Features | - Part 206

Hedge-Fund Owner Peregrine Considers Split to Boost Returns

JOHANNESBURG (Capital Markets in Africa) – Peregrine Holdings Ltd., the operator of South Africa’s oldest hedge fund, is considering a plan to split the company by using profits from its stockbroking and wealth-management units to create a new investment firm. The stock surged the most in a year. The company, which also owns half of advisory business Java Capital, has about 1.5 billion rand ($115 million) of surplus cash on its balance sheet that could be…

Capitec Says Political Risk May Delay SouthAfrica Economic Rebound

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The uncertainty surrounding South African Finance Minister Pravin Gordhan’s future risks heaping extra pressure on consumers and delaying a rebound in the country’s economy, according to the nation’s largest provider of loans not backed by assets. “It’s going to be a difficult year if you look at the political risk,” Capitec Bank Holdings Ltd. Chief Executive Officer Gerrie Fourie said by phone on Tuesday. “It’s probably going to be much longer before there’s a turning point…

Africa will develop on its own terms, not based on the benevolence of others, AFDB President

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – “Africa will develop on its own terms, not based on the benevolence of others. And that is the only way we can make development faster and driven by our own needs – with a deep sense of urgency and responsibility.” These were the words of African Development Bank Group President Akinwumi Adesina, who delivered the keynote address on Monday, March 27, 2017 in Abidjan, as part of a week-long…

Google to Ramp Up Africa Investment With Fiber, Cheaper Phones

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Google Inc. is scaling up investment in Africa by laying fiber optic cable, easing access to cheaper Android phones and training a workforce in digital skills as the U.S. technology giant seeks to expand on the continent. “We laid about 1,000 kilometers (621 miles) of fiber in Uganda and we are busy doing about 1,000 kilometers in Ghana,’’ Google’s South Africa head Luke McKend said in a phone interview. “We…

Land Reform `Key’ for S. Africa Economic Stability, ANC Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party will accelerate the transfer of land to the black majority to help reduce inequality and avert future protests, the African National Congress’s spokesman Zizi Kodwa said. “If you don’t deal decisively with the issue of land, you may have to deal with a bigger problem,” Kodwa said in an interview at the party’s head office in Johannesburg on Wednesday. President Jacob Zuma has vowed to step up wealth distribution in…

African Soccer Ruler’s 29-Year Reign Ends After Election Defeat

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A little-known official from Madagascar toppled African soccer head Issa Hayatou, ending almost 30 years of rule as the world’s most-popular sport continues to deal with the fallout of corruption probes into its management. Ahmad Ahmad, 57, will replace Cameroon’s Hayatou, who is also senior vice president of global governing body FIFA, after a 34-20 victory in a vote Thursday in Ethiopia’s capital Addis Ababa. Hayatou’s ouster is the second…

Military wins in first Trump budget; environment, aid lose big

Posted on by The Editorial Team

WASHINGTON (Capital Markets in Africa) – President Donald Trump will ask the U.S. Congress for dramatic cuts to many federal programs as he seeks to bulk up defence spending, start building a wall on the border with Mexico and spend more money deporting illegal immigrants. In a federal budget proposal with many losers, the Environmental Protection Agency and State Department stand out as targets for the biggest spending reductions. Funding would disappear altogether for 19…

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