Author: The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Former Steinhoff International Holdings NV Chairman Christo Wiese says the retailer’s overview of a forensic probe into the company’s accounting irregularities supports his 59 billion rand ($4.1 billion) claim against the company. A report by PwC that was published last week found that a small group of former managers and non-Steinhoff executives structured deals that substantially inflated profits and asset values, according to a summary the company released late Friday. Wiese, a South African billionaire…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s state-owned power utility will implement controlled blackouts for a sixth straight day to prevent a total collapse of the electricity grid amid a shortage of capacity. Eskom Holdings SOC Ltd. is racing to bring generating units back online after suffering outages last week that were compounded by a loss of power imports from neighboring Mozambique as a result of a cyclone. The staggered power cuts, aimed at reducing…

JOHANNESBURG (Capital Markets in Africa) – In the past 24 hours, South Africa’s President Cyril Ramaphosahad to apologize for the poor state of the country’s infrastructure before having first-hand experience of just how bad it is. On Sunday, he spoke to the national broadcaster on the sidelines of an election campaign appearance in the northern town of Mahikeng to say sorry for some of the most severe power cuts South Africans have yet experienced. The next…

Over 300 BFSI industry gurus were a part of the Africa BFSI Innovation Summit 2019 that took place on the 19 – 20 February 2019 at the Mövenpick Hotel & Residences Nairobi, Kenya. The event started off with the Director – Partnerships, Innovation and Capacity Development of Kenya ICT Authority, Eunice Kariuki, inaugurating the event and delivering the keynote speech. Day 1 saw a number of presentations and panel discussions by industry experts like Sriram…