South Africa | - Part 23

Africa’s Contemporary Art Finds a Home in Cape Town Museum

JOHANNESBURG (Capital Markets in Africa) – Overlooking the harbour in Cape Town, the Zeitz Museum of Contemporary Art Africa, known as Zeitz Mocaa, opened last month in a former corn silo complex that was renovated for 500 million rand ($37 million). It displays strictly 21st century works by a range of young and established artists from across the continent, including South Africa’s Simphiwe Ndzube and William Kentridge and Kenyan-born Wangechi Mutu, as well as African-American and Afro-Caribbean pieces….

Weak South Africa Growth May Allow for Lower Rate, Bank Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s weak economic growth may provide some scope for lower interest rates, the central bank said. “With near-zero growth and a negative output gap, there is some limited scope for lower interest rates to have positive counter-cyclical effects,” the South African Reserve Bank said in its Monetary Policy Review Wednesday. The central bank left its key rate unchanged at 6.75 percent on Sept. 22 as it assessed risks to the rand…

KPMG South Africa Finds No Evidence That Errors Are `Systemic’

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JOHANNESBURG (Capital Markets in Africa) – KPMG LLP’s South African unit hasn’t found evidence that mistakes it made during work done for the politically connected Gupta family and the country’s tax authority run throughout the auditing firm’s business. The errors are not “systemic,” KPMG South Africa Chief Executive Officer Nhlamu Dlomu told parliament’s Standing Committee on Public Accounts in Cape Town on Thursday. The company will continue to take “strong action” to address the issues,…

South Africa Budget Gap May Grow to 4.5% on Less Tax, Bank Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s budget deficit could swell to more than what the government forecast in February as tax revenue falls short of expectations, the central bank said. Tax revenue in the fiscal first quarter that ended June 30 was 13 billion rand ($956 million) behind target, the South African Revenue Service said last month. Should collection continue to fall short of estimates, it would be more than 40 billion rand, or…

Graft, Faction Fights Undermine South Africa, Minister Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s future is being undermined by rampant corruption and faction fights in the ruling African National Congress ahead of its conference to choose a new leader to succeed President Jacob Zuma, Human Settlements Minister Lindiwe Sisulu said. Sisulu, who’s vying to succeed Zuma as the ANC leader at the party’s national conference in December, made her comments Wednesday in a wide-ranging discussion at a town hall meeting in Johannesburg hosted…

Investors Undeterred by Risks as South Africa Bond Inflows Soar

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JOHANNESBURG (Capital Markets in Africa) – Political turmoil, the risk of a widening budget deficit, a weakening currency and the prospect of a credit downgrade to junk would usually put investors off a country’s bonds. Not when it comes to South Africa. The lure of the highest yields among emerging-market peers is proving irresistible, with foreign investors buying a net 18 billion rand ($1.3 billion) of South African bonds in September, the most in a month…

PPC Extends Battle for African Cement Maker by Ordering Review

Posted on by The Editorial Team

JOHANNESBUG (Capital Markets in Africa) – PPC Limited hired Investec Plc to review an offer by Fairfax Financial Holdings Ltd. for South Africa’s biggest cement maker and said other interested bidders should be granted enough time to conduct full due diligence. Investec has been appointed to consider the partial offer by Toronto-based Fairfax and the planned merger between PPC with local rival AfriSam Group Pty Ltd. that’s part of the proposal, Johannesburg-based PPC said in a statement Tuesday….

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