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Ramaphosa’s Announcement of ANC Leadership Ticket Riles Backers

JOPHANNESBURG (Capital Markets in Africa) Leaders of the ruling African National Congress in South Africa’s richest province said they oppose Deputy President Cyril Ramaphosa’s decision to announce a ticket of running mates in his bid to become the ANC’s next president, saying it has the potential to deepen divisions in the party. While ANC leaders in Gauteng province back Ramaphosa to replace President Jacob Zuma as ANC leader, they don’t support his announcement on Sunday of a…

Vodacom to Trial South Africa’s First 5G Service With Nokia

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Vodacom Group Limited agreed to a partnership with Nokia Oyj that will see South Africa’s biggest mobile-network operator trial the country’s first high-speed 5G internet service. The two companies will work together to see how the mobile broadband can be best used in Africa’s most industrialized economy, where the government has delayed a proposed auction of new spectrum. They will also examine how 5G can be used to boost industries that…

South Africa Stocks Regulator May Seek Foreign Help in Gupta Probe

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s stock-market regulator said it has started a formal investigation into trades in Oakbay Resources and Energy Limited, a company controlled by the politically connected Gupta family, and may seek assistance from international supervisory bodies. A preliminary probe into the November 2014 dealings has been completed, and if needed, the Financial Services Board will contact counterparts in other countries, the Pretoria-based authority said in an emailed response to questions…

South African Airways Seeks Investor to Revive Its Fortunes

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JOHANNESBURG (Capital Markets in Africa) – South African Airways will revive a plan to seek an equity partner that’s able to provide cash and operational savings to help turn around the state airline, according to its new chief executive officer. A strategic investor would ideally come from within the aviation industry, CEO Vuyani Jarana, 47, said in an interview at Bloomberg’s Johannesburg office on Monday. That will enable unprofitable SAA to share costs, improve customer service…

FirstRand, South Africa Challenges U.K. Lenders With Aldermore Buy

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JOHANNESBURG (Capital Markets in Africa) – Africa’s largest lender by market value plans to take on Britain’s biggest banks with the takeover of Aldermore Group Plc as growth in its home market stutters. FirstRand Ltd. said on Monday it agreed to buy all of Aldermore after winning the backing of the U.K. lender’s board and its largest shareholder. The offer, which values Aldermore at about 1.1 billion pounds ($1.4 billion), will help the Johannesburg-based company diversify away from…

Mugabe Fires Deputy After Wife Says She Can Lead Zimbabwe

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HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe dismissed Emmerson Mnangagwa as his deputy, a day after first lady Grace Mugabe accused him of planning a coup and said she’s prepared to succeed her husband as leader of the southern African nation. Mngangagwa, 75, was fired for “among other things, disloyalty,” Information Minister Simon Khaya Moyo told reporters Monday at Mugabe’s office in the capital, Harare. The announcement followed the president’s comments at a rally on Saturday in the southern African…

Standard Bank Denied Access to Rand-Rigging Investigation Record

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Competition Tribunal declined Standard Bank Group Ltd.’s request for the early release of the investigators’ report into the lender’s alleged part in currency manipulation. The tribunal, which rules on antitrust matters like a court, won’t “order the immediate production of the record, as Standard Bank was not yet entitled to it,” the Pretoria-based antitrust body said in an emailed statement on Monday. While the earlier production of the investigation…

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