The Editorial Team |

KPMG Hasn’t Fully Cooperated in South African Probe, Regulator Says

JOHANNESBURG (Capital Markets in Africa) – South Africa’s auditing regulator said KPMG LLP’s local unit hasn’t fully cooperated with the body’s investigations into work done for the Gupta family, who are alleged to have used political connections to win state contracts. It took a meeting with KPMG’s leadership team to prompt them to engage with the probe and, even after that, the auditing firm hasn’t released certain documents, Bernard Agulhas, head of the Independent Regulatory Board for…

Foreigners Desert South Africa’s Stock Market Like Never Before

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JOHANNESBURG (Capital Markets in Africa) – Amid robust demand for emerging-market equities, there’s one place global investors are avoiding: Africa’s biggest stock market. With almost a full quarter to go, outflows from South Africa’s stock exchange have already reached 90.5 billion rand ($6.6 billion) this year, on track to equal last year’s record 125.8 billion rand. By comparison, net sales reached 56.6 billion rand in 2008, when emerging-market assets bore the brunt of a selloff sparked…

Uganda Cuts Benchmark Rate to Record Low to Boost Credit

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KAMPALA (Capital Markets in Africa) Uganda’s central bank reduced its benchmark interest rate to support economic growth even as lending to businesses and individuals begins to show signs of improvement. Policy makers at the Bank of Uganda cut the rate by 50 basis points to 9.5 percent, extending an easing cycle that began in April 2016. Prior to Tuesday’s decision, they’d reduced the rate by a total of 700 basis points in eight of the past nine…

Anadarko Brings Mozambique Plan Nearer to Fruition With PTT Deal

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MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corp. moved nearer to greenlighting a natural-gas project in Mozambique as it struck a deal to sell some of the fuel to Thailand’s national energy company. PTT Pcl will buy 2.6 million tons a year of liquefied natural gas under a long-term contract starting in 2023, Chief Operating Officer Wirat Uanarumit said Monday in Bangkok. That’s about a quarter of the amount that must be contracted to bring the project to…

Northeast Nigeria Recovering From Islamist Violence, Unicef Says

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LAGOS (Capital Markets in Africa) – Northeastern Nigeria is beginning to recover from the devastation caused by an almost decade-long Islamist insurgency as famine is averted, more people access aid and children return to school, although huge challenges remain, the United Nations Children’s Fund said. The Boko Haram militant group has claimed more than 20,000 lives in a violent campaign to impose its version of Islamic law on Africa’s biggest oil producer. At least 5.2…

Goldman Sachs Sees South Africa Jobs Program Starting in January

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JOHANNESBURG(Capital Markets in Africa) – A South African program to put 1 million young people into paid internships is due to start in January as the country grapples with unemployment at a 14-year high, according to Goldman Sachs Group Inc. The initiative, led by the New York-based lender and Investec, will run for three years and offers participating companies tax incentives and other benefits for employing black people, said Colin Coleman, Johannesburg-based partner and head of Goldman…

South Africa’s DA Puts Cape Town Mayor on Leave From Party Activity

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JOHANNESBURG(Capital Markets in Africa) – South Africa’s main opposition party, the Democratic Alliance, placed City of Cape Town Mayor Patricia de Lille and councillor J.P. Smith on special leave from the organization’s activities. Smith and members of the city’s Internal Investigations Unit allegedly made malicious and defamatory remarks about De Lille, Business Day reported Tuesday, citing a statement from the mayor. Some local newspapers reported that De Lille had “irregular” upgrades done at her home,…

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