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Business News 23.1.2020 09:03 am
SAA business rescue adds to SA Express financial woes – court papers
SA Express is an alliance partner of SAA, and is dependent on it for code sharing and related services.
The fact that national carrier SAA has been placed in business rescue is risking the viability of another state-owned airline, SA Express, according to court documents filed last week.
Personal Finance
Avoid debt at all costs, SA’s money matters are turning nasty
‘We are in trouble and nowhere is there even a glimmer of hope on the horizon,’ CEO of Debt Rescue Neil Roets said.
Former Eskom chief nuclear officer’s Necsa chair appointment comes as a surprise
British-born David Nicholls is highly respected in the industry.
Business News Moody’s downgrades Hong Kong, blames government protest response
It described the government’s response to demands for greater political freedoms – and sky-high living costs – as ‘notably slow, tentative and inconclusive’.
Business News PIC denies ‘false, malicious’ allegations about ‘flouting processes’ in search of new CEO
The state-owned corporation denies trying to ‘cover up an unethical bid for control of the state’s key financial asset’ following accusations in a report.
Business News Telkom is going to retrench 6,000 workers in total, not 3,000 – Fedusa
The federation says Telkom could retrench another 1,000 workers in May, while its IT subsidiary, Business Connexion (BCX) could shed 2,000 jobs.
Business News Telkom is retrenching thousands of workers despite execs making millions – CWU
The union wants Finance Minister Tito Mboweni to step in and stop the proposed retrenchment of between 3,000 and 6,000 workers.
Business News
Cyber risks are now the top worry for SA firms
This was revealed in the latest business risk survey conducted by leading global corporate insurance carrier Allianz Global Corporate & Specialty.
Business News Domestic workers fight for national minimum wage
‘In Benoni, domestic workers in those big houses are getting R1,400 a month and they are working from Monday to Sunday … They are hopeless and helpless.’
Business News Breaking down the worth of SAA’s old Airbuses
Selling the aircraft is probably not a quick-fix for the airline’s financial problems.
Ramaphosa declines trips to Davos and London to deal with ‘local priorities’
Tito Mboweni and Naledi Pandor will, however, still have to pack their bags for Europe.
Business News SAA to sell nine airplanes as business rescue process begins
While SAA claims in a report its fleet of A340-300 aircrafts is worth R2.153 billion, the actual market value may be closer to 335 million.
Business News SARB unanimously votes to lower repo rate
Lesetja Kganyago warned that significant economic growth is unlikely, mainly due to South Africa’s current energy constraints.
Business News
Small businesses, private sector can prop up economy – experts
‘A very positive outlook for this year is that there is a larger gap for the private sector to play a bigger role in the economy,’ a top business leader says.
Telkom to implement retrenchments, with 3,000 jobs on the line
The telecoms firm has opted to move away from its legacy copper business in favour of more advanced, affordable tech.
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