JOHANNESBURG, Nov 26 (Reuters) – South African e-commerce
and media group Naspers sees lower full-year earnings
after it plans to increase investment into Internet platforms
and digital pay-TV by more than 62 percent to lock in more
Johannesburg’s biggest local company by market valuation
posted a 16 percent rise in core headline earnings in the first
six months to end September, but will spend more than 7 billion
rand ($695 million) to market e-commerce platforms and roll out
digital terrestrial television across African cities.
PRETORIA, Nov 18 (Reuters) – South African fixed-line
operator Telkom SA is in talks with some parties over
the future of its struggling mobile business, its chief
executive said on Monday after posting a jump in first-half
The company, which also said it had loaned its chief
financial officer money to buy its shares, which may have been
illegal, has struggled to grow its mobile operation, lagging the
leader Vodacom, and rivals MTN and Cell C.
CAPE TOWN, Nov 13 (Reuters) – Nigerian films don’t often
make it to Western cinemas, but Nigerians living abroad can now
see their favourite “Nollywood” movies thanks to a London-based
Jason Njoku, a 31-year-old Londoner of Nigerian descent, got
the idea for his company iROKOtv.com when his mother asked him
to get her some DVDs of Nigerian movies and he couldn’t find any
CAPE TOWN (Reuters) – Hormuud Telecom Somalia, one of the largest mobile operators in the country, plans to halve rates from the current $0.02 per minute once a newly laid fibre optic cable network is functional, its chief executive said on Wednesday.
The company has been operating since 2002 despite the anarchy that has plagued Somalia, and has survived over the years only because of the warring parties’ need for communications, chief executive Ahmed Yuusuf said.
JOHANNESBURG, Nov 11 (Reuters) – South Africa’s dominant
mobile phone operator Vodacom posted an 11 percent
increase in first-half earnings on Monday and is ramping up
capital expenditure despite an expected decline in tariffs.
Even though subscriber numbers are growing, African telecoms
operators are experiencing plateauing revenues as call rates
fall. They are also being pressed hard to keep investing in
expanding and improving their networks.
JOHANNESBURG, Nov 11 (Reuters) – African Bank Investments
, South Africa’s biggest provider of unsecured loans,
posted an 88 percent plunge in full-year earnings on Monday as
bad consumer debt mushrooms in Africa’s largest economy.
Abil, as the bank is commonly known, blamed a series of
problems in the weak South African economy which had led to its
largely lower income customers struggling to keep up with
repayments on their loans, or scaling back on new borrowing.
JOHANNESBURG, Nov 11 (Reuters) – Fewer than one in three
Africans has a mobile phone and recent rapid growth in
subscribers will slow if governments don’t improve access to
spectrum and rein in taxes on the industry, a lobby group
representing mobile networks said on Monday.
There were 502 million mobile connections in sub-Saharan
Africa as of June, industry body GSMA said.
CAPE TOWN, Nov 10 (Reuters) – At Cape Town’s Elswood
Secondary School, even the metal grills welded into its walls
did not deter burglars from ripping out the copper cables that
delivered Internet to the students of this tough neighbourhood.
But Elswood’s pupils were saved by alternative technology -
free wireless connection via unused parts of the TV spectrum
known as white space. It’s being provided by a consortium led by
Google as part of a wider trial. Elsewhere in the
country Microsoft is operating similar pilots. Both are
racing to fine tune a technology that could ultimately bring
cheap broadband to the entire continent.
JOHANNESBURG, Nov 8 (Reuters) – South African lender
Standard Bank confirmed on Friday it was in talks to
sell a controlling stake in its London-based global markets
business, a deal sources have told Reuters would be worth over
Africa’s biggest bank declined to name the potential buyer,
but two people familiar with the matter told Reuters in July it
was in talks to sell the operation to its top shareholder, the
Industrial and Commercial Bank of China (ICBC).
JOHANNESBURG, Nov 7 (Reuters) – Luxury sports car maker
Porsche is looking for investors to set up showrooms and service
centres across Africa to increase sales on the rapidly growing
continent, it said on Thursday.
South Africa is already the luxury marque’s biggest market
in its 19-country Porsche Middle East & Africa region, beating
Dubai, Kuwait, Abu Dhabi and Qatar, Porsche said.