South Africa | - Part 67

President Zuma Turmoil Leaves South Africa’s Economy Down But Not Out

Johannesburg, Capital Market in Africa: At first glance, South Africa appears on a road to nowhere, mired in leadership turmoil and economic stagnation that are rolling back many of the hard-won gains of 22 years of multiracial rule. President Jacob Zuma, who’s lurched from one scandal to the next, is warring with his finance minister over control of the National Treasury. Government and ruling-party officials are at each other’s’ throats over policy, appointments and alleged cronyism. And the…

Murray & Roberts of South Africa Mulls U.S. Oil & Gas Deal

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Johannesburg, Capital Markets in Africa: Murray & Roberts Holdings Ltd., the South African engineering and construction-projects company in talks to sell its building and infrastructure units, said it’s evaluating a U.S. oil and gas acquisition and will probably seek a larger international deal in years to come. Murray & Roberts, which built landmarks such as Johannesburg’s Carlton Centre, Africa’s tallest building, is working to transform itself into an international operator specializing in underground mining, oil…

South African Rand Leads Currency Declines as Liquidity Dwindles

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JOHANNESBURG, Capital Markets in Africa: South Africa’s rand fell the most in more than two weeks against the dollar, leading global currency losses amid lingering political risks and as central banks signaled they are starting to question further monetary easing. The rand declined 1.9 percent to 14.3946 per dollar by 3:38 p.m. in Johannesburg, heading for the biggest drop since Aug. 23, after a police unit summoned Finance Minister Pravin Gordhan to answer to charges related to alleged irregularities…

South Africa’s Rand Hedges Offer Refuge as Aeon Readies for S. Africa Downgrade

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JOHANNESBURG, South Africa: South African money manager Aeon Asset Management is preparing for a potential downgrade in the country’s sovereign debt rating by buying stocks expected to perform the best when the rand weakens. Naspers Ltd., the media company that is Africa’s most-valuable, and packaging maker Mondi Ltd. are Aeon’s biggest stock holdings, Chief Investment Officer Asief Mohamed said Thursday in an interview in Cape Town. The companies have assets or operations that offset the effect of declines in the…

South Africa Said to Consider Partial Sale of Broadband Infraco

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$South Africa Said to Consider Partial Sale of Broadband Infraco$

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s government will decide this week whether to part-privatize the country’s second-largest fixed-line operator, Broadband Infraco, as the company runs short of cash, according to two people familiar with the matter. A sale process would interest Vodacom Group Limited, South Africa’s largest mobile operator by customer numbers, spokesman Byron Kennedy said in e-mailed comments on Tuesday, without saying whether he was aware of government plans. Dark Fibre Africa, South…

Liberty to Start South African REIT That Will Trade Stock on JSE

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SOUTH AFRICA, Capital Markets in Africa: Liberty Holdings Ltd., a South African insurer, will place a portion of its property portfolio in a real estate investment trust that will list its shares on the Johannesburg Stock Exchange this year. The REIT, which will be overseen by the company’s money management unit, Stanlib, will probably have a net asset value of 10 billion rand ($741 million), Johannesburg-based Liberty said in a statement on Tuesday. The listing is not…

Chaos Looms in South Africa Local Councils as Malema Holds Veto

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JOHANNESBURG, Capital Markets in Africa: Sporting a slimmed-down physique and a newly earned university degree, South Africa’s political provocateur Julius Malema has emerged as the kingmaker in several key cities where the ruling party has lost outright control. The result may be chaotic. With neither the ruling African National Congress nor the main opposition Democratic Alliance winning a majority in 27 towns in Aug. 3 elections, Malema, 35, and his Economic Freedom Fighters may wield a veto…

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