Features | - Part 201

Miners Frozen Out as South Africa Readies Empowerment Rules

JOHANNESBURG (Capital Markets in Africa) – Mining companies in South Africa have been frozen out of consultation over regulatory changes that could dilute shareholders, raise costs and impose new levies to fund community development. South Africa’s Cabinet last week approved a new draft of the country’s Mining Charter and Mining Minister Mosebenzi Zwane has promised it will be gazetted within weeks. Yet while labor leaders have been consulted on the long-delayed new rules, the Chamber of Mines,…

Mutinies `Humiliated’ Ivory Coast, Parliament Speaker Says

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – A series of mutinies by soldiers in Ivory Coast demanding payments for supporting President Alassane Ouattara humiliated the West African nation, according to National Assembly Speaker Guillaume Soro, who once commanded the troops as a former rebel leader. “I can only note that we are despised,” Soro, 45, said in an interview Sunday at his residence in Abidjan, the commercial capital. “It’s a humiliation for us — the state, the president, myself…

Majority of South Africa’s ANC Want Zuma to Resign, Poll Shows

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma’s public approval rating has reached an all-time low and most members of his ruling African National Congress want him to resign, according to an opinion poll released two days after he survived a second bid to oust him. Almost two-thirds of eligible South African voters want Zuma to quit, the survey released Tuesday by research company Ipsos found. About 54 percent of ANC supporters say the president should…

HSBC Sees Buying Opportunity in South Africa Amid Zuma Turmoil

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – While some stock investors may choose to flee South Africa as political turmoil engulfs President Jacob Zuma, HSBC analysts argue the noise around the embattled leader and his ruling party makes it a good time to buy. That’s because a pick-up in the South African economy and a favourable commodity price cycle as China, the biggest consumer of metals, avoids a hard landing are positive for the local market. In…

Mobius Draws Contrast Between Iron Ore’s Wild Ride, Fundamentals

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LAGOS (Capital Markets in Africa) – Iron ore consumption in China will probably be sustained as Asia’s top economy builds out infrastructure, according to Mark Mobius, who highlighted what he sees as a difference between the industry’s relatively stable supply-demand fundamentals and large swings in prices. “We’ve got to separate those two things,” the executive chairman of Templeton Emerging Markets Group said in an interview in Singapore, without giving a price forecast. “Supply-demand is one thing, price…

EU Sanctions Nine Congolese Including Two Government Figures

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CONGO (Capital Markets in Africa) – The European Union imposed sanctions on nine Democratic Republic of Congo citizens, including the interior and communications ministers, accusing them of undermining democracy and responsibility for human-rights abuses. The travel bans and asset freezes represent a significant escalation in EU action against President Joseph Kabila’s government since it failed to hold elections in November. While the EU sanctioned seven security officials in December, Monday’s move is the first time the EU has…

Mobius Sees Way to Dodge Zuma Risks in South African Stock Picks

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African companies that have diversified beyond the country’s borders are the best bet for investors, because their fortunes are less tightly entangled with the political risks posed by the presidency of Jacob Zuma, said Mark Mobius, the executive chairman of Templeton Emerging Market Group. Decisions taken by Zuma have moved markets, most recently in March, when he fired Finance Minister Pravin Gordhan. The rand weakened and S&P Global Ratings and…

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