Southern Africa |

Bonds Extend Rally Ahead of Linker Auction

JOHANNESBURG (Capital Markets in Africa) – South Africa’s 10-year government bonds rose for a fourth day, set for the longest winning streak in two months, ahead of National Treasury’s inflation-linked bond auction, scheduled later Friday. The rand weakened against the dollar, broadly in line with other emerging-market currencies. National Treasury plans to sell 900m rand ($63.4 million) across inflation-linked bonds maturing in 2029, 2033 and 2050. This is the first linker auction with an increased issuance size,…

South Africa Treasury Seeks Funding Plan to Boost Eskom’s Liquidity

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Treasury is identifying ways to boost liquidity at the embattled state-owned power utility as its cash reserves slide due to below-target revenue. The National Treasury is concerned about Eskom Holdings SOC Ltd.’s “current financial position and has been working closely with the Department of Public Enterprises and Eskom to address the issues that are impacting the entity’s liquidity position,” the ministry said an emailed response to questions on…

Zimbabwe Power Brokers: Key Figures in Battle to Succeed Mugabe

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HARARE (Capital Markets in Africa) – The military takeover of Zimbabwe on Wednesday marked the climax of a week of confrontation between the military and President Robert Mugabe, the nonagenarian leader who’s led the southern African nation for almost four decades. Four key figures within Zimbabwe’s ruling party will determine how the battle to succeed him plays out: Emmerson Mnangagwa, 75, has been a close ally of Mugabe’s since 1974 when the two were leading members…

South Africa Budget Head Resigns Amid Education-Funding Spat

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JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s budget office, Michael Sachs, resigned amid speculation President Jacob Zuma is bypassing the National Treasury to implement plans for free university education. Sachs, who headed the office since November 2013, is the third senior Treasury official to leave since Zuma appointed Malusi Gigaba to replace Pravin Gordhanas finance minister in March. Sachs won’t be leaving immediately, “to ensure a proper handover to another senior official and to allow for…

As Leadership Vote Looms, Four Scenarios for South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling African National Congress is due to elect a new leader next month and the race is proving to be one of the most hotly contested and divisive in the 105-year-old party’s history. The front-runners to succeed President Jacob Zuma are his deputy Cyril Ramaphosa and Nkosazana Dlamini-Zuma, Zuma’s ex-wife and the former chairwoman of the African Union Commission, with ANC Treasurer-General Zweli Mkhize seen as a possible compromise candidate. While it remains guesswork who’ll…

Mauritian Deputy Premier Soodhun Steps Down, Prime Minister Says

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PORT LOUIS (Capital Markets in Africa) – Mauritian Vice Prime Minister Showkutally Soodhun has stepped down and police are still investigating inappropriate comments that he allegedly made, the Indian Ocean island nation’s leader said. “I met with Minister Soodhun this afternoon,” Prime Minister Pravind Jugnauth told reporters in the capital, Port Louis, on Friday. “We reviewed the situation. We agreed that in the general interest he steps down as DPM and Minister of Housing and…

Zimbabwe’s Ousted Vice President Flees After Death Threats

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HARARE (Capital Markets in Africa) – Former Zimbabwean Vice President Emmerson Mnangagwa fled the southern African nation because of “incessant threats” against him and his family two days after he was fired by President Robert Mugabe. Mnangagwa, 75, said Wednesday in a statement that he never planned to harm Mugabe, who he’s been supporting for more than four decades, and pledged to work to establish a “new and progressive leadership” in the ruling Zimbabwe African National Union-Patriotic Front….

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