JOHANNESBURG (Reuters) – Turkcell’s (TCELL.IS: Quote, Profile, Research, Stock Buzz) $4.2 billion lawsuit against South African rival MTN Group (MTNJ.J: Quote, Profile, Research, Stock Buzz) is unlikely to be heard in a Johannesburg court before early 2015, MTN’s chief executive said on Friday.
“The initial indications – and again it’s really purely indications – (are) it probably wouldn’t get into court before early 2015,” Sifiso Dabengwa told Reuters in an interview.
JOHANNESBURG (Reuters) – Turkish mobile phone company Turkcell has taken to a South African court with its $4.2 billion lawsuit against rival MTN Group, alleging it was the victim of corruption and bribery that caused it to lose a contract in Iran.
Turkcell originally pursued the case against Johannesburg-based MTN in the United States but dropped it in May after a U.S. Supreme Court ruling in a separate case made clear that U.S. courts would not have jurisdiction in a claim involving two foreign firms in an overseas dispute.
HONG KONG/JOHANNESBURG (Reuters) – South Africa’s Standard Bank Group (SBKJ.J: Quote, Profile, Research, Stock Buzz) has agreed deals to sell its Asian loan portfolio worth around $1 billion to BNP Paribas SA BNPP.SA and others, according to two sources familiar with the matter.
Africa’s biggest bank has been looking to sell the loans, which include financing of mining projects in Mongolia, Indonesia and other countries, according to the sources, who declined to be identified because the information is not yet public.
HONG KONG/JOHANNESBURG, Oct 30 (Reuters) – South Africa’s
Standard Bank Group has agreed deals to sell its Asian
loan portfolio worth around $1 billion to BNP Paribas SA
and others, according to two sources familiar with the
Africa’s biggest bank has been looking to sell the loans,
which include financing of mining projects in Mongolia,
Indonesia and other countries, according to the sources, who
declined to be identified because the information is not yet
JOHANNESBURG/LONDON (Reuters) – British security group G4S denied that its workers had electrocuted and drugged prisoners at South Africa’s Mangaung prison, the maximum security facility it ran before the government stepped in to restore order earlier this month.
The Wits Justice Project said some prisoners were forcibly injected with anti-psychotic medication and subjected to electric shocks.
JOHANNESBURG, Oct 10 (Reuters) – Anglo American Platinum
said on Thursday it had clinched a deal with a South
African union to end a nearly two-week strike over job cuts that
hit production at the world’s top platinum producer.
Amplats, as the unit of global miner Anglo American
is known, said in a statement it would grant “voluntary
separation” packages to 3,300 employees it had previously sought
to lay off.
JOHANNESBURG (Reuters) – Shares in South African fixed-line operator Telkom SA (TKGJ.J: Quote, Profile, Research, Stock Buzz) hit their highest level in 20 months on Tuesday, after it said it was likely to report a 20 percent increase in first-half earnings, the latest sign that a turnaround is gaining momentum.
Telkom, in which the government and the state pension fund hold a combined stake of just over 51 percent, said headline earnings for the six months to end-September were set to rise more than 20 percent. The increase was partly due to lower finance charges and the fact that the previous year’s results were hit by a regulatory fine.
JOHANNESBURG, Oct 4 (Reuters) – Automakers in South Africa
could face a complete halt in production from as early as next
week, industry officials said on Friday, after a strike at
component manufacturers cut off the supply of parts.
The strike an industry that accounts for 6 percent of GDP is
one several this year threatening to hamper growth and further
dent investor confidence in Africa’s largest economy.
JOHANNESBURG, Sept 26 (Reuters) – What do Peroni beer,
Cartier watches and Chinese online games have in common? Very
little, except that all three are behind the South African stock
market’s gravity-defying run in recent years.
Since recovering from the 2008 financial crisis, stocks in
Africa’s biggest economy have blithely weathered all kinds of
bad news – strikes, sputtering growth, credit downgrades and
waning consumer demand – to notch up a string of record highs.
JOHANNESBURG/SANTIAGO, Sept 11 (Reuters) – The board of
South African drugmaker Adcock Ingram on Wednesday said
it would recommend a $1.3 billion cash and share offer from CFR
Pharmaceuticals and the Chilean company promised to
transfer jobs to help win Pretoria’s approval.
Although the deal was first proposed in July, there have
been few details on how CFR would structure the bid or win
support from the South African government, which has a history
of scuppering cross-border takeovers.