South African market News

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 …

Insurer Liberty Faces Scrutiny from South Africa Regulator over Cyber Attack

Insurer Liberty Holdings faced questions from South Africa’s Information Regulator on Monday, a day after the company said it had become the victim of a cyber attack. The regulator said it was concerned about the data breach and wanted to …

South Africa Insurer Liberty Refuses to Pay Ransom Demand After Data Breach

Liberty Holdings Ltd., the South African insurer midway through an overhaul to improve profit, said it refused a ransom demand after hackers breached its information-technology infrastructure and accessed some emails. The stock fell the most since April 4. “We did …

Sanlam Looks for More African Deals After $1.1B Investment in Morocco’s Saham

Fresh from sealing its biggest ever deal, Sanlam Ltd. is still scouring Africa for more acquisitions to extend its lead as the continent’s largest financial-services company outside of banking. The Cape Town-based insurer will spend $1.1 billion to take full …

Cape Town Companies Threatened by Water Shortages After Record Drought

Businesses in Cape Town are growing increasingly concerned about the risk that chronic water shortages pose to their operations in South Africa’s second-biggest city and are taking steps to reduce usage and secure supply, a survey has found. Almost 80 …

S. Africa Mobile Phone Firm Cell C Seeks M&A to Expand into Insurance

Cell C Pty Ltd. is seeking acquisitions that will help transform South Africa’s third-biggest mobile-phone company into a full-service telecommunications provider offering internet and financial services as well as traditional calls and texts. The wireless carrier is working on two …

KPMG’s S. Africa Unit Names 9 New Execs in Bid to Restore Client Trust

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 …