‘South Africans need to reassess their finances to prevent sinking deeper into debt’

11 July 2020, 6:03 PM
Savings expert and CEO of the SA Savings Institute, Gerald Mwandiambira, says South Africans need to reassess their finances in the midst of the coronavirus (COVID-19) pandemic to prevent sinking deeper into debt.
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Dubai has announced a new package to help the economy cope with the effects of the coronavirus outbreak, worth 1.5 billion dirhams ($408 million), the crown prince of the emirate, Hamdan Bin Mohammed Al-Maktoum, said on Twitter on Saturday.

South Africa’s banks mull how to avoid loan defaults when virus relief ends 11 July 2020, 6:50 AM

South African banks are looking at options ranging from debt consolidation to new ways of leveraging equity to avoid defaults when coronavirus-related debt relief measures end, industry officials said.

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Eskom’s stage 2 load shedding to start at 9am 11 July 2020, 6:37 AM

Eskom will resume Stage 2 load shedding at 9am from Saturday morning after suspending it at 10pm on Friday night.

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The Free State government says it has developed an economic recovery plan to revive several industries which have been forced to close.

Candle light and Computer
Eskom implements Stage 2 load shedding 10 July 2020, 1:13 PM

Eskom has implemented Stage 2 load shedding which started at midday. This is due to an increase in plant breakdowns leading to the loss of more than 3000 megawatts of capacity.

SAA Flights
Public Enterprises Department not ready to deal with SAA’s pilots packages 10 July 2020, 1:01 PM

The Public Enterprises Department says it is not prepared to deal with additional demands from the South African Airways Pilots' Association (SAAPA)'s regarding Voluntary Severance Packages.

Asian shares set to slip as coronavirus concerns weigh 10 July 2020, 2:14 AM

Asian shares were set to open mostly lower on Friday as record-breaking new coronavirus cases and deaths in several US states stoked concerns that new lockdowns could derail the economic recovery, and investors looked forward to earnings season.

SAA BRPs lose bid to appeal retrenchments ruling, two unions chuffed 9 July 2020, 8:47 PM

The National Union of Metalworkers of South Africa (Numsa) and the South African Cabin Crew Association (Sacca) have welcomed the decision by the Labour Appeal Court to dismiss the appeal launched by the SAA Business Rescue Practitioners (BRPs).  The practitioners wanted the court to set aside a Labour Court's decision, barring them from proceeding with retrenchments at SAA without a Business Rescue Plan.

FITA granted permission to appeal tobacco sales ban 9 July 2020, 7:28 PM

The High Court in Pretoria has granted the Fair Trade Independent Tobacco Association (FITA) permission to appeal government’s ban on the sale of cigarettes during lockdown. The application will be heard on July 15.

Mining company
Foreign mineworkers return to South African mines after lockdown 9 July 2020, 5:56 PM

Foreign mine workers have begun returning to South African mines, though at a slower rate than hoped, as the industry rebuilds output after the easing of the coronavirus lockdown, the Minerals Council said on Thursday.

‘Employees fired for self-isolating’ 9 July 2020, 12:34 PM

More than 700 employees of a manufacturing company in Mkhuhlu near Bushbuckridge, Mpumalanga, claim to have been dismissed from work for self-isolating.

Union accuses Massmart of using coronavirus to retrench workers 9 July 2020, 9:06 AM

The South African Commercial, Catering and Allied Workers Union (Saccawu) has lashed out at retail giant Massmart for using coronavirus to retrench workers.

De Lille appoints law firm over alleged fraud in Public Works department 9 July 2020, 6:06 AM

Public Works Minister, Patricia De Lille, says she has appointed a law firm to advise her on disciplinary action to be taken against several officials implicated in alleged fraud in her department.

Oil prices idle as coronavirus spike fears offset signs of gasoline recovery 9 July 2020, 3:20 AM

 Oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in US gasoline demand was tempered by concerns about renewed lockdowns with COVID-19 infections surging in the United States.

Unions happy with agreement reached with SAA 8 July 2020, 9:11 PM

Unions say they are happy to have secured a salary increase for the number of workers who will keep their jobs at the South African Airways (SAA).

FSCA publishes Conduct Standard for Banks 8 July 2020, 7:58 PM

The Financial Sector Conduct Authority (FSCA) has published the Conduct Standard for Banks on Wednesday. The regulation is aimed at protecting financial customers. 

US, Kenya formally launch trade deal talks 8 July 2020, 6:31 PM

Kenya and the United States formally launched negotiations on Wednesday for a bilateral trade pact that the two economies hope could serve as a model for additional agreements across the African continent.

Wall St set to gain on rebound hopes despite jump in virus cases 8 July 2020, 3:55 PM

The dollar edged lower against its rivals on Wednesday as investors weighed hopes for a swift economic recovery against fears about a resurgence in the pandemic, particularly in the United States.

COVID-19 pandemic plunges working world into crisis – ILO 8 July 2020, 11:36 AM

Global leaders called for a comprehensive approach to counter the impact of the coronavirus pandemic, which International Labour Organization chief Guy Ryder said on Wednesday had plunged the world of work into"unprecedented crisis".

Government happy to reach agreement with unions over SAA 8 July 2020, 8:09 AM

Government says it is pleased that labour unions and representatives of non-unionised managers and ground staff, have agreed to accept the SAA voluntary severance packages.

UK’s Sunak to map out next moves in COVID recovery plan 8 July 2020, 4:12 AM

British Finance Minister Rishi Sunak will announce on Wednesday his next moves to prevent a wave of job cuts from snowballing into a full-blown unemployment crisis in the world’s sixth-biggest economy.

Unions accept severance packages from SAA 8 July 2020, 12:56 AM

The Department of Public Enterprises (DPE) says its encouraged that labour unions, and representatives of non-unionised managers and ground staff, have agreed to accept the South African Airways (SAA) voluntary severance packages (VSPs) which will be supported by a social plan and skills development programme for employees who will be retrenched.

South Africa’s Massmart says 1 800 Game jobs at risk 7 July 2020, 9:47 PM

South Africa retailer Massmart Holdings Ltd has started talks with unions to cut up to 1,800 jobs at the company’s struggling Game stores as constrained spending and the new coronavirus weigh on performance, the company said on Tuesday.

South Africa faces battle to rein in spending: Fitch 7 July 2020, 8:43 PM

South Africa’s plans to rein in government spending will be hard to implement due to low economic growth, ratings agency Fitch said on Tuesday, adding the country had a poor track record of delivering debt and spending cuts.

Britain jeopardising China relationship, says Huawei’s UK boss 7 July 2020, 8:37 PM

Britain risks throwing away its long-standing relationship with China if it bans Huawei from its 5G networks at the behest of the United States as part of a global battle for technological supremacy, the UK chairman of the tech group told Reuters.

Twickenham Platinum Mine lays off more than 50 workers 7 July 2020, 4:54 PM

More than 50 people have been laid off as Anglo Platinum's Twickenham mine closes some operations at its Mopetsi camp outside Burgersfort in Limpopo.

LSG Sky Chef employees accuse company of being dishonest about operations during lockdown 7 July 2020, 3:02 PM

The employees of airline catering company LSG Sky Chefs are accusing the company of continuing to operate despite receiving letters that the company will not be operational throughout the lockdown

Plans underway to establish State Bank: Treasury 7 July 2020, 2:58 PM

Treasury Director-General Dondo Mogajane says a preliminary report on the establishment of the State Bank has been finalised and will be presented to Cabinet.

SA’s consumer confidence slumps to all time low 7 July 2020, 1:13 PM

South Africa's consumer confidence has slumped to minus-33 points in the second quarter compared to minus-nine points in the first quarter.

Media24 considers cutting more than 500 jobs 7 July 2020, 11:51 AM

Five hundred and ten Media24 workers are likely to lose their jobs as the company considers downsizing, due to the impact of the COVID-19 pandemic.