Today’s Top 8 Business Stories – 11 September

 

1) Naspers Internet Business Soars on Europe Trading Debut
Investors piled into Naspers Ltd.’s newly listed internet unit, which holds assets including a lucrative stake in Tencent Holdings Ltd., sending its shares soaring on their trading debut in Amsterdam. View Naspers Share Prices.

2) South African Confidence at Lowest Since 1980s Disinvestment
South African business confidence slumped to the lowest level since disinvestment from the country over its apartheid policies started gaining momentum more than three decades ago. A sentiment index compiled by the South African Chamber of Commerce and Industry declined to 89.1 last month from 92 in July, according to an emailed statement Wednesday.

3) Moody’s Says South Africa’s Debt Structure is a Ratings Strength
South Africa’s longer-maturity debt and the low level of foreign-currency bonds is “more of a strength than a weakness” for the country’s credit rating, according to Moody’s Investors Service.

4) Naspers Lifts South African Stocks as Prosus Starts Trading
South Africa’s benchmark FTSE/JSE Africa All Share index rises for the first time in three days as Naspers gains following the listing of Prosus in both Amsterdam and on the Johannesburg stock exchange. * Index up 1% at 10:18am in Johannesburg, with Naspers (+3.3%) accounting for much of the gain * Naspers, now with a ~15% weighting on the index vs 21% previously, gains as much as 4.2%, even as stock goes ex- dividend. View JSE All Share Index.

5) SOUTH AFRICA DAYBOOK: Mabuza, Naspers, Business Confidence
Deputy President David Mabuza will answer lawmakers’ questions in National Council of Provinces from 2pm in Cape Town. WHAT TO WATCH: * (DEBT): Moody’s Says South Africa’s Debt Structure is a Ratings Strength EQUITY PREVIEW: * (NPN SJ) Naspers to List Internet Assets at Value of $105 Billion.

6) Citigroup Turns Positive on LatAm FX, Cautious on Asia and EMEA
With Argentina stabilizing and the U.S.- China trade tensions easing, Citigroup turned less bullish on the dollar and more positive on Latin American currencies which faced the hardest sell-offs in August, strategists including New York-based Dirk Willer write in note Tuesday. * Co. moved BRL to overweight from underweight, and turned neutral on CLP last week from underweight.

7) Capital & Regional: Talks for Growthpoint to Take Majority Stake
In talks for Growthpoint to acquire majority stake in co. through combination of a partial offer in cash for Capital & Regional shares and an injection of capital, Capital & Regional says in statement.

8) Zimbabwe Establishes Monetary Policy Committee in Stability Bid
Zimbabwe’s Finance Minister Mthuli Ncube has established a monetary policy committee in his latest attempt to stabilize an economy in free fall. The former economics professor, appointed last year to get the economy out of a two-decade rut, named a nine-member committee consisting of academics, bankers and the governor and two deputy governors of the Reserve Bank of Zimbabwe.