JOHANNESBURG, Dec 20 (Reuters) – By picking a respected
company insider as its next chief executive, MTN Group (MTNJ.J: Quote, Profile, Research, Stock Buzz)
is betting on the steady pair of hands that helped steer the
mobile operator’s rapid growth across Africa.
Africa’s largest mobile phone company on Monday named
53-year-old Chief Operating Officer Sifiso Dabengwa to replace
veteran leader Phuthuma Nhleko as CEO when he steps down in
JOHANNESBURG, Dec 20 (Reuters) – MTN (MTNJ.J: Quote, Profile, Research), Africa’s
largest mobile operator, has appointed a veteran senior manager
with experience leading its Nigerian and South African units as
its next chief executive.
Johannesburg-based MTN named Sifiso Dabengwa, currently
chief operating officer and an 11-year veteran of the company,
to replace Phuthuma Nhleko, who is due to step down at the end
JOHANNESBURG, Nov 30 (Reuters) – Emerging markets media
group Naspers (NPNJn.J: Quote, Profile, Research) cautioned that higher costs of sports
licensing could hit its full-year earnings, as increased
competition in pay television puts pressure on the fast-growing
South African firm.
Naspers, which on Tuesday posted a 33 percent rise in core
headline earnings in the first half to 860 cents per share,
flagged that the rapid pace of growth in its biggest business
may not be sustainable.
JOHANNESBURG, Nov 22 (Reuters) – South Africa’s Telkom
(TKGJ.J: Quote, Profile, Research) aims to sell its money-losing Nigerian mobile business
within the next six months, as it looks to slim down and focus
on its new mobile operation at home.
Africa’s largest fixed-line operator, which posted a 5
percent drop in first-half profit on Monday, has been looking to
exit its Multi-Links mobile business, one of four mobile
operators using the CDMA technology platform in a market
overwhelmingly dominated by the rival GSM standard.
JOHANNESBURG, Nov 18 (Reuters) – Investec (INLJ.J: Quote, Profile, Research, Stock Buzz), South
Africa’s fifth-largest bank, posted a near 6 percent rise in its
half-year operating profit on Thursday, helped by growth in the
asset management business.
The investment bank and asset manager said the regulatory
environment remained challenging, but activity levels were
starting to improve.
JOHANNESBURG, Nov 9 (Reuters) – Pretoria Portland Cement
(PPCJ.J: Quote, Profile, Research, Stock Buzz), southern Africa’s biggest cement maker, warned of
uncertain demand, sending its shares lower and underscoring the
bleak outlook for construction in Africa’s top economy.
PPC, which does most of its business in South Africa and
Botswana, said on Tuesday volumes in its home market dropped for
the third straight year, hurt by the lack of recovery in
JOHANNESBURG, Oct 29 (Reuters) – South Africa’s telephone
regulator said it will cut the fees charged by mobile phone
companies to handle calls from other providers, a move that
could hit revenues for domestic phone companies.
The Independent Communications Authority of South Africa
(Icasa), said on Friday it would reduce the mobile termination
rate (MTR) for peak times to 73 cents per minute by March 2011,
from 89 cents now.
JOHANNESBURG, Oct 28 (Reuters) – MTN (MTNJ.J: Quote, Profile, Research, Stock Buzz), Africa’s
biggest mobile operator, on Thursday forecast a near 10 percent
rise in subscribers by year-end, reaping the dividend from
billion of dollars of spending on its networks.
The company said subscriber numbers grew 4 percent in its
third quarter, overcoming intense competition and price cuts
JOHANNESBURG, Oct 14 (Reuters) – South Africa’s Telkom
(TKGJ.J: Quote, Profile, Research, Stock Buzz) launched its mobile business on Thursday, as it
attempts a turnaround by focusing on a crowded market dominated
by Vodacom (VODJ.J: Quote, Profile, Research, Stock Buzz), its former earnings driver, and MTN Group
(MTNJ.J: Quote, Profile, Research, Stock Buzz).
Africa’s largest fixed-line operator is hoping a 6 billion
rand ($869.8 million) initial investment will help its “Heita”
unit offset a decline in revenue from traditional telephony.
“Heita” is a local slang word for “hello”.
JOHANNESBURG, Sept 30 (Reuters) – General Motors (GM)
GM.UL plans to invest 1 billion rand ($143.4 million) in South
Africa over the next two years as it builds up its export
business in sub-Saharan Africa, a GM executive said.
The U.S. automaker would aim to export about 15,000 units
from South Africa by 2013, Edgar Lourencon, GM’s president and
managing director of Africa, told a news conference on Thursday.