Company News
Kenya Airways in US$59m loss
Kenya Airways reported on Wednesday nine-month pretax loss of 5.97 billion shillings (US$59.03 million) and an after tax loss of 6.1 billion shillings, hurt by a prolonged election period in the country and rising fuel prices. Nine-month operating profit stood at 1.3 billion shillings, acting chief financial officer Hellen Mwariri said.
Kenya spent most of 2017 conducting elections, which in addition to effects of drought, hit economic growth.
-Nampa/Reuters
Facebook apologises for data mistakes
Facebook Inc Chief Executive Mark Zuckerberg apologised on Wednesday for mistakes his company made in how it handled data belonging to 50 million of its users and promised tougher steps to restrict developers’ access to such information.
The world’s largest social media network is facing growing government scrutiny in Europe and the United States about a whistleblower’s allegations that London-based political consultancy Cambridge Analytica improperly accessed user information to build profiles on American voters that were later used to help elect U.S. President Donald Trump in 2016.
-Nampa/Reuters
Best Buy cuts ties with Huawei
Best Buy Co Inc, the largest US consumer electronics retailer, will cut ties with China’s Huawei Technologies Co Ltd, a person familiar with the matter said, amid heightened scrutiny on Chinese tech firms in the United States.
Best Buy will stop selling Huawei’s devices over the next few weeks, according to the person with knowledge of the matter, a setback for the Chinese telecommunications giant as it looks to expand in the US market.
-Nampa/Reuters
Telkom raises R1b in bond sale
Telkom raised R1billion in its first debt issue of the year as South Africa’s biggest landline provider looks to invest in its network and take on rivals including MTN and Vodacom.
After a five-year hiatus, Telkom started selling debt again in 2017 and has raised R4.3billion from nine bonds in 12 months. The Pretoria-based company has significantly increased capital expenditure in recent years to focus on its mobile-phone business, which reported a maiden profit in 2016 as landline use declines.
Telkom has sold bonds to diversify its funding sources and reduce the cost of borrowing, a spokesman said Tuesday. The company is almost 40%owned by the South African government.
-Fin24
Uber, Careem licences suspended in Egypt
An Egyptian court ordered on Tuesday the suspension of licences for ride-hailing companies Uber and Careem after taxi drivers filed a lawsuit seeking to shutdown operations of the two firms in Egypt, judicial sources said. The case was taken up in April last year, said Khalid al-Jamal, a lawyer acting for the taxi drivers who filed the case.
The case against the two companies argued that the ride-hailing services were illegally using private cars as taxis.
Tuesday’s decision was effective immediately, meaning the companies must suspend services pending a final ruling, but it can be appealed within 60 days, the judicial sources said.
-Nampa/Reuters
Kenya Airways reported on Wednesday nine-month pretax loss of 5.97 billion shillings (US$59.03 million) and an after tax loss of 6.1 billion shillings, hurt by a prolonged election period in the country and rising fuel prices. Nine-month operating profit stood at 1.3 billion shillings, acting chief financial officer Hellen Mwariri said.
Kenya spent most of 2017 conducting elections, which in addition to effects of drought, hit economic growth.
-Nampa/Reuters
Facebook apologises for data mistakes
Facebook Inc Chief Executive Mark Zuckerberg apologised on Wednesday for mistakes his company made in how it handled data belonging to 50 million of its users and promised tougher steps to restrict developers’ access to such information.
The world’s largest social media network is facing growing government scrutiny in Europe and the United States about a whistleblower’s allegations that London-based political consultancy Cambridge Analytica improperly accessed user information to build profiles on American voters that were later used to help elect U.S. President Donald Trump in 2016.
-Nampa/Reuters
Best Buy cuts ties with Huawei
Best Buy Co Inc, the largest US consumer electronics retailer, will cut ties with China’s Huawei Technologies Co Ltd, a person familiar with the matter said, amid heightened scrutiny on Chinese tech firms in the United States.
Best Buy will stop selling Huawei’s devices over the next few weeks, according to the person with knowledge of the matter, a setback for the Chinese telecommunications giant as it looks to expand in the US market.
-Nampa/Reuters
Telkom raises R1b in bond sale
Telkom raised R1billion in its first debt issue of the year as South Africa’s biggest landline provider looks to invest in its network and take on rivals including MTN and Vodacom.
After a five-year hiatus, Telkom started selling debt again in 2017 and has raised R4.3billion from nine bonds in 12 months. The Pretoria-based company has significantly increased capital expenditure in recent years to focus on its mobile-phone business, which reported a maiden profit in 2016 as landline use declines.
Telkom has sold bonds to diversify its funding sources and reduce the cost of borrowing, a spokesman said Tuesday. The company is almost 40%owned by the South African government.
-Fin24
Uber, Careem licences suspended in Egypt
An Egyptian court ordered on Tuesday the suspension of licences for ride-hailing companies Uber and Careem after taxi drivers filed a lawsuit seeking to shutdown operations of the two firms in Egypt, judicial sources said. The case was taken up in April last year, said Khalid al-Jamal, a lawyer acting for the taxi drivers who filed the case.
The case against the two companies argued that the ride-hailing services were illegally using private cars as taxis.
Tuesday’s decision was effective immediately, meaning the companies must suspend services pending a final ruling, but it can be appealed within 60 days, the judicial sources said.
-Nampa/Reuters
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