Author: Gugu Lourie
Mobile phone group MTN announced on Wednesday plans to invest $1.6 billion(R23 billion) in Nigeria over the next three years to strengthen and expand its network and operations in the country. In December, MTN received good news after the Nigerian Attorney General and Minister of Justice has withdrawn a $2 billion tax demand against MTN Nigeria. Late December 2018, MTN reached an agreement with Nigeria’s central bank when the $8.1 billion claim was reduced to $53 million. The news of the investment was shared during a statement by President Muhammadu Buhari, whereby he reaffirmed that the Nigerian government is committed…
Praveen Maharaj on Wednesday dismissed reports linking him to death threats made in a WhatsApp Group against MDPS (Mobile Diesel Power Systems). Maharaj, who is a regional manager of Mobax for the Eastern Region off KwaZulu-Natal, said through his lawyers in an email to TechFinancials that he vehemently denies ever having made any of the published statements. Earlier this month, TechFinancials issued a report detailing death threats against MDPS in a WhatsApp Group. The correspondence was shared by a concerned WhatsApp group member to the owners of MDPS, who later shared it with Vodacom KZN and the Parliament Portfolio Committee…
Cell C, which is 45% owned by JSE-listed Blue Label Telecoms, appears to be sinking deeper into trouble. The struggling mobile operator has defaulted on the payment of interest on a $184 million (R2.7 billion) loan, which was due in December 2019, along with interest and capital repayments related to bilateral loan facilities with Nedbank, China Development Bank, the Development Bank of Southern Africa and the Industrial and Commercial Bank of China. Blue Label shares were hard hit by the news, sending its shares 12.58% lower at R2.78 by 02:11 pm on Tuesday in Johannesburg bourse. The company and Net…
We live in a digital world. Digital technologies are advancing at a rapid pace, connecting people around the world and creating new and exciting opportunities. More than any time in human history, people have greater access to knowledge, services and resources as a result of technological advancements. The impact of automation, artificial intelligence, and the Internet of Things (IoT) is felt almost everywhere, in all countries, industries, and everyday life. “However, while the impact of digitization is widespread, the benefits it yields are distributed unevenly,” says Tae Yoo, Cisco’s senior VP of Corporate Affairs. “It is important to understand a…
MDPS (Mobile Diesel Power Systems) is out of business because a report was tampered with which exonerated the KwaZulu Natal-based small business, the chairperson of the Parliament Portfolio Committee on Small Business Development Ruth Bhengu, said in a voice clip. The company is involved in a fierce battle with mobile phone giant Vodacom after settling out of court with Sweden’s telecoms giant Ericsson. The central claim is that Vodacom suspended its services after false claims related to buying diesel for running the mobile phone operators’ generators for its mobile phone towers in KwaZulu Natal. MDPS has never made any admissions…
Mini to launch Mini sharing in Sandton. Mini Sharing allows Mini owners to make their vehicles available to friends, family or colleagues via app. It’s no secret that Mini offers drivers an unrivalled exhilarating go-kart feel, transforming even the most mundane journey into something much more fun. The car-sharing scheme is being tested for local conditions ahead of its launch in the third quarter of 2020 as a pilot programme in the key urban area Sandton, in Johannesburg. Initially, Mini Sharing will be available to a closed group of users, although plans are afoot to expand the offering to other…
Strategic South African towns, which include Bethal, Jozini, Makhado, Welkom, etc, may receive priority support from the South African government. The support to a group of 61 towns may be in a form of state funding. The South African government revealed the plan this week in a new draft National Spatial Development Framework (NSDF). The plan is open for public comment until 20 March. The NSDF is described as the first of its kind and according to the government it seeks to make a bold and decisive contribution to bringing about the peaceful, prosperous and truly transformed South Africa, as…
Blue Label Telecoms expects its earnings for the six months ended 30 November 2019 to increase by at least 20%. The company informed investors on the JSE on Thursday that this translates to basic, headline and core headline earnings per share improving by at least 2.52 cents, 3.00 cents and 2.28 cents. The company, which owns 54% of struggling mobile phone operator Cell C, attributed the expected improved earnings to Cell C’s writedown. Blue Label Telecoms and Net 1 have written down to zero the value of their stake of the embattled mobile network, Cell C, which last year reported…
Africa’s most valuable company said in a statement on Wednesday that it intends to repatriate the proceeds to South Africa to buy back its own shares.
Skynamo (formerly Honeybee CRM) – a Stellenbosch founded software firm – has secured R434 million ($30 million) from software investor, Five Elms Capital. Skynamo will use the investment to accelerate the adoption of its field sales mobile app and cloud-based management platform, while scaling up operations to improve service to its rapidly growing customer base in the US, UK Apostille and Southern Africa. The software company serves its customers from its South African and London offices and has chosen Atlanta as its US headquarters. Skynamo integrates with ERP and accounting software such as Sage, Acumatica, SAP, Xero and Quickbooks to provide…