The Editorial Team |

Eskom Suspended CFO Quits Before Facing S. African Lawmakers

JOHANNESBURG (Capital Markets in Africa) – The suspended chief financial officer of South Africa’s cash-strapped power utility resigned a day before he’s due to face a parliamentary inquiry on mismanagement of funds and two days after the government overhauled the company’s board. Eskom Holdings SOC Ltd. received a letter of resignation from Anoj Singh’s attorneys Monday, the Johannesburg-based electricity producer said by email. He resigned with immediate effect, it said. Eskom suspended Singh in late September…

Infighting Plagues South Africa Opposition as Election Looms

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s main opposition party is proving to be its own worst enemy as it bids to topple the ruling African National Congress from power in next year’s elections. Instead of capitalising on voter antagonism toward the ANC and President Jacob Zuma over a succession of scandals, the Democratic Alliance has stumbled, with its mayors’ performance drawing criticism in several of the biggest cities it runs, including Cape Town and…

Zimbabwe May End Local Ownership Rule on Platinum, Diamonds

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HARARE (Capital Markets in Africa) – Zimbabwe, which has the world’s second-biggest platinum reserves, may lift a requirement that companies mining the metal or diamonds must be at least 51 percent owned by black citizens of the country, President Emmerson Mnangagwa said. Mnangagwa, who became president in November after Robert Mugabe resigned under pressure from the military, has announced that the ownership requirement on all other minerals will be abolished. The government needs to assess its platinum and…

The Economy’s So Rosy, Let’s Talk About Recession

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LAGOS (Capital Markets in Africa) – We don’t know what will cause it, or when. But it’s coming, and central banks are unprepared. Although the world economy is in its eighth year of expansion, a casual observer might be forgiven for thinking things have just got going. Don’t worry; they will keep going for a while, according to the International Monetary Fund, which released an update to its World Economic Outlook this week. Thank the…

Banks Send South Africa Stocks to Record as Foreign Buying Persists

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JOHANNESBURG (Capital Markets in Africa) – Johannesburg’s benchmark stock index rose to a record, joining a global rally, as foreign investors continued purchases amid optimism about steps to improve management of Africa’s most-industrialized economy. The FTSE/JSE Africa All Share Index rose as much as 0.9 percent to 61,610.33 Tuesday. Naspers Ltd. contributed the most to the benchmark’s advance after Tencent Holdings Ltd., in which it owns a stake, climbed to an all-time high in Hong Kong. An…

Nigeria’s Political Deadlock Threatens Economic Rebound

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank has fallen victim to a battle between President Muhammadu Buhari and his parliament. The Monetary Policy Committee won’t meet as scheduled this week because it lacks a quorum after the Senate refused to approve Buhari’s nominees for the panel, meaning the central bank couldn’t formally set interest rates. That setback adds to the economic fallout from a longstanding political standoff: lawmakers are threatening to delay his budget for a third year…

Zimbabwe Considers Building Reserves to Back Currency Relaunch

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HARARE (Capital Markets in Africa) – Zimbabwe’s new president, Emmerson Mnangagwa, said his government is considering building reserves of gold and diamonds to back the eventual relaunch of the country’s own currency. The nation abandoned the Zimbabwe dollar in February 2009 after an economic collapse saw inflation surge to about 500 billion percent, according to the International Monetary Fund, after exports slumped and international lenders had withdrawn lines of credit. This resulted in the central bank…

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