Author: Gugu Lourie
Subscriber disconnections and withholding of regulatory services in Nigeria is hurting MTN, Africa and Middle East biggest mobile phone operator, which reported on Thursday a 51.4% drop in 2015 full-year headline earnings per share (HEPS) to 746 cents despite a 4.1% rise in total subscribers to 233 million. HEPS is South Africa’s main profit gauge. By Gugu Lourie The move deeper into the red by the mobile phone giant was partly driven by the underperformance of its Nigerian operation – the biggest asset in the company that has more than 61.3 million customers. Nigeria is by far and away MTN’s…
ShowMax has now added AirPlay support for iPhones and iPads. This makes it possible to broadcast shows and movies direct from iOS devices to big-screen TVs. It’s the perfect solution for anyone who doesn’t have a smart TV but still wants to sit back and watch ShowMax. By Staff Writer The app now supports AirPlay, making it possible to broadcast TV shows and movies direct from iOS devices to an Apple TV, which in turn displays the content on a big-screen TV. The firm, which is owned by Naspers, said in a statement that this is part of an ongoing…
The Nigerian Ministry of Communications has confirmed the payment of R3.8 billion (50 billion Naira or $250 million) by MTN Nigeria as part payment for the $3.9 billion fine imposed by the country’s communication watchdog, the Nigerian Communications Commission (NCC), according to a media report. By Staff Writer. Last year, the NCC imposed the fine on MTN Nigeria for its failure to disconnect 5.2 million subscribers who did not register their SIM cards. On Wednesday, MTN informed investors that it has agreed a without prejudice a good faith payment of R3.8 billion (50 billion Naira or $250 million) to the Federal Government…
MTN Nigeria wins court case against Etisalat Nigeria challenging the South African-based mobile phone operator’s use of the 800 mega hertz (MHZ) spectrum following the acquisition of Visafone for undisclosed amount. By Gugu Lourie Etisalat has filed a lawsuit against MTN and Visafone to challenge the acquisition, which will enable MTN Nigeria to deploy wireless broadband services in Africa’s biggest economy. The Leadership newspaper reported on Friday that Justice Ibrahim Buba of the Federal High Court in Lagos, on Thursady, struck out a suit filed Etisalat Nigeria challenging MTN’s use of the 800 megahertz (MHZ) spectrum following the acquisition of Visafone for…
The Nigerian telecommunications watchdog, Nigerian Communications Commission (NCC), said late on Thursday that it has not yet received any payments from mobile phone operator MTN towards a $3.9 billion fine. By Staff Writer Last year, the NCC imposed the fine on MTN for its failure to disconnect 5.2 million subscribers who did not register their SIM cards. On Wednesday, MTN informed investors that it has agreed a without prejudice a good faith payment of R3.8 billion (50 billion Naira or $250 million) to the Federal Government of Nigeria on the basis that this will be applied towards a final settlement. On…
No Nigerian arrangement is permanent unless that which has been arrived at by negotiated compromise. My friend Phehello was stunned when I told him this. He paused and looked at me as if to suggest I was in urgent need of a psychiatric test at Sterkfontein Hospital. I had no choice but to explain the thinking behind the theory. “Look Phehello,” I said. “The spirit of compromise is the fibre of the Nigerians.” I was merely quoting the words of Nigerian author, Peter Enahoro, who said “this fundamental principle is more than a habit. It is deeply rooted in the way…
MTN has agreed to pay $250 million ( R3.87 billion) to settle dispute with the Nigerian authorities over the failure by the mobile phone giant to register subscribers. The South African-based telco said it made the payments to the Federal Government of Nigeria on Wednesday and anticipate that it will be taken as a settlement to the ongoing dispute. By Gugu Lourie MTN was given a December 31 2015 deadline to pay the R59 billion ($3.9 billion) fine for its failure to disconnect 5.2 million subscribers who did not register their SIM cards. The payment deadline has expired. But the South…
MTN was under pressure again on Friday as Africa and Middle East’s largest mobile phone operator predicted on Thursday afternoon a 20% drop in headline earnings per share (HEPS) for the year to end-December 2015. MTN Zakhele, the Black Economic Empowerment (BEE) scheme of MTN listed on the JSE BEE board, was no exception as it dropped 12.7% at R65.93 by 11:35am on Friday, valuing the counter at more than R6 billion. By Gugu Lourie Shares in MTN were trading 18.5% lower at R125.31 by 11:35am, valuing the telco giant at more than R283 billion. This was after the…
MTN, which is embroiled in a R59 billion fine imposed by the Nigerian watchdog, is expected to report a 20% reduction in basic headline earnings per share (HEPS) for the full-year to end-December 2015. By Gugu Lourie HEPS – South Africa’s main profit gauge – at MTN, Africa and Middle East biggest mobile phone operator, have shrank on the back of under-performance of its biggest operation, MTN Nigeria. “The negative earnings performance has been impacted by a number of factors with the operational underperformance in Nigeria, resulting from the subscriber disconnections and the withholding of regulatory services, being a key…
By Skye C. Cleary Online dating sites and apps are transforming relationships. More than 10 percent of American adults – and almost 40 percent of people who identify as “single and looking” – are using online dating websites and apps. But what might someone from the 19th century think about this unique fusion of technology and romance? In the late 1800s, German philosopher Friedrich Nietzsche had a lot to say about love. Arguing that society was heading toward nihilism – that is, a world without meaning, morals and values – Nietzsche thought that romantic love was frivolous, with friendship acting as…
Local internet video service ShowMax is not increasing its monthly R99 subscription rate despite the weak rand impacting its business. By Gareth van Zyl, NewsAgency Multinational media and internet company Naspers launched ShowMax on August 19 last year as a TV series and movie video on demand service. But the rand has significantly weakened from R12.88 to the US dollar on August 19 2015 to around the R16 mark this week. ShowMax, like other local television companies, is susceptible to currency movements as it buys its content from markets such as the US. However, ShowMax spokesperson Richard Boorman told Fin24 that…
After the December ex-Minister of Finance Nhlanhla Nene firing hurting us deeply, doubled up in January by another instalment of Chinese liberalization tribulations, the SA Rand and long bond yields ended up in deeply overshot territory. Indeed effective junk. By Cees Bruggemans There has been some clawback todate, the Rand retracing to 15.80:$ (after seeing 18:$ on a single Japanese midnight cowboy trade) and long bond yields clawing back about half the 160 point Nene loss. Is this it, or is there more potential for retracing? It depends on what you want to believe…. There are…
Global firm Unify has established a local in South Africa and as part of its growth plan has also appointed Tarsus as its distributor for its software in Southern Africa. By Staff Writer The global communications software and services firms will partner with Tarsus Distribution to develop brand awareness and grow market share within the region as part of its transition to a software and services-based organisation. Tarsus Distribution will work with Unify’s newly-established office in Bryanston, Johannesburg to deliver integrated communications solutions to resellers and their customers. “With its strong heritage of product reliability, innovation, open standards and security,…
The rand was on the backfoot on Wednesday ahead of inflation data due at 10:00 and as the oil turmoil continued on renewed oversupply fears. The local unit managed to move just below R16.60 against the greenback and was trading in the R16.60s for most of Tuesday before sliding quickly after the SA close for an overnight close of R16.78. By 07:58 on Wednesday the unit was back at its lowest levels for the week, trading at R16.88/$, R23.86/£ and R18.47/€. So far this year the rand has lost 9% of its value against the dollar. Adam Phillips, independent…
Tech giant Apple is raising the prices of paid apps and in-app purchases for seven countries, including South Africa due to exchange rates. By Staff Writer Following fluctuations in exchange rates, Apple has informed developers today that it’s planning to change App Store pricing in a number of countries within the next 72 hours, according to a report in technology news website The Next Web (TNW) published on Monday. The other markets affected by price increases include Canada, Israel, Mexico, New Zealand, Russia and Singapore, a document sent to App Store developers showed according to TNW. “Subscribers in Russia and South Africa will…
Six years out of seven on average in the US economy, (according to ex-Fed chair Alan Greenspan, a practiced observer of things practical), the forces of growth prevail. In the seventh year these don’t so much rest as go on the backfoot, to the point of withdrawal (recession) or even at very odd occasions in modern times of derailment (depression). By Cees Bruggemans South Africa today is very much into such defensive withdrawal, forced upon her by many things, as much the global economy and Mother Nature as from her own free choice in terms of how she manages herself. How…
The last time the Dollar more than doubled in value against the Rand was in 2000-2001, when it went from 6:$ to 13.85:$. By Cees Bruggemans This time it took five years to crack the same barrier, from 7:$ in 2010 through 14:$ in 2015. These past four weeks we added over 40% to that originally 2010 base, the Rand trading near 17:$ late last night. That was after a very volatile day, starting with a few stop-loss margin calls driving a flash-crash, highly illiquid market in Japan reached 17.90:$ which subsequently corrected to 16.50:$ as our Rand market opened. Things…
Naspers owned video streaming service ShowMax has said that Netflix’s launch in South Africa will boost local awareness of internet television. By Gareth van Zyl, NewsAgency On Wednesday night, US-based Netflix officially switched on its South African service as part of a launch in an extra 130 countries. The launch of Netflix in South Africa means that local users don’t have to resort to using the likes of virtual private networks (VPNs) to access Netflix any more. The use of VPNs allows users to appear as if they are connecting to networks from other countries such as the US, but the…
The Nigerian Communications Commission (NCC) has asked the Federal High Court in Lagos to dismiss a suit filed by MTN against the industry watchdog for imposing a R59 billion ($3.9 billion) fine against the South African mobile phone giant for failure to register customers, according to a report. The Leadership newspaper reported on Monday that in a motion on notice filed through its lawyers, Ahmed Raji – Senior Advocates of Nigeria (SAN) and Mahmud Magaji (SAN), the NCC has urged the court to dismiss or decline to hear the suit for want of jurisdiction or send it to its Abuja division. The newspaper reported that…
Despite fears that the smartphone market is tanking, a research firm believes that the consumer market will show healthy growth as shoppers spend cash on tech during the holiday season
MTN, Africa’s largest mobile phone operator, have assembled high profile lawyers to argue their case in Federal High Court in Lagos, Nigeria. By Staff Writer The South African based mobile phone operator has hired seven Senior Advocates of Nigeria (SAN) to fight the R59 billion ($3.9 billion) fine imposed on it by the Nigeria Communications Commission (NCC), according to Africa Review MTN was given a December 31 deadline to pay the fine for its failure to disconnect 5.2 million subscribers who did not register their SIM cards. But on Thursday announced it was planning to challenge in court a $3,9 billion fine…
MTN, Africa’s biggest mobile phone operator, said on Thursday it plans to challenge a $3,9 billion fine imposed on it by the Nigerian Communications Commission (NCC) for failure to register subscribers on its network. By Gugu Lourie
The digital revolution promises to change the face of South Africa’s insurance market over the next few years as new entrants and established players alike use the latest technologies to deliver products that are cheaper, more convenient, and more personalised. By Bryan McLachlan, CEO at Instant Life, a life insurance company, that leverages technology extensively. Digital channels, paired with sophisticated analytics and underwriting systems in the back-office, have already allowed companies such as Instant Life to offer high-quality insurance products at competitive prices. Now, as technologies such as the Internet of Things, wearable computing, big data, and cloud computing mature, aggressive…
Africa’s largest mobile phone operator MTN Group’s fate lies in the hands of the Nigerian President Muhammadu Buhari, who will take the necessary decision at the appropriate time in the best interest of the country, according to Africa’s biggest economy’s Minister of Communications Adebayo Shittu. By Staff Writer “The issue is now before Mr President. He will take the necessary decision at the appropriate time. And the President would do what is best for the public interest,“ Shittu told the Nigerian Vanguard newspaper. “The good thing is that MTN did not contest the fact that they had violated the regulations…
A 22 years Nigerian entrepreneur, Chris Kwekowe, won the 2015 Anzisha Prize which celebrates community building business innovation across the African continent. By Ujuh Reporter Kwekowe was announced as the winner of the $25,000 Grand Prize in the 5th year of Africa’s premier award for youth entrepreneurship. The award was made at a ceremony held in Sandton, Johannesburg, this week. Kwekowe is the founder of Slatecube which offers job-relevant skills learning platform and job placement services. Slatecube has had significant success to date with potential for scale and will serve as an inspiring beacon for other youth interested in…