South Africa | - Part 32

South Africa’s Inflation Rate Falls to a 19-Month Low in June

JOHANNESBURG (Capital Markets in Africa) – South Africa’s inflation rate fell to its lowest in 19 months in June, creating room for the central bank to shift toward looser monetary policy. Inflation slowed to 5.1 percent from 5.4 percent in May, Pretoria-based Statistics South Africa said Wednesday in a report on its website. That’s the lowest rate since November 2015. The median of 21 economists’ estimates compiled by Bloomberg was for 5.2 percent. Prices increased 0.2 percent in…

Taste Is Said to Delay Luxury Unit Sale as Buyers Balk at Price

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JOHANNESBURG (Capital Markets in Africa) – Taste Holdings Limited has suspended the auction of its business selling jewelery and high-end watches after failing to find a buyer willing to pay an asking price of as much as 400 million rand ($31 million), according to two people familiar with the matter. The South African company said in April it planned to fully focus on expanding its food unit, which includes the local franchises for U.S. brands Starbucks Corp. and…

Analysts Eye South Africa Rate, Even If No Change Seen: Street Wrap

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Reserve Bank faces a tricky interest-rate decision on Thursday. The nation’s economy unexpectedly fell into recession in the first quarter. Combating the slump with looser monetary policy may fan inflation, which slowed to within the central bank’s 3 percent to 6 percent target in April for the first time in eight months. It would also be problematic for international investors, given that the rand already has one of the worst…

Years of Gridlock Face South Africa as Rules Paralyze Mining

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JOHANNESBURG (Capital Markets in Africa) – Executives from Sibanye Gold Ltd., South Africa’s biggest gold miner, were in Los Angeles in the final stages of a roadshow with U.S. bond fund managers last month when a bombshell hit from back home. The government had introduced shock new rules requiring local mines to be 30 percent black-owned in perpetuity, toughening existing requirements and implying hefty dilution for shareholders. South African stocks tumbled and bond yields rose that day. The…

South Africa Graft Ombudsman Won’t Fight Central Bank Court Bid

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s anti-graft ombudsman won’t oppose the Reserve Bank’s court application to review and set aside her instruction to parliament to change the constitution and amend the central bank’s primary role. Public Protector Busisiwe Mkhwebane considered legal advice and decided not to oppose the application the central bank filed on June 28, her office said in an emailed statement on Monday. In a report last month, Mkhwebane instructed the legislature to start…

South Africa’s Welfare Agency Scraps Minister’s Advisory Teams

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Johannesburg (Capital Markets in Africa) – The South African Social Services Agency has scrapped the advisory groups that were set up to plan for the future of the country’s more than $11 billion of annual welfare payments. Letters were sent to the so-called “work streams” last week informing them of their termination, Sassa Chief Executive Officer Thokozani Magwaza said in an interview at Bloomberg’s Johannesburg office on Monday. Magwaza said he had informed Social Development Minister…

EXEO Capital’s Agri-Vie Fund exit from Fairfield Dairy South Africa

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JOHANNESBURG (Capital Markets in Africa) – Agri-Vie Fund I, the Africa Food and Agribusiness Investment Fund managed by the pan-African private equity investment firm, EXEO Capital, has announced its exit from one of South Africa’s most respected value-added dairy companies, Fairfield Dairy, concluding a fruitful partnership which has vastly expanded the business over seven years. Kevin Lang, founder and major shareholder of Fairfield Dairy, says that during this time, Fairfield Dairy substantially strengthened its operations…

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