Banks say they have to keep funding at least some coal projects for now because an immediate halt would cause upheaval.
FirstRand will end funding for new coal-fired power stations and coal mines and has lowered the cap on its coal exposure as part of moves to reach net-zero emissions by 2050, it said on Wednesday.
Some of South Africa’s largest companies were forced to halt operations as violence erupted in parts of the country, with rioters torching trucks and looting stores.
The rationale for introducing new players in the South African banking industry appear to be based, for the most part, on the wrong notions. By Rabelani Dagada.
Promoted | Block Markets Africa is supporting an investigation by the South African Reserve Bank into the impact and benefit of blockchain technology on the future of financial markets and their systems.
South African banks face the steepest earnings slump in half a century – with some posting losses – as measures to curb the coronavirus drag the economy deeper into recession.
JPMorgan has declined to comment on suggestions that it pressured First National Bank, through parent FirstRand, to shut the bank accounts of South African cryptocurrency exchanges.
JPMorgan pressured First National Bank to close the accounts of cryptocurrency exchanges in South Africa, according to two separate sources. FNB has strongly denied that external pressure forced its hand.
Shareholders at an unprecedented number of JSE Top 40 companies have, in the past year, voted against remuneration policies and/or their implementation.
FirstRand is emulating Amazon.com with a digital offering that will span everything from insurance, car licence renewals to locating plumbing services as the South African bank chases new revenue sources.