South Africa | - Part 17

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

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

Posted on by The Editorial Team

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…

South Africa’s Main Stock Index Hits 60,000 for First Time

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s benchmark stock index reached the 60,000 points level for the first time as investors responded positively to news that Cyril Ramaphosa has the lead in the African National Congress leadership race and a weakening rand gave support to exporters. The FTSE/JSE Africa All Share Index climbed as much as 0.8 percent to 60,140.33 in Johannesburg, before settling at a record close of 59,975.67, a gain of 0.6 percent. Signs that…

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…

Bets on Ramaphosa Sweeten South African Stocks Rally as Risk Wanes

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JOHANNESBURG (Capital Markets in Africa) – Buoyant commodities and a weaker currency have already made South African stocks a tasty treat for investors. Now, some are betting on politics to add to the flavour. Advancing raw-material prices and the rand’s plunge to the lowest level this year boosted exporters’ shares, sending the benchmark gauge in Johannesburg to a record. Yet, some money managers have remained doubtful on how far the rally could go given President…

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