JOHANNESBURG, Feb 23 (Reuters) – An expanding loan book
buoyed South Africa’s fourth-largest banking group Nedbank
full-year earnings by an expected 13 percent and the
company said on Monday it expected recovery in consumer credit
The bank, majority owned by London-listed insurer Old Mutual
, said it expected that benign inflation this year would
ease some pressure that many of its consumers have been under.
JOHANNESBURG, Feb 11 (Reuters) – With power outages now a
daily reality in South Africa and expected to last for the next
three years, business and individuals are taking matters into
their own hands.
Africa’s most advanced economy is experiencing its worst
electricity crisis since 2008 with state power firm Eskom
implementing rolling blackouts as its old creaking
grid struggles to meet growing demand.
JOHANNESBURG, Feb 6 (Reuters) – When Michelle Obama and
Beyonce Knowles attended high-profile events in clothes made by
African designers, it was a sure sign that the continent’s
vibrant style has arrived on the world stage.
The showcasing of clothes from home-grown African designers
in stores in New York, London and Tokyo is a sign of a broader
change of attitude towards a continent which is earning a
brighter reputation beyond stories of war and disease.
JOHANNESBURG, Feb 4 (Reuters) – Lower call connection
tariffs and stiff competition reduced Vodacom’s
third-quarter revenue by 1.1 percent from a year ago to 19.99
billion rand ($1.76 billion), the South African telecoms
operator said on Wednesday.
South African regulators last year directed mobile phone
companies to lower termination rates, or the amount they charge
one another to connect calls onto their networks, saying they
were keeping tariffs high and hindering competition.
LONDON/JOHANNESBURG (Reuters) – A growing middle class in sub-Saharan Africa is enticing European and South African insurers to buy local firms focussing mainly on life insurance and pensions, in the face of mature markets and strong competition at home.
Rapid economic growth in countries such as Ghana, Kenya and Nigeria has increased the number of people with money to spend on insurance to protect their wealth, while regulatory changes are encouraging the growth of domestic savings and pensions.
PRETORIA (Reuters) – South Africa marked the first anniversary of former President Nelson Mandela’s death on Friday with tributes to his struggle against white-minority rule and sober reflections on the country’s failure to capitalize on the freedom he fought for.
Veterans of the anti-apartheid struggle lay wreaths at the foot of a towering statue of Mandela in Pretoria, where crowds earlier sang “Nkosi Sikelel’ iAfrika” (God Bless Africa), the evocative national anthem adopted after apartheid ended in 1994.
JOHANNESBURG, Nov 27 (Reuters) – SABMiller
and Coca-Cola will combine the operations which mix,
bottle and distribute their soft drinks in Africa, creating a
group with sales of $2.9 billion and ambitions to corner a
Coca-Cola Beverages Africa will be the continent’s largest
soft drinks bottler, accounting for 40 percent of all Coke
volumes sold in Africa. It will serve 12 southern and eastern
African countries, including South Africa.
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.