Vodafone announced its half-year results this week - as expected because of the changes that are happening it made a pre-tax loss - much better than same period last year (impairment charges). Interesting the CEO is still around and many agree that it seems like there is a sense of direction finally creeping in.
What is interesting to me is the fact that competition in Europe has been very stiff hence Vodafone's interest in emerging markets. I was reading somewhere in the local press (Daily Nation or Standard) that it had an interest in increasing its stake in Safaricom. I don't know how far that has gone but I understand why the interest. I mean Safaricom is now enjoying the best time in the Kenyan market (Celtel does not seem to be offering competition)
'....expand to emerging markets....selective acquisitions in Africa'
Revenue from emerging markets helped offset challenges in Europe. SA or Kenya??
On his future as CEO: I am in the job and I intend to continue in the job. What I like most about the whole situation is the way business leaders are put on the spot. I mean you have to produce results to justify the obscene salary and bonuses that they receive. Arun Sarin was under (is still is) to bring changes this announcement should loosen the noose around his neck.
Same thing is happening at M&S - sales were down, staff demoralised and facing take-over threats from BHS - Stuart Rose had to fend of all this now things seem to have changed. While BHS had a moderate performance M&S is the darling again of high street. Now M&S is a standard mark of success - suddenly there is a renewed confidence about everything. They are moving abroad, new adverts are out, new product lines - its easy to forget just the other day they were about to be taken over. Okay and Stuart Rose is still the top guy here and suddenly Phillip Green (BHS) is forgotten.
I know it is a long short but I think that is what should be the case at home - still thanks to the distance I rarely hear anything on Uchumi.
One year is just too long to give an update on what's happening - I thought the CEO would showing us every now and then the progress he and his team are making (remember the public has a short memory)
Maybe it's just me - I'm whingeing! I guess I just hope all this would be happening in Kenya since the potential is there.
Psst. So is it for real that Safaricom is planning to offload 25% of its shares to the public? Interesting. I read here that the board is interested in expanding its investment in the growing African Mobile technology market.
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