Star SW-2021-04-13

EDWARD WEST edward.west@inl.co.za INVESTMENT banking fees generated in sub-Saharan Africa fell 39 percent in the first three months of 2021 to the lowest quarter total since 2014. Data from Refinitiv released yesterday showed that an estimated $99.3 million (R1.45 billion) worth of investment banking fees were generated in the region during the quarter. Refinitiv, a subsidiary of the London Stock Exchange Group, is a well-known global provider of data services. The group said advisory fees earned in the region from completed M&A (mergers and acquisitions) transactions reached $15.5m, down 65 percent from last year to the lowest first-quarter total since 2005. The value of M&A transactions with any sub-Saharan African company involvement reached $6.1bn, almost level with the same period in 2020, and a five-year low. Refinitiv…

Siphelele Dludla siphelele.dludla@inl.co.za MOMENTUM Investments yesterday joined other economic think tanks in revising South Africa’s growth projections, saying the economy could rebound more than expected this year if the energy crisis and the slow roll-out of the Covid-19 vaccination programme were resolved. Momentum said it now projected that the economy would grow at 3.4 percent, down from 3.8 percent forecast in March, as the global vaccination process slowed, with only 129 million people, or 1.7 percent of the world’s population, being fully vaccinated by the end of last month. In South Africa, just more than 288 000 health-care workers have been vaccinated so far, with the second phase of the programme earmarked to start this week. The 17 days of stage 2 loadshedding and the…

Siphelele Dludla siphelele.dludla@inl.co.za PRESIDENT Cyril Ramaphosa has vowed that the government was on track to create 100 000 new jobs by the end of 2023 as it ramps up the Presidential Employment Stimulus (PES) plan. This comes as South Africa last week received a second $1bn Covid-19 emergency loan to finance job creation in the country, in particular the first phase of the PES. Ramaphosa said the aim of this initiative was to create 500 000 new jobs by the end of 2030 in the business services sector, which includes call centres, technical support and back and front office services. He said the PES had already enabled the creation of 8 000 new jobs in the industry during the last two quarters, most of which have gone…

VISA, the global payments group, appointed Maurice Newa as the new MD of the southern Africa cluster, a statement said yesterday. Newa would be responsible for the development and implementation of Visa’s growth strategy in the region. He would report to Aida Diarra, senior vice-president and head of sub-Saharan Africa, and would be part of the sub-Saharan Africa leadership team. Prior to joining Visa, Newa worked at Vaya Technologies, an Econet Group subsidiary, where he was chief executive. He brought to Visa over 25 years of experience in regional and global roles in mobile telephony, Fintech (mobile money and mobile insurance), digital technology solutions and blue-chip fast-moving consumer goods companies, Visa said. “We are excited to bring Maurice on board. His appointment reflects the importance we place on the southern…

THE FINANCIAL Sector Conduct Authority (FSCA) yesterday warned the public to act with caution when dealing with Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne. The FSCA said in a statement it suspected that Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne were conducting unauthorised financial services business and breaching various financial sector laws. The FSCA had received information that Work Your Wealth, Conray Labu- schagne and Ewoudt Labuschagne were soliciting money from the public and promising them high returns. The FSCA said Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne were not authorised in terms of the Financial Advisory and Intermediary Services Act (FAIS Act) to render financial advisory and intermediary services. “Members of the public should always check that an entity or individual is registered with the FSCA…

AFRICA’S business leaders now have a clear mandate from consumers and society to work with governments and civil society organisations to limit the fallout from Covid-19 and accelerate the continent’s development. In the age of consumer and employee activism, those that get it right could meaningfully enhance their reputations and the long-term growth of their organisations. On the other hand, consumers will likely punish companies whose executives are perceived to be solely focused on maximising profits. The 2021 Edelman Trust Barometer shows that communities across Africa are looking to chief executives to speak up about societal challenges and offer solutions. This comes as the Covid-19 pandemic fuels concerns about job security and the quality of public services such as healthcare and education, among other worries. The 21st annual Edelman Trust…