(The following statement was released by the rating agency)
Link to Fitch Ratings Report: South African Banks: Peer Review
DUBAI/LONDON, August 26 (Fitch) Fitch Ratings says in a new
special report that
the operating environment in South Africa acts as a cap to bank
Absa Bank Limited, FirstRand Bank Limited, Nedbank Limited and
Bank of South Africa and their relevant rated holding companies
Viability Ratings of bbb, which are effectively capped by the
environment at this rating level, says Redmond Ramsdale, a
Director in Fitchs
Financial Institutions team.
Four major South African...
Dividend Solar is looking to challenge the existing residential solar financing structure with an approach it calls solar-ownership-as-a-service.
Third-party ownership remains the dominant model for financing a residential solar installation in the US, but thats changing. Direct ownership via loans (and other mechanisms like PACE) is gaining traction, because PV systems continue to get cheaper while financing options continue to improve. GTM Research is forecasting third-party ownership to peak at 68 percent of the residential PV market this year.
I spoke with the Dividend Solars founders over lunch last week at Vesta in Redwood City, Calif. These self-described financial...
Union Dental Clarifies Its Filed Disclosure Document
September 09, 2014: 11:51 AM ET
Union Dental Holdings, Inc.
(PINKSHEETS: UDHI) — http://www.uniondental.com/ir — a Company that operates and manages a network of dentists throughout the United States for union members announced it has filed a clarification to the Amended Disclosure Document filed yesterday in the Patent section of the document which should read: “The Company’s chief executive officer on behalf of Union Dental Holdings, and Drinkable Air, have received a Letter of Notification that a patent for a water disinfection system will be issued in Canada. The...
LADERA RANCH, CA — (Marketwired) — 09/05/14 — Money360, Inc. (www.money360.com), a peer-to-peer (P2P) real estate lending marketplace where accredited investors can crowdfund loans secured by commercial real estate, will participate in the IMN Crowdfunding Forum for Real Estate on September 8th and 9th in Santa Monica, California. IMNs Crowdfunding Forum for Real Estate event is the first conference dedicated to real estate sponsors and Registered Investment Advisors and will feature 45 speakers drawn from the most prominent real estate professionals in the industry.
Evan Gentry, CEO of Money360, will be moderating the Crowdfunder Portal panel at the Fairmont Miramar...
JOHANNESBURG (Reuters) – South Africas Capitec Bank expects first-half earnings to rise by as much as 22 percent, its said on Thursday, sending shares sharply higher and allaying investor fears about its exposure to unsecured lending after the collapse of a rival.
Capitec, like rival African Bank or Abil, is an unsecured lender that traditionally targeted lower-income South Africans.
It has, however, been shifting focus away from low-income earners and has been setting up branches in neighbourhoods where disposable incomes are higher.
Following Abils rescue by the central bank last month, ratings agency Moodys downgraded Capitec citing heightened concerns regarding...
Project Consists of 1,971,000 Sq. Ft. and Future Development of Residential Units
QUEBEC CITY, Quebec, Sept. 12, 2014 (GLOBE NEWSWIRE) — ROI Land Investments, Ltd. (OTCQB:ROII) (ROI or the Company), announced today that the closing of the Beauport/Cambert Project has been scheduled for October 1, 2014. All funds necessary for the closing are currently in escrow. The execution of the original definitive agreement for the acquisition was announced earlier on March 27, 2014. This acquisition will represent ROIs first multi-million dollar land acquisition. The Beauport/Cambert Project is a residential development project located in Beauport, Quebec, Canada containing 1,971,000...
Banro Announces Financing Plan and Certain Senior Management Changes
– Banro closes a US$35.5 million liquidity backstop facility August 18, 2014: 03:45 PM ET
Banro Corporation (“Banro” or the “Company”) (NYSE MKT:BAA) (TSX:BAA) announces that it has developed a comprehensive financing plan to stabilize the financial condition of the Company and secure the funds required to achieve full production capacity at its Namoya mine. The financing plan includes the closing of a US$35.5 million liquidity backstop facility today with investment funds managed by Gramercy Funds Management LLC, and the signing of a memorandum of understanding with a private...
7. College football finally has a playoff
No more BCS! Four months from now, well get to enjoy an actual playoff. The semi-finals will be played on Jan. 1, the title game on Jan. 12. Granted, its only a four-team playoff, but ANYTHING is better than the BCS.
8. Soccer player Daniel Agger pays to send Denmark team to Homeless World Cup
Team Denmark had sights set on the 2014 Homeless World Cup in Chile but lacked the financial resources — $20,000 krone (about $3,500). When former Liverpool defenseman and Danish national team captain Agger learned from an organizations representative that theteam was short on funds, he replied without hesitation, Ill give you it. (For...
The decision to close a credit card is one that should be considered carefully. Closing accounts can temporarily hurt your credit score due to the reduction in your total credit line, as well as reducing the age of your accounts, both of which Ill get into later.
Here are a few scenarios where it might do more good than harm to close your unwanted credit cards and move on with your financial life.
Do you plan on applying for credit anytime soon?
I list this first because if you anticipate applying for new credit anytime soon, such as a mortgage or a car loan, its usually better to tough it out and hang on to your cards for the time being.
For starters, one of the largest...
Over the last week and a half, African Bank (Abil) has been the target of some of the sharpest criticism that has perhaps ever been levelled against a public company in South Africa. Its decline has been met with fierce comment.
Perhaps any business that fails its shareholders the way that Abil has should expect some measure of outrage. But it seems that there has been an even deeper level of sentiment in the way that Abil has been attacked.
It may well be that this is because there is more to its story than just a business that has made some truly awful decisions. There is a very real moral and ethical problem here too that many people find distasteful.