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Innovation is the powerful collaboration of bright humble minds

Barclays Africa Group, hosted the ‘Barclays Accelerator External Demo Day’, on the 2nd of August at the White Space building in Cape Town. Ten fintech companies pitched their tech-based solutions live on stage to the audience, giving them the chance to hear directly from the most ground breaking pioneers in the fintech space.

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Barclays takes first step to sell down

According to Business Day BARCLAYS has taken the first step on the road to selling down its 62% stake in Barclays Africa (Absa), calling an April 28 shareholders’ meeting at which they will vote on the plan.

The London-based group revealed no more details on Tuesday on how, or to whom, it seeks to sell the stake, which it said last month it wanted to reduce to less than 20%, to enable it to de-consolidate the South African banking group for regulatory and accounting purposes.

The decision to sell follows a strategic review of the UK group’s businesses by its new CEO, Jes Staley.

"Barclays faces a regulatory environment where it carries all of the financial responsibility for Barclays Africa and only receives a proportion of the benefits," says the UK group in a document sent to its shareholders, along with a circular convening the meeting, which will follow its annual general meeting on April 28.

"Changes to regulatory capital standards, as well as the taxation environment, are expected to make continuing consolidation of the business increasingly unattractive," says the group.

It said Barclays had been in Africa for 100 years and had excellent businesses here and that it was a very difficult decision.


 

Source

Business Day

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Bleak January PMI print signals tough conditions in SA manufacturing

The outlook for the SA manufacturing sector remains poor. The Barclays/BER Purchasing Managers’ Index (PMI) printed below the all-important 50 mark for the sixth consecutive month, indicating that production in SA’s manufacturing sector continues to face challenging conditions. Even in the absence of electricity load-shedding, the headline figure struggled to move into expansionary territory and instead dipped 2 points to 43.5 in January from 45.5 points in December 2015.

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