The Editorial Team |

South Africa Urges Overhaul of Top Fund Manager After Report

JOHANNESBURG (Capital Markets in Africa) – A judicial inquiry in South Africa recommended sweeping changes to laws governing Africa’s biggest fund manager after it found senior management, including former Chief Executive Officer Dan Matjila, flouted internal procedures. The investigation, led by retired Judge Lex Mpati, concluded there had been “substantial impropriety” at the state-owned Public Investment Corp., which manages 2.13 trillion rand ($130 billion) of state-employee pension funds. It found that the board had acted as a…

South Africa Is Spoiling It For Banks Finding Growth Elsewhere

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest banks are increasingly relying on the rest of the continent to make money as an economic recovery at home ebbs ever further away. The Big Four make the bulk of their profit in Africa’s most industrialized country, where power shortages, incoherent government policies, corruption and ailing state-owned companies have drained the fiscus and resulted in two recessions in as many years. None of the top bankers…

Labor Wants a Coronavirus Stimulus From S. African Government

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest labor group wants the government to come up with a stimulus plan to prepare for the impact of the coronavirus, potentially stretching the country’s already strained finances. The Congress of South African Trade Unions will call for the plan at a meeting on Monday of the National Economic Development and Labour Council, which includes business and government leaders, said Matthew Parks, Cosatu’s parliamentary coordinator. Cosatu represents…

Nigeria Denies Plan to Devalue Naira, Blames Dealers for ‘Panic’

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LAGOS (Capital Markets in Africa) – The Nigerian central bank denied it plans to devalue the naira soon, and announced an investigation to uncover currency dealers it blames for sparking a “panic” market sell-off this week. “Market fundamentals do not support naira devaluation at this time,” the bank said in a statement released late on Thursday by spokesman Isaac Okorafor. The global market turmoil sparked by the coronavirus contagion and this week’s collapse of oil prices…

Sasol Cut to Junk by Moody’s on Debt, U.S. Project Overruns

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JOHANNESBURG (Capital Market in Africa) – Moody’s Investors Service downgraded South Africa’s Sasol Ltd.to junk, citing high debt and cost overruns at its Lake Charles chemical project in Louisiana. The ratings company cut its assessment on Sasol’s long-term rating to Ba1, from Baa3, with a stable outlook, it said in a statement on Thursday. “The decision to downgrade the ratings to Ba1 reflects Moody’s view that Sasol’s financial leverage will remain elevated over the next two…

Widespread Malaria May Complicate Coronavirus Fight in Africa

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LAGOS (Capital Market in Africa) – The prevalence of malaria in Africa could complicate the diagnosis of novel coronavirus in the continent, said the epidemiologist leading the fight against the new disease in Nigeria. Nigerian health officials are racing to prevent the spread of coronavirus after the first case of the illness in sub-Saharan Africa was identified last week in Lagos, the nation’s business hub. Since then only three more cases have been identified in…

Netflix Sees Africa Spy Drama as Key to Unlock Continent Growth

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LAGOS (Capital Market in Africa) – Netflix Inc. sees the opening of new crime-drama series Queen Sono as the first of many original African TV series that will win the U.S. giant a bigger slice of a market still dominated by satellite TV. The tale of a South African secret agent seeking to uncover the truth behind the death of her freedom-fighter mother will be followed by a Zambian animation series, a Cape Town-set mystery-thriller and…

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