The Editorial Team |

Steinhoff CEO to Update South African Lawmakers on Probe

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV Chief Executive Officer Louis du Preez will give an update to South African lawmakers next week about the ongoing investigation into an accounting scandal that almost destroyed the retailer more than a year ago. Representatives of regulators and a local anti-graft police unit are also expected to appear at the parliamentary hearing in Cape Town starting March 19, Du Preez told reporters in the city on Monday. The…

Old Mutual Misses Profit Goal as South African Economy Wilts

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. said earnings fell as a weak South African economy and sliding asset prices caused the insurer to miss one of its key operational goals. Full-year adjusted profit earnings declined to 11.51 billion rand ($798 million) from 12.95 billion rand a year earlier, the Johannesburg-based company said in a statement. “Persistently high unemployment rates, a value added tax-rate increase and fuel hikes contributed to lower real disposable incomes…

Boeing Drops Most Since 2001 as Second 737 Crash Grounds Flights

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ADISS ABABA (Capital Markets in Africa) – Boeing Co. Chief Executive Officer Dennis Muilenburg faces his biggest crisis yet following the second deadly crash of a 737 Max jetliner, as some airlines grounded the best-selling plane and the shares logged their biggest loss since the 9/11 attacks. China ordered its carriers to ground all 96 of Boeing’s newest 737 model, while Indonesia said it would also halt flights after Ethiopian Airlines Flight 302 went down in a field shortly after…

South Africa’s PIC Skirted Rules by Merging Roles, Probe Hears

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Public Investment Corp. breached the money manager’s own memorandum of incorporation when the positions of chief investment and executive officers were combined under Dan Matjila, a former employee said. “What could have been the function of the CIO are now sitting with the CEO, and what could have been the functions of the COO are now sitting with the CFO,” Paul Magula, the former executive head of risk…

Bouteflika’s Faltering Health Set to Deepen Algerian Turmoil

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ALGIERS (Capital Markets in Africa) – Algerian President Abdelaziz Bouteflika’s health has reportedly deteriorated, deepening the uncertainty over his push for a fifth term in office that’s triggered unprecedented mass protests in the OPEC member state. The 82-year-old Bouteflika’s neurological reflexes have worsened and he requires constant care at the Geneva university hospital, Swiss daily Tribune de Geneve reported Wednesday. The development adds a new twist to the standoff between the regime and the predominantly young protesters who…

Angola Plans to Open Up Downstream Oil Industry to Investors

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LUANDA (Capital Markets in Africa) – Angola is opening up its downstream-oil industry to private investors to improve competition, Petroleum Minister Diamantino Azevedo said. The government plans to scrap a law that grants state-owned oil company Sonangol EP a monopoly of the industry, Azevedo said in an interview Thursday in the capital, Luanda. Liberalizing the downstream industry, which includes imports, distribution and storage, may result in “better prices,” he said. “We already initiated the process of liberalization,”…

Algeria’s Tempest Grows as Powerful Groups Back Protesters

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ALGIERS (Capital Markets in Africa) – Opposition to Algeria’s ruling regime swelled as lawmakers from the OPEC member’s oldest party resigned from parliament and a powerful group of veterans joined demonstrations against ailing President Abdelaziz Bouteflika’s bid for a fifth term. The escalating opposition against the 82-year-old president has posed the biggest challenge yet to a ruling elite, known as “le pouvoir,” that managed to avoid the turmoil that gripped neighbors during the 2011 Arab Spring uprisings. The…

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