Features | - Part 182

KPMG Revamps S. African Top Management as Clients Dump Firm

JOHANNESBURG (Capital Markets in Africa) – KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former chief operating officer of parent KPMG International, will be the local firm’s interim COO, while 36-year company veteran Brian Stephens will take the new position of head of risk,…

ANC Must Decide on Zuma’s Future, South Africa’s Mkhize Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling African National Congress must decide whether Jacob Zuma should see out the remaining two years of his term as the nation’s president, said party Treasurer-General Zweli Mkhize, a top contender to succeed Zuma as ANC leader in December. “The ANC will have to take the decision on what happens to the president,” Mkhize said in an interview with Bloomberg TV in Johannesburg on Tuesday. “There’s been discussions in the…

Gunships Strike South Sudanese Rebels as Week-Long Battle Rages

Posted on by The Editorial Team

SOUTH SUDAN (Capital Markets in Africa) – South Sudan’s army used helicopter gunships to fend off rebels in a north-eastern state as fighting entered a second week, underscoring the challenge facing regional mediators trying to resuscitate a peace deal to end the almost four-year civil war. Rebels are attacking army garrisons in Waat town, Bieh state, prompting the government to use “all in its power” to fight them, Defence Minister Kuol Manyang Juuk said Tuesday by phone…

Soccer Star, Ex-Warlord Among Hopefuls for Liberia President

Posted on by The Editorial Team

MONROVIA (Capital Markets in Africa) – Disappointed by President Ellen Johnson Sirleaf’s failure to deliver on her pledge to make education free for all, Kumba Tamba is pinning her hopes on the almighty as Liberia votes for a new leader. The West African nation, founded for freed American slaves almost 200 years ago, is holding presidential and legislative elections on Tuesday that mark the end of the 12-year tenure of Johnson Sirleaf, who’s known as Ma Ellen…

Telkom Suspends New Work With KPMG South Africa Pending Probe

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd., South Africa’s largest landline operator, won’t award any new business to KPMG LLP’s local unit pending the outcome of an investigation into the firm by the country’s accountancy body. Any contracts underway with the auditor and consulting firm will be completed and their expiration dates will stand, the Pretoria-based company said in an email to all staff seen by Bloomberg. A further decision will be…

Congo Halts Sicomines Copper Exports, Orders Local Refining

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo ordered Sinohydro Corporation and China Railway Construction Corp.’s local mining venture to stop exporting unprocessed copper and cobalt and refine all its metals within the country. Sicomines must ship “only high-value products” as the government looks to “ensure the prompt repayment” of the country’s continuing $6 billion minerals-for-infrastructure deal with China, Mines Minister Martin Kabwelulu said October 2 in response to questions sent by text message….

Congo Opposition Leader Katumbi Will Return to Congo in December

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo opposition leader and presidential hopeful Moise Katumbi said he will return to his homeland in December after more than a year abroad to participate in the country’s delayed elections. The 52-year-old former governor of Congo’s copper-rich Katanga province plans to challenge President Joseph Kabila’s rule of the Central African country on his return, he said at a conference Monday in London. Katumbi has previously pledged to return to…

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