Star 2024-10-03

Petrobras said in a statement on Tuesday that it had acquired a stake in the Deep Western Orange Basin (DWOB) block through a competitive bidding process conducted by TotalEnergies. The DWOB is located in deep waters offshore, between Port Nolloth and Hondeklip Bay, and significant discoveries have recently been made in the block by TotalEnergies, Shell, and Galp, a statement from the Brazilian and gas group said. Petrobras will have a 10% stake in the DWOB block, with the consortium now composed of: TotalEnergies, operator (40%), QatarEnergy (30%), Sezigyn Pty (20%), and Petrobras (10%). The operation aims to diversify the exploratory portfolio with value generation and is aligned with the company’s long-term strategy, which aims to replenish oil and gas reserves through the exploration of new frontiers, both in Brazil…

Finance Minister Enoch Godongwana yesterday acknowledged the resignation of Bajabulile Swazi Tshabalala from her position as senior vice-president of the African Development Bank (AfDB), on October 1, after the South African Cabinet and he endorsed her bid as president of the regional development finance institution. Tshabalala voluntarily relinquished her role, which she had held since 2020, in line with the AfDB’s rules. These require that any executive employees intending to pursue the position of the AfDB’s presidency or any other elected role in the organisation, must step down from any current role in the bank to prevent conflicts of interest, among other considerations. In a statement, Godongwana said Tshabalala played a vital role, alongside incumbent president Dr Akinwumi Adesina of Nigeria, in ensuring that the bank met and even exceeded…

Nasdaq and JSE-listed Lesaka Technologies, which provides financial services to underserved consumers and merchants, said yesterday it has completed the R1.67 billion cash and share acquisition of Adumo RF, which it says should cement its position as “the leading independent fintech in southern Africa”. The transaction, first announced in May, was settled through the issue of 17.28 million Lesaka shares and R232.2 million cash, implying a total purchase price of R1.67bn using Lesaka’s October 1 closing price on the JSE of R83.05 a share. Shares were unchanged yesterday afternoon. “The Adumo transaction … significantly enhances our technology platform, adding customers, solutions, and meaningful scale. Lesaka’s full-service fintech platform will serve 1.7 million active consumers, 120 000 merchants, and process over R270bn in throughput per year in our connected ecosystem as…

Nyati optimistic as he articulates a clear vision for future of Eskom Eskom chairperson Mteto Nyati has called on leaders of critical economic institutions to rise up to the daunting challenges in navigating South Africa’s energy trilemma: balancing energy security, sustainability, and affordability. In his address at the 12th Joburg Indaba yesterday, Nyati credited the company’s progress in stabilising energy supply, marking an end to load shedding since late March 2023. However, he underscored the pressing need to tackle affordability and sustainability as the next critical frontiers. Nyati articulated a clear vision for Eskom’s future, stroking a chord of optimism by advocating for tariff structures that were attractive to investors. He reminisced about the historically low tariffs Eskom provided, noting the importance of returning to such levels to spur investment…

Cash is still king in South Africa, but digital payments are growing and the SA Reserve Bank (SARB) plans to drive this transition further with a Payments Ecosystem Modernisation Programme (PEMP), SARB Governor Lesetja Kganyago announced yesterday. In an address to the 2024 Payments Conference, Kganyago said that this was “the largest and most ambitious initiative by the SARB, in the payments space, since the launch of the South African Multiple Option Settlement system, or SAMOS, more than 30 years ago.” At the heart of the programme was the development of a public payments utility that provides digital payments infrastructure. South Africans can make payments with their phones or even smart watches, but as the SARB payments survey showed recently, cash was still the most commonly used payment method, and…

In the ever-evolving world of South African hedge funds, where political drama rivals Hollywood and the Rand lives up to its nickname “The Rattler”, it is time to ask: is AI the slick financial genius we’ve been waiting for, or nothing more than this year’s buzzword? Technological advancements are transforming industries globally, and the hedge fund sector is no exception. The integration of artificial intelligence (AI), machine learning (ML), and fintech innovations is redefining how hedge funds operate, invest, and manage risk. In a complex and often volatile market environment like South Africa, the adoption of these cutting-edge strategies, presents several significant advantages. A Fast Track to Smarter Decisions One of the most significant advantages of machine learning in hedge funds, is its ability to analyse vast datasets, uncovering trends…