Managers of Wealth Africa

The phasing-out of LIBOR: a helpful guide to the “must-have” features of contractual fall-back language

The question then is what happens to these LIBOR-based products when LIBOR is no longer available. As

Africa tax in brief

African Tax Administration Forum: Guidelines for Coronavirus (COVID-19) pandemic emergency tax measures published

CMA cautions investors against using unlicensed firms

Investors should also confirm the licensing status of any firms offering services in the capital markets industry

Banks’ excess cash pile at CBK rises to Sh50bn

The main objective of the cut was to enable banks free more cash for lending, but the rising level could reflect low uptake by the economy.

Insurance regulator grants 3-month premium pay holiday

In the life insurance segment, policy contracts have specific commencement dates and maturities and customers have to pay

South African Rand Forecasts: Investec sees Recovery in Third Quarter

Bishop says eventually sufficient global and domestic monetary and other policy measures support growth and markets allowing sentiment to stabilise.

SA considers pandemic responses, including $5.3 bn social bond

The recommendations include R200 billion of guarantees for bank lending to struggling businesses.

Lobby urges EAC leaders to prepare joint recovery plan

Private sector organisations from Kenya, Tanzania, Uganda, Rwanda, Burundi and South Sudan also called for a common approach to businesses to safeguard the region’s jobs and exports.

Ghana has become the first African country to lift its coronavirus lockdown

The president also said he was concerned with the “severe impact on the poor and vulnerable”

Payment of UIF funds to laid-off workers must be speeded up - Cosatu

In view of the ongoing Covid-19 crisis, representatives heard that 3-million jobs could be at risk in South Africa.

Lockdown to burn a hole in Eskom finances

Eskom is anticipating a possible decline in economic activity post the lockdown period, which may "result in lower payment levels for electricity".

Central Bank, CMA differ over banks dividend order

All listed banks have large numbers of shareholders due to the high number of retail investors

South Africa to Weigh a Wealth Tax to Aid Recovery, Rapport Says

The South African government will consider a proposal for a one-off wealth tax during an economic recovery planning meeting on Monday, according to a report in Rapport. Such a tax could assist Africa’s most industrialized economy as it bounces back

EIB directs support to women and SMEs in Africa

EIB looks to help the most vulnerable and to encourage banks to take on more risk as a joint programme unveils a €5.2 billion package for non-EU countries.

Nigeria urges 'appropriate' debt solutions for middle-income countries

Many African countries have also been hit by a slowdown in remittances from citizens living overseas, a sharp outflow of capital and a collapse in commodity prices.

Keeping up with the CEOs amid Covid-19: African Bank

Basani Maluleke says staff have shown discipline and empathy in dealing with customers during these confusing and possibly financially strained times.

Nedbank takes R5bn market cap knock

As a result, shareholders are advised that Nedbank Group’s 2020 financial guidance, as provided in our annual results announcement has been withdrawn and our medium and long-term targets are under review.

Mauritius welcomes new relaxed norms for FPIs

Under the new regulation, even the unregulated funds whose investment manager is appropriately regulated and registered as a Category-I FPIs can operate from India if their investment managers take the responsibility for all commissions or omissions of su

COVID-19: Zenith Bank supports Trust Fund with GH¢1million

These unprecedented times require every segment of the society to contribute their quota to support government’s efforts towards mitigating the impact of the Coronavirus”.

How the banking industry can survive virus pandemic

It is important to note that despite the significant drop, the import cover (as at April 9th 2020) s8ll remained above CBK’s statutory requirement of at least 4 months of import cover.

Regulation,Tax & Compliance