Today’s Top 8 Business Stories – 6 September

By Asset Management

1) Robert Mugabe, Zimbabwe’s Hero Who Turned Villain, Dies at 95
Robert Mugabe, who ruled Zimbabwe for 37 years and plunged the southern African nation into political and economic chaos as he violently clung to power, has died. He was 95. “It’s with the utmost sadness that I announce the passing” of Mugabe, Zimbabwean President Emmerson Mnangagwa said Friday on Twitter. Mugabe died in Singapore, where he was hospitalized in April for an undisclosed ailment.

2) Sasol Delays 2019 Results Again to Deepen Lake Charles Probe
Sasol Ltd. delayed its annual financial results for a second time to allow for a more in-depth investigation into what went wrong during construction of its $13 billion Louisiana chemical project. * The company now expects to publish results no later than Oct. 31, compared with a previous date of Sept. 19, which was a month later than originally planned. Key Insights. View Sasol Ltd Share Prices.

3) Naspers Prepares to List Global Empire From Ads to Tencent
When Naspers Ltd.’s Latin America chief cold-called Alec Oxenford in 2010, he got straight to the point: he wanted to buy a majority stake of the Argentinian entrepreneur’s online classifieds business. Within weeks the deal was signed, but the OLX co-founder thought the partnership would last months rather than years. View Naspers Ltd Share Prices. 

4) United Nations Condemns Xenophobic Attacks in South Africa
The United Nations has condemned a wave of xenophobic attacks in South Africa in which at least seven people died and scores of businesses were ruined and looted.

5) African Central Banks to Link Payments System to Help Trade Pact
African central banks are working to link the continent’s major cross-border payment systems as plans to create the world’s largest free-trade zone gain momentum.

6) Sasol ‘Trust has Been Broken’ After Results Delayed Again
Sasol has this year provided guidance, either on the Lake Charles mega project or the release of its results, on six occasions and failed to deliver on what it flagged to the market, in some cases as little as a month later, Citi analyst Johann Steyn writes in note to clients after fuels- from-coal company delays results for a second time.

7) Attacks, Protests Spoil South Africa’s Investment Showcase
The World Economic Forum on Africa was supposed to be President Cyril Ramaphosa’s chance to prove South Africa’s claim to being the continent’s top investment destination. It’s all gone horribly wrong. The lead-up to the gathering of political and business leaders in Cape Town was marred by a series of xenophobic attacks, with scores of foreign-owned businesses burnt and looted, and mass protests against femicide.

8) Investors Doubt Naspers’ New Listing Can Fix Tencent Discount
With Naspers Ltd. set to list a new $100 billion entity in Amsterdam next week, some investors remain skeptical of whether the move will reduce a valuation gap between the group and its stake in Tencent Holdings Ltd. Africa’s largest company by market value is worth about $22 billion less than its 31% share of the Chinese internet giant, and the creation of Prosus NV is intended to help narrow the gap.