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Articles in category: Financial Services
A study by Piper Jaffray revealed that cyber security is now the top spending priority of CIOs. So what’s procurement role in protecting against such attacks on businesses?
The year 2014 ended with news of a major cyber attack at Sony Pictures. The year 2015 began with news of a cyber attack of the US military Central Command’s social media accounts. The former was almost comical in its repercussions, with the revelations of petty comments about celebrities by their peers.
There has been some interesting commentary lately in the business press about the desirability of risk insurance for companies as a protection against losses from a variety of hazards. For example, CFO Magazine recently touted the value of risk insurance. Other business-advisory sources mention buying insurance too as one of several risk-management strategies. Getting a risk-insurance policy is an interesting idea, but it occurs to me that firms already have a form of risk insurance: procurement.(Read Full Article)
Cabinet approves implementation of programme to ensure compliance by government departments with policy on procuring goods, services from local suppliers(Read Full Article)
If you're in some parts of South Africa, power outages will no longer prevent you from accessing your much needed cash. BusinessTech has reported that ATM Solutions, a company that provides and operates retail ATMs, has installed what it believes to be the first solar powered ATMs in South Africa at a number of sites in Mpumalanga.(Read Full Article)
Think of the exorcist: I bet what you come up with is a far cry from the corporate world of suits and boardrooms. But when we talk of a function undergoing somewhat of a transformation, the strange parallels become clear.
80% of banks now partner with current suppliers for innovation, according to the latest Innovation in Retail Banking study, put together by Efma and Infosys, and the growing presence of start-up partnerships in the supply chain is now well documented.
[New Era]Windhoek -Minister of Finance, Saara Kuugongelwa-Amadhila, yesterday said Namibia needs to ensure that regulatory frameworks and supervisory practices give sufficient space to encourage competition and innovation to promote formal financial sector participation by individuals and small and medium enterprises (SMEs).(Read Full Article)
The former furniture unit of failed lender African Bank Investments [JSE:ABL] says it owes creditors R1.3bn ($117m), nearly half of that to major lenders including FirstRand [JSE:FSR] and Standard Bank [JSE:SBK], documents showed.(Read Full Article)
The debt reflects the extent to which Abil's failure in August has rippled across corporate South Africa, knocking credit ratings, investor confidence and even hurting small suppliers such as florists and panel beaters.
In March 2012, Hollard Insurance hosted a procurement conference with a primary focus on supplier management and cost controls. It was the start of their own reworked procurement strategy (officially launched in April 2012), designed and developed to ensure best service and to curb costs during the insurance claim settlement process. Now, a little over two years down the line, the procurement policy is paying off, says Arie de Ridder, Head of Claims for Hollard Broker Markets.(Read Full Article)
The shortfall on South Africa's current account widened more than expected to 6.2% of GDP in the second quarter of the year from a shortfall of 4.5% previously, hit by prolonged strikes and lower global demand, the central bank said on Tuesday. Economists had expected a 5.45% gap.
In its latest quarterly bulletin, the South African Reserve Bank (SARB) said declining commodity prices also severely dented the country's export performance in the quarter.(Read Full Article)
The head of the Financial Services Board (FSB), Advocate Dube Tshidi, says they will not tolerate any form of corruption.
"The FSB, as an organisation, [has] zero tolerance for corruption. We don't condone any corruption at all.
"... The FSB ... has two distinct functions... one being the mandate given by Parliament, which is the regulatory mandate. The other is the administration leg, such as HR," Tshidi said at a media briefing on Thursday.
His comments follow the resignation of the Chief Financial Officer (CFO) of the FSB, Dawood Seedat, last month. Seedat resigned after corruption allegations were levelled against him ...(Read Full Article)
June data for banking and financial services organisation HSBC’s latest Purchasing Managers’ Index (PMI) for South Africa points to a further deterioration in operating conditions at South African private-sector companies, with the headline PMI falling fractionally from 49.7 in May to 49.5. “The June reading marked the third successive monthly contraction, but the pace of decline remained marginal,” said HSBC in a statement on Thursday.(Read Full Article)
Copper cable theft — one of the most common causes of lengthy blackouts — could become less frequent over the next few months, writes Bronwyn Nortje(Read Full Article)
THE World Bank has joined other institutions that are revising downwards their 2014 economic growth forecasts for South Africa as strikes, higher interest rates, rising inflation and weak demand weigh.
South Africa’s economy contracted by 0.6% in the first quarter of 2014. In its latest global economic prospects report, the bank cut South Africa’s economic growth forecast for 2014 to 2% from an earlier forecast of 2.7%.
The bank also downwardly revised its economic growth forecast for 2015 to 3% from 3.4% previously, and left its outlook for 2016 unchanged at 3.5%.(Read Full Article)
Those are the key ingredients for innovation in the financial services industry according to Rick Smyers, VP for Accelerated Innovation at Fidelity Investments.
Smyers was giving a talk at the Front End of Innovation conference, where I asked him about his views on the differences and similarities between the financials services industry and other industries such as cars, medtech and fast-moving-consumer-goods.(Read Full Article)
Banks around the world, consumed with meeting more stringent capital regulations, will miss a deadline to upgrade outdated software for ATMs and face additional costs to Microsoft to keep them secure.
The US software company first warned that it was planning to end support for Windows XP in 2007, but only a third of the world’s 2.2 million ATMs that use the system will have been upgraded to a new platform, such as Windows 7, by the deadline next month, according to NCR, one of the biggest ATM makers.(Read Full Article)
Freight and logistics service provider Grindrod had a R10-billion project pipeline planned for sub-Saharan Africa, said Grindrod CEO Alan Olivier on Thursday. He told Engineering News Online that the capital expenditure for some of these projects had already been approved by the Grindrod board – R1.6-billion from 2014 to 2016.
The remaining projects were in various stages of development, and, for example, had either already been costed, or were awaiting regulatory approval or commitment from customers, said Olivier.
All the projects were aimed at creating new or replacement infrastructure in sub-Saharan Africa, allowing Grindrod to better service trade flows on ...(Read Full Article)
South Africa has enough liquidity to finance the next round of renewable-energy projects, with local banks maintaining their appetite in the emerging industry, a panel said at the Solarplaza conference, held in Sandton on Tuesday.
The panel, which comprised Standard Bank investment banking senior manager for power and infrastructure Bhavtik Vallabhjee, Vantage GreenX Fund MD Alastair Campbell and Fieldstone Private Capital Group MD Jonathan Berman, noted that, in terms of the nation’s energy needs, the four big banks were well positioned to finance long-term, large-scale projects.
South Africa’s portfolio of the Department of Energy-led Renewable Energy Independent Power ...(Read Full Article)
Standard Bank has joined forces with construction materials group Massbuild to provide a R20-million credit facility for select black economic-empowerment (BEE) building contractors, aimed at enabling them to establish sustainable businesses and improve their ability to deliver as preferred suppliers to government.(Read Full Article)
Supply chain disruption, natural catastrophes, and fires or explosions are the risks that global insurance companies are most concerned about in the coming year.
The Allianz Risk Barometer 2014 found that 43 per cent of corporate insurance experts are worried about business interruption and supply chain risk. This is down slightly from last year’s 46 per cent. Natural catastrophes (storms, floods, earthquakes) are second on the business risks list.
It's possible to insure against most things these days, but cyber security insurance is a relatively new field and findings by NSS Labs show that it's becoming more popular. The report rounds up a number of recent surveys which put cyber insurance adoption at around one third of large US businesses.(Read Full Article)
Absa Corporate and Investment Banking (CIB) on Monday said it would provide R10.8-billion of debt funding to a total of six projects, comprising wind, solar photovoltaic (PV) and concentrated solar power (CSP), under the third round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).
Absa CIB committed about one-third of the total debt committed overall by South Africa’s commercial banks for the REIPPPP’s third bidding window, with the projects supported by Absa totalling a combined yearly power output of 635 MW.(Read Full Article)
Standard Bank Corporate and Investment Banking reports that it is backing projects worth R10-billion as part of South Africa’s third renewable-energy bidding round, which is currently in the final stages of adjudication. CEO David Munro says the projects have a combined capacity of more than 1 000 MW and that the bank, which was a leading funder of projects during the first two rounds, is eagerly awaiting the outcome of the adjudication process.(Read Full Article)
A CPO from the financial services industry talks about the benefit of using best practice to assess skills needs in her procurement team. Training remains a much discussed topic in the procurement community. Procurement Leaders recently ran a global benchmarking study, which revealed that investment in staff training goes up as procurement functions mature – from an average of 3.7 days per year at the least advanced companies up to 8.4 days at the most advanced companies.
But at the same time, there is a limit to the benefits of continued investment, often coming down to a much dreaded ...
The Passenger Rail Agency of SA (Prasa) has selected three black economic empowerment (BEE) firms to partner the Gibela Rail Transport consortium, which is leading its R51 billion rolling stock fleet renewal programme.(Read Full Article)