South African market News

South African Retailer Steinhoff to Sell Assets After $7B Accounting Fraud

Scandal-hit South African retailer Steinhoff said on Tuesday its only hope for survival is to sell off assets to become a retail-focused investment holding firm, as it fights to contain the fallout of a $7 billion accounting fraud. The company …

S. Africa Insurer Discovery Opens Bank, Challenging Traditional Lenders

It took Discovery Ltd. 1.5 million man hours over four years to build a bank. When the startup opens to the public Monday it will challenge South African lenders with histories going back to 1838, and they’re ready for battle. …

Ex-CEO, 7 Other Execs Blamed for $7.4B Accounting Fraud at S. Africa Retailer Steinhoff

Former Steinhoff Chief Executive Markus Jooste and seven others were involved in a 6.5 billion euro ($7.4 billion) accounting fraud at the South African retailer, the new CEO said told lawmakers on Tuesday. Steinhoff said on Friday an independent report …

Built on Organic Growth, S. African Insurer Discovery Now Weighs M&As

South African insurer Discovery could expand through acquisitions in the future but must first work out how its innovative fluctuating premiums, based on clients’ lifestyle behaviors, could be applied to more traditional businesses. Discovery has spent more than two decades …

S. Africa Lender FirstRand Aims to Offer Services Such as Insurance

FirstRand Ltd. is emulating Amazon.com Inc. with a digital offering that will span everything from insurance, car license renewals to locating plumbing services as the South African bank chases new revenue sources. Africa’s biggest lender by market value is pushing …

Largest African Insurer Sanlam Completes Acquisition of Morocco’s Saham Finances

Sanlam Ltd., Africa’s largest insurer by market value, said it fulfilled all the conditions for the $1.1 billion purchase of the shares it doesn’t already own in Morocco’s Saham Finances SA after regulators approved the deal. The Cape Town-firm’s biggest …

KPMG Loses More Staff & Clients in Continuing Fallout From S. Africa Gupta Scandal

KPMG LLP is continuing to lose staff and clients in South Africa more than a year after issuing a public apology for some of the work it did in the country, according to people familiar with the matter. A team …

Cape Town Drought Highlights Water Scarcity Risk to Vulnerable Cities Globally: UBS

Cape Town’s water crisis, which saw the drought-hit city come within 90 days of turning off the taps earlier this year, highlights the threats to South African companies from a repeat event and should serve as a warning to vulnerable …

South Africans Overpaying Healthcare with Limited Competition to Blame: Watchdog

South Africans are paying too much for private healthcare, the country’s antitrust watchdog said on Thursday, adding patients are sometimes prescribed treatments they don’t need by an industry with limited competition. Presenting its findings of a four-year investigation into the …

Old Mutual Finishes Restructuring to Focus on S. African Market

South Africa’s prodigal insurer returned home to a lukewarm welcome on Tuesday. Old Mutual Ltd. started trading its stock in Johannesburg at 28.50 rand before swinging between 28.20 rand and 29.39 rand. The listing — done in conjunction with others …