Disappointed’ South Africa Summons Ambassadors on FDI Memo

Disappointed’ South Africa Summons Ambassadors on FDI Memo

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Department of International Relations and Cooperation expressed “disappointment” with five embassies for telling President Cyril Ramaphosa that foreign investment is at risk because of the country’s failure to prosecute people for government corruption. The decision by the U.S., the U.K., Germany, the Netherlands and Switzerland to send a memorandum to the presidency instead of communicating through the department is a “departure from diplomatic practice,” the department said…

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Markets Show Little Concern About South Africa Credit Downgrade

Markets Show Little Concern About South Africa Credit Downgrade

JOHANNESBURG (Capital Markets in Africa) – South Africa’s shrinking risk premia are a sign that investors are increasingly pricing out the chances of a credit downgrade for Africa’s most industrialized economy. Benchmark bond yields, credit default swaps and the nation’s sovereign spread have all declined to multi-month lows, even after Finance Minister Tito Mbowenisaid in October that government debt would peak two years later and at a higher level than previously forecast. But with emerging markets on a roll since the…

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Clover Gets $359 Million Offer in South Africa Investment Boost

Clover Gets $359 Million Offer in South Africa Investment Boost

JOHANNESBURG (Capital Markets in Africa) – Clover Industries Ltd. received a buyout offer from investors led by Israel’s Central Bottling Co. that values the South African company at 4.8 billion rand ($359 million), giving a boost to President Cyril Ramaphosa’s effort to lure foreign investment to the country. The acquiring group offered 25 rand a share for the Johannesburg-based dairy and drinks producer, compared with a Friday closing price of 20 rand, Clover said in a statement on Monday….

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Gold Miners Get Their Mojo Back as Giant Deals Revive Allure

Gold Miners Get Their Mojo Back as Giant Deals Revive Allure

JOHANNESBURG (Capital Markets in Africa) – After years on the sidelines, gold producers are suddenly the mining world’s hottest topic as the industry gathers in Cape Town this week. For more than half a decade, gold miners have been stuck in the doldrums, shunned by investors following a string of missteps and bogged down by a stagnant bullion price. Then, in September, a surprise mega deal turned the industry on its head. Barrick Gold Corp.’s $5.4 billion…

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Africa’s Top Fund Manager’s Board Walkout May Stifle Investment

Africa’s Top Fund Manager’s Board Walkout May Stifle Investment

JOHANNESBURG (Capital Markets in Africa) – A deepening crisis at South Africa’s biggest money manager is threatening to cast a pall over the economy and throw into doubt potential deals, including the bailout of the nation’s largest clothing retailer. Nine Public Investment Corp. directors quit on Friday, saying the institution overseeing the pension funds of most South African civil servants has entered a “state of paralysis” following misconduct claims against some board members. Those included questionable investments in the…

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Partech announces the final closing of its Partech Africa fund at EUR125mn

Partech announces the final closing of its Partech Africa fund at EUR125mn

LAGOS (Capital Markets in Africa) – Partech announces the final closing of its Partech Africa fund at €125 M ($143 M) above its hard cap and establishes East Africa presence. The Partech Africa Fund achieves a final closing at €125M, more than double the size of its first closing a year ago at €57M ($70M). Backed by a unique set of financial institutions, major corporate partners and successful entrepreneurs, Partech Africa sets out with the…

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Dublin Is Bursting at the Seams, and That’s Even Before Brexit

Dublin Is Bursting at the Seams, and That’s Even Before Brexit

LONDON (Capital Markets in Africa) – Conall Laverty, who raised over $1 million for his Dublin-based startup, jokes that his mother still wants to know when he’s going to get a real job — maybe at Google or one of the other technology giants scattered across the city. U.S. companies flooding into Ireland now employ, either directly or indirectly, about one in five workers in the country. Last month, Facebook Inc. and Salesforce.com Inc. unveiled plans to hire 2,500 more people…

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