Orange SA reported a positive sales trajectory for the third quarter, driven by its premium service bundles that helped retain customers amid stiff competition. The company achieved a sales increase of 1.6%, reaching €10 billion ($11 billion), surpassing analyst expectations of €9.99 billion. The CEO of Orange France noted that the core business remained stable despite rival offerings. This performance alleviated concerns among analysts and investors who were closely monitoring the potential impact of lower pricing from competitors such as Free and Bouygues. Following the announcement, Orange shares rose by 1.5% to €10.28 in early trading in Paris. However, the…
Author: Staff Writer
At the recent BRICS leaders’ summit in Kazan, Russia, Prime Minister Narendra Modi emphasized that the group should not position itself as an alternative to existing global institutions. His remarks come amidst efforts by founding members like Russia and China to expand BRICS as a counterweight to the US-led global order. “We must ensure that BRICS does not develop an image of attempting to replace global organizations,” Modi stated during a closed plenary session. He urged the group to focus on reforming established bodies such as the United Nations Security Council and international financial institutions. Modi’s comments highlight the delicate…
Air France is revolutionising its onboard Wi-Fi service, a major step in its move upmarket. From 2025 onwards, the airline will progressively roll out an ultra-high-speed connectivity service for a “ground-like” experience. This new service, completely free of charge in all travel cabins, will be accessible to customers by logging into their Flying Blue* account. Over time, this Wi-Fi service will be made available on board all the airline’s aircraft, replacing the current offer. To launch this new onboard Wi-Fi service, Air France has chosen Starlink, the world leader in connectivity. By leveraging the world’s largest constellation of satellites in low…
Niki Giles has rejoined Prescient as the head of strategy for its fund services unit after a brief tenure as the chief financial officer at Sygnia. Her appointment comes after a period marked by significant executive changes at Sygnia, including a rapid succession of CFOs. At Prescient, Giles will oversee the administration of funds for both Prescient and third-party asset managers, playing a pivotal role in developing infrastructure for unit trusts and exchange-traded products. She previously worked at Prescient from 2019 to 2023, where she held various leadership roles, including head of governance and compliance. Giles’ return to Prescient follows…
Shares of Sasol, the chemicals and energy conglomerate, dropped nearly 6% on Tuesday following the announcement that its coal purchases surged by 53% in the first quarter due to operational and quality issues at its mines. In a report released Tuesday, Sasol revealed that external coal purchases rose to 2.9 million tonnes in the three months ending in September, up from 1.9 million tonnes in the previous quarter. This increase in reliance on external coal sources came alongside a 17% decline in external coal sales to export markets. The company, valued at just under R70 billion on the JSE, saw…
Sasfin Holdings has revealed a headline loss of R58.7 million for the fiscal year ending June, following pressures from revenue decline, credit losses, and costs linked to regulatory scrutiny of former clients. The announcement on Tuesday comes as the company faced potential suspension from the JSE for delayed results, which were due at the end of September. In contrast to last year’s profit of R112.7 million, Sasfin has opted to withhold dividends for 2024. CEO Michael Sassoon cited a “difficult operating environment” and noted the strategic reset launched in March 2023, aimed at streamlining the group’s operations. The group, currently…
The Beer Association of South Africa (Basa) is strategically focusing on expanding its presence in the low- and no-alcohol segments while enhancing research and development (R&D) for local barley and hops suitable for potential export. CEO Charlene Louw announced this initiative as the industry rebounds from COVID-19 disruptions, with a keen eye on the rising trend of health-conscious consumers seeking zero-alcohol options. Louw emphasized the beer sector’s commitment to tapping into the growing teetotaller market, noting, “Society is increasingly concerned about health and wellness, prompting better choices.” Popular brands like Castle Free, Heineken 0.0, and Devil’s Peak Hero are already…
WeBuyCars announced on Tuesday that it expects to report higher annual core headline earnings, despite a significant decline in headline earnings, projected to fall by up to 60% due to one-off costs related to its recent listing. The company’s core headline earnings, which exclude certain non-recurring or non-cash items to provide a clearer picture of underlying performance, are expected to rise by 21% to 26%, reaching between R798 million and R832 million. Core headline earnings per share (HEPS) are anticipated to be between 212.5 cents and 222.4 cents, reflecting a 7% to 12% increase. In contrast, headline earnings are forecasted…
Human resources firm Adcorp has forecast a decline in its earnings for the first half of the year, primarily due to one-off restructuring costs totaling R25.6 million. The company expects its headline earnings per share (HEPS) for the six months ending in August to fall between 26.6 cents and 29.9 cents, marking a decrease of 9.7% to 19.7%. In a statement released on Tuesday, Adcorp highlighted that its Staffing Solutions and Contingent Services divisions performed well, achieving robust revenue and gross profit growth. Conversely, the Professional Services sector faced softer demand. However, the division’s ability to manage costs and adapt…
Nigeria has approved Exxon Mobil Corp.’s sale of its onshore oil and gas assets to local energy supplier Seplat Energy Plc, marking the conclusion of a lengthy two-year delay for the $1.3 billion transaction. However, a similar sale proposed by Shell Plc was rejected, presenting a significant setback for the company in its operations within the country. The approval for Exxon’s transaction was confirmed by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission, during a conference in Abuja. President Bola Tinubu had indicated in his Independence Day speech on October 1 that the approval would come swiftly. This…