Southern Africa |

South Africa Court Scraps Bid to Alter Central Bank Role

JOHANNESBURG (Capital Markets in Africa) – South Africa’s High Court scrapped a bid by the nation’s anti-graft ombudsman to change the central bank’s inflation-targeting mandate. The Public Protector’s instruction that lawmakers should start a process to change the constitution and amend the Reserve Bank’s mandate is set aside, Judge Cynthia Pretorius said in a ruling. The judgment removes the risk of politicians interfering in the functioning of the central bank and may ease concerns about…

Africa’s Biggest Copper Mine Hit by Zambian Power Restrictions

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LUSAKA (Capital Markets in Africa) – Zambia is cutting power to mines including Africa’s biggest copper site, the Kansanshi pit owned by First Quantum Minerals Ltd., escalating a fight over tariffs. “They have still got some significant amount of power for them to operate, but obviously their operations will not be at 100 percent because of the power restrictions,” Energy Minister David Mabumba told reporters Tuesday in Lusaka, the capital. Glencore Plc has said it halted production…

Moody’s Downgrades Namibia’s rating to Ba1, maintains negative outlook

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WINDHOEK (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) has today downgraded Namibia’s long-term senior unsecured bond and issuer ratings to Ba1 from Baa3 and maintained the negative outlook. The key factors for downgrading the rating are: Erosion of Namibia’s fiscal strength due to sizeable fiscal imbalances and an increasing debt burden Limited institutional capacity to manage shocks and address long-term structural fiscal rigidities Risk of renewed government liquidity pressures in the coming years…

Old Mutual First-Half Profit Climbs as Insurer’s Split Looms

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc, the London insurer planning to split into four separate businesses, said first-half profit almost doubled after it reduced debt and sold shares in its U.S. asset management unit. Pre-tax adjusted operating profit rose 37 percent and net income climbed to 531 million pounds ($689 million) from 284 million pounds a year earlier, the London-based insurer said in a statement on Friday. Diluted basic earnings per ordinary share increased…

Moody’s: Angolan Banks FAQ answers investors’ questions on correspondent banking pullback

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London (Capital Markets in Africa) – In a new report Moody’s Investors Service answers investors’ questions about the credit implications for Angolan Banks, such as Banco Angolano de Investimentos, S.A. (BAI, BCA b3, LT local currency bank deposits B1, Negative), of the recent reduction in correspondent banking services. The report, “Banco Angolano de Investimentos, S.A. (BAI) Case Study: Angolan banks face challenges meeting dollar obligations following loss of correspondent bank relationships,” is now available on…

Angola’s President Dos Santos to Retain Hold on Power After Retiring

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LUADAN (Capital Markets in Africa) – Jose Eduardo dos Santos is set to maintain control from behind the scenes when he steps down as Angola’s president next month after almost four decades in office. Dos Santos will until at least 2018 still be leader of the Movement for the Liberation of Angola, or MPLA, the party that has ruled the southern African nation since its independence from Portugal in 1975. And, this month the government pushed a law…

President Mugabe’s Party Is Said to Consider Early Zimbabwe Elections

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HARARE (Capital Markets in Africa ) -Zimbabwe’s ruling party is considering calling elections early next year out of concern that President Robert Mugabe’s health is worsening and disputes among his supporters could galvanize opposition efforts to form an alliance, three officials familiar with the government’s plans said. While general elections must be held constitutionally by Aug. 21 in 2018, the Zimbabwe African National Union-Patriotic Front’s chances of maintaining its more than three-decade grip on power will…

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