South Africa’s MTN Group has appointed Rob Shuter as chief executive after the mobile phone network company announced a R2.6bn ($198m) loss in earnings in 2016. Shuter, who previously worked for London-headquartered Vodafone, was appointed on Monday to head up the revamped senior management team, following the completion of a strategic review.
MTN’s earnings loss was the first time in its 23-year history that the telecoms giant had reported a fall in income. Meanwhile, pre-tax profits fell from R36.5bn ($2.8bn) in 2015 to R18.2bn ($1.4bn). However, MTN’s consolidated revenue increased year-on-year by 0.4% in 2016 to R146bn ($11.1bn), while its subscriber base in Africa and the [...]
The Zimbabwean government hopes to boost tourism to the Southern African country following the completion of $150m upgrade to Victoria Falls International Airport. The enhancements allow wide-body aircraft, such as Boeing 777 and Airbus A340 planes, to land.
The development of the airport – which included increasing the length of the runway from 2.2km to 4km, building a new terminal complete with a new control tower and improving the surrounding road network – was funded by the China Export-Import Bank. The upgrade now means the airport can handle 1.2m passengers annually, up from 500,000 passengers per year.
Some African airlines, including South African Airways, [...]
South Africa’s economy contracted to 0.3 percent in the last quarter of 2016, due to a fall in mining and manufacturing production.
According to the country’s statistics office, the shrinkage in the two key sectors of the economy pulled growth into negative territory.
Figures from the agency indicate, the mining industry’s 11.5 percent drop in production was the main contributor to the economy’s slowdown, brought about by a fall in production of coal, gold and other metal ores, such as platinum and iron ore. While manufacturing dropped by 3.1 percent.
Overall, the economy grew by 0.3 percent last year compared to 1.5 percent in 2015.
Africa’s most [...]
As Mauritius prepares to celebrate the 49th anniversary of its independence on 12 March 1968, a national debate has broken out over falling growth rates.
The economy grew by an average of 5.3% a year between 1969 and 2013, well ahead of the trend for Sub-Saharan Africa as a whole, but growth has averaged just 3.4% over the past six years, leading critics to assume that the economy has run out of steam. Yet it would be wrong to overlook just how well the country has developed.
The African Economic Outlook stated: “The Mauritian economy recorded actual growth of 3.7% in 2015, up from the 3.6% recorded in 2014 and is projected to grow by 3.8% in 2016 and 4.0% in 2017 on [...]