Features | - Part 229

Century-Old Barloworld of South Africa Eyes New Regions for Growth

Johannesburg, South Africa, Capital Markets in Africa: Barloworld Ltd., the South African industrial company founded114 years ago selling woollen goods, will consider opportunities for expansion in East and West Africa as the distributor of Caterpillar Inc. equipment seeks to double revenue by 2020. Barloworld, which on Tuesday marked the 75th anniversary of its listing on the Johannesburg Stock Exchange, is seeking to grow annual sales to more than 120 billion rand ($9.1 billion) by 2020, Chief Executive Officer Clive…

South Africa’s ANC Leans to ‘Fiscal Populism’ After Vote Setback

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s ruling African National Congress is leaning toward more populist economic policies to win back support after its worst performance in an election since Nelson Mandela led the party to victory in a vote that ended apartheid in 1994. The ANC will press the government to prioritize creating jobs and alleviating poverty in the national budget at the four-day cabinet meeting that started Tuesday, Secretary General Gwede Mantashe said after the party’s top…

Mugabe’s Purged Ally Appears With Tsvangirai in Opposition Boost

Posted on by The Editorial Team

HARARE, Capital Markets in Africa: Zimbabwe’s former Vice President Joice Mujuru appeared at rallies with his political foe Morgan Tsvangirai in the central city of Gweru, boosting opposition against President Robert Mugabe. Mujuru, who served in Mugabe’s first cabinet in 1980 and rose to become the 92-year-old leader’s deputy, formed Zimbabwe People First after being expelled from the ruling Zimbabwe African National Union – Patriotic Front in 2014 after she was accused of plotting Mugabe’s…

Lungu Wins Zambia Presidential Vote Rival Says Was Rigged

Posted on by The Editorial Team

LUSAKA, Zambia, Capital Markets in Africa: Zambian President Edgar Lungu was declared the winner of an Aug. 11 election that the main opposition said was stolen by the electoral commission and ruling party officials who colluded to rig the outcome — an allegation the authorities deny. Lungu, 59, secured a five-year term with 1.86 million of the about 3.7 million valid votes cast, surpassing the 50 percent mark needed to avoid a runoff, Esau Chulu, chairman of…

Zambians Await Presidential Vote Results After Frenzied Campaign

Posted on by The Editorial Team

LUSAKA, Zambia, Capital Markets in Africa: Ballot counting in Zambia was under way Friday after voting ended in a hotly contested election that pitted President Edgar Lungu against his main challenger, Hakainde Hichilema, for the second time in 19 months. Less than 28,000 votes separated the two men when they contested a snap poll in January last year, after President Michael Sata died in office. While Lungu’s administration has improved the country’s road system and built new clinics and schools, a growth…

SBM of Mauritius Looks to New Hires to Sustain Earnings Growth

Posted on by The Editorial Team

Mauritius, Capital Markets in Africa: SBM Holdings Ltd., the second-biggest company by market value in Mauritius, plans to reshuffle its top management and make new hires to sustain earnings growth that saw first-half profit more than double. “With further appointments at strategic posts in the coming months, in line with the implementation of our modernization and diversification plan, SBM is poised to generate new sources of income which will impact even more favorably on our…

Currency conundrums in Zimbabwe

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe abandoned the use of its own currency, the Zimbabwe dollar, in February 2009 and adopted a multi-currency regime. The demise of the Zimbabwe dollar was not mourned. By the time it was phased out it had lost all credibility as a medium of exchange, after years of hyperinflation running to many million percent. While the multi-currency regime legalised the use in Zimbabwe of a number of currencies, among…

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