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Telecoms & Technology

MTN pays first instalment of Nigerian fine

An employee of mobile phone operator MTN tries to register a client with the network in the Obalende district of Lagos. Picture: AFP PHOTO/PIUS UTOMI EKPEI

Company says it has also paid N18.96bn for a 10-year licence won at auction that will enable it to provide superfast wireless networks

Industrials

Sephaku revenue up on cement and concrete gains

An employee uses a control panel to disperse premixed concrete, manufactured by Holcim  at the headquarters of Fertigbau Wochner  in Dormettingen, Germany. Picture: BLOOMBERG/MARTIN LEISSL

Margins said to be under pressure amid lower pricing in an increasingly highly contested building materials sector

Financial Services

Standard Bank fined $800 by Angola’s central bank over forex violations

Picture: SUNDAY TIMES

Standard Bank believes it has not done anything wrong and says it will defend its position. It is one of seven financial institutions to be sanctioned

Industrials

Argent Industrial doubles profit, in spite of decline in revenue

Argent Industrial CEO Treve Hendry. Picture: FINANCIAL MAIL

The introduction of import duties on steel resulted in average steel prices rising 24.1% from January to April

Energy

Fuel group Montauk back in black as gas revenue more than doubles

Picture: BUSINESS DAY

But the US-focused company’s electricity revenue takes a knock in the year to March, and it has not declared a dividend

Mining

Eastplats to sell mines to Chinese buyer

Picture: SUPPLIED

Eastern Platinum says it is selling its Crocodile River and Barplats mines to Hebei Zhongheng Tianda Platinum Company for $50m

Financial Services

Old Mutual warns of weaker results

END: Old Mutual CEO Bruce Hemphill hopes to switch off the lights and close the head office in less than three years. Picture: RUSSELL ROBERTS

Higher-than-expected claims at Mutual & Federal as well as the employee benefits business to temper results

Opinion

STATE-OWNED ENTERPRISES: Full disclosure will go a long way to clearing the SAA air

The lack of a proper ‘end-to-end’ strategy that guides an organisation from strategy design and development to effective implementation and delivery has probably contributed to what is currently taking place at South African Airways. Picture: SUPPLIED

Claims, counterclaims, retractions and clarifications have simply added fuel to the latest fire at SAA

Picture: ISTOCK

Experience a major factor in startup success, survey finds

Seed Academy startup survey shows more than 80% of entrepreneurs have more than one year of work experience and almost two-thirds have some form of tertiary qualification

Retail & Consumer

Exclusive Books readies for next court fight to keep airport stores

Book stacked for distribution at an Exclusive Books holding warehouse in Cape Town. Exclusive is fighting to hold on to its stores in the OR Tambo and Cape Town airports.

Retailer says cultural and political fare top of the list of most likely sales at airport stores

Business

Local consumers remain distrustful of online business

Picture: ISTOCK

Internet retail sales in SA still lag far behind global standards as nervous shoppers prefer face-to-face transactions

Property

Listed property groups struggling to find takeovers

Picture: THINKSTOCK

Private developers hold back some of their properties while waiting for higher prices

Mining

AngloGold Ashanti set to buy back debt

Picture: ARDBEL

The miner’s debt-reduction strategy shifts up a gear as it buys back the balance of its most expensive bond

Retail & Consumer

Sovereign to get third crack at deal

Picture: ISTOCK

Crunch vote nears that will determine the fate of a hostile bid from Country Bird

Industrials

Omnia ungeared in spite of difficult year

Rod Humphris. Picture: MARTIN RHODES

Chemicals group CEO Rod Humphris highlights stringent capital management and growth in Africa

Media & Advertising

Black ownership of MultiChoice up to 40%

Multichoice South Africa executive chairman Nolo Letele.  Picture: FINANCIAL MAIL

MultiChoice SA’s board chairman Nolo Letele says Phuthuma Nathi companies — its BEE share scheme — own 20% of the company


International companies


Americas

Nike loses ground to competitors in North America

Nike store. Picture: REUTERS

Under Armour is eating into Nike’s basketball business in North America, while Adidas is a strengthening rival internationally

Asia-Pacific

Toyota recalls millions of cars over possible airbag and emission unit defects

Picture: REUTERS

Car maker says fuel emissions control units in models produced from 2006 to 2015 were prone to cracks, which could expand over time and lead to fuel leaks

Asia-Pacific

Alibaba finance affiliate eyes Shanghai listing

MAJOR PLAYER: Ant Financial, which is controlled by Alibaba founder Jack Ma, dominates payments on China’s biggest e-commerce platforms through Alipay, and also manages Yu’E Bao, the country’s largest money-market fund. Picture: REUTERS

Alibaba Group Holding’s finance affiliate is planning an IPO on Shanghai’s main board in what could be China’s highest IPO valuation since 2010

Employees work at an assembly line at the Toyota manufacturing plant in Sakarya, Turkey. Picture: REUTERS

Toyota’s Daihatsu plan meets criticism

Toyota’s $3.1bn bid to buy out Daihatsu Motor Company runs into shareholder and proxy-adviser criticism for being on the cheap

Europe

Brexit costs Virgin group a third of its value

Richard Branson. Picture: BLOOMBERG/MICHAEL SCHWARZ

Richard Branson says there should be a second vote now that people can see the implications exiting the bloc will have on the economy

Accelerate posts strong portfolio growth, declares higher dividend

The growth is largely due to the acquisition of an R850m portfolio of properties from KPMG

Telecoms & Technology

Strive Masiyiwa and Royal Bafokeng to buy Neotel

Villagers insist that large-scale mining is taking place on their land against their will. Picture: TIMES MEDIA ARCHIVE

A partnership of Econet subsidiary Liquid Telecom and RBH will buy the stakes held by Tata Communications and minorities in a potentially life-saving deal for Neotel

Financial Services

Old Mutual to retain ‘strategic minority stake’ in Nedbank

Company plans to keep ‘an appropriate strategic minority stake’ in Nedbank after distributing ‘a significant proportion’ of the bank’s shares to shareholders

Mining

Exxaro confident of strong first half results

Exxaro Group’s Inyanda Coal Mine in Witbank. Picture: ROBERT TSHABALALA

Exxaro’s total coal production, including buy-ins, would be 9% higher in the six months to June than a year ago, and total coal sales would be 10% higher

Financial Services

Guptas use international bank to conduct SA business

From left: Ajay Gupta younger brother Atul Gupta and Oakbay MD Jagdish Parekh and Duduzane Zuma , who is a son of the president. Picture: MARTIN RHODES

Oakbay implores SA’s banks to reconsider closing its accounts, saying the international arrangement is temporary and all jobs at Oakbay remain at risk

Opinion

Myeni rules with racial bean counter’s version of Stalin’s

Restoring good governance at the national airline would cost only one job at this stage

Europe

10 ways to leave EU lover; scenarios for Brexit

A British flag flutters in front of a window in London, the UK, after the vote to leave the European Union. Picture: REUTERS/REINHARD KRAUSE

Stalemate over Britain’s exit plan from the EU has opened up a host of possible scenarios, writes Alastair Macdonald

Property

RMH adds heft to Maboneng developers

Maboneng. Picture: PROPERTUITY

Heavyweight investor RMB Holdings buys a slice of the company that developed and manages Maboneng District

Europe

Volkswagen agrees to $14.7bn US emissions settlement

Volkswagen received a platinum award for LCV purchasing.

Volkswagen agreed to create a pool of $10bn to compensate owners and pay a $2.7bn environmental penalty that will help remedy pollution around the US

Asia-Pacific

Takata CEO Shigehisa Takada finally says he will quit

A technician holds a recalled Takata air bag inflator. Picture: REUTERS

Calls for his resignation have grown louder over a global recall of its potentially lethal airbags — but it is not yet clear when he will actually leave

Industrials

Omnia cuts its total dividend

Picture: THINKSTOCK

Chemical producers says there is little growth in the mining industry, which may lead to supply shortages that should support a recovery in metal and mineral prices

Media & Advertising

Repositioning at Naspers ‘will take time to pay off’

Picture: SHELLEY CHRISTIANS

Naspers will focus on minimising further price increases for the consumer

Industrials

PPC makes bridging deal with banks

PPC CEO Darryll Castle. Picture: FINANCIAL MAIL

PPC CEO Darryll Castle says noteholders’ unconditional guarantee and a standby underwriting agreement are two major milestones

JSE Sens

Standard Bank

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Calendar

Old Mutual Old Mutual AGM
Omnia Omnia finals
Trustco Group Trustco Group finals
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