South Africa | - Part 51

South Africa’s Central Bank Keeps Benchmark Rate Unchanged

JOHANNESBURG (Capital Markets in Africa) South Africa’s Reserve Bank kept borrowing costs unchanged for a fifth straight meeting even as inflation forecasts worsened. The Monetary Policy Committee unanimously decided to leave the benchmark repurchase rate at 7 percent, Governor Lesetja Kganyago told reporters Tuesday in the capital, Pretoria. That’s in line with the forecast of all 24 economists surveyed by Bloomberg. The key lending rate has remained unchanged since March after the MPC raised it by 200 basis points since 2014…

Mozambique Eurobond Default Heralds Lengthy Uncertainty, Fitch Says

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MAPUTO (Capital Markets in Africa) – Fitch Ratings-London-20 January 2017: Mozambique’s failure to pay USD59.8m in interest on a sovereign Eurobond points to an extended period of uncertainty as the country seeks to restructure its debt, Fitch Ratings says. It has no sovereign rating impact because Fitch already downgraded Mozambique’s Long-Term Foreign Currency Issuer Default Rating to ‘RD’ in November after confirmation that a state-owned enterprise missed a payment on a sovereign-guaranteed loan in May…

South Africa ANC Leaders Break Ranks on Succession, M&G Says

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JOHANNESBURG (Capital Markets in Africa) — Provincial office bearers in South Africa’s ruling party are in disagreement over who should take over as leaders of the African National Congress, the Mail & Guardian reported, citing party members. Free State province Deputy Chairman Thabo Manyoni says party Deputy President Cyril Ramaphosa should succeed Jacob Zuma, in line with party tradition, the Johannesburg-based newspaper reported, citing him. Free State Premier Ace Magashule says leaders are elected at…

Billionaire Motsepe’s Investment Firm Mulls IPO, Plans 30 Deals

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JOHANNESBURG (Capital Markets in Africa) – South African billionaire Patrice Motsepe’s African Rainbow Capital (Pty) Ltd. plans to close as many as 30 deals by June and is considering an initial public offering or starting a fund to attract capital for the next phase of the investment company’s growth strategy. ARC, as it’s known, is finalizing 15 transactions and hopes to conclude another 15 in the first six months of this year, Johan van Zyl, co-chief executive officer of…

PwC Survey: CEO Confidence Rises Despite New Risks, Uncertainty

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JOHANNESBURG (Capital Markets in Africa) – Worldwide, CEOs’ confidence levels for their growth prospects and outlook for the economy is back on the rise amidst new risks and uncertainty. In PwC’s (www.PwC.com) 20th annual survey of CEOs worldwide, 38% (2016:35%) are very confident about their company’s growth prospects in the next 12 months while 29% (2016:27%) believe global economic growth will pick up in 2017. Just over one-third (33%) of South African CEOs are very…

Billionaire Agarwal Says His Anglo American Approach Made Sense

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JOHANNESBURG (Capital Markets in Africa) – Anil Agarwal, the Indian billionaire owner of Vedanta Resources Plc, said a proposed tie up between his Hindustan Zinc Ltd. unit and rival miner Anglo American Plc would have been a good match. Anglo rebuffed informal approaches from Agarwal in the first half of last year when he contacted it to discuss potential ideas including a combination with the Indian zinc miner he controls through Vedanta, people familiar with the…

Africa’s Biggest Company Seeks Partnerships With Phone Companies

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JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd., Africa’s biggest company by market value, is seeking partnerships with mobile-phone operators on the continent to boost its video-on-demand business and help compete with U.S. giant Netflix Inc. The owner of Africa’s biggest pay-TV provider is planning to build on a joint venture agreed to last year with Kenya’s largest company, Safaricom Ltd., to roll out online service Showmax at more affordable data prices. Safaricom is 40 percent…

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