Here’s what caught our attention on Wednesday.
1. MMI Holdings results
South African financial services group MMI Holdings released its half-year results for the year ended December 31 2017. The group’s core headline earnings per share fell 3% to R1 556 million. MMI’s profitability was weakened and the group’s share losses amounted to R 82 million. MMI has taken the decision to renew its dividend policy and target a dividend cover centred at 2.5x core headline earnings.
2. Mpact results
The full-year results of the paper and packaging business dropped in profits as a result of “a challenging financial year”. The group’s operating profit fell from R784 million in 2016 to R457 million for the 2017 financial year. Underlying earnings per share dropped to 166.3 cents from 252.7 cents in 2016. Mpact declared a total 55 cents per share.
3. Blackberry sues Facebook
Remember Blackberry? It’s suing social media giant Facebook for patent infringement, claiming that Facebook used messaging capabilities across its platforms which were originally designed by Blackberry. Blackberry is taking up this issue as an effort that is owed to its own shareholders.
4. Spotify plans to launch in SA
Global music streaming platform Spotify plans to launch itself in South Africa. News has emerged that it will be announcing details into the launch next week Tuesday, in Johannesburg.
5. Eskom inquiry continues
Power-utility Eskom’s former board chairperson Ben Ngubane will be appearing before Parliament’s Portfolio Committee on Public Enterprises, as the Eskom inquiry into state capture continues. EWN is also reporting that minister of Home Affairs, Malusi Gigaba, has asked for an extension to obtain more information before he appears before the committee.