South Africa | - Part 68

Chinese to Invest $819 Million in South African Car Industry

SOUTH AFRICA, Capital Markets in Africa: A Chinese state-owned car manufacturing company will invest 11 billion rand ($819 million) in a new plant in South Africa, giving a further boost to one of the fastest-growing industries in the continent’s largest economy. Beijing Automotive International Corp. signed the deal with the Coega Development Corporation, the operator of an industrial development zone in South Africa’s southern coast city of Port Elizabeth, Coega said in an e-mailed statement on…

South Africa’s Richest Man Says Continent Is ‘Retailer’s Dream’

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SOUTH AFRICA, Capital Markets in Africa: Africa’s large and youthful population represents an opportunity for retailers to expand even as conducting business in many countries remains a challenge, according to Christo Wiese, the billionaire chairman of the continent’s biggest food chain, Shoprite Holdings Limited. The potential is “a retailer’s dream,’’ Wiese, 74, who describes himself as an ‘Afro-optimist,’ said in an interview this week in Cape Town. “I don’t know how people ignore the fact that Africa…

Standard Bank Rises as African Units Boost First-Half Profit

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Johannesburg, South Africa, Capital Markets in Africa: Standard Bank Group Ltd. gained the most in more than a week after first-half profit from continuing operations at Africa’s largest lender by assets climbed, boosted by higher interest rates in its home market that boosted income, and as fees from the rest of the continent increased. The stock led advances among the biggest lenders on the six-member FTSE/JSE Africa Banks Index, rising 1.8 percent to 145.11 rand by 10…

South African Bonds Offer World-Beating Gains. Citadel Wants Out

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Johannesburg, South Africa, Capital Markets in Africa: George Herman at Cape Town-based Citadel Investment Services is dumping the emerging world’s best-performing bonds. South African government rand notes have earned 14.3 percent this quarter in dollar terms, the most out of 31 developing nations tracked by Bloomberg indexes and more than twice the return of second-placed South Korea. Yet Herman, 49, says the move has gone too far. He’s selling all his holdings in favor of shorter-dated securities. Investors chasing…

Investment | IFC, Omidyar, Quona and Others invest in Zoona

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Johannesburg, Capital Markets in Africa: African financial technology company Zoona has successfully raised US$15mn (ZAR200mn) in a second round of financing. This Series B round is led by the International Finance Corporation (IFC), a member of the World Bank Group, and will help Zoona scale up its operations as it aims to reach 10 markets and 30 million active consumers across Africa by 2020. First round investors Accion, whose investment is managed by Quona Capital, and Omidyar…

FOREIGN INVESTORS SHOULD BEAR IN MIND EXCHANGE CONTROL REGULATIONS IN SOUTH AFRICA

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LAGOS, Nigeria, Capital Markets in Africa: Corporates seeking to do business in South Africa and/or with South African counterparties, whether in the context of cross-border financing transactions or otherwise, should take cognisance of the exchange control regulations that govern the inflow and outflow of capital from South Africa. They should bear in mind that their South African counterparts will be required to seek approval for such transactions under the Exchange Controls in terms of the…

South Africa’s ANC Sticks With Zuma, Risking Eroding Support

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Johannesburg, South Africa, Capital Markets in Africa: The African National Congress’s senior leaders absolved South African President Jacob Zuma of blame for the ruling party’s worst performance in an election, choosing to take collective responsibility and risking further eroding support before a national vote in less than three years. Still, targeting him could have exposed factions within the party, leading to infighting and a possible split, analysts say. “Taking collective responsibility is a refusal to take responsibility,” Aubrey Matshiqi, an…

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