On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Telkom South Africa has won legal permission to award a tender to Ericsson after a High Court judge threw out an application to have the deal halted by a losing bidder. But Telkom's victory is not untarnished, as the judge ruled that Ericsson should have been disqualified from the tender after providing equipment that failed some physical tests.

- Zimbabwe’s Nhava Information Communication Technology will invest US$250 million in Kenya as part of its expansion drive. In an interview with the Herald Business, chairman Tinashe Shangwa said the company was working on expanding into the regional and international market in a bid to increase its revenue base.

- The World Bank said it had agreed to set aside the sum of $50 million in furtherance of an initiative aimed at promoting Information Communication Technology (ICT) enabled services and the business process outsourcing industry in Nigeria. Key areas of intervention, according to the bank, include infrastructure, connectivity, capacity building and skills development.

- Standard Chartered Bank has launched its Internet banking (’iBanking’) service in Ghana. This new product will provide Standard Chartered Bank’s customers in Ghana with access to banking 24 hours a day, 7 days a week anywhere in the world, at any time - from the convenience of a secure web based portal.