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.
JOHANNESBURG, Oct 24 (Reuters) – More than 300 managers at
South African fixed-line operator Telkom SA have left
the company voluntarily as part of a restructuring, the
Solidarity union said on Thursday.
The partly state-owned company is slashing jobs from a
management layer of 2,650, saying it aims to become more agile
in a competitive environment. Most of those remaining from that
total have been placed in new positions, but 104 do not have the
skills needed for 168 positions yet to be filled.
JOHANNESBURG, Oct 23 (Reuters) – Top African telecoms
provider MTN said it had boosted sales by adding
personalised promotions to credit balance inquiries, allowing it
to cut ad spending by 80 percent in South Africa, one of its
MTN South Africa said it was spending nearly nothing to
advertise on traditional media such as television and radio,
compared with 300 million rand ($27.4 million) last year.
JOHANNESBURG, Oct 23 (Reuters) – MTN Group,
Africa’s largest mobile telecoms operator, slashed its full-year
forecast for Nigerian subscriber growth by nearly a third on
Thursday, raising concern about its ability to fight off
competition in its top market and sending its shares sliding.
The Johannesburg-based company has been fighting to stay in
the lead in Nigeria, Africa’s most populous country, ahead of
competitors such as the UAE’s Etisalat, India’s Bharti
Airtel and privately-owned local firm Globacom (GLO).
JOHANNESBURG, Oct 8 (Reuters) – South African insurer
Liberty Holdings is in the final stages of buying an
asset management firm in Ghana and is also looking to Ethiopia,
Rwanda and Nigeria for potential deals, its chief executive said
Like many other South African companies, Liberty is looking
past its mature home country for opportunities in fast-growing
sub-Saharan markets. The strategy is in line with that of its
top shareholder, Standard Bank, which is also expanding
widely on the continent.
JOHANNESBURG, July 30 (Reuters) – Barclays Africa Group
is focusing on lending to companies in South Africa to
counter a drop in retail credit as the financial health of
households in its biggest market deteriorates.
The pan-African lender, majority owned by the eponymous
British bank Barclays, is also looking to the eight new
markets it acquired last year to boost profit but faces
competition from rivals.
JOHANNESBURG, July 17 (Reuters) – When Malagasy entrepreneur
Andry Ravololonjatovo came up with the idea of a hi-tech
translation service named after a local bird, the Drongo, he
hesitated about registering the patent.
In many countries in Africa, protection of intellectual
property (IP) is still patchy or undeveloped, and many
innovators are put off by the onerous and expensive affair of
registering their products.
JOHANNESBURG, July 7 (Reuters) – African Bank Investments
said on Monday it was in talks to sell its loss-making
furniture business, sending its shares soaring as investors
welcomed the possibility of fresh capital for a lender hammered
by bad debts and a credit downgrade.
Abil, as the South African bank is called, had its
international debt rating cut to “junk” by Moody’s in May,
reflecting widening concern about its ability to ride out an
economy weakened by months of labour unrest.
JOHANNESBURG, June 23 (Reuters) – South African e-commerce
and media firm Naspers, the continent’s biggest
company by market value, posted a surprise 2 percent drop in
full-year earnings on Monday after ratcheting up expansion
spending, sending its shares lower.
Naspers used 7.7 billion rand ($719 million) on development
spend, a 79 percent jump from a year ago. It also holds $1.6
billion offshore that can be used partially for acquisitions and
further expansion, its chief executive said.