Less than a month into 2020, retrenchments, the trimming of workforces and restructuring talks are dominating the news.
Both the Wacs and Sat-3/Wasc cables providing international connectivity from South Africa to international markets were knocked out on Thursday, causing slow connections for some consumer and business users.
Telkom shares jumped on Thursday after it emerged on Wednesday evening that the company plans a major retrenchment round that could see up to a fifth of its workforce let go.
Vodacom is in talks with Cell C about taking on the smaller rival’s contract-paying mobile phone customers, a move that would strengthen its position as South Africa’s telecommunications market leader, sources said.
Telkom fell through R30/share on Thursday as the six-month-long slide in its share price – which has now wiped out more than 70% of its market value – continues.