JOHANNESBURG, Nov 26 (Reuters) – Nigeria’s Access Bank
does not expect to take a hit from the naira’s
devaluation, its chief executive said on Wednesday, because many
of its customers are generating revenues in foreign currencies.
However, the devaluation will probably dampen foreign
investor demand for Access Bank’s 68 billion naira ($385
million) rights issue, Chief Executive Herbert Wigwe told
JOHANNESBURG, Nov 25 (Reuters) – Naspers, Africa’s
largest company by market value, on Tuesday reported a 22
percent increase in first-half earnings, helped by a strong
contribution from Hong Kong-based Internet business Tencent
Naspers, which has classifieds and e-commerce interests
across dozens of countries including India and Brazil, increased
revenue by 20 percent to 34.4 billion rand ($3.1 billion).
JOHANNESBURG, Nov 25 (Reuters) – South African furniture
firm Steinhoff International will buy 92 percent of
clothing retailer Pepkor, it said on Tuesday, in a $5.7 billion
deal that gives it exposure to the fast-growing African apparel
Steinhoff, a furniture retailer targeting budget-conscious
shoppers in southern Africa and Europe, said it will pay 62.8
billion rand ($5.7 billion) for the stake in Pepkor, which owns
the Pep brand that sells everything from school uniforms to
household goods to mobile phones.
JOHANNESBURG, Nov 14 (Reuters) – Samsung Electronics
expects its recent stellar revenue growth in Africa
to slow sharply this year as the continent begins to succumb to
the delayed effects of global economic weakness.
The South Korean company has achieved African annual revenue
growth of up to 60 percent in recent years through its
aggressive sales push on products from phones to fridges,
televisions and air conditioners.
JOHANNESBURG, Nov 13 (Reuters) – Cut in half by the equator,
sunshine is one thing that Africa has in abundance.
Now a growing number of African enterprises are tapping this
under-utilised source to keep their businesses running.
JOHANNESBURG, Nov 10 (Reuters) – Shares of South African
mobile phone operator Vodacom fell nearly 6 percent on
Monday after it posted a surprise decline in first-half earnings
and warned earnings growth would be slow over the next three
South African telecom companies are battling to return the
kind of double-digit margins posted over the last decade as
competing firms cut voice and data costs to gain market share.
JOHANNESBURG, Nov 5 (Reuters) – Four of South Africa’s
biggest banks are owed $53 million by Ellerine, the money-losing
furniture firm that African Bank Investments (Abil) cut
funding to just before the lender collapsed, documents showed.
The debt reflects the extent to which Abil’s failure in
August has rippled across corporate South Africa, knocking
credit ratings, investor confidence and even hurting small
suppliers such as florists and panel beaters.
JOHANNESBURG (Reuters) – South Africa’s power utility Eskom said power outages that began on Sunday would likely continue during the week after a collapsed coal silo at its Majuba station cut generation capacity in an already overstretched grid.
This is the second time this year Eskom is implementing rolling blackouts. It imposed similar cuts in March that were the first time in six years, underscoring just how precarious the balance is between South Africa’s power supply and demand.
JOHANNESBURG, Oct 30 (Reuters) – South Africans are finding
it more difficult to keep up with their mortgage payments as the
cost of living and interest rates climb, the country’s
fourth-largest lender said on Thursday.
South Africa’s central bank has raised its key repo rate by
a cumulative 75 basis points this year while inflation has
remained above the central bank’s 3 to 6 percent target for much
of the year.
JOHANNESBURG, Oct 29 (Reuters) – Bad loans at small South
African banks rose in the first half of this year, the central
bank said on Wednesday, disclosing a worrying trend just months
after the collapse of unsecured lender African Bank.
However, impaired advances at the five largest banks -
Standard Bank, FirstRand, Barclays Africa
, Nedbank and Investec – contracted by
2.1 percent to 81.8 billion rand ($7.53 billion), the Reserve
Bank said in its latest financial stability report.