The rand retreated, pulling back from a six-week high, after Finance Minister Pravin Gordhan lowered South Africa’s growth outlook and said gross government debt will probably climb over the next three years.
South Africa’s government said it will relax restrictions on companies doing business in the rest of Africa to encourage trade and investment with a region that’s expected to grow more than 6 percent this year.
South Africa’s Ascension Properties Ltd., Delta Property Fund Ltd. and Rebosis Property Fund Ltd. are considering a three-way merger to improve access to cheaper debt and boost capacity to make acquisitions.
Coronation Fund Managers Ltd.’s small-cap fund is boosting its stake in Northam Platinum Ltd. as a similar fund at Investec Asset Management dumps the miner hit by an 11-week strike for shares in a shipping company.
Arqaam Capital Ltd., the Dubai-based investment bank expanding across the Middle East and Africa, said it plans to open in Saudi Arabia within the next year to take advantage of rising demand for assets in the region.
Goldman Sachs Group Inc., which was the top underwriter of initial public offerings last year, expects new listings in South Africa to jump for the first time in three years as private-equity buyers sell investments.
South Africa’s rand headed for its worst weekly decline in five, fueled by the longest stretch of bond outflows on record, as continued signs of growth in the U.S. boosted speculation the Federal Reserve will curb stimulus.