Author: Gugu Lourie

Standard Bank Group, Africa’s largest bank by assets, and Meridiam, an independent investment Benefit Corporation and asset manager, hosted a joint event to explore investment opportunities in alternative energy infrastructure across the continent. Meridiam has been building its investment presence in Africa since 2015 and has partnered with Standard Bank for over four years, focusing on alternative energy infrastructure projects. Last year, Meridiam acquired BTE Renewables’ assets in Kenya, a company that develops and operates 250 MW of onshore wind and solar projects. “Given our unrivalled footprint across the continent, we are regularly looking to work with partners that share…

The board of the South African Institute of Professional Accountants (SAIPA) has dismissed its Chief Executive (CE), Shahied Daniels, with immediate effect following a disciplinary process. The decision was based on the outcomes of an independent disciplinary hearing and legal advice. The board ensured that the process was conducted fairly and without prejudice. Background of the Disciplinary Process Since April, both Daniels and Chief Operations Executive (COE), Dr. Gavin Isaacs, have been under disciplinary investigation due to findings in a forensic report. The report alleged that both executives had violated SAIPA’s rules, policies, codes, and procedures, leading to charges of…

Eskom is testing the use of recycled legacy coal ash for road construction, starting with a new access road at its Kusile Power Station in Mpumalanga. This is the first time in South Africa that coal ash is being used for this purpose. The 759-meter heavy-duty road is designed to handle up to 1,600 trucks daily, each weighing around 34 tonnes. Through its Research, Testing, and Development (RT&D) initiative, Eskom is replacing traditional cement with recycled coal ash, using about 2,904 tonnes of ash per kilometer of road. This reduces carbon emissions since less cement is used, with every tonne…

FirstRand, Africa’s largest financial institution by market capitalisation, has announced that it will acquire the clients, banking assets, liabilities, and employees of HSBC Bank plc’s (HSBC) South African branch. The transfer will be made to FirstRand’s wholly owned subsidiary, FirstRand Bank Limited (FRB). HSBC South Africa primarily serves subsidiaries of multinational companies operating in the country, as well as some major domestic corporates. The transition will be led by FirstRand’s corporate and investment banking division, Rand Merchant Bank (RMB), a prominent player in both South Africa and the broader African market. This move will ensure that HSBC’s clients continue to…

Standard Bank branch transactions dropped by 13% in the first half of 2024, reaching around 2.5 million transactions as more clients moved to digital channels. During the same period, online transactions surged by 30% to 1.5 billion, with clients performing an average of 10,400 digital transactions per month, compared to just 0.017 transactions in branches. ATM transactions also saw an 8% increase, reaching 104 million. “Our customers’ preferences are changing rapidly, and we are committed to meeting their needs in the most efficient and effective ways possible,” said Kabelo Makeke, Head of Personal & Private Banking at Standard Bank South…

In April, Old Mutual received approval from the Prudential Authority to launch its OM Bank in South Africa. Initially planned for release by the end of this year, the launch has now been postponed to the first quarter of 2025. “Our South African bank initiative, OM Bank, remains a key priority of our strategy to build an integrated financial services business,” said Iain Williamson, the Group Chief Executive Officer. Williamson noted that the bank’s technical and operational progress is ahead of schedule, with successful industry testing and integration into the National Payments System already completed. “Pending the remaining Section 17…

MultiChoice has announced a significant funding boost for its streaming platform, Showmax, as part of its strategic partnership with Comcast Corporation’s subsidiary NBCUniversal Media, LLC (NBCU), and Sky. This collaboration aims to position Showmax as the leading streaming service in Africa. NBCU, a subsidiary of Comcast, has acquired a 30% equity stake in Showmax Africa Holdings Limited (SMAH), the holding company for Showmax operations. The deal includes ongoing support through the licensing of Comcast’s Peacock platform and content from NBCU, Universal Pictures, Peacock, and Sky. MultiChoice, through its wholly owned subsidiary, MultiChoice Group Holdings B.V. (MGHBV), and NBCU are jointly…

Technology and style now blend effortlessly, becoming key aspects of personal identity. With the launch of HUAWEI’s latest wearables in South Africa, the brand pushes the boundaries of what a smartwatch can offer, combining advanced features with sleek design. The new lineup includes the HUAWEI WATCH GT 5 Series, WATCH D2, and WATCH Ultimate Green Edition. These watches boast customisable faces and premium materials like titanium, sapphire glass, and ceramic, offering durability and fashion-forward appeal. HUAWEI WATCH GT 5 Series The GT 5 Series offers two models: the GT 5 and GT 5 Pro, available in various sizes and finishes.…

The Reserve Bank’s decision to reduce interest rates by a modest quarter of a percentage point last week marks the turning of the interest rate cycle. It will be a positive indicator to businesses and consumers that the tight monetary environment of the last 15 months is starting to ease, hopefully supporting investment. But it is a small step, unlike the leap made by the US Federal Reserve last week in cutting rates there by a full half a percentage point. The risk, of course, is inflation, and the Reserve Bank is again proving its conservative approach. Inflation is bad…

Plentify, an innovative home energy management company, has announced a strategic partnership with Herholdts, one of South Africa’s largest distributors of solar and electrical solutions, to launch SolarBot, an intelligent controller for home solar and battery systems. This collaboration will see Herholdts introduce Plentify’s latest innovation, SolarBot, to homes across the country. “Herholdts is a pioneer in the solar and electrical distribution sector in South Africa, and we are thrilled to partner with an industry icon,” says Kailas Nair, Co-founder and Chief Growth Officer at Plentify. The timing of this launch couldn’t be better. SolarBot is designed to significantly improve…