The Editorial Team |

Campaign for More Diamond Ads Wins Support From India’s Gem Hub

LAGOS (Capital Markets in Africa) – The push for bigger diamond advertising campaigns and marketing to wealthy millennials has won support from a key part of the industry: India’s manufacturers and retailers. India’s Gem & Jewellery Export Promotion Council, which represents almost 6,000 diamond companies, has agreed to contribute $2 million to the Diamond Producers Association, a group designed to promote gems and backed by miners, according to executives from both organizations. India is the…

South Africa Central Bank Says Graft Ombudsman Met Zuma Lawyers

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JOHANNESBURG (Capital Markets in Africa) – The country’s graft ombudsman used a probe into an apartheid-era bailout of a lender to attack the South African Reserve Bank and didn’t disclose a meeting with lawyers in President Jacob Zuma’s office to discuss the investigation before its findings were released, the central bank said. Public Protector Busisiwe Mkhwebane instructed lawmakers in a June 19 report to amend the constitution to make the bank focus on the “socioeconomic well-being of the citizens”…

South Africa’s Richest Man Calls President Zuma’s Policy `Theft’

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s richest man Johann Rupert said “radical economic transformation,” the policy championed by the country’s President Jacob Zuma to reduce racial inequality, is no more than theft. “Radical economic transformation is just a code word for theft,” Rupert said on the sidelines of Richemont’s annual general meeting in Geneva on Wednesday. “That’s what’s happening there. They’re raiding the state’s coffers. And it’s public knowledge.” South Africa’s former graft ombudsman alleged in…

De Beers Is Said to Hire Leak Hunter to Probe Gem Data Breach

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JOHANNESBURG (Capital Markets in Africa) – The world’s biggest diamond producer hired an external investigator to find the source of possible leaks of its most sensitive price data, according to people familiar with the matter. De Beers hired investigators from KPMG International in South Africa to find the source of the leaks, according to the people, who asked not to be identified because the matter is private. The company suspected at least one employee sold…

Tunisia Eyes GDP Growth, Currency Reform, to Boost Economy

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TUNIS (Capital Markets in Africa) – Tunisia’s government is looking to double economic growth, slash its budget deficit and revise some currency restrictions in an effort to revive its struggling economy. Prime Minister Yousef El-Shahed told parliament the government seeks to raise economic growth to 5 percent in 2020 compared with an expected rate of 2.5 percent this year and would work to halve the budget deficit to 3 percent of gross domestic product by that…

PPC’s Biggest Shareholder Is Said to Back Fairfax-AfriSam Offer

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JOHANNESBURG (Capital Markets in Africa) – PPC Ltd.’s largest shareholder is supporting a joint offer for South Africa’s biggest cement maker from domestic rival AfriSam Group Pty Ltd. and Canadian insurer Fairfax Financial Holdings Ltd. as the tie-up would create a national champion, according to people familiar with the matter. The Public Investment Corp., Africa’s biggest money manager, sees the three-way deal as a way for an enlarged cement maker to expand more effectively on the continent,…

South Africa’s High Court Annuls Election of Zuma’s Allies

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s High Court overturned the election of African National Congress leaders allied to President Jacob Zuma in the eastern KwaZulu-Natal province, a decision that could sway the outcome of the race to become leader of the party and the nation. The decisions taken at the ANC provincial elective conference in 2015 “are declared null and void,” Judge Jerome Mnguni said Tuesday at a hearing in Pietermaritzburg, KwaZulu-Natal’s capital. The conference…

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