Debt payments are squeezing South Africa's public spending. President Ramaphosa will try to shrink bloated state firms, but may trigger ugly showdowns with unions. Failure to face them down would douse reform hopes and hurt even more, says edwardcropley:
South African travel agency Flight Centre has stopped selling tickets for national carrier South African Airways and a top travel insurer has withdrawn insolvency cover for bookings on the cash-strapped airline, Reuters reported on Nov. 29.
SAA signed a wage deal with trade unions on Nov. 22 to end an eight-day strike that brought it to the brink of collapse. The industrial action, which was also in protest at restructuring plans, caused the cancellation of nearly all domestic and international flights on Nov. 15 and Nov. 16. The state-owned airline, which has not made a profit since 2011, said on Nov. 12 it could axe nearly 900 jobs, or nearly 20% of the workforce, as part of efforts by President Cyril Ramaphosa to turn around struggling public-sector companies.
Finance Minister Tito Mboweni said on Oct. 30 that SAA was unlikely to generate sufficient cash flow to sustain its operations and the government would have to assume its 9.2 billion rand of state-guaranteed debt.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
South Africa court rejects Zuma appeal to prevent corruption trialA South African court on Friday rejected an appeal by former president Jacob Zum...
Consulte Mais informação »
Is Belgium coming to terms with its genocidal past in Africa?Belgium has started facing its colonial past by removing tributes to King Leopold II in its cities, who is widely seen as contributing to the murder of at least 10 million people in what is today’s Democratic Republic of Congo.
Consulte Mais informação »
As France mourns 13 soldiers, top general says full victory in Africa impossibleFrance will never secure total victory over Islamist insurgents in West Africa, ...
Consulte Mais informação »
Simon Fuller’s Now United Launches New Member Search in Middle East, North AfricaNow United, the international pop group formed by “American Idol” creator Simon Fuller, has initiated a search for a new member the Middle East and North Africa. The group, comprised of…
Consulte Mais informação »
Meghan Markle Wore a Thing: Nonie Trench Coat Dress in Africa EditionThe structured frock is made by Canadian label Nonie and is currently being sold for $825:
Consulte Mais informação »
Complacency a key concern as HIV epidemic persists in AfricaComplacency a key concern as HIV epidemic persists in Africa, especially among booming youth
Consulte Mais informação »