JSE pushes Africa investment

first_img5 April 2012 As appetite for investment in the continent continues to grow, the JSE is implementing a new Africa strategy, migrating the companies listed on its Africa board to its main board and diversifying the instrument range it offers to African investors. The JSE said in a statement on Monday that African companies will be allowed to list directly on its main board and AltX smaller cap board from mid-year, as Africa’s largest stock exchange moves to position itself as a more attractive proposition for African listings. Included in its new offering will depository receipts and a broader range of exchange traded funds and debt instruments. Since its launch in 2009, the JSE’s Africa board has managed to attract only two successful listings: Botswana’s Wilderness Holdings, an ecotourism company, and Trustco Group Holdings, a Namibian-based microinsurance and microfinance company. However, the JSE said, it had found that companies wanted to be ranked with their sector peers, something the Africa board did not allow.‘The Africa strategy’ There were other reasons why it felt the time was right for a strategic shift. “First, the October 2011 announcement by National Treasury that companies previously viewed as foreign listings would in future be treated as domestic makes it easier for South Africans to invest in JSE-listed African stocks – that makes capital raising by foreign companies easier,” the JSE said. Second, the JSE had developed good relations with several stock exchanges on the continent. Third, investment flows into the continent’s markets and the number of funds focused on the region were increasing as investors searched for high returns in previously unexplored emerging markets. “All of this means that there is an opportunity for the JSE to work with these exchanges and various development institutions to build capacity on the continent,” said Siobhan Cleary, director of strategy and public policy at the JSE. “It also gives the JSE the opportunity to evolve its Africa strategy. “This has meant looking critically at what issuers – companies, governments and others – from the rest of the continent are looking for, and aligning their needs with the JSE’s objectives.” Diversifying the instrument range Nathan Mintah, chairman of the JSE’s Africa advisory committee, said the evolution in the JSE’s strategy was “a step in the right direction in the quest to increase capital flows into the rest of Africa”. “Offering issuers and investors the ‘whole JSE’ market platform for access to instruments across the capital structure in equities, mezzanine, and fixed income, combined with the JSE’s liquidity, will clearly benefit all stakeholders and serve as a catalyst for product innovation in areas such as exchange traded products for the rest of Africa.” The JSE is also working at diversifying the instrument range it offers investors from the rest of the continent. The bourse currently offers four interest rate instruments from the rest of the continent, as well as an African exchange traded product, Cleary said, but would be giving increased focus to listing further debt and quasi-equity products.Depository receipts “These will also include depository receipts (DRs), which are traded like shares and offer investors the same economic, corporate and voting rights as holding underlying shares directly.” DRs enable issuers to reach investors located outside their home markets while reducing the risk of cross-border investment. They would provide a way for African companies to raise capital on the JSE without requiring a secondary listing, Cleary said. “DRs are applicable for African companies regardless of whether they have an existing listing on an African exchange or any other exchange. Freely traded in South African rands, this will allow African companies to market themselves to both South African and international investors.” Previously, the Africa board only catered for main board listings. Smaller and medium-sized companies from the rest of Africa fulfilling AltX criteria will from now on be encouraged to list. “The JSE’s existing African offering includes 12 African companies,” said Cleary. “In future, there will be no differentiation (for listing purposes) between African and non-African companies. “For equities, this will mean that we will list the companies on the main board or AltX as applicable. We will also actively market and profile the African companies that are already listed.” The JSE said it believed that its approach provided a workable solution to the sometimes complex issue of investment on the continent, while also contributing to the development of markets within their own economies. SAinfo reporterlast_img read more

Birkett stuns McGregor to win Drak Challenge

first_img21 January 2014Andy Birkett snatched a sensational maiden title at the N3TC Drak Challenge Canoe Marathon on Sunday after exploiting a mistake by three-time champion Hank McGregor in the closing stages of the race, while Abby Adie won the women’s title for a fourth time.The Drak Challenge also served as the South African K1 River Championships.Racing on a low uMzimkulu River in KwaZulu-Natal, Birkett (EuroSteel) and McGregor (Kayak Centre/Team Jeep) started the 23km final stage from Callaway Bridge to Hopewell Farm side by side, with McGregor having won the first stage by a mere two seconds.The pair challenged each other throughout the final stage, but were still locked together as they entered the Lower Gorge, just 20 minutes from the finish.StuckMcGregor raced to the bottom of Mkhulu Rapid, where he got stuck on some rocks, while Birkett took another line that he had researched and managed to get a 50- metre lead on McGregor.“For the next two kilometres I looked back over my shoulder at every corner and every rapid to see if Hank was chasing me,” said afterwards. “Only when I realised that he had given up the chase did I start thinking about the fact that I might win the title.“I am really stoked with the win because it helps me prove to myself that my paddling is improving, and that I can mix it up with Hank McGregor and the flatwater marathon paddlers.”Birkett, who won the under-23 marathon world title in 2013, has made Underberg, where the Drak Challenge took place, a base for his Dusi training campaign with his partner Sbonelo Zondi.‘A daunting task’“It was a daunting task starting the final stage alongside Hank McGregor, and so it should be,” he admitted. “He is South Africa’s top canoeist and I think he will be forever, based on what he has achieved.“It was a very tough race. We weren’t giving each other an easy time out there, but that is what racing is all about, so I am a little surprised but very chuffed with my win here today.”Third placeDefending champion Grant van der Walt (Varsity College/Team Jeep) grabbed the last spot on the podium from K1 Dusi champ and the top under-23 finisher Lance Kime, with Len Jenkins holding off the gutsy visiting Australian Josh Kippen for the fifth place. Damon Stamp was in a class of his own as he romped to a comfortable win in the junior boys’ ranks.Women’s titleThe women’s title fell for a fourth time to Abby Adie (Best 4 Healthcare/Kayak Centre), who got engaged on the weekend to her boyfriend Kyle Solms. However, her romantic milestone didn’t afford her any leeway from teammate Robyn Kime, who closed down more than half of Adie’s overnight lead on the final stage.“I started in elapsed time and Robyn was in the first batch, which made it very difficult to keep track on where she was relative to me,” Adie explained after securing victory.Dusi Canoe MarathonThe Natal Canoe Club star will next now turn her full attention to her bid for the 2014 Dusi Canoe Marathon title, as her partner Czech partner Ana Adamova has just arrived back in South Africa for the final run-in to the big race in February.Kime won the CSA Silver medal, while Michelle Burn raced consistently to grab to third step on the podium. Fifth placed Jenna Ward took home the under-23 gold medal.RESULTSMenAndy Birkett 2:53:45Hank McGregor 2:54:39Grant van der Walt 2:57:09Lance Kime (u23) 2:57:11Len Jenkins Jnr 3:00:30WomenAbby Adie 3:15:18Robyn Kime 3:18:20Michelle Burn 3:24:29Alex Adie 3:27:40Jenna Ward (U23) 3:28:07Under-23 MenLance Kime 2:57:11Siseko Ntondini 3:02:03Owen Gandar 3:02:08Under-23 WomenJenna Ward 3:28:07Brittany Petersen 3:29:00Jordan Peek 3:35:37SAinfo reporterlast_img read more

Building Your Own OpenStack Cloud? Rackspace Wants to Support It

first_imgRelated Posts Tags:#cloud#cloud computing A Web Developer’s New Best Friend is the AI Wai… Why Tech Companies Need Simpler Terms of Servic… Top Reasons to Go With Managed WordPress Hostingcenter_img klint finley Rackspace announced today that it will offer paid support for OpenStack, the cloud platform it open-sourced along with NASA, Dell and others. The new support service is called Cloud Builders, and it is staffed by members of Rackspace’s OpenStack team as well as employees of the Rackspace acquisition Anso Labs.Cloud Builders will offer training, deployment services and ongoing support and management. The service is available starting today. This is the first time Rackspace has extended support outside its own data centers.This is big news for those building private clouds. There are a few competing open cloud standards – Deltacloud and the NRE Alliance, for example – and commercial support will be a deciding factor in which one becomes dominate. It’s also a way for Rackspace to monetize OpenStack, which will hopefully ensure it has a long future.Anso Labs plays a key role for Rackspace. The professional services firm helped NASA build the private cloud Nebula.  According to The Register, Anso developers were some of the top contributors of code to the OpenStack project. The paper also says that Anso still maintains Nebula.Between Rackspace and Anso Labs, you’d be hard pressed to find a more qualified support team for OpenStack. 8 Best WordPress Hosting Solutions on the Marketlast_img read more