Vodacom, Cell C ‘in talks over contracts’
SOUTH AFRICA
◆ Vodacom said to be in talks about deal with Cell C. Vodacom is in talks with Cell C about taking on the smaller rival’s contract-paying cellphone customers, a move that would strengthen its position as South Africa’s telecom market leader. ◆ Old Mutual wins battle to sever ties with ex-chief executive. Insurer Old Mutual has won permission from a court to sever ties with its former chief executive, whose firing last year has led to an acrimonious legal fight.
◆ Prosus still hungry for food delivery after losing Just Eat battle. Prosus hasn’t lost its appetite for food delivery, even after the e-commerce giant was defeated in a gruelling $8 billion (R115bn) bidding war for UK company Just Eat.
◆ Hyprop says its DionWired stores are operating as normal. Hyprop Investments, the owner of blue chip shopping centres such as Rosebank Mall, Hyde Park Corner and Canal Walk, said that its tenant, electronics retailer DionWired, is trading normally, despite concerns about its future.
OFFSHORE
◆ Google to phase out most invasive internet tracking. Google sounded the death knell for the most invasive internet trackers as it said its Chrome browser would phase out the use of cross-website cookies, which have underpinned digital advertising for 25 years.
◆ Germany charges six Volkswagen executives over Dieselgate. German prosecutors have charged six Volkswagen managers with fraud.
◆ Boeing cedes crown as largest plane maker to Airbus. Boeing last year scored its lowest number of orders and deliveries in more than a decade, ceding the crown as the world’s biggest plane maker to rival Airbus as it struggled to contain the fallout from its troubled 737 Max passenger jet.
◆ US natgas production to slip for first time since 2016. Natural gas production in the US is poised to decline for the first time in more than half a decade, the government said, as persistently low prices lead to a slowdown in drilling.
◆ Lekoil’s shares tumble after it reveals alleged fraud. Shares in Lekoil crashed by more than 70 percent as investors responded to news that the Nigeria-focused oil producer had paid $600 000 in fees for a $184 million loan that did not exist.
◆ Endeavour Mining pulls out of takeover talks with Centamin. Endeavour Mining has ended takeover talks with Centamin after deciding not to make a formal offer for its UK-listed rival.
◆ Natural gas producer EQT plans $1bn writedown of assets. EQT, the largest US natural gas producer, plans to write down the value of its assets by as much as $1.8bn as prices for the fuel slide to the lowest levels in a generation.
◆ BofA chief leads new effort to tame unruly ESG metrics. Brian Moynihan, chief executive of Bank of America, is spearheading a campaign to standardise how companies measure their contributions to the UN’s sustainable development goals, as frustration mounts over metrics.
◆ Flybe saved after rescue deal. Flybe has been saved from the brink of collapse after the UK government reached agreement on a rescue deal for Europe’s largest regional airline.