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Articles in category: Financial Services
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)
South Africa's economic growth prospects have weakened and constraints in electricity supply pose further downside risks, Reserve Bank Governor Gill Marcus said on Friday. Inflation was seen remaining within a 3-6 percent target band despite an expected temporary breach in the third quarter of this year, but was “uncomfortably close” to the top of the range, Marcus told the bank's annual general meeting. “Against the backdrop of a volatile currency responding to domestic and global developments, we can expect a challenging year ahead for monetary policy,” she added.(Read Full Article)
Banking group Investec is gearing up to participate in a range of new private electricity projects in both South Africa and the rest of Africa having already expanded its exposure to six projects with a combined investment value of R20-billion. The group has approved debt funding worth R6.5-billion for the projects, five of which are in South Africa, with the sixth being in Mozambique.(Read Full Article)
Professional services firm EY Africa (previously Ernst and Young) says it has about $40m to spend on acquisitions in South Africa, Angola and Nigeria and is also looking to increase its investments in skills development. "We are still looking for acquisitions in South Africa, Nigeria, Angola and we are significantly increasing our investments in skills development by developing the pipeline of future accounting, tax professionals and IT consultants," EY Africa CEO Ajen Sita said in an interview last week. EY Africa was looking to acquire consulting businesses dealing in IT, supply chain and customer relationships, and aims to help develop ...(Read Full Article)
The UK Government has announced that transparency and anti-corruption will be key elements at the G8 summit this year. Much needed action on money laundering provides an opportunity to live up to that promise. Corrupt money flows through the UK – in particular through our financial services industry. Why don’t we know how much money is laundered, or who owns it? There are three reasons. First, those who hope to benefit from the proceeds of corruption try very hard to hide their money.....................
, but it is [...](Read Full Article)
- I’ve often said, somewhat provocatively, that e-procurement doesn’t work. It does work of course but often only in the most straight forward of environments. Keeping the stationery cupboard stocked up isn’t the most challenging of business situations and even when you can address lots of spend, getting people to comply is a change management challenge that, in some corporate cultures, is impossible to overcome. Step outside of the office and you face new challenges. How, for example, do you impl (Read Full Article)
Gartner predicts that by 2015 40% of Fortune Global 1000 companies will be using gamification in some aspect of their business. The analyst house states that businesses and training providers have taken to "gamifying" their training material. By transforming boring data into fun games, fixed corporate objectives can be achieved more easily. For instance, Thomson Reuters has recently put compliance training firm True Office under contract to create gamified training material for its employees. It will be used to enhance skills in fields such as regulation and compliance of the international financial services industry.(Read Full Article)
This is the largest facility management contract awarded to a single provider on a global basis by a financial services firm, according to HSBC.The practice of outsourcing non-core real estate functions to dedicated third-party experts has increased in recent years as service providers have attempted to expand their abilities to deliver consistent services across broader geographies and corporations have better understood the productivity benefits of outsourcing, according to Jones Lang LaSalle.(Read Full Article)
Reports by Computer Weekly suggest that the bank will cut its software development costs by up to 90%, equal to billions of pounds worth of savings, but the plan will also bring many other benefits. Barclays plans to introduce a Linux system, which removes the need to pay a license fee such as those needed to use a Microsoft or Oracle system.............(Read Full Article)