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☆ Absa boss names the critical elements for African investment
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAbsa boss names the critical elements for African investmentCharles Russon, interim chief executive of banking group Absa, discusses the investment landscape in Africa.

Persons: Charles Russon Locations: Africa

☆ Time to open a non-banking subsidiary in Beijing: Absa International
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe time is right for us to open a non-banking subsidiary in Beijing: Absa InternationalCheryl Buss, CEO of Absa International, says it wants to "help Chinese institutions navigate Africa."

Persons: Cheryl Buss Organizations: Absa Locations: Beijing

☆ David Teeger: Cricket South Africa denies antisemitism accusations after stripping teenager captaincy
▼ + stars: | 2024-01-18 | by ( Zayn Nabbi | ) edition.cnn.com time to read: +3 min

CNN —Cricket South Africa (CSA) has denied accusations of antisemitism made by the South African Jewish Board of Deputies (SAJBD) after David Teeger was removed as captain of the SA Under-19 team. Teeger, who is Jewish, was stood down as captain because of fears over “protests related to the war in Gaza” during the Under-19 men’s Cricket World Cup, which gets underway in South Africa on Friday. The 19-year-old Teeger has made comments in the past in support of the Israel Defense Forces (IDF). The SAJBD met with CSA earlier this week and later released a statement saying that the only explanation for Teeger losing the captaincy was “plain antisemitism” – a claim that CSA denies. The timing of CSA’s decision to remove Teeger’s captaincy occurs as the South African government accused Israel of genocide in an unprecedented case at the United Nations’ top court.

Persons: David Teeger, Teeger, ”, “, David, David himself, I’ve, Israel Organizations: CNN — Cricket South Africa, South African Jewish Board of Deputies, SA, Cricket, Israel Defense Forces, CSA, Africa, SA Jewish, Deputies, CNN, International Cricket Council, ICC, “, U19, ” CSA, SA U19, ” CNN, South African, Rising, Palestine Solidarity Alliance, United Nations ’ Locations: Gaza, South Africa, Israel

A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsJOHANNESBURG, Aug 15 (Reuters) - The development bank founded by the so-called BRICS countries closed the auction for its first South African rand bonds on Tuesday, as it comes under pressure to boost its local currency fundraising and lending. The South African bond market has struggled in recent years to attract new issuers to match growing demand from domestic investors looking for quality credit assets. The most recent comparable South African government bonds were a 4.5-year bond priced at Jibar +90 bps and a seven year priced at Jibar +120 bps, said Raphi Rootshtain, a portfolio manager at Sasfin Wealth. The bond sale was arranged by Standard Bank, which declined to comment, and Absa Bank.

Persons: Aly, Leslie Maasdorp, Raphi Rootshtain, Rootshtain, Kumeshen Naidoo, Rachel Savage, Josie Kao Organizations: New Development Bank, REUTERS, Rights, Reuters, Sasfin, State Owned Companies, Standard Bank, Absa Bank, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, Brazil, Russia, India, South Africa, Johannesburg, Absa

☆ Kenyan, Zambian currencies expected to weaken
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

[1/2] Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. One trader at a commercial bank said the currency was expected to float around 141.00 levels. GHANAGhana's cedi is expected to hold steady against the dollar next week on the back of high foreign exchange liquidity following central bank support, traders said. Bid-offer spreads are also expected to tighten further," said Sedem Dornoo, a senior trader at Absa Bank Ghana. UGANDAThe Ugandan shilling is expected to firm in the coming week, drawing support from hard currency inflows from exporters of commodities such as coffee.

Persons: Kenya Central Bank Governor Patrick Njoroge, Baz Ratner, GHANA Ghana's cedi, Sedem Dornoo, Chris Nettey, ZAMBIA Zambia's kwacha, Elias Biryabarema, Chris Mfula, Bhargav Acharya, Elisha Bala, Hereward Organizations: Kenya Central Bank Governor, Central Bank, REUTERS, KENYA, GHANA Ghana's, greenback, Absa Bank, Trading Stanbic Bank, ZAMBIA Zambia's, Access Bank, Bank, Thomson Locations: Nairobi, Kenya, JOHANNESBURG, Ghana, Nigeria, NIGERIA, GHANA, Absa Bank Ghana, Trading Stanbic Bank Ghana, UGANDA, Kampala, ZAMBIA

☆ South Africa's Standard Bank says it exceeds 2022 green financing target
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, May 30 (Reuters) - South Africa's Standard Bank Group (SBKJ.J) funded renewable energy projects worth 55 billion rand ($2.79 billion) in 2022, exceeding its green financing target and putting it ahead of the world's top lenders, it said on Tuesday. Africa's biggest lender by assets earmarked 40 billion rand for sustainable projects last year, Kenny Fihla, its chief executive for Corporate and Investment Banking, said in slides prepared for journalists. However, in October he pegged that target at 50 billion rand. Standard Bank has been regularly criticised by environmental advocates and activist investors for funding climate-polluting hydrocarbon assets on the continent. "Our financing of renewable energy is 439% greater than our financing of non-renewable energy," Filha said, adding this achievement was significant when compared with the world's largest financiers.

Persons: Kenny Fihla, TotalEnergies, Filha, Anait Miridzhanian, Promit Mukherjee, Emelia Organizations: Standard Bank, Corporate, Investment Banking, Bank, Oil Pipeline, Absa, Thomson Locations: JOHANNESBURG, Mozambique, South Africa

CNN —Growing up, Sindile Mavundla would cycle to school every day on a red BMX bicycle – then a rarity in Khayelitsha, a township in Cape Town, South Africa. In Africa, in addition to Mavundla, there is a bicycle mayor in Botswana, Kenya, and Zimbabwe, and two in Nigeria. As bicycle mayor of Cape Town, Mavundla is on a mission to create a more diverse and accessible cycling culture in South Africa. He has also worked with mobility non-profit Qhubeka to donate 1,220 bikes to Thembelihle High School, in Cape Town. “If you look at the poorer people in South Africa, a lot of their money goes in public transport.

☆ South African factory activity slumps in Feb on record power cuts - Absa PMI
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 1 (Reuters) - South African manufacturing activity contracted sharply in February as unprecedented power cuts led to a marked deterioration in business conditions, a survey showed on Wednesday. The business activity, new sales orders, employment and inventories indices were all in contractionary terrain, Absa said in a statement. "Load-shedding once again featured frequently in the commentary where respondents explained why activity declined relative to the previous month," Absa said, using a term for power outages. Struggling state electricity utility Eskom has implemented power cuts every day this year due to breakdowns at its coal-fired power plants, after a record number of days with outages last year. There was a steep fall in the PMI index measuring expected business conditions in six months' time, with the index falling to its lowest level since May 2020.

☆ Payments company Wise suspends Ghana cedi transfers amid volatility
▼ + stars: | 2022-12-16 | by ( Cooper Inveen | ) www.reuters.com time to read: +2 min

ACCRA, Dec 16 (Reuters) - Cross-border payments company Wise (WISEa.L) has suspended transfers in Ghana's cedi currency after a rapid appreciation against the dollar this week made it costlier to move money to the West African country, a Wise spokesperson told Reuters on Friday. Ghana, once considered a rising star among emerging market economies, is today facing a generational debt crisis. A spokesperson for London-based Wise said that cedi functions, which were suspended Thursday, would be restored "as soon as the situation has stabilised" and that only a small number of transfers were affected. "That said... we’ve seen the central bank buy dollars from the open market to shore up its reserves," Akoto said. Reporting by Cooper Inveen; Additional reporting by Rodrigo Campos; Editing by Louise Heavens and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

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