South Africa | - Part 65

Moody’s Sees One-Third Probability of South Africa Downgrade

JOHANNESBURG, Capital Markets in Africa: The probability that South Africa’s sovereign credit rating could be cut in November by Moody’s Investors Service is about a third, the company’s Vice President Zuzana Brixiova said. “We expect the probability of a downgrade at less than 50 percent, its closer to around one third,” Brixiova told reporters in Johannesburg on Tuesday. The country’s growth path will be “very important,” she said. South Africa is struggling to revitalize the economy…

Old Mutual Said to Mull Wealth Unit Sale, Dropping IPO, on Costs

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JOHANNESBURG, Capital Markets in Africa: Old Mutual Plc, Africa’s largest insurer, may drop plans for a listing of its U.K. wealth management unit because of escalating costs from an upgrade of its investment platform, according to a person familiar with the matter. While managers at Old Mutual Wealth want to proceed with an initial public offering, executives at the group level are leaning towards options including a sale of the unit, the person said, asking not…

South Africa’s Top Gold Miner Says President Zuma Must Quit

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JOHANNESBURG, Capital Markets in Africa: South African President Jacob Zuma “has to go,” with poor governance deterring prospective investors, according to the head of Sibanye Gold Ltd., the biggest producer of bullion in the country. “Any solid investor, any solid company is founded on good governance and what we have in South Africa at the moment is very poor governance, from a government point of view,” Sibanye Chief Executive Officer Neal Froneman said in an interview on Monday from the Denver Gold…

Bidvest, Life Healthcare Rise After JSE Top40 Index Inclusion

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JOHANNESBURG, Capital Markets in Africa: Bidvest Group Ltd. and Life Healthcare Group Holdings Ltd. gained for the first time in three days in Johannesburg trading after the companies were added to the stock exchange’s Top40 index. Bidvest, the diversified South African industrial group, advanced as much as 1.4 percent to 152.59, while hospital operator Life Healthcare climbed 1.1 percent to 38.15 rand. The companies and Sibanye Gold Ltd. and Gold Fields Ltd. joined the FTSE/JSE Top40 Tradeable Index…

Battle for South Africa’s Finances Rages on Multiple Fronts

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Johannesburg, Capital Markets in Africa: South Africa’s government appears to be at war with itself, as President Jacob Zuma and his Finance Minister Pravin Gordhan grapple for control of the nation’s finances. While Zuma has downplayed the conflict, saying “there is no war within government,” he’s undermined Gordhan’s authority by refusing to back him in stand-offs with the police, national tax agency and loss-making state airline. Several government agencies have been drawn into the fight. Here are the key…

South Africa’s corruption watchdog interviews finance ministers in Zuma, Gupta inquiry -paper

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JOHANNESBURG, Capital Markets in Africa: South Africa’s anti-corruption watchdog has interviewed Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas as part of an investigation into whether President Jacob Zuma was influenced by the wealthy Gupta family in making government appointments, the Sunday Times newspaper reported. The paper said Public Protector Thuli Madonsela had written to Zuma informing him of her investigation into whether he breached the executive code of conduct. Madonsela has already interviewed…

South Africa Treasury Doubt Risks Confidence, Moody’s Says

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Johannesburg, Capital Markets in Africa: Uncertainty about the leadership at South Africa’s National Treasury and political infighting are eating into investor confidence and present the greatest risks to the nation’s credit rating, Moody’s Investors Service said. “Rising political infighting and the uncertainty about continuity of leadership at the National Treasury have been creating policy uncertainty,” the company said in an e-mailed report Thursday. “We view the greatest risk to South Africa’s creditworthiness, moderate but rising, as…

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