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.
JOHANNESBURG (Reuters) – Nelson Mandela’s widow was forced to get accreditation to attend his memorial service and could only bring four family members as his clan squabbled after his death, the South African icon’s former private assistant says.
Graca Machel, who became Mandela’s third wife in his twilight years, was frequently undermined by some members of his family, former Mandela assistant Zelda la Grange wrote in her memoirs, published on Thursday.
JOHANNESBURG, June 13 (Reuters) – Young techies hunched over
laptops in small offices across Africa want to create their own
versions of California’s Silicon Valley and some are beginning
to attract investors prepared to take a risk in the hope of high
One such start-up, a South African social photography app
called Over, last month beat 19 others from around the world to
win funding from U-start, an advisor that matches mainly
European investors with fledging businesses.