Satawu confirms it’s prepared to accept SAA’s voluntary severance packages

3 July 2020, 11:00 AM
The South African Transport and Allied Workers Union (Satawu) says it is prepared to accept the voluntary severance packages offered as part of South African Airway's (SAA) business rescue and restructuring process.
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Oil prices hold ground after sharp retreat on virus fears 25 June 2020, 4:32 AM

Oil prices inched up in early trading on Thursday after sliding more than 5% in the previous session on worries that a rapid rise in COVID-19 cases could choke a revival in fuel demand, but volumes were thin with China out on a public holiday.

Asia set to track Wall Street retreat as second wave derails recovery hopes 25 June 2020, 3:25 AM

Asian markets were set to follow a tumble in Wall Street stocks and oil prices on Thursday after surging US coronavirus cases and the International Monetary Fund’s downgrade to global economic projections shook confidence in a recovery.

Global housing markets ensnared by pandemic’s high unemployment 25 June 2020, 2:50 AM

The outlook for major global housing markets looks subdued, with high unemployment from the coronavirus pandemic and lockdowns and low immigration the biggest hurdles over the coming year, according to a majority of analysts polled by Reuters.

Mixed reactions to Mboweni’s Supplementary Budget Speech 24 June 2020, 10:03 PM

Chamber of Commerce and Industry Alan Mkoki says Finance Minister Tito Mboweni delivered a relatively fair supplementary budget speech - given the complicated economic situation the country finds itself in during the coronavirus pandemic.

African Bank falls to H1 loss after taking charge 24 June 2020, 9:06 PM

Small South African lender African Bank swung to a half-year loss on Wednesday after taking a 550 million rand ($31.89 million) charge for bad debts.

Mboweni’s budget takes no steps to address SA’s debt : Analyst 24 June 2020, 7:43 PM

Institute of Race Relations Deputy Head of Policy Research, Hermann Pretorius, says Finance Minister Tito Mboweni’s budget speech takes no steps to address South Africa’s debt.

Nigeria’s rating at risk as debt, financing gap rise-Fitch 24 June 2020, 5:13 PM

A sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade as policymakers in Africa’s biggest economy struggle to deal with the fallout from a coronavirus-induced oil price crash, a director at Fitch said.

SA economy expected to contract by 7.2%: Mboweni 24 June 2020, 4:12 PM

Finance Minister Tito Mboweni says the government expects the South African economy to contract by 7.2% in 2020 as the coronavirus ravages the world and the local economy.

VIDEO: Finance Minister Tito Mboweni delivers Supplementary Budget 24 June 2020, 3:00 PM

Finance Minister Tito Mboweni delivers the country's supplementary budget speech on Wednesday afternoon. The emergency budget reflects government's adjusted spending and expenses as a result of the COVID-19 crisis.

Finance Minister Tito Mboweni
SA citizens want government to prioritise job creation 24 June 2020, 1:05 PM

Many hard-pressed South Africans say they want government to prioritise job creation in its emergency budget.

‘SA should brace itself tough economic realities’ 24 June 2020, 12:00 PM

Economist Owen Nkomo says South African citizens should brace themselves for tough economic realities when Finance Minister Tito Mboweni presents the emergency budget speech on Wednesday.

Cash in transit
Cash-in-transit robberies decreased by 16% in 2019: SABRIC 24 June 2020, 10:10 AM

The South African Banking Risk Information Centre (SABRIC) has released its 2019 crime stats on behalf of the banking industry which shows cash-in-transit robberies decreased by 16%.

SA Airlink attempts to interdict SAA, BRPs meeting 24 June 2020, 10:02 AM

The South Gauteng High Court in Johannesburg will hear the matter between SA Airlink and South African Airways (SAA) Business Rescue Practitioners (BRPs).

Gauteng municipalities lost R5bln in revenue due to COVID-19 24 June 2020, 8:37 AM

Gauteng Finance MEC Nomantu Nkomo-Ralehoko says the provinces' municipalities have lost R5 billion in revenue due to the coronavirus pandemic.

Supplementary budget should outline measures to save jobs: Cosatu 24 June 2020, 8:31 AM

The Congress of South African Trade Unions says it expects Finance Minister Tito Mboweni to outline measures to save the jobs of South Africans amidst the severe economic impact of the coronavirus pandemic on businesses.

Mboweni to table emergency supplementary budget 24 June 2020, 8:10 AM

Finance Minister Tito Mboweni will Wednesday present his emergency supplementary budget as the economic fallout of the coronavirus pandemic continues to intensify.

Sabric raises concern over increase in credit and debit card fraud 24 June 2020, 12:31 AM

Credit card and debit card fraud has increased by more than 20%, according to the South African Banking Risk Information Centre (Sabric) CEO Nischal Mewalall. 

Gordhan reports progress in Eskom unbundling 23 June 2020, 9:49 PM

Minister for Public Enterprises Pravin Gordhan says the process towards the unbundling of Eskom is progressing as planned.

Aspen could produce 10 mln dexamethasone tablets within a month – CEO 23 June 2020, 9:11 PM

South African pharmaceutical maker Aspen could provide 10 million dexamethasone tablets within a month, CEO Stephen Saad told Reuters on Tuesday.

Outrage over proposed salary increments for Joburg councillors amid COVID-19 pandemic 23 June 2020, 9:01 PM

There is outrage over the proposed salary increases for councillors and the increases in municipal tariffs with the country facing an economic crisis due to the coronavirus outbreak.

Agri Western Cape outlines its expectations from Mboweni’s supplementary budget 23 June 2020, 8:54 PM

Editorial note: This story has been amended. COVID-19 has been the single greatest disruptive force in all sectors of the economy. Agriculture, in the Western Cape, despite being classified as an essential service, came with major challenges.

British supreme court hears Nigerians’ case in Shell oil spill claim 23 June 2020, 7:54 PM

Britain’s supreme court will on Tuesday hear Nigerian farmers and fishermen appeal to pursue claims against oil major Shell over spills in the Niger Delta.

Private investors want a slice in the new proposed national airline 23 June 2020, 6:14 PM

There's interest from private sector funders and private equity investors to secure a piece of the new proposed airline.

Comair gets cash offer, needs a week to secure funding, say administrators 23 June 2020, 5:12 PM

Administrators in charge of South African airline Comair said on Tuesday they have received a cash offer for the carrier from a company and they would require a week to secure the funding.

VIDEO: Ministers in the Economics Cluster answer questions in Parliament 23 June 2020, 3:02 PM

Ministers in the Economics Cluster are answering questions in Parliament relating to the economic cluster, such as Public Enterprises, Tourism and Trade and Industry.

SA unemployment rate increased to 30.1% 23 June 2020, 1:20 PM

Statistics South Africa (Stats SA) has announced that the official unemployment rate has increased by 1.0 percentage point to 30.1% in the first quarter of 2020 compared to the fourth quarter of 2019.

Saccawu supports Edcon’s business rescue plan 23 June 2020, 12:18 PM

The South African Commercial Catering and Allied Workers Union (Saccawu) supports the newly-voted business rescue plan for retail giant, Edcon.

A sustainable economic recovery plan will top the agenda at symposium 23 June 2020, 7:00 AM

A sustainable economic recovery plan will top the agenda at Tuesday’s inaugural Sustainable Infrastructure Development Symposium of South Africa (SIDSSA).

World Bank chief calls for more private sector buy-in on G20 debt relief 23 June 2020, 3:02 AM

The Group of 20 major economies’ debt relief initiative for the world’s poorest countries has made good progress, but additional relief and greater participation by private sector creditors are needed, World Bank President David Malpass said on Monday.

Oil, stocks gain, but rising infection rates spark concerns 23 June 2020, 1:39 AM

Crude oil prices and a gauge of global equity markets edged higher on Monday as lockdowns eased, with the Nasdaq setting a record closing high, but sentiment remained tenuous as coronavirus infections continued to rise.