South Africa | - Part 61

IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies

LAGOS (Capital Markets in Africa) – 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 World Economic Outlook Report Tuesday. Nigeria’s economy will contract 1.7 percent this year and expand 0.6 percent…

South Africa Picks Ports for $3.7 Billion LNG Infrastructure

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JOHANNESBURG (Capital Markets in Africa) – South Africa will invest $3.7 billion at the ports of Richards Bay and Coega to build infrastructure for a gas-to-power program aimed at easing the country’s dependence on coal. A plant at Richards Bay will generate 2,000 megawatts of electricity from liquefied natural gas imports, and another at the Coega industrial development zone will produce 1,000 megawatts, the Department of Energy said Monday. The government will seek bidders to manage the…

South Africa’s Gordhan Says Probe Is ‘Political Mischief’

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JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Pravin Gordhan said the police investigation into him is nothing but “political mischief” and will be resolved soon. “As far as the so-called investigation is concerned, that’s no more than a bit of political mischief, which every country will have,” Gordhan said in an interview with Bloomberg TV in New York Tuesday. “I’m sure we in South Africa will resolve these issues.” Reports in August that he is…

Investec acquires stake in off-grid solar home system company

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JOHANNESBURG (Capital Markets in Africa) – Investec Asset Management, through its Africa Private Equity capability, has acquired a significant shareholding in Mobisol, a leading provider of off-grid solar home systems (SHS) in Africa. Investec Asset Management will partner with Mobisol’s founder management with the aim of accelerating the company’s growth in its existing markets and to support its expansion into new markets in Africa. The Berlin-headquartered company offers low-income African households quality solar home systems…

Africa’s Biggest Food Retailer Doubles CEO’s Pay After Bonus

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JOHANNESBURG (Capital Markets in Africa) – Shoprite Holdings Ltd. doubled Chief Executive Officer Whitey Basson’s pay last fiscal year to 100.1 million rand ($7.4 million), thanks to a bonus from Africa’s largest food retailer for beating a profit-growth target. Basson’s remuneration included 49.7 million rand in basic pay for the 12 months through June, in line with the previous year, and a 50 million rand one-time performance-related bonus, the Cape Town-based company said in its annual report….

RenCap Sees South African Rand Gaining 30% on Inflows

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand is set to extend gains, strengthening between 20 percent and 30 percent against the dollar over the next two years as relatively high yields continue to attract investment into Africa’s biggest economy, according to Renaissance Capital Ltd. An improvement in the current-account deficit, a risk factor for the currency, also bodes well for the rand, Charles Robertson, the London-based chief economist at RenCap, said at a conference…

South African Union to Oppose DA Plan to Fire Workers in Capital

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest union for municipal workers will oppose plans by the Democratic Alliance to fire 900 employees in Tshwane, the city council that includes the capital, Pretoria, and that the main opposition party won control of in August local elections. “As the largest trade union in local government we will oppose this move by the municipality,” Mpho Tladinyane, South African Municipal Workers Union regional secretary in Tshwane, said…

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