South Africa | - Part 73

Siemens Targets Building South Africa Gas-Fired Power Plants

South Africa, Capital Markets in Africa: Siemens AG is interested in bidding to build gas-fired electricity-generating capacity in South Africa as the German engineering company boosts its presence in the country and the government seeks to end power shortages. “Gas can be a complete game-changer for the South African economy,” Siemens South Africa Chief Executive Officer Sabine Dall’Omo, 58, said in an interview in Johannesburg on Wednesday. “Gas is one of our strongholds. International investors are very…

South Africa Most Exposed to Brexit Fallout in Region, Moody’s Says

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South Africa, Capital Markets in Africa: South Africa’s reliance on foreign money to finance the shortfall on its current account makes it the most vulnerable in sub-Saharan Africa to fallout from the U.K.’s vote to quit the European Union, Moody’s Investors Service said. “South Africa’s current-account deficit leaves it vulnerable to short-term capital outflows amid changes in investors’ risk perceptions and appetite,” Moody’s Vice President and Senior Analyst Zuzana Brixiova wrote in an e-mailed report…

South Africa Ratings Cut Could Complicate Reserve Bank’s Task

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SOUTH AFRICA, Capital Markets in Africa: A cut in South Africa’s credit rating could complicate the Reserve Bank’s challenge of weak growth and accelerating inflation, according to Deputy Governor Francois Groepe. “A sovereign rating can have an impact on monetary policy because of how it influences the availability and cost of external financing, the yields on domestic debt and, in turn, the performance of the rand,” Groepe said in a speech posted on the central bank’s website…

Brexit Could Hurt South Africa’s GDP Growth, Kganyago Says

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SOUTH AFRICA, Capital Markets in Africa: The U.K.’s vote to leave the European Union will hurt South Africa’s economic growth, according to Reserve Bank Governor Lesetja Kganyago. “We would not venture into a recession at this stage, but there is no doubt that it will slow the South African economy from the weak growth that we already have,” Kganyago said in an interview with Bloomberg TV at the European Central Bank Forum in Sintra, Portugal on Tuesday. The…

Escaping Brexit Pushes South Africa Stock Buying to 7-Year High

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SOUTH AFRICA, Capital Markets in Africa: As markets tumbled after last week’s Brexit vote, foreigners bought South African shares at the fastest pace in more than seven years, seeking havens in gold producers and dollar-earners. Investors bought a net 4.22 billion rand ($272 million) of the country’s stocks Friday after the U.K. referendum result was known, bringing inflows for the week to 14.5 billion rand, the most since March 2009, according to Johannesburg Stock Exchange data. The…

Old Mutual Split Forges Ahead Even as Brexit Risks Returns

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SOUTH AFRICA, Capital Markets in Africa: Old Mutual Plc plans to split into a South African holding company that will consist mainly of its emerging-markets businesses and another company comprising its wealth management operations, with shares traded on the London Stock Exchange. The insurer will spin off a significant portion of its stake in Nedbank to investors, leaving the South African company with a strategic holding in the lender through Old Mutual Life Assurance Co., the insurer…

De Beers Sells $560 Million of Diamonds, Least Since January

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SOUTH AFRICA, Capital Markets in Africa: De Beers reduced diamond sales at its fifth offering this year to the least since January. The value of the Anglo American Plc unit’s sales was $560 million compared with $636 million at the previous offering, the London-based company said in statement Tuesday. “Sales in the fifth cycle of the year were somewhat lower than in the fourth cycle, in line with our expectations and typical seasonal demand patterns,” outgoing De Beers…

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