Southern Africa |

Tanking Economy Snaps Zimbabwe Dream of Post-Mugabe Revival

HARARE (Capital Markets in Africa) – Hopes of an economic revival in Zimbabwe lie in tatters 14 months after President Emmerson Mnangagwa took office, as the nation reels from foreign-exchange and fuel shortages, strikes and a dearth of political leadership. Disgruntlement with falling living standards spilled onto the streets of Harare, the capital, and other towns on Monday with thousands of people heeding a call by the country’s largest labor group to strike against massive fuel-price increases….

Sibanye Counts Hit to Earnings as Strike at Gold Mines Drags On

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JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Ltd. said a protracted strike at its South African gold mines may hurt earnings at a time when the producer remains under pressure to reduce debt. Thousands of workers started a strike in November over pay, and there’s inconsistent output at three mines amid limited operations, spokesman James Wellsted said, without saying how many workers are showing up. Sibanye is assessing the impact on its finances, he said. While the…

Mozambique Loan Bribe Claims May Void Debts, Law Professor Says

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MAPUTO (Capital Markets in Africa) – The arrest of Mozambique’s ex-finance minister and three former Credit Suisse AG managers over alleged bribes could render void about $2 billion of project loans to the country, according to Mitu Gulati, a law professor at Duke University in the U.S. The projects, a tuna fishing and coastal protection system, were created to enrich those involved, and at least $200 million of the proceeds went to bribes and kickbacks, according to an…

No Looking Back for S. African Rand as Bears Lose Conviction

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JOHANNESBURG (Capital Markets in Africa) – Rand bears are on the retreat as South Africa’s currency heads into 2019. The currency got off to a blistering start to the year, adding 3 percent amid receding worries over the U.S.-China trade war and the Federal Reserve’s second thoughts about policy tightening. And in a sign investor are leaving last year’s 14 percent slump behind them, some bearish indicators back at levels last seen before Turkey’s meltdown in August….

South Africa Report Urges Eskom, Transnet Criminal Probes

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JOHANNESBURG (Capital Markets in Africa) – A forensic report into South Africa’s state-owned electricity utility and ports and rail operator found some executives and board members failed to act in the companies’ best interests and recommended criminal investigations against them. The findings are contained in a report by Fundudzi Forensic Services, which the National Treasury contracted to investigate the following: The acquisition of locomotives at Transnet SOC Ltd. The appointment of U.S. consultancy McKinsey &…

Standard Chartered to Stop Financing New Coal Power Plants

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JOHANNESBURG (Capital Markets in Africa) – Standard Chartered Plc said it will stop financing new coal-fired power plants anywhere in the world as part of its commitment to supporting the Paris Agreement on climate change. The move follows “detailed consultation with a range of stakeholders,” according to a statement Tuesday from the London-based bank. Standard Chartered said its existing commitments were excluded from its new policy on coal energy. It currently has 14 project financing facilities in seven…

Legal Battle Looms Over South Africa’s Land-Seizure Plans

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JOHANNESBURG (Capital Markets in Africa) – A legal battle may be looming over plans by South Africa’s ruling party to change the constitution to make it easier to expropriate land without paying for it, with widely divergent views over the process that needs to be followed. Land seizures could violate the founding provision in section 1 of the constitution, which guarantees human dignity, rights and freedoms, outlaws racism and ensures the supremacy of the rule…

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