South Africa | - Part 40

South Africa to Stick to Low Inflation Plan, Central Bank Says

JOHANNESBURG (Capital Markets in Africa) – South African inflation is under control and the central bank will maintain a policy to keep it low to protect the poor and ease inequality, Reserve Bank Governor Lesetja Kganyago said. Pursuing other priorities, such as reducing unemployment, has been shown in other countries to cause “widespread economic damage,” Kganyago said in a speech at the University of KwaZulu-Natal in the coastal city of Durban on Tuesday. The central bank expects price…

South Africa to Study Annual Wealth Tax as It Targets Rich

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s finance ministry has asked for a study into the introduction of an annual wealth tax as the government seeks to boost the standard of living of the black majority. The Davis Tax Committee, which makes recommendations to the National Treasury, also requested submissions from the public on the feasibility of a land tax and a national tax on the value of property in addition to existing charges, it…

Congo Nears Eskom Power-Supply Deal to Boost Copper Output

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LAGOS (Capital Markets in Africa) – The Democratic Republic of Congo signed a provisional agreement to import power from South Africa that could boost copper production this year by as much as 20 percent, according to the country’s chamber of mines. Congolese state-owned power company SNEL proposed importing 200 megawatts from South African utility Eskom Holdings SOC Ltd. at meetings in Johannesburg on April 20 and April 21, said Ben Munanga, chairman of the energy commission at…

South African Inflation Rate Falls to Six-Month Low in March

Posted on by The Editorial Team

JOHANNESBURG (Capital Market in Africa) – South Africa’s inflation rate fell to a six-month low in March after food prices climbed at the slowest rate in 13 months. Consumer inflation eased to 6.1 percent from 6.3 percent in February, Statistics South Africa said in a report released Wednesday in the capital, Pretoria. The median estimate of 15 economists surveyed by Bloomberg was for 6.3 percent. Prices climbed 0.6 percent in the month. The central bank’s Monetary Policy…

Economic Growth in Sub-Saharan Africa Rebounds to a Projected 2.6% in 2017

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LAGOS (Capital Markets in Africa) – Sub-Saharan Africa experienced a slowdown in investment growth from nearly 8% in 2014 to 0.6% in 2015, according to the new Africa’s Pulse, a biannual analysis of the state of African economies conducted by the World Bank. This sluggish investment has coincided with a sharp deceleration in economic growth in Africa, the World Bank said in a report on Wednesday. In this issue of the Africa’s Pulse, a special…

Aspen Tumbles as Drugmaker Faces Pressure From Pricing Probe

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JOHANNESBURG (Capital Markets in Africa) – Aspen Pharmacare Holdings Ltd. fell the most in more than a month after The Times of London reported that Africa’s biggest maker of generic drugs is in a dispute with Spanish authorities over proposed price increases on some cancer treatments. Employees at the Durban, South Africa-based company discussed destroying a stock of cancer drugs in Spain if a demand to raise prices by as much as 4,000 percent wasn’t met,…

Sibanye to Raise $2 Billion in Equity, Debt for Stillwater Deal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Limited plans to raise $1 billion from shareholders and a further $1 billion in debt, most likely bonds, to pay for the acquisition of Colorado-based Stillwater Mining Co. The funds will be raised by the middle of this year and will help repay a $2.65 billion bridge loan from a group of banks, Westonaria, South Africa-based Sibanye said in a statement Tuesday. The remainder of the loan will be repaid…

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