South Africa - CybAI news

19 Aug

South Africa’s MTN Has First Loss in Eight Years on Naira Slump

stp2y0 CommentsRAG modelsafrica, Earnings, Government, MTN GROUP LTD, nigeria, Nigeria Naira Spot, South Africa, South Sudan, Technology, US Dollar Spot, Wireless

MTN Group Ltd., Africa’s biggest wireless carrier by revenue, posted its first loss since 2016 after the devaluation of the Nigerian naira crimped income from one of its key markets.The group reported a loss of 7.39 billion rand ($414.7 million) in the six months through June, compared with 4.14 billion rand profit a year earlier. The loss is MTN’s first since it had to pay a more than $1 billion fine imposed on the company by the Nigerian government. Source link lol

16 Aug

Tech Rally Propels Emerging Stocks To Best Week in Four Months

stp2y0 CommentsRAG modelsALIBABA GROUP HOLDING-SP ADR, Asia, Bonds, Currency, Emerging Markets, SAMSUNG ELECTRONICS CO LTD, South Africa, stocks, TAIWAN SEMICONDUCTOR MANUFAC, Technology, US Dollar Spot

Emerging-market stocks rallied on Friday, driven by tech companies in Asia, following US data which boosted investor optimism that the world’s biggest economy will avoid a recession. The MSCI gauge for developing world stocks climbed as much as 1.6%, extending their weekly gains to 2.8%, on track for the biggest since April. Taiwan Semiconductor Manufacturing Company, Samsung Electronics Co and Alibaba Group Holding are the biggest contributors to the rally. Source link lol

13 Aug

MTN, IHS Reopen Talks to Resolve Stand-Off on Governance Issues

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MTN Group Ltd., Africa’s largest wireless carrier by footprint, agreed to reopen talks with top continental tower operator IHS Holdings Ltd. in a bid to resolve governance issues that have placed a wedge between the companies for more than a year. MTN, which is IHS’s biggest shareholder, has sought voting rights in line with the 26% economic interest it owns in the tower company and wants more power to nominate board members, which IHS has pushed back on. Following a breakthrough in commercial talks that saw MTN and IHS renew tower leases of 26,000 sites across six African markets, negotiations…

13 Aug

South Africa Coal Export Line Will Need Five Years to Refurbish

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South Africa’s state-owned rail company needs $669 million and five years to upgrade equipment to revive performance of its main export coal line, according to an internal report.Coal shipments plunged to a more than three-decade low of 48 million tons last year because of inefficiencies at Transnet SOC Ltd., which blamed lack of locomotives and spare parts for its woes. The two other major factors limiting the amount of the fuel shipped to the coast for export are infrastructure faults and issues with signaling systems, according to a final executive summary report seen by Bloomberg. Source link lol

08 Aug

Anglo Revamp, Unity Government Seen Igniting South Africa Stocks

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A business-friendly coalition government and plans by Anglo American Plc to spin off one large subsidiary and possibly list another may trigger a sustained rally in South African stocks, the head of the main local bourse said. Even with the turmoil currently running through global stock markets, these developments are poised to snap South African equities out of more than a decade of torpor caused by economic stagnation and collapsing power and logistics services, said Leila Fourie, the chief executive officer of JSE Ltd., which runs the exchange. Source link lol