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.
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).