The Editorial Team |

Barclays Africa Retail Banking CEO Moganwa Leaves Amid Shake-Up

JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Ltd. Chief Executive Officer of Consumer Banking Jan Moganwa is leaving as the South African lender’s retail and business banking division embarks on a reorganization of its top management. The announcement was made in a notice to staff seen by Bloomberg News and confirmed by Johannesburg-based Barclays Africa spokesman Songezo Zibi. Moganwa will pursue other interests after five years at the unit, which he joined as head of products and…

Jooste Profited From Steinhoff Land Deal in 2007, Filings Show

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JOHANNESBURG (Capital Markets in Africa) – Markus Jooste, who quit as head of Steinhoff International Holdings NV in December amid an accounting scandal, oversaw a complex series of transactions where decisions made by the South African retailer benefited him personally, company filings show. In a set of property deals reviewed by Bloomberg, companies linked to Jooste and Steinhoff associates profited by hundreds of millions of rand between 2002 and 2007. Steinhoff said it has handed information about…

Tiger Brands May Not Find How Deadly Bacteria Entered Plant

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JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. may never know how a strain of bacteria linked by the government to the world’s deadliest outbreak of listeriosis entered its South African factory. Africa’s largest listed packaged-food maker has spent the past three months testing and cleaning the Enterprise processed-meat plant in the northeast of the country that was identified by Health Minister Aaron Motsoaledi as the source of the deadly crisis. More than 200 people in…

Government debt at $14 trillion at end-2017, equivalent to 48% of GDP

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LAGOS (Capital Markets in Africa) -The Institute of International Finance indicated that the level of general government debt in emerging markets (EMs) reached a record-high of $14 trillion at the end of 2017, which is equivalent to 48% of aggregate EM GDP. It noted that government debt in EMs grew by $6 trillion since the end of 2010, with significant increases in the public debt levels of Brazil, Colombia, Egypt, South Africa and Ukraine. Also, it pointed out that government debt…

Congo Republic in Talks for World Bank, AfDB Budget Support

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KINSHASA (Capital Markets in Africa) – The Republic of Congo’s government is in talks with the World Bank and the African Development Bank to provide about $200 million of budget support to ease an economic crisis in the oil-producing nation. The discussions, which are in the “final stages,” are among a series of negotiations the government is holding about funding, Communications Minister Thierry Moungalla said by phone Friday from the capital, Brazzaville. Congo owes creditors…

Africa’s Biggest Transport Company Starts Split of Auto Unit

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JOHANNESBURG (Capital Markets in Africa) – Imperial Holdings Ltd., Africa’s largest transportation company by sales, moved forward with plans to list shares of its automotive division in Johannesburg as part of efforts aimed at improving prospects for the overall group. In a strategy initiated by former Chief Executive Officer Mark Lamberti, Johannesburg-based Imperial has been gradually separating the vehicle and logistics businesses ahead of the proposed new listing. While the autos unit is focused mainly on…

Why South Africa Is Ripping Up Its Mining Rules Again: QuickTake

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s mining industry is a prime example of the nation’s stark imbalances. Its highly paid, mainly white male executives oversee hundreds of thousands of mostly black workers laboring in deep and dangerous operations. To spread the nation’s wealth more equally, the government revised its mining charter in 2017 to require that companies give more ownership to black shareholders. The industry lobby group sued to stop some changes it…

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