The Editorial Team |

Shoprite Deal Unravels as Billionaire Scurries to Save Steinhoff

JOHANNESBURG (Capital Markets in Africa) – The spectacular collapse in the share price of Steinhoff International Holdings NV is hindering Christo Wiese’s plans to pool his African retail assets. The South African billionaire has had to pull out of a deal that will give Steinhoff Africa Retail Ltd. a 23.1 percent stake and a 50.6 percent voting interest in Shoprite Holdings Ltd., the continent’s largest grocery chain. Steinhoff Africa Retail, or STAR, is now in talks with the manager of…

Court Action Buoys Ramaphosa’s Bid to Lead South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – The fractious race to succeed South African President Jacob Zuma as leader of the African National Congress faced further disarray by court rulings likely to disqualify more than 100 delegates who were scheduled to vote at a party conference this weekend. The decisions on the members in North West, KwaZulu-Natal and Free State provinces, which mainly support Nkosazana Dlamini-Zuma, the president’s ex-wife and preferred candidate, buoyed her main rival, Deputy President Cyril Ramaphosa….

Billionaire Wiese’s Hold on Steinhoff Weakens Amid Scandal

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JOHANNESBURG (Capital Markets in Africa) – Christo Wiese’s grip on his global furniture retailing empire is slipping after the South African billionaire resigned from the board of troubled Steinhoff International Holdings NV and creditors forced a sale of part of his stake. Wiese stepped down from his role as chairman to resolve questions over any conflict of interest as the owner of Mattress Firm in the U.S. and Conforama in France fights for survival amid a deepening accounting…

Zimbabwe Government Meets Evicted White Farmers Who Left Country

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HARARE (Capital Markets in Africa) – Zimbabwean Deputy Finance Minister Terence Mukupe has met with white farmers who moved elsewhere after being evicted during the country’s often-violent land seizures. Mukupe, who was appointed to the role in new President Emmerson Mnangagwa’s government, sees opportunities for the farmers to return and participate in the economy, he said in an interview this week. Zimbabwe should treat exiled white farmers like “any other Zimbabwean” and offer them opportunities to farm in…

Oil Deal May Win Back Sudan Some Influence Over Former Enemy

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KHARTOUM (Capital Markets in Africa) – Sudan lost three-quarters of its oil reserves when the south seceded in 2011. A four-year civil war in Africa’s youngest nation may be letting it reassert control. Electricity, building materials, safe lodgings for workers — South Sudan’s former ruler is offering them all to help restore output in a key northern region. That shows how vital sub-Saharan Africa’s third-largest oil reserves remain to Sudan, whose landlocked neighbour pays it $25…

Wrong ANC Leaders Will See It Lose Power, Gauteng’s Makhura Says

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JOHANNESBURG (Capital Markets in Africa) – The premier of South Africa’s richest province warned the ruling African National Congress will lose its majority and extend an economic slump if it elects the wrong leaders this weekend. “If it doesn’t give South Africa the leadership that will win public confidence, not only is the ANC going to lose 2019 elections, but the country will be in a much longer protracted economic disaster, with deep pain for…

Glencore Will Double Dividend, Restart Zinc as Metals Rally

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LONDON (Capital Markets in Africa) – Glencore Plc promised to double its dividend, restart some zinc production and boost spending as the world’s largest commodity trader reaps rewards from soaring metals prices. The slate of news from Glencore’s investor presentation on Tuesday shows the mining company is firing on all cylinders, with profitable zinc, cobalt and copper mines around the world. The growth has been aided by a powerful trading business that’s on track for its second-best…

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