South Africa |

Bain Calls Its South African Tax-Body Work `Serious Failure’

JOHANNESBURG (Capital Markets in Africa) – Bain & Co., the Boston-based consultancy company that was hired to assist in restructuring South Africa’s tax agency in 2015, said it has become “painfully evident” that the firm’s involvement with the authority was a “serious failure.” Not only was Bain’s hiring potentially irregular, but it overstated the need for change at the South African Revenue Service, allowed the former SARS head Tom Moyane to influence its work and didn’t walk away…

South Africa’s High-Speed Rail Network Seeks Cash for Trains

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s high-speed rail network is seeking 4 billion rand ($290 million) to increase its number of trains by 50 percent ahead of a potential expansion to other parts of Johannesburg and Pretoria. The Development Bank of Southern Africa Ltd. is leading the fundraising, a spokeswoman said in an emailed response to questions on Wednesday. Canada’s Bombardier Inc., CRRC Corp. of China and local firm Egoli Rail are among the…

Julius Baer to Lure Wealthy South Africans With New Office

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Julius Baer Group Ltd. opened an office in Johannesburg as Switzerland’s third-largest wealth manager seeks to profit from a growing pool of high-net worth individuals in the country. Having a presence in South Africa is part of a long-term strategy to expand in the region, the Zurich-based company said in a statement Thursday. It will employ seven people in South Africa, five of which have been lured from local lenders…

Rising Star of South African Politics Entangled in Scandal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Once a rising star in South Africa’s ruling African National Congress and mentioned as a possible future presidential contender, Malusi Gigaba is now fighting for political survival. Anti-graft ombudsman Busisiwe Mkhwebane has given President Cyril Ramaphosa 20 days to take disciplinary action against the former finance minister for lying under oath. Her finding comes seven months after the High Court said Gigaba, now home affairs minister, committed perjury when he denied authorizing a company owned…

South Africa, in Grip of Recession, May Mull Rate Increase

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African policy makers may be about to consider whether to follow counterparts from Russia to Turkey and raise interest rates — even when the country is battling a recession. Investors and economists are divided on the chances that officials will respond to emerging-market turmoil with the country’s first upward move in borrowing costs since 2016. While forward-rate agreements suggest there’s a small chance of an increase on Thursday, just three of…

South Africa Eases Free-Carry Rules in Final Mining Charter

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa eased some of the more controversial provisions in a final version of its Mining Charter approved by the cabinet this week as the government seeks to provide policy certainty and ease investor concerns. While holders of new mining rights must still give employees a 5 percent stake in the assets, they can choose to offset another 5 percent for nearby communities by investing in community development instead,…

Investec Money Manager Seen as Target After Split From Bank

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – After amassing 109 billion pounds ($143 billion) in assets within the belly of Investec Plc, Hendrik du Toit can now plot his own course as the money manager he founded splits from the banking group. For Investec Chief Executive Officer Stephen Koseff it is a bittersweet moment. He’s preparing to leave the company next month after 40 years of helping to grow a local Johannesburg financier of doctors and lawyers into a giant…

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