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<p>In Houghton CNBC Africa’s Fifi Peters spoke to former Finance Minister Trevor Manuel and former Absa CEO Maria Ramos. She said President Cyril Ramaphosa has worked very hard in his time as president to openly confront the big issues in South Africa &#8211; issues like growth and jobs.</p>


Manuel, Ramos on what’s at stake in the #SAElections2019

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<p>Absa’s Purchasing Managers Index rose from 45 points to 47.2 points, its highest increase in four months. The Manufacturing activity index is still registering below the 50 point mark which separates contraction from expansion. Joining CNBC Africa to unpack the data is Miyelani Maluleke, Senior Economist, Absa.</p>


PMI climbs to 47.2 in April as load shedding fears ease

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<p>As oil prices hit a six month high, yesterday the United States government ended all waivers on Iranian oil exports. This has resulted in a halt for a key revenue source for the Islamic state as well as a sharp hike in crude oil prices. Tsitsi Hatendi-Matika, Head of Retail Investment Specialist at Absa&#8217;s Wealth and Investment Management joins CNBC Africa for more.</p>


Oil spikes to six-month high, here’s what it means for SA

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<p>Craig Pheiffer, Chief Investment Strategist of Absa joins CNBC Africa to unpack the latest retail sales and consumer price figures from Statistics South Africa.</p>


Unpacking SA’s CPI and retail sales

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<p>After the much anticipated Moody’s credit rating on South Africa being reprieved last week Friday, Yesterday they released a credit opinion on South Africa. Moody’s has relieved the country as they have left the rating at Baa3 with a stable outlook. Although the credit opinion does not constitute a rating action, this saw a positive push to the rand and other South African sectors. ABSA Senior Economist, Peter Worthington joins CNBC Africa for more.</p>


Peter Worthington on what SA should do to improve its credit rating


<p>Absa&#8217;s former deputy CEO David Hodnett will join Standard Bank as its  Group’s Chief Risk Officer designate from 25 March 2019 and replace Neil Surgey on 1 May.</p>



<p>Hodnett left Absa in 2018 after his position effectively disappeared due to a restructure.  </p>



<p>In a statement Standard Bank says the banking veteran previously worked for it from 2000 until 2008, during which time he held various risk roles at an executive level, mainly in the Personal and Business Banking division. He joined Absa in 2008, undertaking roles including Chief Risk Officer, Finance Director and Deputy CEO with responsibility for IT, Operations and Rest of Africa. He was most recently appointed as Deputy Chief Executive of South Africa, the role he held until May 2018.</p>


Absa’s former deputy CEO joins Standard Bank

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<p>The consolidation in the gold mining sector globally is the topic for discussion at the 25th African Mining Indaba. CNBC Africa’s Fifi Peters spoke to Shelley Webber, Head of Natural Resources at Absa about the likely impact this will have on the industry in South Africa.</p>


Absa’s Shelley Webber on consolidation in the gold mining sector

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<p>South Africa&#8217;s only female Top 40 CEO Maria Ramos will retire at the end of February 2019 Ramos after 10 years as Absa group&#8217;s Chief Executive Officer. For more on her legacy, Aly-Khan Satchu, CEO Rich Management joins CNBC Africa.</p>


Rich Management CEO Aly-Khan Satchu talks on impact of Absa’s Maria Ramos legacy

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<p>Jobs, more jobs and investment. This is what the President of South Africa, Cyril Ramaphosa, has pointed out as the key builder of the economy. With many of the country&#8217;s sectors coming under more pressure, is job creation still a possibility? Philip Landman, Assistant General Secretary at Absa Portfolio Sasbo joins CNBC Africa for more.</p>


SA banking sector set cut jobs in 2019

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<p>Retail trade sales increased by 2.2 per cent year-on-year in October 2018, up from 0.6 per cent in the previous month. The biggest contributor was retailers in the household furniture, appliances and equipment was up 10.1 per cent. CNBC Africa&#8217;s Kopano Gumbi spoke to Tsitsi Hatendi-Matika, Head Retail Investment Specialist, Absa&#8217;s Wealth &#038; Investment Management to unpack these numbers.</p>


Retail trade sales rose 2.2% y/y in October 2018

<p>On Wednesday Steinhoff’s former CEO Markus Jooste will give his side of the story as to what led to the demise of one of the world’s largest furniture retailers when he appears in front of parliament, see below. It will be the first time the man who has been described as a megalomaniac and was allegedly responsible for the accounting irregularities at the group will give public testimony since resigning on 5<sup>th</sup> December 2017. Events that precipitated <a href="http://cnbc.africa/insights/steinhoff/2017/12/22/steinhoff-scandal-knocks-12bn-off-value-blow-tycoon-wiese/">the wiping out of billions of dollars of Steinhoff’s market capitalisation</a>. Here are ten facts about Jooste you probably didn’t know revealed in <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em> by James-Brent Styan, which was published this year:</p>
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<li>Jooste did not own Steinhoff shares in his own name when he resigned on the 5 December 2017. His wife Ingrid and son Michael, did.</li>
<li>The 68.9 million shares he owned in his name on the 30 September 2016 were transferred into other companies including Mayfair Speculators, his horse racing business, which is part of a holding company named Mayfair Holdings. The entities’ two directors are Jooste and his son-in-law, Stefan Potgieter. The holdings business is owned by Jooste’s personal trust.</li>
<li>In August 2017, just over three months before the collapse in Steinhoff’s share price, notes Brent Styan’s <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em> Jooste and Potgieter declared a dividend in specie from Mayfair Speculators to Mayfair Holdings comprising houses, property developments, shares in other companies and about R200 million cash. The total value of the assets transferred was R1.5 billion.  After Jooste and Potgieter stripped Mayfair Speculators of the majority of its assets, mainly debt and Steinhoff shares remained in the company, that were practically worthless by December 2017. The debt was more than R1 billion and owed to various financial institutions including Investec, Absa and Sanlam Capital Markets. According to <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em>, “At the end of November, just days before the Steinhoff collapse, Potgieter asked Investec for an increase in Mayfair Speculators’ credit facility. Investec extended an amount of R93.4 million and paid it to Mayfair Speculators in late November. This brought the total loan amount to R250 million. The collateral for the additional debt was Steinhoff shares”.</li>
<li>Jooste remains one of the major racehorse owners in the country through his stakes in Mayfair and the Klawervlei Stud farm.</li>
<li>Jooste is still a major shareholder in JSE-listed company, Phumelela. At the end of July 2017 he and Investec’s co-founder Bernard Kantor’s Kalamojo Trading &amp; Investments owned 9.19% of the horseracing company.</li>
<li>A consortium of which Jooste was part of purchased retail tycoon Christo Wiese’s historic farm Lanzerac in the Jonkershoek Valley.</li>
<li>For several years, Jooste worked for the South African Revenue Service specialising in taxation.</li>
<li>In 2011, Jooste received the Vice-Chancellor’s Gold Award from Stellenbosch University. According to <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em>, the award is given to individuals or institutions who have donated more than R5 million to the university.” Only one other individual besides Jooste has been honoured with a Gold Award”, FirstRand’s co-founder GT Ferreira.</li>
<li>Jooste co-owned the farm formerly known as Bengale opposite PSG founder Jannie Mouton’s farm Klein Gustrouw in the Jonkershoek Valley.</li>
<li>Whilst studying at Stellenbosch University, Jooste stayed at the male residence Wilgenhof to which he later donated a black Jaguar.</li>
</ul>
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Ten facts you probably didn’t know about Steinhoff’s former boss Markus Jooste

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<p>The South African banking group, Absa just concluded its rebranding in line with its new business strategy to build a more African focused approach. Joining CNBC Africa to expand on this is Bobby Malabie, Group Executive: Brand and Corporate, Absa.</p>


The re-branding of Absa

<p><em>Daniel Buntman, Principal Head</em> | <em>International Banking, Absa RBB</em></p>
<p>The election of Cyril Ramaphosa to replace former President Jacob Zuma as President of South Africa has resulted in renewed hope and confidence in our future.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-129326 size-full" src="http://cnbc.africa/wp-content/uploads/2017/06/Future_Investment_Flickr.jpg" alt="" width="1024" height="683" /></p>
<p>With this positive investor sentiment and exuberant market outlook, the rand has strengthened against major currencies; bidding at R11,82 to the US dollar at market close on Monday, reaching strength not seen since 2015.</p>
<p>This renewed optimism in the country’s prospects presents an exciting opportunity for all South African savers to consider local savings vehicles with exposure to foreign currency markets. Allocating a percentage of one’s savings to foreign currencies is not only a great diversification strategy, but it also helps with saving for future expenses and acts as a hedging strategy against currency depreciation and inflation.</p>
<p>Isn’t this the perfect time to bring your money home? Reduce the hassle of managing banks around the world. Make your life easier and do it all from one place. Pro-South African savings that will make SA grow and capture the opportunity of renewal.</p>
<p>There is a common misconception that you have to be incredibly wealthy in order to have a foreign currency account. In reality, though you do not have to be a Warren Buffet to access these offerings, these have become much more accessible, easily available, and relatively affordable option for locals.</p>
<p><strong>Saving globally from your local account</strong></p>
<p>Absa provides South Africans with <a href="https://www.absa.co.za/personal/bank/international-banking/explore/">a foreign currency account</a> that is domiciled in South Africa, meaning that your money stays in the country, as opposed to offerings that provide you with an offshore-held bank account.</p>
<p>Moreover, it is also much simpler and easier to use as well. Traditionally, consumers have to have separate platforms, requiring them to open off-shore accounts in foreign countries. This is not only more complicated but a lot more expensive way of doing foreign currency investment.</p>
<p>Absa has integrated their offering tightly with your domestic banking account and services. You can still have access to foreign currency savings, with the safety and security (and less the costly offshore banking fees) of having it together with your local banking services and account.</p>
<p>Additionally, you get this along with all the same functionality that you would have with your domestic accounts. This allows for an all-in-one banking solution from which you manage your local savings and investments in the same place as your foreign currency investments.</p>
<p>This account will also enable you to make international payment in any currency of the account to a third party, simply by going into a forex branch.</p>
<p>Absa’s offering democratises savings because it provides many more customers with the personal freedom to quickly, easily and conveniently put some of their hard-earned savings in foreign currency – and do this, while having it all connected to your conventional online banking service and remaining quick as well as simple to use.</p>
<p><em>*This article does not constitute financial advice, it is only meant for information-sharing purposes and the author will not be held liable, legally or otherwise, for any decisions taken as a result of this article.  </em></p>


Why you should bring your money back home to SA

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<p>The cautious optimism of local and global investors is one of the themes that dominate this year’s Mining Indaba taking place in Cape Town, South Africa. CNBC Africa’s Rofhiwa Madzena spoke with Shirley Webber, Head: Natural Resources, Absa.</p>


Mining Charter has not derailed mining investment – Absa

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<p>Companies are increasingly considering merger and acquisition activity which may contribute to possibilities for consolidation and restructuring in an ever changing mining industry. Craig Brewer, Co-Head: Banking, Absa.</p>


The hottest trends in mining now, how SA can be part of investment opportunities

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<p>The rand is has retracted after reaching a nine month high after Cyril Ramaphosa  was elected President of the African National Congress, joining CNBC Africa for more is Daniel Buntman, Head: International Banking, Retail and Business Banking at Absa</p>


How to take advantage of a stronger rand

<p><strong>Wessel Lemmer, Absa</strong> &#8211; Africa will this year continue to be home to some of the fastest-growing cities; thanks to the continent’s large young population seeking jobs and improved livelihoods. However, a key challenge associated with rapidly urbanizing populations is a chronic food insecurity problem that is aggravated by a lack of sufficient property rights, agricultural investment and policy and regulatory uncertainty leading to rising food prices despite access to land and willing producers to cultivate it.</p>
<p>Achieving sustainable food security for both the urban and rural citizens remains an important priority for governments across the continent. Crucially, food security depends not only on a tricky balance between availability and affordability, but also on coordinated partnerships between the various stakeholders in the agricultural sector. Also, it is increasingly becoming important to explore newer and more innovative approaches to successful farming. Urban agriculture is one of the techniques considered to be on the cusp of advancements within the sector, and one that can contribute towards the provision of sustainable access to nutritious food.</p>
<p>The practice involves the growing of farm produce near or around urban cities in the form of gardens provides organic produce to the local community. According a report published by The Sustainable Development Goals Centre for Africa this year, the continent has 65% of the world’s arable land, with food demand in Africa is expected to rise by over 60% by 2050 due to population growth. Simple shifts can result in better efficiencies and environmentally friendly produce that are less prone to climatic changes, and which ultimately has a positive influence on production yields. Community gardens and what is commonly known as co-op’s (co-operatives) can also play a key role in supplementing household budgets, and more importantly, can introduce a wider range of vitamins and minerals into the consumer’s diet.</p>
<p>A healthy and diverse diet, comprising of fresh produce, is imperative for a strong body and mind, and is also essential for enabling Africa’s youthful population to grow into the workforce capable of driving Africa’s economic growth. With half the population being under the age of 25, and 72 percent of these young people seeking employment, agriculture can be a key contributor to economic development[1]. These statistics are only set to grow, with over 330 million young Africans set to enter the job market in the next 20 years[2]. One of the challenges has been attracting young people into the sector and positioning it as an attractive and lucrative career option.</p>
<p>In coping with the food demands of increasing populations, nations such as Nigeria have shifted towards a more intensified and commercialized production system. This shift from the traditional sense of farming has included increased irrigation and modernization of systems, as well as the use of genetically modified seed and fertilizer inputs. In another case study, Zambia, which had a net deficit in maize production a mere decade ago, is now considered a maize exporter with a surplus of grains, all due to an uptake of technology in its farming methods[1].</p>
<p>Another area of opportunity for greater investment in alleviating the vulnerability of crops and livestock, which many nations on the continent need to invest in, is production research. Countries such as Morocco invest heavily in research and development, and new technologies that will assist in increasing yields and quality of production. South Africa, for its part, has the most developed and profitable agricultural sector on the continent. Commercial farms are mainly large-scale, capital intensive and export oriented, accounting for approximately 90 percent of the total agricultural production and covering approximately 86 percent of the country&#8217;s cropland. However, the South Africa’s agricultural sector is also taking strain from insufficient investment into agricultural infrastructure, research and development, as well as education and training programmes particularly for farmers that are starting out.</p>
<p>What is clear is that while Africa has leapfrogged within industries such as financial payments and telecommunications, the continent is yet to flex its muscle in providing grains and proteins that will feed not only its citizens, but also those in other parts of the world. If agriculture is to improve its contribution to economic development and the achievement of sustainable and secure food supply systems on the continent, key stakeholders have to be much more coordinated in their partnerships, not only within countries but also within the various regions of the continent. Ultimately, new approaches and partnerships among the many, but disconnected stakeholders, must be encouraged and strengthened if we are to curb hunger and malnourishment in Africa.</p>
<p><em>Lemmer is a Senior Agricultural Economist at Absa Bank. These comments were delivered at an Agriculture &amp; Food Security panel discussion recently hosted by Absa, the Oliver &amp; Adelaide Tambo Foundation as well as the University of Fort Hare.</em></p>


Absa

Manuel, Ramos on what’s at stake in the #SAElections2019

PMI climbs to 47.2 in April as load shedding fears ease

Oil spikes to six-month high, here’s what it means for SA

Unpacking SA’s CPI and retail sales

Peter Worthington on what SA should do to improve its credit rating

Absa’s former deputy CEO joins Standard Bank

Absa’s Shelley Webber on consolidation in the gold mining sector

Rich Management CEO Aly-Khan Satchu talks on impact of Absa’s Maria Ramos legacy

SA banking sector set cut jobs in 2019

Retail trade sales rose 2.2% y/y in October 2018

Ten facts you probably didn’t know about Steinhoff’s former boss Markus Jooste

The re-branding of Absa

Why you should bring your money back home to SA

Mining Charter has not derailed mining investment – Absa

The hottest trends in mining now, how SA can be part of investment opportunities

How to take advantage of a stronger rand

New approaches, sustainable partnerships needed to enhance food security in Africa

News Tips

Advertise With Us

Absa

Manuel, Ramos on what’s at stake in the #SAElections2019

PMI climbs to 47.2 in April as load shedding fears ease

Oil spikes to six-month high, here’s what it means for SA

Unpacking SA’s CPI and retail sales

Peter Worthington on what SA should do to improve its credit rating

Absa’s former deputy CEO joins Standard Bank

Absa’s Shelley Webber on consolidation in the gold mining sector

Rich Management CEO Aly-Khan Satchu talks on impact of Absa’s Maria Ramos legacy

SA banking sector set cut jobs in 2019

Retail trade sales rose 2.2% y/y in October 2018

Ten facts you probably didn’t know about Steinhoff’s former boss Markus Jooste

The re-branding of Absa

Why you should bring your money back home to SA

Mining Charter has not derailed mining investment – Absa

The hottest trends in mining now, how SA can be part of investment opportunities

How to take advantage of a stronger rand

New approaches, sustainable partnerships needed to enhance food security in Africa

News Tips

Advertise With Us

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