Latest news with #MTN
IOL News
8 hours ago
- Automotive
- IOL News
Point of view: Santam's 2025 Insurance Barometer exposes rising risks across SA
Santam's 2025 Insurance Barometer reveals critical insights into the rising risks faced by South African households and businesses, highlighting economic pressures, infrastructure challenges, and the impact of climate change on the insurance landscape. Image: Freepik South Africa's short-term insurer, Santam, has released its 2025 Insurance Barometer, which paints a sobering picture of the risks confronting local households and businesses. Economic strain, infrastructure decay, crime, and increasingly erratic weather patterns tied to climate change have emerged as key concerns. Now in its fourth edition, the biennial report offers a detailed pulse check on global and local risk trends. Drawing insights from nearly 900 consumers, businesses, and brokers across the country, the report captures shifts in public perception alongside expert industry analysis. Atang Matebesi, CEO of Santam client solutions, said the short-term insurance sector must remain agile. 'Once again, weather volatility, infrastructure concerns, and socio-economic challenges have created a tough environment for local insurers. This has been exacerbated by ongoing geopolitical turmoil... threatening the affordability of the Motor and Heavy Haulage classes of insurance.' Matebesi noted a concerning development: 'A trend is emerging where vehicles that normally wouldn't be written off are being declared total losses because repair costs have skyrocketed due to costly imported parts affected by the geopolitical environment.' Balancing premiums while ensuring sustainable underwriting practices is an ongoing challenge. 'The industry has the unenviable task of balancing premium rates with sustainable underwriting practices and risk mitigation measures to ensure a sustainable insurance sector... thus also contributing to national economic growth,' Matebesi added. Claims trends and consumer pressures The Barometer reveals that Santam's MTN portfolio saw a spike in claims for stolen mobile devices, tablets, and laptops, largely due to petty theft and muggings in shopping malls. Motor insurance remains the main contributor to claims in both personal and commercial lines. While strategic underwriting has brought some relief, collision-related claims have surged as road traffic returns to pre-pandemic levels. 'This is largely due to road usage in South Africa returning to pre-COVID levels, driven by many companies reinstating five-day office attendance policies,' explained Matebesi. Infrastructure degradation is also playing a role, particularly road conditions. 'Potholes causing loss or damage to vehicles' have hit all sectors, including agriculture and heavy haulage, particularly hard. An emerging issue flagged in the report is the phasing out of 2G and 3G networks, which support many alarm systems and vehicle tracking devices. 'Close collaboration between insurers, insureds, and telecoms services providers is necessary... There is anecdotal evidence of the potential impact on property owners with those who have already had their alarms 'switched off' falling victim to crime,' Matebesi warned. The cost-of-living crunch Rising living costs are reshaping consumer behaviour: 40% have cut back on non-essential spending 27% have reduced essential monthly expenses 21% have tapped into savings Many South Africans are also changing their lifestyles: 38% now spend less on entertainment and eating out 23% have stopped going on holiday 19% drive less 14% opt for public transport or taxis more often 13% cancelled DSTV Some households have turned to borrowing: 7% took personal loans 9% borrowed from friends or family 15% invested in alternative energy to reduce electricity costs Business realities and risk gaps For corporate and commercial entities, theft remains the top worry, though concern has declined over five years. 'Persistent economic malaise remains a top concern for businesses at 19%. Interestingly, growing concerns over operational costs have emerged... likely related to economic pressures,' Matebesi said. A surprising disconnect was noted regarding business interruption (BI) cover. Despite ranking high on global risk indices, only 7% of local commercial respondents prioritised BI. 'The lack of emphasis placed on loss of profits is concerning; we believe business interruption is a massively underestimated risk,' Matebesi warned. Currency fluctuations made a noticeable jump, up 10%, amid global policy shifts and local political uncertainty, particularly around the Government of National Unity (GNU) budget delays. One bright spot came from the power front: South Africa marked 300 days without loadshedding in 2024. This led to a significant drop in power surge claims, thanks to improved grid stability and underwriting action. Climate risk remains entrenched, especially in agriculture. 'The agriculture sector is disproportionately concerned about climate risk,' Matebesi noted. Commercial claims linked to storms and flooding were up 5%, worsened by poor infrastructure and town planning. Top ten business risks in 2025: Theft (21%) Machinery/system breakdown (20%) Economic downturn (19%) Loadshedding/power surge (18%) Loss of profits (18%) Currency fluctuations (18%) Fires (16%) Climate change (16%) Staffing issues (14%) Crime (14%) Brokers evolve their role Brokers remain essential in risk mitigation. Most conduct home or site visits (72%) and communicate risk management tools via email or SMS (63%). Yet, one in three still finds coverage communication confusing. More brokers now prioritise affordability, 34% cite price as the top factor in choosing an insurer, followed closely by service excellence and claims reliability. Encouragingly, eight in ten intermediaries remain confident about business prospects in the year ahead, the data shows. * Maleke is the editor of Personal Finance. PERSONAL FINANCE
Daily Maverick
9 hours ago
- Business
- Daily Maverick
MTN faces legal reckoning: Turkcell's $4.2 billion claim exposes alleged corruption and bribery
A $4.2-billion corruption claim, including allegations of bribery and geopolitical interference: MTN's long-running Irancell saga is finally knocking at the doors of South Africa's highest court. More than two decades since Iran issued its first private mobile network licence, a tangled web of geopolitics, bribery allegations and courtroom battles has landed squarely at the feet of South Africa's Constitutional Court. First, some background. The stakes? A $4.2-billion claim. The claimant? Turkish mobile giant Turkcell. The accused? The MTN Group, South Africa's telecommunications crown jewel. At the heart of the matter lies the 2005 award of Iran's mobile licence to MTN – after Turkcell had already been named the winner. Now, after years of legal ping-pong, Turkcell's claim of corruption and foul play is finally inching towards a South African trial. MTN is trying to stop that from happening. The smoking gun Turkcell's legal counsel, New York-based King & Spalding's Cedric Soule, doesn't mince his words. 'MTN sought to obtain illegally what it could not win through honest competition,' he told Daily Maverick. The allegations, which are laid out in filings and interviews, read like an international spy thriller: Bribing foreign officials, including Javid Ghorbanoghli, then Iranian deputy foreign minister for the Africa Bureau, and South Africa's then ambassador to Tehran, Yusuf Saloojee; Trading influence at the United Nations nuclear watchdog, promising to help Iran avoid sanctions; Promising prohibited defence equipment, including Rooivalk attack helicopters and frequency-hopping radios, to sweeten the deal (Turkcell claims it has evidence, as yet undisclosed, that MTN communicated with Denel and Iranian officials). According to Turkcell, all this happened so that MTN could elbow its way into a $31-billion mobile market and walk away with the licence that should have gone to Turkcell. The deal was sealed days after South Africa abstained from a crucial vote related to Iran's nuclear programme at the International Atomic Energy Agency (IAEA) in late 2005. The vote concerned whether to report Iran to the UN Security Council for failing to comply with its IAEA Safeguards Agreement. But the abstention was seen as a deliberate act, motivated by concerns about the procedural fairness of the resolution and a desire to maintain the IAEA's authority. Specifically, South Africa's representative to the IAEA, Abdul Samad Minty, argued that the resolution was flawed and premature, as it bypassed the IAEA board of governors' role in the verification process. Minty said at the time that 'South Africa's commitment is to the IAEA's integrity and impartiality and is reluctant to undermine the agency's authority'. South Africa has also enjoyed good relations with Iran. Crucially, this abstention was not an isolated incident. South Africa also abstained on similar resolutions in 2006, highlighting a consistent stance on the matter. Soule says Turkcell 'won the licence fair and square' and that MTN's conduct undermined the integrity of international business. 'This case is about accountability,' he says. 'And it belongs in a South African courtroom.' A strong rebuttal MTN, for its part, has always dismissed Turkcell's claims as 'a fabric of lies' and a 'frivolous shakedown'. Its legal team, speaking about background exclusively to Daily Maverick, continues to lean heavily on the Hoffmann Report – a 2013 internal investigation led by British judge Lord Leonard Hoffmann. This report found 'no conspiracy,' labelled Turkcell's key witness a 'fantasist' and said MTN executives were in the clear. It even found that although a $400,000 payment had been made to an Iranian intermediary, the money's purpose couldn't be determined – and was irrelevant to Turkcell's central claims. MTN also argues that Turkcell failed to comply with Iranian laws after a shift in government policy. 'They failed to adjust their shareholding in time,' MTN argues, 'and were lawfully excluded from the process.' As for the most salacious allegations – military gear and political favours – MTN says it would be impossible for its actions to have altered Iranian legislation or international diplomacy. The Hoffmann Report indicates that a general election took place in Iran on 20 February 2004, which resulted in a new parliament taking office in May 2004. This new Iranian parliament was overwhelmingly dominated by conservatives who opposed the government's policy of privatisation and foreign inward investment, particularly in relation to the cellphone service. The Single Article Act, designed to strengthen financial discipline, stemmed from this shift in parliamentary power. Snookered in ownership Following the Single Article Act, the parliament passed another significant piece of legislation in February 2005, known as the Irancell Act. This act imposed further conditions, requiring that 51% of the shares in the operating company be held by Iranian entities and that all board decisions require the approval of at least 50% of the shareholders. This was understood to be due to concerns about foreign entities becoming heavily involved in what was considered critical infrastructure in Iran. These legislative changes created significant obstacles for Turkcell, which had initially won the tender with a plan to control 70% of the shares. 'Turkcell was given multiple opportunities to negotiate with its existing partners to reach a compliant deal, but they didn't do that or they were not able to do that,' MTN's legal team argues. The team points to a specific deadline – 4 September 2004 – when the Ministry of Telecommunications demanded a compliant deal from Turkcell, which the Turkish company failed to deliver. 'Turkcell has never explained how MTN's [alleged] corrupt practices would have led to a change in national legislation,' MTN's lawyers emphasise, arguing that their client was simply better positioned to navigate Iran's evolving regulatory landscape. After Turkcell's 2012 US complaint, MTN commissioned the independent investigation led by Lord Hoffmann, a retired British Supreme Court judge. But Turkcell has 'strongly rejected MTN's repeated reliance on the Hoffmann Report', with Soule calling it 'unreliable and irrelevant' to current proceedings. The Turkish company has criticised the investigation, claiming: Conflicts of interest: Lord Hoffmann's daughter, Jennifer, worked for MTN Mobile Money during the relevant 2004-2006 period and also in the MTN Banking joint venture with Standard Bank, which was involved in the financial transfers. 'Lord Hoffmann had a huge conflict of interest,' Soule argues. Lack of independence: The committee was composed of MTN non-executive directors and used MTN's own external lawyers (Freshfields Bruckhaus Deringer) instead of independent counsel. The committee even thanked the Islamic Republic of Iran for support – problematic given Iran's alleged involvement in the wrongdoing. Insufficient rigour: The committee didn't actually interview key witnesses like former MTN director in Iran Chris Kilowan, then commercial director Irene Charnley (to whom Jenny Hoffmann reported) or former MTN CEO Phuthuma Nhleko to determine credibility, relying only on written statements prepared with lawyers' help. The committee did not independently seek documents, relying instead on what MTN's lawyers provided. Turkcell characterises the report as essentially 'a PR exercise' to review curated evidence and reach predetermined conclusions. The company declined to participate owing to concerns about the committee's structure and independence. Where we are now In April this year, the Supreme Court of Appeal handed Turkcell what it called a 'procedural win' – confirming that South African courts do have jurisdiction to hear the matter. It dismissed MTN's argument that South Africa cannot police corporate misconduct committed abroad. 'Not on our watch' was how the court framed its message to South African firms doing business in murky waters. MTN is now seeking leave to appeal to the Constitutional Court in a last-ditch effort to stop the case from going to trial. Turkcell has filed its opposition. 'The report never seriously asked: what if we did do some of these things?' says Soule. 'It only asked: is Turkcell's story perfect?' MTN has argued that Iranian courts would offer a fair alternative venue for the dispute, but Turkcell has strongly rejected that suggestion. The Turkish company cites 'well-documented concerns regarding judicial independence and due process' in what it describes as a 'religious dictatorship where dissent is not tolerated'. More practically, Turkcell argues that Iranian courts wouldn't be able to compel MTN executives, who reside in South Africa, to appear and testify – a crucial limitation given the nature of the allegations. But the fact remains that Turkcell also refused to participate in the Hoffmann inquiry, claiming its witnesses would not be safe and due process could not be guaranteed in Iran. Although the Supreme Court of Appeal agreed that Iranian law would apply to aspects of the case, Turkcell sees this as its 'only and probably final opportunity' to get a substantive ruling on MTN's alleged misconduct. If it proceeds, this would become one of South Africa's most explosive corporate trials. MTN also faces what amounts to a 'reputational trial in the court of public opinion', regardless of the legal outcome. The company holds a 49% minority stake in Irancell, which it says is not under MTN Group's operational control. The case also highlights claims of a complex interplay between corporate interests and state foreign policy. President Cyril Ramaphosa served as MTN Group chairperson (a non-executive role) more than 12 years ago, resigning from the position in May 2013. But MTN asserts that any suggestion of improper benefit from his time at the company is 'false and misleading', and emphasises that it does not conduct business in alignment with government foreign policy. The Constitutional Court is expected to announce its decision on MTN's leave to appeal within the next three months. MTN's other Iran headache MTN just can't catch a break in the Middle East, with new scrutiny coming from the US. Congresswoman Elise Stefanik has written a letter urging Bank of New York Mellon (BNY Mellon) to investigate its ties with MTN. Her letter highlights concerns about MTN's links to Iran, Hamas and President Cyril Ramaphosa's finances. She calls for BNY Mellon to halt its role as the bank handling MTN's shares in the US, cooperate with US authorities, and disclose its involvement with MTN and its Iranian affiliates. A pending lawsuit, Zobay v MTN, accuses MTN of financing terrorism, as defined by the US Anti-Terrorism Act. Stefanik claims significant legal precedent exists, which MTN denies. Senior MTN executive Nompilo Morafo rejected Stefanik's claims in an interview with Daily Maverick, stating that the allegations have not been tested in court. Morafo also dismissed accusations against Ramaphosa, who chaired MTN 12 years ago, and insisted MTN has no operational control in Iran, holding only a minority share in Irancell. MTN says it 'remains committed to human rights', and its directors have pushed for a pivot to the company's pan-African strategy, despite litigation and pressure from US legislators. DM
Yahoo
2 days ago
- Business
- Yahoo
Why Vail Resorts (MTN) is a Top Value Stock for the Long-Term
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike. While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics. Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, and Price/Cash Flow, the Value Style Score identifies the most attractive and most discounted stocks. Vail Resorts, Inc. is a Delaware-based holding company founded in 1997. Its operations are carried out by several subsidiaries and are clustered into three segments, namely Mountain, Lodging and Real Estate. MTN boasts a Value Style Score of A and VGM Score of A, and holds a Zacks Rank #3 (Hold) rating. Shares of Vail Resorts are trading at a forward earnings multiple of 20X , as well as a PEG Ratio of 1.9, a Price/Cash Flow ratio of 11.5X, and a Price/Sales ratio of 2X. Many value investors pay close attention to a company's earnings as well. For MTN, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.24 to $7.77 per share for 2025. MTN boasts an average earnings surprise of 2.7%. With strong valuation and earnings metrics, a good Zacks Rank, and top-tier Value and VGM Style Scores, investors should strongly think about adding MTN to their portfolios. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Vail Resorts, Inc. (MTN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Mastercard expands partnership with Fiserv to integrate FIUSD stablecoin
Mastercard has expanded its collaboration with Fiserv to incorporate the FIUSD token, a new programmable blockchain-based stablecoin, into its global payment network. The partnership aims to address the practical use cases and challenges associated with the adoption of stablecoins. It aims to facilitate the transition between fiat currencies and FIUSD for both consumers and businesses for on/off-ramping processes. Mastercard will also enable FIUSD as a settlement option for its global acquirers, allowing merchants to receive payments in FIUSD regardless of the payment method used. Mastercard Americas co-president Chiro Aikat stated: 'Leveraging the power of the Mastercard network, as well as our deep capabilities across digital assets, we are creating a robust ecosystem that bridges traditional financial services with digital assets. 'Underpinned by our commitment to providing seamless, secure and programmable transactions, we are excited to bring Fiserv's FIUSD to our customers, consumers and businesses around the world.' The collaboration will leverage the Mastercard Multi-Token Network (MTN), allowing Fiserv's Digital Asset Platform, which is powered by Finxact, to support programmable on-chain commerce for banks. Furthermore, it will issue stablecoin-linked cards, permitting the use of FIUSD for transactions at any Mastercard-accepting location around the world. Mastercard One Credential will also be available, providing consumers with the option to select their preferred payment method, including stablecoin balances, in addition to traditional debit and credit. Fiserv chief operating officer Takis Georgakopoulos said: 'FIUSD presents Fiserv customers with access to a new, more efficient, and interoperable digital asset service for their banking and payment flows. 'Our work with Mastercard is promoting greater reach and utility of stablecoins by helping our financial institutions and merchants enable greater payments choice to their customers." This expansion follows the Fiserv announcement to launch a new digital asset platform by the end of 2025. The platform will include the FIUSD stablecoin and is set to be integrated into Fiserv's existing banking and payment infrastructure. "Mastercard expands partnership with Fiserv to integrate FIUSD stablecoin " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
3 days ago
- Business
- Business Insider
Africa technology expo 2025 welcomes 4,000+ tech leaders for business-focused innovation in Lagos
The third edition of the Africa Technology Expo (ATE) concluded in Lagos with over 4,000 attendees from more than 15 countries, firmly establishing the event as one of the continent's most influential gatherings for tech and enterprise leaders. Held at the Landmark Event Center, ATE 2025 brought together a powerful mix of inventors, C-suite executives, decision-makers, and ecosystem players to drive conversations and connections around Africa's fast-growing technology sector. The program featured a rich blend of keynote addresses, investor sessions, tech showcases, and high-level panels focused on innovation, growth, and enterprise transformation. Topics ranged from the future of software development and resilient infrastructure to investment readiness and ecosystem expansion. Over 85% of attendees were senior decision-makers in their organizations, underlining ATE's positioning as a platform designed for doing business, not just exchanging ideas. As part of its enterprise programming, ATE 2025 hosted the MTN C-Suite Chat, an exclusive session for senior executives focused on cloud adoption, IoT, 5G, SME growth, and strategic partnerships. MTN Nigeria leaders, including Omowunmi Olatunbosun, Akinbulejo Onabolu, Ifeanyi Otudoh, Njideka Jack, Viola Opara, and Chenosis' Joshua Chijioke led the conversation, reinforcing MTN's role in driving enterprise innovation and digital transformation. In his remarks, Convener Nnaemeka Clinton welcomed guests from across the globe highlighting the global relevance of the event and the rising momentum of African innovation. 'Africa's technology narrative is no longer local or emerging. It is alive, it is global, and it is undeniably rising. This isn't just a tech conference. It's a deal room. And real business is being done here.' This year's edition featured a powerful lineup of speakers, including Iyinoluwa Aboyeji, Co-Founder of Andela and Managing Partner at Accelerate Africa & Future Africa; Olumide Balogun, Director, Google – West Africa; Kyari Bukar, Co-Founder, Trans Sahara Investment Corporation; Paul Onwuanibe, CEO, Landmark Africa; among others. The event was supported by leading brands committed to accelerating Africa's enterprise and innovation agenda. Breet served as the headline sponsor, with Maxitech, Fidelity Bank, Zoho, and Trivoh as Gold Sponsors. Ruby sponsors included Polkadot and MTN, while Silver Sponsors featured Jeroid, Zabira, Cogneticks Consulting, and Peerless. Associate Sponsors included Vendor Credit, Nobus, Kora, and Gtext Holdings. ATE continues to attract global interest and strategic partnerships, with conversations already underway to take future editions to new cities including Kigali, Nairobi, and Barbados, underscoring the ambition to extend Africa's technology story beyond the continent. About Africa Technology Expo The Africa Technology Expo is an annual event designed for enterprises, inventors, investors, and executives committed to building the future of African technology. With a focus on real business outcomes, ATE serves as a strategic platform to showcase innovation, spark partnerships, and catalyze growth across sectors and geographies.
