Ron Derby

This week’s looting under the guise of protests may not be a true reflection of us, but are a harbinger of a world to come

South African fixed-line operator Telkom said on Monday first-half headline earnings per share fell 15,1% to 742,3 cents. Telkom said the reduction in earnings was due to a 4,8% decrease in operating profit to R7,313-billion rand, caused by a 13,8% increase in operating expenses and a 122,4% rise in finance charges.

South Africa's Telkom said on Monday it was in talks with Britain's Vodafone and MTN, sparking talk it wants to sell its fixed-line business and its stake in cellphone operator Vodacom. Telkom gave no further details. Vodafone and MTN -- sub-Saharan Africa's biggest cellphone operator -- said separately the talks were at a ''very preliminary stage''.

South African markets reeled on Friday, caught up in a global flight from risky assets sparked by credit worries, with stocks falling nearly 4% and bonds sliding. ''Traders must be placed on suicide watch today [Friday], as the [stock] market is expected to bleed heavily during the day,'' said Efficient Research in a note.

Africa's top banking group by assets, Standard Bank, has received approval to merge its Stanbic Nigeria unit with IBTC Chartered Bank, the firm said on Monday. Standard Bank said it had increased its offer price to 16 naira per share from 11,74 naira per IBTC share, valuing the offer at -million.

South Africa's Telkom, Africa's biggest telecoms company, posted a 1% decline in annual headline earnings per share on Wednesday, as operating expenses jumped. South Africa's fixed-line operator said headline EPS fell to 1 710,7 cents in the year to end March, below analysts' expectations.

South African fashion and homewares retailer Mr Price reported a 27% earnings rise on Thursday, boosted by its store expansion programme. Diluted headline earnings rose to 183,6 cents per share in the year ended March 31, while revenue from continuing operations increased 24%.

South African drug and cosmetics retailer New Clicks lifted first-half diluted headline earnings per share by 34,1% as it boosted market share and said it expected similar gains in full-year profit. New Clicks said diluted headline EPS rose to 53,9 cents.

South African fixed-line operator Telkom has bought 75% of Nigeria's Multi-links for -million to expand further outside its home base, the firm said on Thursday. Multi-links provides fixed, mobile, data, long-distance and international telecommunications services throughout Nigeria.

The first two results announced on Sunday in Lesotho's closely contested parliamentary election gave the Lesotho Congress for Democracy, in power for a decade, and the opposition ABC one seat each. Electoral officials said the All Basutho Congress (ABC), led by former communications minister Thomas Thabane, had won the Lithoteng constituency in the capital, Maseru.

Voters Lesotho cast their ballots eagerly on Saturday in an election that has provided a rare competitive challenge to the party that has ruled for a decade. The Lesotho Congress for Democracy faces a determined onslaught from the All Basutho Congress, led by former communications minister Thomas Thabane.

The tiny kingdom of Lesotho, one of Africa's most isolated and poorest countries, holds elections on Saturday, with the ruling party facing its toughest challenge in a decade amid the worsening twin crises of Aids and poverty. Political analysts expect a mostly peaceful vote in the mountainous country entirely surrounded by South Africa, but say the race is still too close to call.