Features | - Part 227

Moody’s Puts 5 South African State Firms on Downgrade Review

Johannesburg, Capital Markets in Africa: Moody’s Investors Service has placed five South African state-owned companies on review for a downgrade due to concerns about governance and the political environment. The foreign currency long-term issuer ratings of Eskom Holdings SOC Ltd., the Development Bank of Southern Africa, Industrial Development Corp., the South African National Roads Agency Ltd. and the Land and Agricultural Development Bank were all placed on review for downgrade, the rating company said in separate statements Wednesday. Eskom’s rating…

Congo to Appoint Caretaker Government Until Delayed Election

Posted on by The Editorial Team

CONGO, Capital Markets in Africa: Democratic Republic of Congo elections will be delayed until the voter register is updated and a new government will be appointed to run the nation until the vote, a joint delegation of the ruling party and some opposition members said. President Joseph Kabila will remain in power until the vote is held and will in the meantime reorganize the government to include representatives of the opposition, ruling party member and Justice Minister Alexis Thambwe told reporters in…

Guinness Nigeria to Export Beer to South Africa to Add Sales

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Guinness Nigeria Plc plans to increase exports to improve sales and generate more foreign exchange as the country’s second-largest brewer battles to overcome an economic slump in its home market. The unit of London-based Diageo Plc will consider selling Guinness stout and the herbal drink Orijin in South Africa to boost the proportion of beverages it sends to international markets, Chief Executive Officer Peter Ndegwa, 48, said in a Sept. 9 interview at the company’s…

Heineken Looks to Premium Brands in South African SAB Battle

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa: Heineken NV’s recent introduction of Sol Mexican lager to South Africa forms part of a plan to boost its market share in a country dominated by soon-to-be-acquired SABMiller Plc. The Dutch brewer brought Sol to South Africa this month and plans to add more premium brands there, country head Ruud van den Eijnden said in an interview Tuesday. Growth will also be achieved through established brands such as Heineken, Amstel and Windhoek, he…

South Africa’s Economy Diagnosis: Welcome To Stall Speed

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Growth in South Africa is likely to hit stall speed in 2016, at a barely positive 0.3%Y, by our estimates. Yet even as a Brexit-induced global growth shock further complicates the outlook, we see currency prospects as less concerning. The SARB is on hold for the foreseeable future, in our view. A revised GDP data series combined with our views of economic stagnation in several developed markets in 2017…

President Zuma Turmoil Leaves South Africa’s Economy Down But Not Out

Posted on by The Editorial Team

Johannesburg, Capital Market in Africa: At first glance, South Africa appears on a road to nowhere, mired in leadership turmoil and economic stagnation that are rolling back many of the hard-won gains of 22 years of multiracial rule. President Jacob Zuma, who’s lurched from one scandal to the next, is warring with his finance minister over control of the National Treasury. Government and ruling-party officials are at each other’s’ throats over policy, appointments and alleged cronyism. And the…

Luster Wears off Tanzanian President’s Anti-Corruption Drive

Posted on by The Editorial Team

Dar es Salam, Capital Markets in Africa: Tanzanian President John Magufuli’s quick action to stem corruption and government waste won praise from so many graft-weary East Africans that it triggered the internet meme #WhatWouldMagufuliDo. Now, there are growing concerns that the man nicknamed “bulldozer” is going too far. This year, the government has banned three newspapers for reasons including “inflammatory” reporting and ordered the closure of two radio stations for allegedly broadcasting seditious content. In June, police outlawed all protests…

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