Cell C’s creditors aren’t giving up on a takeover offer from rival Telkom, which South Africa’s third largest mobile network operator rejected last week.
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Shares of Vodacom Group and MTN Group slumped after South Africa’s two biggest mobile phone companies were ordered to step up efforts to lower data prices within the next two months or face prosecution.
Communications regulator Icasa has said there is insufficient competition in aspects of the delivery of mobile broadband in South Africa.
Teraco CEO Lex van Wyk will step down as CEO of the giant data centre operator at the end of the year, the company said on Monday.
Ford has agreed to pay a fine of R35-million and to offer three compensation options to the 56 Ford Kuga 1.6 EcoBoost owners whose vehicles caught fire.
Nigeria’s central bank plans to license more payment providers in an effort to improve the country’s financial inclusion rate to 80% by the end of next year from about 60%.
Telkom has withdrawn a cautionary notice to shareholders about its proposed acquisition of Cell C after the board of the mobile operator spurned its approaches.
Shares in Telkom soared shortly after markets opened in Johannesburg on Friday as investors took cheer from the fact that the it won’t be burdened with rival Cell C’s debt problems.
Eskom, South Africa’s biggest polluter, is struggling to curb its highest particulate emissions in two decades after its Kendal power plant was damaged during a strike.
Cell C is pulling the plug on Black, its ill-fated video-on-demand platform in which it invested well north of R1-billion since its launch just two years ago.