Business News

Mcebisi Jonas, Swazi Tshabalala appointed to MTN board

DOUGLAS REDFERN JOHANNESBURG- International telecoms group, MTN, on Monday announced the appointments of Bajabulile Swazi Tshabalala, and former deputy finance minister in South Africa, Mcebisi Hubert Jonas, to its board from June. Tshabalala is the current Executive Director of consulting and investment holding company, Barbican Advisory Group. Announcing the news, Phuthuma Nhleko, Chairman of MTN […]

Business Southern Africa

Corruption allegations rock municipal workers pension fund

BY SAMUEL MUNGADZE JOHANNESBURG- Allegations of corruption and maladministration have rocked the pension fund of the South African Local Authorities (SALA) in a saga with the makings of a Hollywood script.  The unfolding plot features high-speed cars, living it up in exotic locations, blackmail, forensic investigators and intimidation. Whistleblowers allege that the SALA-controlled pension funds […]

Business Opinions

Why Moody’s didn’t downgrade South Africa to junk status: The full rationale

JOHANNESBURG- The previous weakening of South Africa’s institutions under former President Jacob Zuma will gradually reverse under what promises to be a more transparent and predictable policy framework that is being driven by the new president Cyril Ramaphosa. This is the view taken by Moody’s Investors Service when the global credit rating agency confirmed the long-term […]

Business Western Africa

Analysts give thumbs up to MTN’s West Africa IPOs

BY SAMUEL MUNGADZE JOHANNESBURG- Analysts have welcomed plans by MTN to offer initial public offerings (IPOs) in Ghana and Nigeria, saying it will assist in shoring up the company’s balance sheet. Africa’s biggest mobile-phone company by subscribers is  preparing to raise as much as $447 million through listing 35% of the subsidiary on the Ghana […]

Business Western Africa

Petronas hits oil and gas jackpot in Gabon

JOHANNESBURG- Malaysian oil giant, Petronas, on Monday hit a jackpot in Gabon after discovering oil and gas. Petronas said the discovery marked a significant milestone for its plans as it expanded upstream growth in West Africa, and demonstrated frontier exploration and deep-water operational capabilities. In a statement, executive vice president and upstream chief executive officer, […]

Business Northern Africa

North Africa banks to Overtake South Africa by 2020: Report

JOHANNESBURG- A new report says South African banks will in four years be overtaken by those in North Africa on revenue shares. Roaring to life: Growth and innovation in African retail banking report by management consulting firm McKinsey and Company say North African revenue shares before risk costs are predicted to reach 30 percent in […]