Bidvest Unit Buys FinGlobal to Expand Portfolio

Bidvest Unit Buys FinGlobal to Expand Portfolio

JOHANNESBURG (Capital Markets in Africa) – A unit of Bidvest Group Ltd. agreed to buy FinGlobal, a provider of financial services to South Africans living outside the country, as part of an acquisition drive to expand and diversify its business. Bidvest Financial Services will fund the purchase out of its 2 billion rand ($142 million) in cash reserves, Managing Director Japie van Niekerk said by phone on Tuesday, without disclosing the value of the deal….

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Mugabe Era Draws to a Close in Zimbabwe as Impeachment Looms

Mugabe Era Draws to a Close in Zimbabwe as Impeachment Looms

HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe is facing the last days of his 37 years in power as lawmakers prepare started proceedings to impeach him. The ruling Zimbabwe African National Union-Patriotic Front says it will work with the opposition to ensure it has the votes in parliament to oust Mugabe, 93, after he missed Monday’s ruling-party deadline to resign. Lawmakers are expected to approve an impeachment motion on Tuesday and then appoint a…

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Kenyan Court Backs President’s Vote Win, Ending Uncertainty

Kenyan Court Backs President’s Vote Win, Ending Uncertainty

NAIROBI (Capital Markets in Africa) – Kenya’s top court upheld Uhuru Kenyatta’s presidential-election win, ending three months of electoral uncertainty that have slowed growth in East Africa’s biggest economy. Stocks gained the most in two months. Kenyatta won the rerun fairly and electoral authorities’ failure to hold polling in the country’s western region didn’t invalidate the outcome, the Supreme Court ruled Monday, rejecting all of the petitions challenging the vote.  “The court has unanimously determined that the…

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Zimbabwe’s Mugabe Faces Impeachment as He Balks at Retiring

Zimbabwe’s Mugabe Faces Impeachment as He Balks at Retiring

HARARE (Capital Markets in Africa) – Zimbabwean lawmakers are set to begin impeachment proceedings against President Robert Mugabe on Monday after he missed a ruling-party deadline to end his 37-year reign. Mugabe, 93, was widely expected to announce that he was stepping down in a televised address late on Sunday to enable Emmerson Mnangagwa, whom he fired as vice president earlier this month, to take over. Mugabe instead delivered a rambling and largely incoherent speech, in which he pledged…

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Zimbabwe’s Mugabe Said to Risk Impeachment If He Won’t Quit

Zimbabwe’s Mugabe Said to Risk Impeachment If He Won’t Quit

HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe could be impeached if he refuses to bow to pressure to resign, according to four officials close to mediation efforts aimed at ending a political standoff in the southern African nation. The military placed the 93-year-old Mugabe under house arrest early Wednesday and detained top officials who’d backed his wife, Grace, to succeed him. Mugabe has been made aware he could be impeached but he initially dismissed the…

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Angolan Sonangol’s Fired Boss Said She Leaves $2 Billion in Reserves

Angolan Sonangol’s Fired Boss Said She Leaves $2 Billion in Reserves

LUANDA (Capital Markets in Africa) – Isabel dos Santos, Africa’s richest woman, said Sonangol will be left with a financial reserve of $2 billion after she leaves as chair of Angola’s state-owned oil company. Her firing Wednesday marks the first time Angolan President Joao Lourenco has directly targeted the family of his predecessor, Jose Eduardo dos Santos, who ruled Africa’s second-biggest oil producer for 38 years and appointed his eldest daughter to the helm of Sonangol last year. She was relieved…

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Matt Levine’s Money Stuff: Deregulation and Proxy Recounts

Matt Levine’s Money Stuff: Deregulation and Proxy Recounts

LAGOS (Capital Markets in Africa) – There have been a lot of stories recently about how the U.S. government has kind of given up on financial regulation. This week the Senate moved to limit strict Fed oversight (and stress tests) to just the dozen biggest banks. Here is a story about how the Office of the Comptroller of the Currency has gotten much laxer on a range of mostly consumer-protection-type regulations. (Its interim head “declared that the agency was returning…

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