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 [...]
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 [...]
Durban was stripped of the right to host the 2022 Commonwealth Games on Monday because the South African government couldn’t provide financial guarantees, plus other commitments made when it won the bid had still not been met nearly two years later.
Durban presented a revised budget and hosting proposal to the Commonwealth Games Federation at a last-ditch meeting last weekend to save Africa’s first international multi-sport event.
“It is with disappointment that the detailed review has concluded that there is a significant departure from the undertakings provided in Durban’s bid and as a result a number of key obligations and commitments in areas [...]
Africa CEO Forum will look at revitalising investment flows into the continent and comes at a time when commodity prices are showing signs of recovery
About 20 South African CEOs are expected to attend the Africa CEO Forum, which, is taking place in Geneva, Switzerland, later in March.
The fifth edition of the forum is due to focus on international investments in Africa. It is running from March 20–21.
The forum will look at revitalising investment flows into Africa and comes when commodity prices are showing signs of recovery.
The forum is expected to host 1,000 key decision makers in industry, finance and politics from across the globe.
Some of [...]