The Editorial Team |

KPMG South Africa Finds No Evidence That Errors Are `Systemic’

JOHANNESBURG (Capital Markets in Africa) – KPMG LLP’s South African unit hasn’t found evidence that mistakes it made during work done for the politically connected Gupta family and the country’s tax authority run throughout the auditing firm’s business. The errors are not “systemic,” KPMG South Africa Chief Executive Officer Nhlamu Dlomu told parliament’s Standing Committee on Public Accounts in Cape Town on Thursday. The company will continue to take “strong action” to address the issues,…

South Africa Budget Gap May Grow to 4.5% on Less Tax, Bank Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s budget deficit could swell to more than what the government forecast in February as tax revenue falls short of expectations, the central bank said. Tax revenue in the fiscal first quarter that ended June 30 was 13 billion rand ($956 million) behind target, the South African Revenue Service said last month. Should collection continue to fall short of estimates, it would be more than 40 billion rand, or…

Kenya to Deploy Police for Opposition Protests as Business Slows

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NAIROBI (Capital Markets in Africa) – Kenya will deploy security forces to monitor protests planned by the main opposition alliance, the government’s spokesman said, as he criticized the demonstrations for slowing down business. The opposition National Super Alliance plans to hold demonstrations in the capital, Nairobi, and other cities on Friday. The coalition began a campaign of twice-weekly protests on Monday to press its demands for an overhaul of the electoral commission before a rerun…

Graft, Faction Fights Undermine South Africa, Minister Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s future is being undermined by rampant corruption and faction fights in the ruling African National Congress ahead of its conference to choose a new leader to succeed President Jacob Zuma, Human Settlements Minister Lindiwe Sisulu said. Sisulu, who’s vying to succeed Zuma as the ANC leader at the party’s national conference in December, made her comments Wednesday in a wide-ranging discussion at a town hall meeting in Johannesburg hosted…

Togo Opposition Rebuffs Mediators, Continues Nationwide Protest

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LOME (Capital Markets in Africa) – Togo’s opposition rejected a joint statement from three regional diplomatic blocs urging the government to set a date for a referendum about constitutional change, as nationwide protests continued for a second day. The African Union, the Economic Community of West African States, known as Ecowas, and the United Nations Office for West Africa called on the Togolese government to fix a date for a nationwide poll on a proposal…

`Mind-Boggling’ Math Could Make Blockchain Work for Wall Street

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LAGOS (Capital Markets in Africa) – A major breakthrough in cryptography may have solved one of the biggest obstacles to using blockchain technology on Wall Street: keeping transaction data private. Known as a “zero-knowledge proof,” the new code will be included in an October 17 upgrade to the ethereum blockchain, adding a level of encryption that lets trades remain private. Previously, users were able to remain anonymous but transactions were verified by allowing everyone on the network…

Investors Undeterred by Risks as South Africa Bond Inflows Soar

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JOHANNESBURG (Capital Markets in Africa) – Political turmoil, the risk of a widening budget deficit, a weakening currency and the prospect of a credit downgrade to junk would usually put investors off a country’s bonds. Not when it comes to South Africa. The lure of the highest yields among emerging-market peers is proving irresistible, with foreign investors buying a net 18 billion rand ($1.3 billion) of South African bonds in September, the most in a month…

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