The Editorial Team |

Wiese Rebuts Wrongdoing Allegation Over Steinhoff Payments

JOHANNESBRUG (Capital Markets in Africa) – South African billionaire Christo Wiese denied he did anything wrong when receiving payments from Steinhoff International Holdings NV while he was chairman. The 325 million euros ($402 million) he received related to a planned merger between Steinhoff’s African operations and South African supermarket chain Shoprite Holdings Ltd., in which Wiese is the biggest shareholder, he said by phone. They were cleared by the central bank, and he started returning the cash when the deal…

Uchumi Seeks Private Equity Rescue in Fight for Survival

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NAIROBI (Capital Markets in Africa) – WINDHOEK (Capital Markets in Africa) – Uchumi Supermarkets Plc started talks with a private-equity fund and other investors over a potential capital injection that could help the Kenyan supermarket chain survive a cash crunch. “We’re following different channels of financing,” acting Chief Executive Mohamed Mohamed said in an interview in the capital, Nairobi, declining to name potential suitors. “Where Uchumi is right now, it needs some cash almost immediately. We…

South Africa Growth May Pick Up Faster Than Expected, Bank Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s economic growth could pick up faster than forecast if the right structural reforms are implemented, the Reserve Bank said. That means the economy could expand faster than the 2 percent for 2020 the central bank projected last month, a rate it hasn’t exceeded since 2013. While last year’s 1.3 percent advance beat predictions, this doesn’t equate to a good performance, the Reserve Bank said in its six-monthly…

Namibian Rate Veers From South Africa’s for First Time Since ’15

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WINDHOEK (Capital Markets in Africa) – Namibia, whose currency is pegged to South Africa’s, diverged from its neighbour’s moves on monetary policy for the first time since 2015 as the country seeks to curb further declines in reserves. The southwest African nation’s Monetary Policy Committee maintained its key interest rate at 6.75 percent Wednesday. Last month, its counterpart in South Africa reduced its key gauge to 6.5 percent, making this the first time since December 2015 that…

World Bank Urges Kenya to Rethink Fiscal-Consolidation Plan

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NAIROBI (Capital Markets in Africa) – Kenya may need to recalibrate its fiscal-consolidation plans if it’s to see economic growth rebound from a five-year low reached in 2017, the World Bank said. The government of East Africa’s biggest economy should slow the rate of expansion of recurrent expenditure, improve spending efficiency, restore the potency of monetary policy and rationalize tax exemptions to ensure its resources are fiscally sustainable, the Washington-based lender said in an economic update…

Namibian President Geingob Rejects Graft Claims in French Probe

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WINDHOEK (Capital Markets in Africa) – Namibian President Hage Geingob rejected claims linking him to a French corruption probe related to the purchase by Orano SA of Canadian mining company UraMin Inc.’s Trekkopje uranium mine in the southern African country. Geingob didn’t participated in the transaction and is demanding a retraction from Radio France Internationale, which reported the allegations last week, spokesman Alfredo Hengari said in a statement. He was paid as a consultant before he joined…

Uganda Awards Refinery Deal to GE After Earlier Contracts Dumped

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KAMPALA (Capital Markets in Africa) – Uganda awarded the contract to build its first refinery to General Electric Co. and partners, sealing a deal for the 60,000-barrel-a-day plant after previous agreements collapsed. The Albertine Graben Refinery Consortium, led by Boston-based GE, will develop the refinery in Hoima district, Ugandan President Yoweri Museveni said on his Twitter account after the accord was signed Tuesday. It’s a breakthrough for the long-planned project, which will allow the country to process its…

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