Features | - Part 182

McKinsey Offers to Repay Fee Billed to South Africa’s Eskom

JOHANNESBURG (Capital Markets in Africa) – McKinsey & Co. said it is willing to repay consulting fees for work done for Eskom Holdings SOC Ltd. if a court finds that the state-owned South African power utility acted illegally when making the payments. Eskom last week said it will ask McKinsey to return 1 billion rand ($73 million) in unlawful payments and that Trillian Capital Partners refund it 564 million rand. Trillian was the so-called supply development…

Liberians Elect New President As Johnson Sirleaf Steps Down

Posted on by The Editorial Team

MONROVIA (Capital Markets in Africa) – Liberians vote Tuesday to choose a new legislature as well as a president to replace Nobel Peace Prize laureate Ellen Johnson Sirleaf from among 20 candidates who include a retired soccer star, a former warlord and a wealthy chicken farmer. Johnson Sirleaf, Africa’s first elected female president who’s governed the impoverished nation for 12 years, has thrown her support behind Vice President Joseph Boakai, 72. He’s the leader of the ruling Unity…

Mugabe Dents Deputy’s Leadership Bid in Zimbabwe Cabinet Change

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe replaced his finance minister in a cabinet reshuffle that weakened his vice president, who’s considered one of the main contenders to succeed him as leader of the southern African nation. Mugabe, 93, removed Patrick Chinamasa as finance minister, giving him a new cyber-security portfolio and stripped Vice President Emmerson Mnangagwa of his position as justice minister. Chinamasa was replaced by former Home Affairs Minister Ignatius Chombo, while the justice portfolio was given…

KPMG Revamps S. African Top Management as Clients Dump Firm

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former chief operating officer of parent KPMG International, will be the local firm’s interim COO, while 36-year company veteran Brian Stephens will take the new position of head of risk,…

ANC Must Decide on Zuma’s Future, South Africa’s Mkhize Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling African National Congress must decide whether Jacob Zuma should see out the remaining two years of his term as the nation’s president, said party Treasurer-General Zweli Mkhize, a top contender to succeed Zuma as ANC leader in December. “The ANC will have to take the decision on what happens to the president,” Mkhize said in an interview with Bloomberg TV in Johannesburg on Tuesday. “There’s been discussions in the…

Gunships Strike South Sudanese Rebels as Week-Long Battle Rages

Posted on by The Editorial Team

SOUTH SUDAN (Capital Markets in Africa) – South Sudan’s army used helicopter gunships to fend off rebels in a north-eastern state as fighting entered a second week, underscoring the challenge facing regional mediators trying to resuscitate a peace deal to end the almost four-year civil war. Rebels are attacking army garrisons in Waat town, Bieh state, prompting the government to use “all in its power” to fight them, Defence Minister Kuol Manyang Juuk said Tuesday by phone…

Soccer Star, Ex-Warlord Among Hopefuls for Liberia President

Posted on by The Editorial Team

MONROVIA (Capital Markets in Africa) – Disappointed by President Ellen Johnson Sirleaf’s failure to deliver on her pledge to make education free for all, Kumba Tamba is pinning her hopes on the almighty as Liberia votes for a new leader. The West African nation, founded for freed American slaves almost 200 years ago, is holding presidential and legislative elections on Tuesday that mark the end of the 12-year tenure of Johnson Sirleaf, who’s known as Ma Ellen…

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