Correspondent, Southern Africa
Gugu's Feed
Mar 28, 2011

Microsoft unveils S.African empowerment deal

JOHANNESBURG (Reuters) – Microsoft South Africa, a unit of the world’s largest software firm, will invest 475 million rand ($69 million) in four black-owned software firms to meet black economic empowerment (BEE) rules.

The deal is in place of selling a stake to black investors, as most foreign and local firms in Africa’s biggest economy have to do.

Mar 14, 2011

Aveng step up Africa presence after H1 profit drop

JOHANNESBURG, March 14 (Reuters) – South African
construction group Aveng (AEGJ.J: Quote, Profile, Research) plans to improve returns to
investors and step up its presence in fast growing African
markets as it battles an industry-wide slump.

Posting a 35 percent drop in first-half profit, Africa’s
largest construction company by market value said on Monday
challenging domestic construction conditions would limit overall
revenue growth.

Mar 11, 2011

Africa’s creaking infrastructure needs big deals

JOHANNESBURG (Reuters) – Woefully inadequate infrastructure that may be the single biggest threat to Africa’s long-term growth, also represents a huge opportunity for investors to finance bridges, roads and power stations.

Banks are looking to do more infrastructure deals on the fast-growing continent, where inadequate power supply and transport facilities hamper corporate expansion plans.

Mar 10, 2011

RenCap eyes Egypt, targets Angola deals

JOHANNESBURG (Reuters) – Emerging markets investment bank Renaissance Capital (RNCG.PK: Quote, Profile, Research, Stock Buzz) aims to expand its African presence with a move into Egypt soon, possibly through an acquisition, its head for the region said on Thursday.

Moscow-based RenCap is also targeting deals in oil-rich Angola, Clifford Sacks, the bank’s chief executive for Africa, told the Reuters Africa Investment Summit.

Mar 9, 2011

S.Africa’s MTN ups dividend as profit rises 20 pct

JOHANNESBURG, March 9 (Reuters) – South Africa’s MTN Group
(MTNJ.J: Quote, Profile, Research) posted a 20 percent rise in full-year profit on
Wednesday and sharply increased its dividend payout.

MTN, Africa’s largest mobile operator, has been buoyed as
rising disposable incomes spur demand for mobile telephones in
Africa and the Middle East.

Feb 23, 2011

M&R to sell assets after posting H1 loss

JOHANNESBURG, Feb 23 (Reuters) – South African builder
Murray & Roberts (MURJ.J: Quote, Profile, Research) fell to a half-year loss, hit by a
$111 million writedown, and plans to sell underperforming assets
as it fights to ride out an industry-wide slump.

The South African construction industry, which avoided the
worst of the global economic crisis due to big World Cup
projects in 2010, is now having difficulty finding new projects,
as the government and private sector hold back on spending.

Feb 9, 2011

Mobile operators bet big on Africa broadband

JOHANNESBURG, Feb 9 (Reuters) – On a continent where a
computer is beyond the reach of most people, wireless operators
in Africa are betting that broadband via a cheaper mobile device
can deliver explosive growth and help transform economies.

While mobile firms in developed markets have long seen
mobile broadband as a lucrative add-on service, Africa’s limited
internet infrastructure means that mobile phones are becoming
the point of entry for high-speed Internet.

Feb 2, 2011

Prepaid users, mobile data lift Vodacom Q3 sales

JOHANNESBURG, Feb 2 (Reuters) – Vodacom (VODJ.J: Quote, Profile, Research, Stock Buzz), South
Africa’s largest mobile phone operator, overcame stiff
competition to post a 6 percent rise in third-quarter sales,
boosted by a surge in mobile data and strong prepaid growth.

Vodacom, which operates mainly in South Africa, the DRC and
Tanzania, is fighting to keep market share from competitors such
as MTN Group (MTNJ.J: Quote, Profile, Research, Stock Buzz) and India’s Bharti Airtel (BRTI.BO: Quote, Profile, Research, Stock Buzz), both
of which have a bigger presence across Africa.

Feb 1, 2011

S.Africa regulator launches $11 bln bid-rigging probe

JOHANNESBURG, Feb 1 (Reuters) – South Africa’s watchdog
launched what is likely to be the country’s biggest probe into
bid rigging by building firms, further spooking investors who
have punished the sector over fears that infrastructure spending
may have stalled.

The country’s Competition Commission said on Tuesday it will
investigate 65 construction companies related to bid rigging on
up to 70 projects worth a total 79 billion rand ($11 billion).

Jan 14, 2011

SAfrica’s Telkom chief to step down

JOHANNESBURG, Jan 14 (Reuters) – South Africa’s Telkom
(TKGJ.J: Quote, Profile, Research, Stock Buzz) said on Friday its acting chief executive plans to step
down, renewing questions about leadership at the telephone group
as it struggles to craft a convincing turnaround strategy.

The company said that Jeffrey Hedberg, who was named acting
CEO in July, will step down when his contract expires at the end
of March. The news pushed shares of Telkom down more than 2
percent.