South Africa | - Part 41

South Africa’s Gigaba pledges to stave off third downgrade, meet with Moody’s

CAPE TOWN (Capital Markets in Africa) – South Africa’s new finance minister pledged on Thursday to do what he can to keep the country from a third credit downgrade to junk status, saying he would meet ratings firm Moody’s to persuade it he will stay on the path of fiscal discipline. Malusi Gigaba, who replaced the respected Pravin Gordhan in a cabinet reshuffle that triggered credit downgrades to sub-investment by S&P Global Ratings and Fitch, told…

South Africa’s Shoprite looks beyond Africa to Eastern Europe

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CAPE TOWN (Capital Markets in Africa) – Africa’s biggest grocery retailer Shoprite is considering a push into Eastern Europe, where it hopes to use knowledge gleaned from former suitor Steinhoff International, its new CEO told Reuters. The move signals a change in strategy for Shoprite under Chief Executive Pieter Engelbrecht, 47, as sovereign rating downgrades and a weak economy cloud prospects at home. It also leads it down a competitive path crowded with established retail giants…

South Africa’s credit downgrades rule out repo rate cuts

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s debt downgrade to junk status and the finance minister’s recent dismissal mean interest rates will be on hold until 2020 at least, a Reuters poll found on Wednesday. Economists in the poll, taken just a week after Fitch Ratings Agency and Standard & Poor’s downgraded South Africa to “junk”, pushed out rate cuts, ruled them out altogether or considered the possibility of hikes. But the medians from the…

Investec Asset Management invests in SJL Group

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RABAT (Capital Markets in Africa) – Investec Asset Management (IAM), through its Africa Private Equity capability, has completed the management buy-out of 100% of SJL Group. SJL is the market-leading transport and logistics operator providing fully integrated cross-border services on the Morocco-EU corridor, as well as in Tunisia and domestically in Morocco. Together with its co-investors, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH and Avanz Capital, IAM is backing an experienced senior management team, led…

INTO AFRICA April 2017 Edition: Powering Africa’s Energy Projects

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LAGOS (Capital Markets in Africa) – Welcome to the April edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. Please download by clicking: INTO AFRICA PUBLICATION: APRIL 2017 EDITION. Africa has one of the fastest growing populations, by the year 2050, annual increases will exceed 42 million people per year and total population will have doubled to 2.4 billion, according to the United Nations Population Division. Of the 2.37 billion increases in population expected…

South Africa’s bourse to review trades around Gordhan’s recall

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s bourse will investigate an increase in the trading of certain securities in the hours before former finance minister Pravin Gordhan was recalled from an international investor roadshow, BusinessDay newspaper reported on Monday. On March 27, news broke that President Jacob Zuma had ordered Gordhan to return immediately from a trip to Britain and the United States. Gordhan was later dismissed in a cabinet reshuffle. The newspaper reported…

South Africa’s President Zuma Sacked Finance Minister Gordan: Market Reactions

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LAGOS (Capital Markets in Africa) – South African CEOs see severe consequences after the cabinet reshuffle. South African President Jacob Zuma’s decision to dismiss Finance Minister Pravin Gordhan has severe consequences for the economy and is a setback to the work done to avoid a credit rating downgrade, a group of business leaders said on Friday. “This decision and the manner in which it was taken is likely to cause severe damage to an economy that is in dire need of growth…

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