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Africa-news (598)

Zambia explores digital currency, but warns against crypto
Africa-news

Zambia explores digital currency, but warns against crypto

February 09, 2022

Zambia’s central bank expects to complete research on forming a digital currency that could cut transaction costs and boost participation in the formal financial system by the fourth quarter.

Google details investment plans for South Africa
Africa-news

Google details investment plans for South Africa

February 09, 2022

Google has unpacked its plans to assist startups, SMMEs and nonprofits in South Africa, and help the country’s economic recovery process through large-scale investment.

This follows announcements made in October 2021 by Google and Alphabet chief executive officer Sundar Pichai, who announced a plan to invest $1 billion over five years to support Africa’s digital transformation.

The focus of these investments is to enable fast, affordable internet access for more Africans; build helpful products; support entrepreneurship and small business, and help nonprofits to improve lives across Africa, the group said on Wednesday (9 February).

“As the Covid-19 pandemic enters its third year, these initiatives seek to help alleviate the devastation caused in communities and offer support to organisations that work tirelessly to improve the livelihoods of South Africans.”

Google.org – the charitable arm of Google – will meanwhile award $500,000 in grant funding and training to Gift of the Givers and Food for Life South Africa to support them in their economic recovery.

“To date, 22 South African nonprofit organisations have tapped into $6.5 million in Google.org grants to bolster their work supporting under-served Black youth, SMMEs, and women with skills and knowledge to improve their livelihoods,” said Dr Alistair Mokoena, country director, Google South Africa.

Investing in next-generation entrepreneurs

Google said it is also supportive of the concept that startups have the potential to unlock a myriad of job opportunities for South Africans through innovative thinking and products that seek to solve some of the country’s most pressing needs.

“Through a rigorous and competitive selection process, the Google for Startups Black Founders Fund in Africa Program has selected 50 top Black-led technology startups locally and across the continent to join the program,” it said.

The startups will receive $50 million in funding to help spur their growth as part of a broader Africa Investment Fund plan launched last year.

Another investment priority for Google is the SMME sector. In partnership with the Department of Small Business Development, Google said it wants to provide support, training, and resources to small enterprises through the newly launched ‘Hustle Academy’.

Google said that in the coming months, and in collaboration with Kiva and a local financial service provider, it will disburse $3 million in loans to qualifying small businesses in the country.

The internet and media giant also pointed out that its subsea cable investment, Equiano, is scheduled to land in South Africa later in the year, which will almost triple internet speeds in the country, and reduce connectivity costs.

“We are here for the long-term, and our investments and programmes are geared to support this,” said Mokoena.-bustech

Activists call out Standard Bank for mulling over east Africa oil pipeline
Africa-news

Activists call out Standard Bank for mulling over east Africa oil pipeline

February 09, 2022

Of South Africa's five major banks, Standard Bank has been singled out by critics for considering funding an oil pipeline project in East Africa.

Here’s how much money top directors in South Africa earn right now
Africa-news

Here’s how much money top directors in South Africa earn right now

February 08, 2022

PwC has published its non-executive directors report for 2022, highlighting how much top management is earning in the country right now.

The report analysed executive pay during the period from 1 September 2020 to 31 October 2021, focusing primarily on executive remuneration among companies listed on the Johannesburg Stock Exchange (JSE).

Where non-executive directors have been remunerated in foreign currency, their fees have been converted into South African rand using the exchange rate at the cut-off date (31 October). As directors’ fees rarely follow a standard distribution curve, PwC used quartile/percentage range rather than averages.

The four categories of non-executive board members analysed are:

Chairperson

An examination of all fees paid to JSE non-executive directors shows that the average salary was R1.75 million for chairpersons.

“The role of a chairperson requires a large time commitment and an increasing level of involvement as it includes additional work carried out between scheduled meetings, representing the organisation externally and interacting with fellow board members and employees,” PwC said.

Deputy chairperson

An examination of all fees paid to JSE non-executive directors shows that the average salary was R1 million for deputy chairpersons.

“Some boards include the position of deputy chairpersons. This person assists the chairperson and fills in at meetings if the chairperson is unavailable,” PwC said.

Lead independent director

An examination of all fees paid to JSE non-executive directors shows that the average salary was R1.15 million for deputy chairpersons.

The lead independent director is required to preside at all meetings of the board at which the chairperson is not present or where the chairperson is conflicted.

Their duties include calling meetings of the independent directors, where necessary, and serving as the principal liaison between the independent directors and the chairperson. Their responsibilities would also include liaising with major shareholders if requested by the board in circumstances in which the chairperson is conflicted.

“Over the last few years, we have observed that lead independent directors have begun to play a larger role on boards, taking on greater prominence and responsibility in driving board independence. This has resulted in lead independent directors fees increasing more rapidly than other positions on the board,” PwC said.

Non-executive director

An examination of all fees paid to JSE non-executive directors shows that the average salary was R1 million for deputy chairpersons.

Non-executive directors are required to make up the majority of a board’s membership and should preferably be independent, PwC said.

Super-caps

While the above data provides an overview of the average salaries across the JSE, board members at ‘super-cap’ companies – making up the top 10 of the JSE – can expect to earn substantially more.

In 2021 these companies included:

  • Prosus;
  • AB InBev;
  • British American Tobacco;
  • Naspers;
  • Glencore;
  • Richemont;
  • BHP Group;
  • Anglo American;
  • Anglo American Platinum;
  • FirstRand.

PwC’s data shows that the average salary for a chairperson at a super cap is R9.7 million, while the average salary for a non-executive director at a super cap company is R4 million.-bustech

 

 

 

Dubai to introduce a corporate tax for the first time
Africa-news

Dubai to introduce a corporate tax for the first time

February 08, 2022

The world of international tax is changing rapidly, mainly because of Organisation for Economic Cooperation and Development (OECD) initiatives to address base erosion and profit shifting.

After Moody's cut, Ghana says ratings agencies biased against Africa
Africa-news

After Moody's cut, Ghana says ratings agencies biased against Africa

February 08, 2022

Ghana's finance ministry said that Moody's decision to downgrade its credit rating was made by omitting key information and revealed an institutional bias against African economies.

IFC targets US$10bn in Africa investments yearly
Africa-news

IFC targets US$10bn in Africa investments yearly

February 07, 2022

Corporation plans to ramp up its new investments in Africa to US$10 billion annually in support of businesses that it sees helping to drive economic recovery and growth on the continent.

These are South Africa’s most valuable banks
Africa-news

These are South Africa’s most valuable banks

February 07, 2022

Global brand research group Brand Finance has published its 2022 Global 500 Banking report – ranking the most valuable banks in the world, including seven banks from South Africa.

African tech startups see historic growth in 2021 with US$5.2bn invested
Africa-news

African tech startups see historic growth in 2021 with US$5.2bn invested

February 07, 2022

African tech still grew faster than any other region with two times the activity of last year and more than three times the amount invested, reaching $5.2 billion (R80bn), according to a Partech Africa's annual report on VC Funding for African Startups.

World food prices are climbing closer toward a record high
Africa-news

World food prices are climbing closer toward a record high

February 04, 2022

Global food prices jumped toward a record last month, further adding to the surging cost of living for consumers.

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