South Africa | - Part 10

Tiger Falls as Factory Blamed for Outbreak That Killed 180

JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. tumbled after the South African company’s processed meat was identified as a source of the listeriosis outbreak that’s killed 180 people and infected about 1,000. Africa’s largest packaged food maker has been ordered to recall certain Enterprise brand ready-to-eat items and has suspended operations at two plants, while South Africans are being advised to avoid all similar processed meat products. The listeriosis outbreak in South Africa was…

South Africa Plans Return to Islamic Market to Plug Budget Gap

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JOHANNESBURG (Capital Markets in Africa )- South Africa’s debut sale of Islamic bonds had investors clamouring for four times the amount offered. The government is hoping for more of the same as it returns to the market to help plug a budget shortfall of more than $4 billion. Africa’s most-industrialized nation is considering a rand-denominated sukuk in the fiscal year starting April 1, after becoming the first African nation to issue a sovereign Shariah-compliant bond…

South Africa to Raise GDP Growth Forecasts in October, Nene Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s National Treasury will probably raise projections for economic growth this year in its October mid-term budget as the country overcomes governance and financial problems that have lowered confidence, Finance Minister Nhlanhla Nene said. Newly appointed president Cyril Ramaphosa reappointed Nene to the role last month. When former leader Jacob Zuma fired him and replaced him with a little-known lawmaker in 2015, the move triggered a sell-off in the rand and bonds. Policy uncertainty…

Zuma’s Protracted Exit Tests Ramaphosa’s Power in South Africa

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JOHANNESBURG (Capital Markets in Africa) – Less than two months after taking over the leadership of South Africa’s ruling party, Cyril Ramaphosa is facing a key test of his authority: President Jacob Zuma just won’t go away. Zuma initially defied a decision by top leaders of the African National Congress that he should quit, but his exit seemed imminent when parliament on Tuesday postponed the annual state-of-the-nation address just two days before he was due to deliver it. On…

Zuma Exit Appears Step Closer as ANC Holds Transition Talks

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JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma appeared a step closer to resigning as he held crunch negotiations on the terms of his exit with the new leader of the ruling African National Congress, Cyril Ramaphosa. The talks prompted the ANC’s National Executive Committee, its top decision-making body, to postpone a special meeting called for Wednesday to decide whether to force Zuma from office. Ramaphosa said the talks about the transition of power would…

Naspers Asking Investec to Pull `Damaging’ Analyst Report

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JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. asking Investec Ltd. to withdraw an analyst report that it says contains errors and has damaged Africa’s biggest company by market value and its shareholders. In the note dated Jan. 22 seen by Bloomberg News, Investec analysts David Smith and Thapelo Mokonyane said Naspers should be valued at a 30 percent discount to its assets. That’s due to a gradual increase in the number of outstanding shares…

Futuregrowth Unmoved on Lending as Eskom Eyes Bond Market

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest specialist fixed-income money manager says it’s not quite ready to resume lending to the cash-strapped state electricity company. Cape Town-based Futuregrowth Asset Management, which oversees about 177 billion rand ($15 billion), halted lending to Eskom Holdings SOC Ltd. in 2016, citing concerns over governance and financial management. While the publication of overdue financial statements this week was a step in the right direction, Futuregrowth’s position hasn’t…

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