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Ninety One Ltd., a South African asset manager, has agreed to sell a 12.3% stake to Sanlam Ltd., the country"s largest insurer, for approximately 5 billion rand ($276 million). The deal, pending shareholder and regulatory approvals, will also see Sanlam transfer around 400 billion rand of its assets to Ninety One.
South Africa"s inflation rate fell to 2.8% in October, the lowest in over four years, down from 3.8% in September. This decline suggests a potential reduction in borrowing costs, as it was below the 3% median estimate from economists surveyed.
South African employers have failed to pay 5.2 billion rand ($288 million) in pension contributions, raising concerns about potential poverty for retirees and instability in the retirement system. Currently, 7,770 employers, including nearly 150 local governments, are in arrears, with local governments alone accounting for about 1.4 billion rand.
South Africans have withdrawn 49.6 billion rand ($2.8 billion) from retirement funds since the introduction of a new two-pot pension system three months ago, nearly doubling the National Treasury"s estimates. This high withdrawal rate could potentially boost the country"s economic growth by up to 0.3 percentage points this year.
Citi anticipates that South African equities will rebound and outperform other emerging markets, driven by the new government"s pro-reform agenda aimed at fostering economic growth. Despite recent losses linked to the US election, a stable political climate and improved business conditions are seen as beneficial for the market.
Nedbank Group Ltd. is embarking on a significant expansion across Africa, aiming to reduce its reliance on South Africa and increase profits from other markets nearly fourfold over the next decade. With 12 billion rand ($662 million) in excess capital, the bank plans to invest in thriving sectors like natural resources and renewable energy, anticipating a transformative shift in its revenue mix.
South Africa's National Treasury has proposed changes to its carbon tax regime to incentivize companies to adopt carbon offsets and implement emissions-reduction measures. As the largest emitter of greenhouse gases on the continent, the country relies on coal for over 80% of its electricity generation. The carbon tax, introduced in 2019, aims to promote cleaner energy sources and lessen the environmental impact.
Teraco Data Environments Ltd. has secured an 8 billion rand ($442 million) loan from Absa Group Ltd. to develop a new facility aimed at supporting the growing demand for artificial intelligence applications. This expansion will increase Teraco's capacity to 228 megawatts, reinforcing its status as Africa's largest data-center operator, according to CFO Samuel Erwin.
Citigroup's recommendation to buy South Africa's rand and sell Mexico's peso faltered just a day after the US presidential election. Strategists believed the rand would strengthen due to anticipated economic reforms from the new South African government, while Trump's victory was expected to pressure Latin American currencies, particularly the peso.
Johannesburg has condemned Eskom for threatening to cut power to the city over unpaid bills, amounting to 4.9 billion rand ($280 million). The city plans to take legal action to prevent the disruption, asserting its commitment to maintaining power supply.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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South African Rand
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Samuel Erwin
07:38 13.11.2024
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