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<p>Joining CNBC Africa for a post-MPC panel analysis is Annabel Bishop, Chief Economist, Investec, Johann Els, Chief Economist, Old Mutual and Carmen Nel, Head of Multi-Asset Strategy, Terebinth Capital.</p>


Post-Analysis: SARB keeps rates on hold

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<p>Experimentation and creativity are critical to increasing access to and use of financial services for individuals and small businesses, particularly in emerging markets where the financial inclusion gap is greatest. Drawing on examples of local pilots that have made a tangible difference to communities in different parts of the world, how can we leverage these successes at a time when resilience to economic crises is dangerously low?</p>


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DAVOS 2024: Comparing Notes on Financial Inclusion

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<p>Russia&#8217;s invasion of Ukraine, stubborn inflation, rampant interest rate increases and fears of recession. Those were some of the main risks investors faced at the start of 2023. As we prepare to close the year, with inflation having cooled and rate hikes having subsided, what headwinds could be on the cards for markets in 2024 and where can the money be made? Joining CNBC Africa for this discussion is Malungelo Zilimbola, CEO, Mazi Asset Management and Izak Odendaal, Investment Strategist, Old Mutual.</p>


The Power Table: 2024 markets outlook & investment strategy

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<p>We’ve all been concerned that the recent violence in South Africa will affect the country’s growth Outlook. Well Old Mutual is still positive on the country&#8217;s economic outlook but argues the government needs to accelerate structural reforms. Old Mutual Chief Economist, Johann Els joins CNBC Africa for more.</p>


SA unrest: This crisis could be an inflection point to accelerate structural reforms

SA unrest: This crisis could be an inflection point to accelerate structural reforms, says economist

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<p>At midnight today the petrol price saw a record jump of R1 brining the price of 95 octane to R17 per litre. Of course this is another major blow on South African&#8217;s pockets and the consumers may soon have to make some difficult decisions on their everyday commute. What is the jump attributed to? Joining CNBC Africa for more is Johann Els, Chief Economist Old Mutual Investment Group.</p>


How the record jump in petrol price impacts SA’s economy

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<p>Old Mutual is the latest insurance company to release their results. The company’s headline earnings took a knock of 51 per cent due to the drop in sales during the Covid-19 Pandemic. But they still declared a dividend of 35 cents per ordinary share. This is despite the prediction of a 3rd and 4th Covid-19 wave. Old Mutual CEO, Iain Williamson joins CNBC Africa for more.</p>


Old Mutual CEO explains decision to pay dividend despite COVID-19 challenges

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<p>Zimbabwe’s government is in talks with international investments banks to support the new Victoria Falls Stock Exchange. The exchange will trade exclusively in foreign currency and targets global capital markets especially in the mining industry. Batanai Matsika, Head of Research at Morgan &#038; Co spoke to CNBC Africa for more.</p>


Zimbabwe govt in talks with banks to support the new Victoria Falls Stock Exchange

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<p>South Africa&#8217;s GDP decreased by a record 51.0 per cent in the second quarter, due to the impact of COVID-19 lock-down restrictions. The largest negative contributors to growth in GDP were the manufacturing, trade and transport industries which saw muted economic activity amid lockdown. Old Mutual Chief Economist, Johann Els joins CNBC Africa for more.</p>


South Africa’s economy contracts by record 51% in Q2

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<p>Insurer Old Mutual has reported that it’s withdrawn its half year dividend and will look at the possibility of a full year dividend once the economy’s recovery path is clearer. Adjusted headline earnings per share declined by 66 per cent driven by lower new business sales volumes, volatile markets as well as the raising of short-term provisions in anticipation of worsening mortality. Old Mutual CEO, Iain Williamson joins CNBC Africa for more.</p>


Old Mutual withholds half-year dividend amid COVID-19 uncertainties


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s Old Mutual Ltd on Tuesday scrapped interim dividends, withdrew targets and warned of a drop in full-year profit after posting a loss for the first half.</p>



<p>The 175-year-old insurer posted basic loss per share of 128.5 South African cents ($0.0764) in the six months to June 30, at the top end of its forecast range of 128.5 and 154.2 cents due to the impact of the coronavirus crisis.</p>



<p>Iain Williamson, who was appointed as chief executive officer permanently in July after leading the company on an acting basis for more than a year, said the level of uncertainty meant it would not declare a dividend for the first six months.</p>



<p>“We believe this action is necessary&#8230; and we will revisit this decision for the full-year dividend declaration when we have more clarity on the shape of possible economic recovery scenarios,” Williamson said.</p>



<p>Old Mutual, which in recent years broke up an international conglomerate structure to re-focus on African markets, said it had withdrawn its targets, replacing them with new ones focused on solvency and liquidity and more appropriate to the crisis.</p>



<p>The COVID-19 pandemic has seen insurer taking hefty charges and provisions. That included impairments worth around 9.8 billion rand on goodwill, other intangible assets and property, plant and equipment, and associated undertakings, namely its more than 20% stake in South African lender Nedbank.</p>



<p>Its adjusted headline earnings per share fell 66% to 37.3 cents. Headline earnings per share is the main profit measure in South Africa.</p>



<p>($1 = 16.8153 rand)</p>


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S.Africa’s Old Mutual scraps interim dividend after half-year loss


<p>(Reuters) &#8211; Old Mutual expects to post a loss in the first half of 2020, it said on Monday, as it deals with weak business volumes and a spike in business interruption insurance claims due to the COVID-19 crisis.</p>



<p>The insurer forecast a basic loss of between 128.5 and 154.2 South African cents per share for the six months ended June 30, versus earnings of 127.3 cents a year earlier.</p>



<p>The 175-year-old company expects results from operations to plunge by between 61% and 71% to 1.31 billion-1.76 billion rand ($44.56 million-$76.80 million) in the period.</p>



<p>Shares in Old Mutual were 4% lower by 0737 GMT, deepening a 35% drop they have seen since the start of 2020.</p>



<p>New business sales volumes were hurt as most of the group’s tied advisers were unable to sell during the lockdown period due to the partial closure of the branch network and lack of access to customers’ homes, worksites and branches, it said.</p>



<p>While lockdown restrictions have been eased and economic activity has somewhat resumed, sales levels remain below prior year levels, it said.</p>



<p>Old Mutual, whose primary operations are in South Africa, serves retail and corporate customers in 14 countries.</p>



<p>The company named Iain Williamson as its permanent chief executive last month after a year of upheaval caused by the exit of his predecessor Peter Moyo, who was fired over an alleged conflict of interest.</p>



<p>Insurers across the globe have been setting aside billions of dollars as they face steep claims resulting from coronavirus lockdowns, which have shut businesses and led to cancellations or postponements of major events including the Olympics.</p>



<p>Another aggravating factor has been higher credit spreads, which Old Mutual said have led to notable unrealised mark-to-market losses in the unlisted equity and credit portfolios of its investment business.</p>



<p>($1 = 17.0563 rand)</p>


Old Mutual forecasts H1 loss as coronavirus crisis hammers volumes

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<p>Trading resumed on the Zimbabwean Stock Exchange this week after a month of being shut down. The Zimbabwean government suspended the stock exchange and mobile money payments in a bid to clamp down on alleged illegal activities. Although the bourse is operational, three stocks remain suspended, Old Mutual, PPC and SeedCo. Batanai Matsika, Head of Research at Morgan &#038; Co spoke to CNBC Africa for more.</p>


Old Mutual

Old Mutual, PPC & SeedCo remain suspended on the ZSE

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<p>The Zimbabwean Stock Exchange will resume trading today after a month long shut down as the government ordered an investigation against illegal foreign dealings by some companies.</p>


ZSE to resume trading after a month long shutdown

ZSE resumes trading after a month long shutdown

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<p>Insurance giant Old Mutual has won the Top Empowered Business of the Year award at the Top Empowerment virtual awards last night, joining CNBC Africa for more is Iain Williamson, CEO of Old Mutual.</p>


Old Mutual named top empowered business of the year

Old Mutual named Top Empowered Business of the Year

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<p>COVID-19 has thrust many sectors into turmoil as nationwide lock-down&#8217;s are implemented globally. In Africa one such sector which is receiving much criticism and concern is education. Mandisa Mathobela, Head of Stakeholder Relations at Old Mutual joins CNBC Africa for more.</p>


How to create inclusive education post-COVI-19 in Africa

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<p>In the wake of the COVID-19 crisis Gauteng’s investment in infrastructure for the 2020/21 financial year has increased slightly to R12.2 billion from the 11.6 billion announced for the budget in March. Gauteng MEC for Infrastructure Development, Tasneem Motara joins CNBC Africa for more.</p>


#GPBudget: MEC Motara on how Gauteng plans to boost the construction sector hit hard by COVID-19

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<p>News from Zimbabwe over the weekend saw the ruling party Zanu-PF announcing that it supports the decision of expelling insurance giant, Old Mutual from the Zimbabwean Stock Exchange. Batanai Matsika, Head of Research at Morgan &#038; Co spoke to CNBC Africa for more.</p>


Old Mutual

Post-Analysis: SARB keeps rates on hold

DAVOS 2024: Comparing Notes on Financial Inclusion

The Power Table: 2024 markets outlook & investment strategy

SA unrest: This crisis could be an inflection point to accelerate structural reforms, says economist

How the record jump in petrol price impacts SA’s economy

Old Mutual CEO explains decision to pay dividend despite COVID-19 challenges

Zimbabwe govt in talks with banks to support the new Victoria Falls Stock Exchange

South Africa’s economy contracts by record 51% in Q2

Old Mutual withholds half-year dividend amid COVID-19 uncertainties

S.Africa’s Old Mutual scraps interim dividend after half-year loss

Old Mutual forecasts H1 loss as coronavirus crisis hammers volumes

Old Mutual, PPC & SeedCo remain suspended on the ZSE

ZSE resumes trading after a month long shutdown

Old Mutual named Top Empowered Business of the Year

How to create inclusive education post-COVI-19 in Africa

#GPBudget: MEC Motara on how Gauteng plans to boost the construction sector hit hard by COVID-19

Zim ruling party seeks to eject Old Mutual from the ZSE

News Tips

Advertise With Us

Old Mutual

Post-Analysis: SARB keeps rates on hold

DAVOS 2024: Comparing Notes on Financial Inclusion

The Power Table: 2024 markets outlook & investment strategy

SA unrest: This crisis could be an inflection point to accelerate structural reforms, says economist

How the record jump in petrol price impacts SA’s economy

Old Mutual CEO explains decision to pay dividend despite COVID-19 challenges

Zimbabwe govt in talks with banks to support the new Victoria Falls Stock Exchange

South Africa’s economy contracts by record 51% in Q2

Old Mutual withholds half-year dividend amid COVID-19 uncertainties

S.Africa’s Old Mutual scraps interim dividend after half-year loss

Old Mutual forecasts H1 loss as coronavirus crisis hammers volumes

Old Mutual, PPC & SeedCo remain suspended on the ZSE

ZSE resumes trading after a month long shutdown

Old Mutual named Top Empowered Business of the Year

How to create inclusive education post-COVI-19 in Africa

#GPBudget: MEC Motara on how Gauteng plans to boost the construction sector hit hard by COVID-19

Zim ruling party seeks to eject Old Mutual from the ZSE

News Tips

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