South Africa | - Part 58

South Africa to borrow $6 billion from international markets: Treasury

CAPE TOWN (Capital Markets in Africa) – South Africa plans to borrow $6 billion from international markets over the next three years, with foreign currency bond issuance increasing by $2.1 billion in the current financial year, the Treasury said on Wednesday. Treasury has already issued a pair of dollar bonds in overseas capital markets worth $3 billion in September and $1.5 billion in April. It said the key driver of increased debt were the weaker…

South Africa: Nisela Capital Purchases GENREC for $13million

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JOHANNESBURG (Capital Markets in Africa) – Nisela Capital, a private equity and advisory firm based in South Africa, has purchased GENREC Engineering from JSE-listed Murry and Roberts Holdings (an engineering and construction group) for R185 million, (approximately about $13.3 million). Murray & Roberts notes that the transaction with Nisela Capital, is still subject to certain conditions precedent and regulatory approvals. The transaction is not classified as a categorised transaction according to section 9 of the…

South Africa can avoid credit downgrades , Finance Minister says

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JOHANNESBURG (Capital Markets in Africa) – South Africa is making progress towards avoiding rating downgrades despite the economy not growing fast enough, Finance Minister Pravin Gordhan told a trade union gathering on Wednesday a week before reading his mid-term budget speech. Ratings agencies have warned they could cut the country’s credit rating to “junk” by year-end if the country does not lift growth to at least 1 percent annually. “As a country we have to understand…

How is Africa Navigating the new Reality: Contraction or Expansion?

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IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices; policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its latest World Economic Outlook Report. Nigeria’s economy will contract 1.7 percent this year and…

South Africa’s Banks: Examining the Current Environment, Exploring the 10 Year Outlook

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LAGOS (Capital Markets in Africa) – The 2015/16 Global Competitive Index, published by the World Economic Forum, rates the SA banking sector 6 out of 140 countries in the availability of financial services and 8th in the soundness of banks. This is high praise for a banking sector that is small in global terms, but is globally connected and punches way above its weight globally. The quarterly S A Reserve Bank Report details statistics that…

The Development Bank of Southern Africa (DBSA) announces Financing of 21 Renewable Energy Projects

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JOHANNESBURG (Capital Markets in Africa) – The Development Bank of Southern Africa (DBSA) has financed 21 renewable energy projects since the launch of the Renewable Energy Independent Power Producer Procurement Programme (REIPP). This was revealed today at the annual SA Gas Options conference in Cape Town and follows the announcement of South Africa’s Gas to Power Project Information Memorandum (PIM). Ms Lucy Chege, General Manager for Energy Financing at the DBSA, said “The DBSA’s achievements in the…

Zuma Complains About Criticism From AngloGold, Sibanye Leaders

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JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma’s office said it’s concerned by the “relentless public attacks” on him by leaders of Sibanye Gold Ltd. and AngloGold Ashanti Ltd. The presidency issued the statement after recent calls by AngloGold Ashanti Chairman Sipho Pityana and Sibanye Chief Executive Officer Neal Froneman urging Zuma to resign, arguing that his government’s poor record is deterring investment and economic growth. While Zuma respects freedom of speech, “such dialogue is more helpful…

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