when South Africa was isolated, sanctions forced the country to develop self-sufficient financial systems.Posted by StaffWriter at 7:44 AM | Comments (0)
March 14, 2008
STANDARD BANK - Empowered, embarrassed
Standard Bank's management reshuffle eclipses BEE controversyThe talk at Standard Bank's sprawling Simmons Street offices in Jo'burg's CBD last week was all about transformation.
Posted by StaffWriter at 2:30 PM | Comments (0)
Bungane and the empowerment code
Banking group Standard Bank has sent a strong message to its peers that it is not going to fiddle around with transformation.Posted by StaffWriter at 8:49 AM | Comments (0)
March 13, 2008
Outcry over Bhisho's sale of shares in bank
BLACK businessmen yesterday criticised the Eastern Cape government for selling its shares in Meeg Bank to Absa, saying it was against the country's black economic empowerment (BEE) policies.Posted by StaffWriter at 8:12 AM | Comments (0)
February 29, 2008
Dealmakers of the year
Over a trillion rand was spent last year on various deals done in South Africa's corporate finance industry. General corporate finance, the "bread and butter" of the corporate finance industry work totalled R631bn. This emerged at the 7th Dealmakers Annual Awards dinner that took place on Wednesday night.Posted by StaffWriter at 2:03 PM | Comments (0)
February 26, 2008
Solid performance for Santam's local operations
Santam, South Africa's largest short-term insurer, achieved a 9% increase in gross written premiums for the year ended 31 December 2007, but its international business disappointed whilst its investment income was hard hit by the recent turmoil in financial markets.Posted by StaffWriter at 9:02 AM | Comments (0)
February 22, 2008
Vunani acquires corporate finance, treasury and financial advisory services interests
AltX-listed Vunani Limited, a BEE financial services group, is to acquire certain corporate finance and treasury assets of Corporate Solutions (Pty) Limited and 51% of the ordinary shares and shareholder claims in pension fund administrator RFS Holdings (Pty) Limited.Posted by StaffWriter at 2:05 PM | Comments (0)
February 18, 2008
Insurance sector's numbers trauma is self-inflicted
It's true that South Africans need to increase their life insurance cover. But one can't but think that there must be another motive behind the rather hefty underinsurance figures quoted by the Life Offices' Association last week. Could these figures not be a ploy to shock consumers into buying more insurance products?Posted by StaffWriter at 8:18 AM | Comments (0)
February 8, 2008
Working capital for SMEs
AS the fundamentals of our economy continue to change, with increasing smaller businesses becoming more and more dominant, factoring now becomes the only suitable form to finance the growth of these small to medium size businesses, says Johnny Philippou, MD of Merchant Factors.Posted by StaffWriter at 10:14 AM | Comments (0)
February 2, 2008
Wanted: more black executives
THE Association of Black Securities and Investment Professionals (Absip) plans to include more black people in senior positions in the financial services industry this year.Posted by StaffWriter at 7:50 AM | Comments (0)
A collective sigh of relief - the Reserve Bank to leave interest rates unchanged
THE decision by the Reserve Bank to leave interest rates unchanged has been met with relief by black investors, who have watched their debt-servicing costs rise sharply due to a barrage of rate hikes.Posted by StaffWriter at 7:47 AM | Comments (0)
January 29, 2008
RMB Corvest and Safika Investments invest in Micros Fidelio SA
RMB Corvest, a private equity business in the Firstrand Group, and empowerment private equity investor, Safika Investments have acquired a combined 49 percent stake in hospitality point-of-sale systems supplier, Micros Fidelio South Africa (Pty) Ltd.Posted by StaffWriter at 7:36 AM | Comments (0)
January 23, 2008
Bid to resolve financial sector's BEE crisis
GOVERNMENT officials and labour and community representatives will meet in Pretoria tomorrow in a bid to resolve a looming crisis over direct black ownership in the financial services sector, says Financial Sector Charter Council chairman Kennedy Bungane .Posted by StaffWriter at 9:53 AM | Comments (0)
New bank BEE cost is R20bn
Deals which led to the transfer of large stakes in the four major retail banks to black investors would cost R20 billion to restructure, Cas Coovadia, the chief executive of the Banking Association of SA (Basa), said yesterday.Posted by StaffWriter at 7:18 AM | Comments (0)
January 22, 2008
Banks threaten to pull billions out of BEE deals
BANKS threatened yesterday to withdraw billions of rands of black economic empowerment financing until the uncertainty about the size of black ownership of financial institutions was resolved.Posted by StaffWriter at 7:17 AM | Comments (0)
January 12, 2008
Change or we're out
A GROUPING of community organisations and labour unions have vowed to prevent the financial services industry from having its black economic empowerment (BEE) charter gazetted into an empowerment code, the framework that will determine how future BEE deals are structured.Posted by StaffWriter at 8:34 AM | Comments (0)
December 22, 2007
Scandals shake financial sector
THIS year will best be remembered for providing controversies galore for the usually scandal-shy financial services sector.Posted by StaffWriter at 7:50 AM | Comments (0)
December 13, 2007
First allocations of Santam's BBBEE Staff Trust made
Santam has this week successfully made the first allocations to staff from the Santam Black Economic Empowerment Staff Trust.
Posted by StaffWriter at 7:25 AM | Comments (0)
December 3, 2007
The trend of increasing convenience - Insurance is here to stay, but it is not necessarily going to stay the same.
This is the view of Michael Blain, CEO of Centriq - the first BEE insurer in risk finance. Instead, Blain believes that the way in which insurance is distributed will transform radically in the years to come.Posted by StaffWriter at 8:34 AM | Comments (0)
December 2, 2007
Competitive world of private banking is rapidly changing
The "private bank" label can be a misnomer in brand-conscious South Africa. There are private banks that cater for the super rich and there are banks that use the label to attract affluent clients who fancy flashing private bank plastic.Posted by StaffWriter at 7:34 AM | Comments (0)
November 30, 2007
Wethu seeks tech stakes
Two-year-old Wethu Investment Group (WIG) is looking for acquisition opportunities in the ICT sector.Posted by StaffWriter at 2:12 PM | Comments (0)
November 29, 2007
Knowledge is key - FirstRand
There were no surprises on Thursday at FirstRand's 10th annual general meeting (AGM) but shareholder activist Theo Botha gave the board some points to ponder in the future.
Posted by StaffWriter at 7:33 AM | Comments (0)
November 28, 2007
Santam to suspend Europe operations
Insurer Santam said on Tuesday that pricing and underwriting margins in the South African short-term insurance market remain under pressure due to the continued softening of the market, particularly in the corporate and commercial sectors.Posted by StaffWriter at 3:24 PM | Comments (0)
November 27, 2007
Santam to discontinue Europe ops
South African insurer Santam said on Tuesday that pricing and underwriting margins in the South African short-term insurance market remain under pressure due to the continued softening of the market, particularly in the corporate and commercial sectors.
Posted by StaffWriter at 3:32 PM | Comments (0)
Santam Europe operations to be discontinued
Santam shareholders got an unexpected windfall today when the short-term insurer announced a special dividend of 2200 cents per share to be paid on 24 December 2007.Posted by StaffWriter at 7:44 AM | Comments (0)
November 23, 2007
Centriq Insurance - Insurance as perceived
Getting consumers to recognise the risks and to appreciate the value of insurance coveragePosted by StaffWriter at 2:06 PM | Comments (0)
November 22, 2007
GPI: CET bites more shares
Investment holding company Cape Empowerment Trust (CET) has reached an agreement to buy 12m Grand Parade Investments (GPI) shares for R51m in cash.
Posted by StaffWriter at 11:15 AM | Comments (0)
Exceptional items knock Reunert
JSE-listed Reunert's strong operational figures for the full year ended 30 September have been diluted by exceptional items.Posted by StaffWriter at 11:13 AM | Comments (0)
R1bn fund to put mid-sized firms on a faster track - Vantage Risk Capital
South Africa's only black-owned mezzanine fund manager, Vantage Risk Capital, yesterday launched a R1 billion fund to finance fast-growing medium-sized companies.Posted by StaffWriter at 9:44 AM | Comments (0)
November 21, 2007
Absa claims top BEE rating
ABSA Group, SA's largest retail bank, said yesterday it had received a top rating for its empowerment credentials.Posted by StaffWriter at 2:16 PM | Comments (0)
Vantage Risk Capital leads the pack with a R1 billion fund
Addressing the shortage of access to capital amongst mid-market companiesPosted by StaffWriter at 7:08 AM | Comments (0)
November 20, 2007
A for Absa empowerment
Banking group Absa (ASA) has been awarded an A rating for its empowerment credentials.Posted by StaffWriter at 1:38 PM | Comments (0)
November 15, 2007
'Forbes paying lip service to BEE'
The leadership changes at Alexander Forbes have sparked strong criticism from a black professional organisation that is accusing the pension funds administrator of paying lip service to transformation.Posted by StaffWriter at 11:08 AM | Comments (0)
October 31, 2007
Customers give Florida purchasing system high marks
Customer satisfaction with Florida's online purchasing system, MyFloridaMarketPlace, topped 90 percent in a recent survey and has saved the state $71 million through strategic sourcing.Posted by StaffWriter at 8:40 AM | Comments (0)
October 30, 2007
The big blue goes red
The world's largest bank last week announced it would take a 20% stake in Standard Bank, Africa's largest bank, in the biggest foreign direct investment by a Chinese company anywhere in the world. This means South Africa is now the top destination for Chinese foreign investment, ahead of Zambia and the Sudan.Posted by StaffWriter at 11:04 AM | Comments (0)
October 29, 2007
20% increase in Redefine distributions - Redefine Income Fund
Redefine Income Fund's interest distributions to linked unitholders have grown by a noteworthy 20% from last year, substantially outperforming the sector.Posted by StaffWriter at 11:12 AM | Comments (0)
Capitec: Not for sale
Is Capitec being sought by the State Bank of India, as newspaper reports suggested on Monday? Not as far as Capitec's CEO knows, who says he was taken aback when he heard the rumours for the first time.
Posted by StaffWriter at 9:16 AM | Comments (0)
October 28, 2007
Banks juggle red tape and best practice ...
Today's big five bank chief executives face a far broader range of challenges than they could have imagined when they began their banking careers 20 to 30 years ago.Posted by StaffWriter at 11:33 AM | Comments (0)
October 27, 2007
Banking on R1.5bn
STANDARD Bank's BEE shareholders may cash in on R1.5 billion after the Industrial and Commercial Bank of China's (ICBC) offer to buy 20% of South Africa's biggest bank for R36.7 billion.Posted by StaffWriter at 11:36 AM | Comments (0)
October 26, 2007
Benefit now, pay later - Redefine has been praised for tagging a 15% discount on its recently announced R548m black economic empowerment (BEE) transaction
Listed property fund Redefine has been praised for tagging a 15% discount on its recently announced R548m black economic empowerment (BEE) transaction. The discount gives the impression of a cheap transaction - until one takes a closer look.Posted by StaffWriter at 11:51 AM | Comments (0)
October 22, 2007
Bok win delays Makalani AGM
Johannesburg - The recently concluded Rugby World Cup on Monday delayed the annual shareholders' meeting of mezzanine funder Makalani Holdings.
Posted by StaffWriter at 12:55 PM | Comments (0)
October 13, 2007
Financial industry fails black managers
The financial sector has spectacularly failed to achieve its already too low targets to put black managers in place in the industry.Posted by StaffWriter at 12:44 PM | Comments (0)
October 10, 2007
Moneyweb earnings shoot up 144%
Moneyweb Holdings, the integrated business and financial media company listed on the AltX, has announced a 144% jump in headline earnings as revenue climbed to a new high in the six months to end September 2007.Posted by StaffWriter at 2:52 PM | Comments (0)
March 2, 2006
Glenrand MIB results hit by BEE deal
Diversified financial services group Glenrand M.I.B. on Thursday reported a 16 percent decline in fully diluted headline earnings per share from 9.6 cents to 8.1 cents for the six months ended December...
Posted by Bernie at 12:05 PM | Comments (0)
February 20, 2006
Nedbank posts 'stellar' year results
Nedbank Group CEO Tom Boardman believes the group has made major strides with its turnaround strategy, as evidenced by the group's stellar financial performance for 2005 which saw headline earnings up a whopping 81.7 percent to R3.167-billion...
Posted by Bernie at 11:04 AM | Comments (0)
October 25, 2005
Sanlam gets its own back
Sanlam’s share buyback was concluded successfully on Monday with the repurchase of R3,6bn worth of shares, but has not passed without some resentment.
As part of its capital management programme, the group proposed in September, a scheme of arrangement, under which it would buy back 10% of its shares at R12 per share, the volume weighted average price of Sanlam ordinary shares for the five business days to July 7 2005, plus a 20c premium...
Posted by Bernie at 7:55 AM | Comments (0)
July 27, 2005
Nedbank clients score in BEE deal - Julius Cobbett
Black clients of Nedbank could end up owning 2,17% of the group’s stock as part of its recently approved black economic empowerment transaction. ..
Posted by Bernie at 8:32 AM | Comments (0)
July 12, 2005
ABIL to hold meeting on BEE
Johannesburg - Shareholders in South African financial services group African Bank Investments Ltd (ABIL, ABL)...
Posted by Bernie at 2:44 PM | Comments (0)
July 6, 2005
R7,2bn Old Mutual BEE deal approved
Shareholders have given the thumbs-up for a R7,2-billion black economic empowerment deal (BEE)...
Posted by Bernie at 2:36 PM | Comments (0)
July 5, 2005
Banking confidence remains strong in SA
The retail and merchant banking sector continued to register strong confidence levels in the second quarter ...
Posted by Bernie at 2:33 PM | Comments (0)
June 27, 2005
Banks reserve judgment on new BEE draft codes
THE trade and industry department’s revised draft codes of good practice ...
Posted by Bernie at 12:04 PM | Comments (0)
June 8, 2005
Black bank CEOs 'to take a while'
South Africa's Big Four banks...
Posted by Bernie at 7:26 PM | Comments (0)
June 7, 2005
African Life lifts year earnings
Financial services group, African Life Assurance Company ...
Posted by Bernie at 12:20 PM | Comments (0)
June 2, 2005
Old Mutual hosts BEE workshop
Black Economic Empowerment (BEE) is presenting ...
Posted by Bernie at 9:38 AM | Comments (0)
May 31, 2005
New BEE Consortium Poised to Enter the Financial Services Market
A new BEE consortium, One Vision Investment (OVIC), ...
Posted by Bernie at 7:56 PM | Comments (0)
May 27, 2005
Global banks jump at BEE opportunities
Structuring empowerment deals and raising the billions of rands ...
Posted by Bernie at 2:39 PM | Comments (0)
May 26, 2005
Old Mutual reports good BEE progress
Old Mutual, South Africa's largest financial-services group...
Posted by Bernie at 2:33 PM | Comments (0)
May 19, 2005
BEE financier Makalani lists
BEE Finance company Makalani Holdings (‘Makalani’) commenced trading in the ‘Investment Companies’ sector of the JSE Securities Exchange SA (JSE) ...
Posted by Bernie at 12:38 PM | Comments (0)
BEE financier Makalani lists
BEE Finance company Makalani Holdings (‘Makalani’) commenced trading in the ‘Investment Companies’ sector of the JSE Securities Exchange SA (JSE) ...
Posted by Bernie at 12:38 PM | Comments (0)
May 5, 2005
Nedcor: BEE gains to outdo costs
Assuming the recently announced broad-based black economic empowerment (BEE) deal announced by Nedcor ...
Posted by Bernie at 2:54 PM | Comments (0)
May 4, 2005
Court sanctions FirstRand BEE deal
The High Court of South Africa has sanctioned a scheme of arrangement ...
Posted by Bernie at 2:20 PM | Comments (0)
April 21, 2005
Financing BEE transactions
IT appears that most business people accept that Black Economic Empowerment has to happen....
Posted by Bernie at 3:19 PM | Comments (0)
April 20, 2005
Wiphold, Brimstone win OM BEE race
Long-standing women's black economic empowerment (BEE) group Wiphold and listed BEE investment holdings group Brimstone Investments...
Posted by Bernie at 9:48 AM | Comments (0)
Old Mutual earns BEE stripes by spreading wealth
FOR the past two years, “Project Stripes” has been the codeword ...
Posted by Bernie at 9:40 AM | Comments (0)
April 15, 2005
Makalani to mobilise BEE capital
Makalani Holdings — the new company launched on Thursday by banking group Rand Merchant Bank (RMB)...
Posted by Bernie at 6:20 PM | Comments (0)
March 15, 2005
Banks to pledge up to R100 billion available for BEE
BANKS are making up to R100 billion available...
Posted by Bernie at 2:58 PM | Comments (0)
March 8, 2005
IFC Supports BEE in South African financial sector
The International Finance Corporation, the private sector arm of the World Bank Group, has committed SA Rand 173 million, the equivalent of $30 million ...
Posted by Bernie at 8:11 PM | Comments (0)
March 6, 2005
Bankers seek ruling on BEE code confusion
THE banking industry has made a formal submission to the trade and industry department ...
Posted by Bernie at 7:48 PM | Comments (0)
March 2, 2005
FirstRand looks at 10% real growth
FirstRand CEO Laurie Dippenaar believes the financial services group is more focused ...
Posted by Bernie at 6:47 AM | Comments (0)
February 28, 2005
Old Mutual to unveil BEE deal in 'near future'
Old Mutual plc will unveil details of its black economic empowerment (BEE) ...
Posted by Bernie at 7:12 PM | Comments (0)
February 17, 2005
Revamped Winhold ready for BEE
Restructuring of investment holding company Winhold and its listed subsidiary, Inmins ...
Posted by Bernie at 5:21 AM | Comments (0)
Bank charter stalls on race quotas
Johannesburg - Aspects of the financial sector charter (FSC), which sets black economic empowerment (BEE) objectives ...
Posted by Bernie at 5:19 AM | Comments (0)
February 13, 2005
Old Mutual BEE deal faces forex riddle
OLD Mutual faces a number of unprecedented hurdles as it finalises
Posted by Bernie at 3:14 PM | Comments (0)
February 9, 2005
Michael Spicer joins Rothschild SA
Investment and advisory firm Rothschild South Africa appoints Michael Spicer - former Anglo American executive director ...
Posted by Bernie at 1:53 PM | Comments (0)
February 5, 2005
Moloko to head BEE investment company
Sello Moloko, the former chief executive of Old Mutual Asset Managers (Omam)...
Posted by Bernie at 7:17 AM | Comments (0)
February 2, 2005
FirstRand BEE deal due in May
Banking group FirstRand said on Wednesday that good progress is being made in drafting ...
Posted by Bernie at 3:35 PM | Comments (0)
February 1, 2005
New BEE short-term insurance company opens
A new black empowerment short-term insurance company was announced today. Unity Insurance Limited, a 49.9% black-owned black enterprise ...
Posted by Bernie at 9:19 AM | Comments (0)
January 27, 2005
Old Mutual buys 20% stake in BEE group
South Africa-and UK-listed insurance giant Old Mutual plc (OML) and Amabubesi Investments have entered into an agreement whereby Old Mutual will acquire a 20% stake...
Posted by Bernie at 10:31 AM | Comments (0)
January 26, 2005
Payout for Coronation shareholders
Coronation Fund Managers (Coronation) announced on Wednesday that shareholders would receive R95.6-m of the R147-m raised from the group’s BEE staff transaction with the Imvula Trust.
Posted by Bernie at 6:28 PM | Comments (0)
January 24, 2005
New executives may boost Nedbank's BEE status
Several senior executive appointments have been announced at Nedbank Corporate (NED) which the group hopes will boost transformation significantly...
Posted by Bernie at 4:00 PM
January 13, 2005
Short-term insurers should encourage BEE
South Africa's short-term insurance industry needs to encourage more claims suppliers to become black economic empowerment (BEE) compliant, according to the ...
Posted by Bernie at 11:56 AM | Comments (0)
December 21, 2004
FirstRand raises R3bn for BEE deal
Banking group FirstRand on Monday announced it had raised R3-billion for black investors to fund its R6.8-billion black economic empowerment deal.
Posted by Bernie at 10:09 PM
