Southern Africa |

Zimbabwe Plans a Green-Energy Fund to Boost Generation

HARARE (Capital Markets in Africa) – Zimbabwe plans a green-energy fund to promote the use of renewables, with the initial aim of making up a 600 megawatt shortfall in electricity production. The southern African nation wants to generate at least 1,000 megawatts of power, or 16 percent of its total projected generation, through solar and other renewable energy systems by 2025, according to the energy ministry’s final draft of a policy document emailed to Bloomberg News. State-owned…

South Africa Inflation Rate Rises for First Time in 2017

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Consumer-price inflation accelerated to 5.4 percent from 5.3 percent in April, matching the median estimate of 22 economists in a Bloomberg survey and staying within the central bank’s target range for a second month. Prices increased 0.3 percent in the month, Statistics South Africa said in a report…

Angola’s Biggest Bank to Sell Bad Loans to Restore Profit

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LUANDA (Capital Markets in Africa) – Angola’s biggest bank plans to sell non-performing loans as part of a reorganization to return to profit. Banco de Poupanca e Credito SARL, known as BPC, aims to dispose of 231 billion kwanzas ($1.38 billion) of its unpaid loans to a state-owned company created earlier this year to recover bad debt and free the nation’s banks to lend again, according to Chairman Ricardo Viegas D’Abreu. The lender has also been…

Cell C Seeking 73% Debt Reduction in Blue Label Buyout Deal

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JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. is seeking to cut its debt by 73 percent as part of a deal that will help South Africa’s third-largest mobile-phone operator sell a stake to Blue Label Telecoms Ltd. while retaining its operating license, according to two people familiar with the matter. The proposed transaction will see Cell C split about 9 billion rand ($688 million) of borrowings into three special purpose vehicles, said the people, who…

South African Airways in Talks With Banks as Deadline Looms

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JOHANNESBURG (Capital Markets in Africa) – South African Airways is in talks with lenders about reviewing the terms of 9 billion-rand ($692 million) worth of loans due at the end of the month, and may have to tap government debt guarantees that are keeping the state-owned airline in operation. One bank has told SAA that it wants to be repaid by the end-June deadline, the Johannesburg-based carrier said Monday, without giving further details. Standard Chartered Plc refused…

The Leader Who Caused a Slump: Zuma Blamed for South Africa Mess

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JOHANNESBURG (Capital Markets in Africa) – The last time South Africa fell into recession, in 2009, it was because of the global financial crisis. This time around, economists and business executives agree, the cause is a person: the president. Jacob Zuma’s erratic political moves are breeding policy uncertainty and reluctance to invest, helping explain why the economy of the continent’s most industrialized nation contracted for a second straight quarter in the three months through March. Finance,…

South Africa Graft Ombudsman Proposes Changes to SARB Objective

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JOHANESBURG (Capital Markets in Africa) – South Africa’s graft ombudsman has suggested changes to the nation’s constitution to amend the Reserve Bank’s primary objective of protecting the value of the currency. The chairman of parliament’s justice committee should start a process to change the law’s section 224 that sets out the central bank’s primary objective, Public Protector Busisiwe Mkhwebane said in a report handed to reporters in the capital, Pretoria, on Monday. The proposed amendments remove the…

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