South Africa’s Vodacom shareholder PIC to back Safaricom deal
Businessam Staff
June 2, 2017
South African telecoms operator Vodacom Group said on Friday its second biggest shareholder, the Public Investment Corporation (PIC), will vote in favour of its 34.6 billion rand ($2.67 billion) takeover of Kenya’s Safaricom, Reuters reports. The PIC, which includes the Government Employees Pension Fund, holds a 15.63 percent interest in Vodacom Group. UK-based group Vodafone […]
Daimler, Volkswagen eye China’s electric car market
Businessam StaffJune 2, 2017
German auto giants Daimler and Volkswagen announced plans Thursday to secure pole positions in China’s electric car market as the world’s second-biggest economy ramps up investment in cleaner energy. Coinciding with a visit to Berlin by Chinese premier Li Keqiang, Daimler and VW were among a string of top German companies to unveil major business […]
A company owned by Microsoft’s cofounder just unveiled the biggest plane in the world
Businessam StaffJune 2, 2017
On Thursday, Stratolaunch rolled its low orbit launch aircraft out of the company’s hangar in the California desert for the first time. With wings spanning 385 ft, it is the world’s largest airplane by wingspan — besting the AN-225’s 290 ft. wingspan. The aircraft is also 238 ft. long and 50 ft. tall. Like the […]
Transcorp Hilton Abuja completes upgrade of executive floors
Businessam StaffJune 1, 2017
Transcorp Hilton Abuja today announced the reopening of its executive floors and lounge, following the completion of the renovation of the floors. The reopening marks a milestone in the on-going $100 million renovation project of the 5-star hotel. Valentine Ozigbo, Managing Director/CEO, Transcorp Hotels Plc, while speaking on the reopening said, “Our guests have grown […]
Barclays to sell 22% Africa division stake worth $2 billion
Businessam StaffJune 1, 2017
Barclays Plc said it will sell a further 22 percent stake in its South African unit, a holding worth about $2 billion at current prices, as part of the U.K. bank’s plan to shrink its operations and bolster capital strength. The London-based lender is offering about 187 million shares of Barclays Africa Group Ltd. in an […]
Murdoch brothers hold talks with Ofcom over £11.7bn Sky takeover
Businessam StaffJune 1, 2017
The Murdoch brothers have held secret talks with Ofcom in a bid to persuade the regulator to wave through 21st Century Fox’s planned £11.7bn takeover of Sky. It is understood that Sharon White, chief executive of Ofcom, has met James and Lachlan Murdoch in London in the last week to discuss the proposed deal. Rupert […]
Spar CEO sees South African politics hurting consumer confidence
Businessam StaffJune 1, 2017
Spar Group Ltd. said the firing of South African Finance Minister Pravin Gordhan and subsequent credit rating downgrades had caused a “massive loss of confidence” among shoppers already battling weak economic growth. While there has yet to be a “huge impact” on trading at the Durban-based food and liquor retailer, the decision by President Jacob […]
South Africa removes Eskom CEO Molefe few days after rehire
Businessam StaffJune 1, 2017
South Africa will remove Brian Molefe as chief executive officer of Eskom Holdings SOC Ltd. less than three weeks after his controversial return to the state power utility, Bloomberg reports. Public Enterprises Minister Lynne Brown will appoint an acting CEO within 48 hours, after a committee of cabinet ministers asked by President Jacob Zuma to review […]
BA boss given vote of confidence by Willie Walsh as full details of IT meltdown revealed
Businessam StaffMay 31, 2017
Willie Walsh has given his public backing to British Airways chief Alex Cruz as key details into the investigation of what went wrong with the airline’s computer servers over the bank holiday weekend can be revealed for the first time. In his first intervention since the crisis began on Saturday morning, it can be disclosed […]
British Airways left to count cost of IT choas, as Ryanair saw strong bookings over the weekend
Businessam StaffMay 30, 2017
Shares in the parent company of British Airways fell on Tuesday after a huge IT failure left 75,000 passengers stranded over a holiday weekend, dealing a major blow to an airline that once marketed itself as “the world’s favorite”. The British flag carrier had to cancel all flights from London’s Heathrow, Europe’s busiest airport, and […]