South Africa | - Part 29

Worst May Be Over as Biggest Africa Economies End Growth Rut

LAGOS (Capital Markets in Africa) – The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century. South Africa…

Zuma Has Broken Businesses’ Trust, South African Lobby Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – President Jacob Zuma and his ruling African National Congress have broken the business community’s trust after he recalled a finance minister from an investment roadshow in the U.K. and then fired him in a cabinet shuffle, the head of Business Leadership South Africa said. The exit of Pravin Gordhan as finance minister prompted two of the three main credit ratings agencies to cut the assessment on South Africa’s foreign-currency debt to junk, thwarting…

Ramaphosa Targeted as S. Africa’s Succession Race Turns Ugly

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JOHANNESBURG (Capital Markets in Africa) – The race to lead South Africa’s ruling party is turning increasingly nasty. Allegations that Deputy President Cyril Ramaphosa, a front-runner for the post, had extra-marital affairs with at least eight women and paid expenses for some of them were splashed across the front page of the Sunday Independent, which cited Ramaphosa’s private emails to back up the story. It didn’t say how it obtained them. Ramaphosa called the report part…

No Quick Fix for South Africa’s Frail Economy When Zuma Goes

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JOHANNESBURG (Capital Markets in Africa) – Anyone who believes there’s a quick fix for South Africa’s political and financial malaise when President Jacob Zuma leaves office needs to think again. His successor will inherit an economy that slid into recession in the first quarter, mismanaged state companies that are bleeding cash and a network of officials implicated in looting taxpayer funds. Efforts to reignite growth and rein in a 27.7 percent unemployment rate will be hamstrung by the…

South Africa Has Longest Trade-Surplus Run in Six Years in July

Posted on by The Editorial Team

JOHANNESBUGH (Capital Markets in Africa) – South Africa had a surplus on its trade balance in July, the longest run of positive readings since 2011. The 9 billion-rand ($689 million) surplus compares with June’s revised 10.6 billion-rand surplus, the Pretoria-based South African Revenue Service said in an emailed statement Thursday. The median of nine economists’ estimates was for 7.1 billion rand. The surplus eases pressure on the current account, the broadest measure of trade in goods and services, while also boosting…

Death Threats, Court Case Mark Battle for South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – Death threats and court challenges mark an intensifying battle for control of South Africa’s ruling African National Congress as factions fight it out in the nation’s provinces before the party elects a new leader to replace Jacob Zuma. In the region with the most ANC members, KwaZulu-Natal, the high court is expected to rule next month on an application by party officials to overturn an 2015 election of provincial leaders…

AfriSam Is Said to Be Talking to Partner to Secure PPC Deal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – AfriSam Group Pty Ltd. is in negotiations with an equity partner to recapitalize the company and enable South Africa’s second-biggest cement maker to push through a merger with larger rival PPC Ltd., according to two people familiar with the matter. Closely held AfriSam has a letter of intent from an investment company based in the Americas that’s willing to put up new funding, said the people, who asked not to…

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