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Editorial: Eskom requires surgery not a Band-Aid

By: Terence Creamer     18th January 2018 Eskom’s debt refinancing is undoubtedly a critical burning platform. The clock is most definitely ticking and the consequences of not closing the immediate financial chasm will be dire not only for the utility, but also for citizens. That said, government is extremely unlikely to allow Eskom to... 

SAA, TAAG sign code-share agreement

By: Schalk Burger     10th January 2018 State-owned airline South African Airways (SAA) and Angola State-owned airline TAAG Angola Airlines on Wednesday announced a code-share agreement for flights between Luanda and Cape Town or Johannesburg. “SAA will code-share with TAAG on direct services between Johannesburg and Luanda and between... 

Calls made for far-reaching Eskom restructuring as sustainability risks mount

By: Terence Creamer     9th January 2018 Eskom’s current financial situation makes it difficult to see any other path to sustainability than that of drastic cost-cutting, restructuring and bringing private equity into the business, Energy Intensive Users Group of Southern Africa (EIUG) past chairperson Piet van Staden argues. In an... 

South African Airways denies procuring bottled water, fuel at premium

By: African News Agency      29th December 2017 Cash-strapped national carrier South African Airways on Thursday rejected as false reports that it was paying more for its bottled water and fuel than the market price. “We took note of comments on social media platforms suggesting that we procure at premium commodities such as bottled water and... 

Gigaba backs lower tariff hike, says Eskom a drain on fiscus

By: News24Wire      18th December 2017 Finance Minister Malusi Gigaba said on Saturday that he supports the National Energy Regulator of South Africa (Nersa’s) decision not to grant the nearly 20% tariff increase Eskom had applied for as the current state of the economy wouldn’t have been able to support this. Nersa on Friday, granted... 

SAA, Mango rationalise and revise local schedules

By: Natasha Odendaal     14th December 2017 National airliner South African Airways (SAA) and low-cost subsidiary Mango are planning to rationalise their route network to improve efficiencies, provide more diverse offerings and unlock optimal aircraft use. The two airline brands will ensure seamless implementation of the revised schedule,... 

Tsotsi drops Myeni/Zuma meeting bombshell at Eskom Inquiry

By: News24Wire      22nd November 2017 Former Eskom chairperson Zola Tsotsi has dropped a bombshell at the Eskom Inquiry, saying that former South African Airways chairperson Dudu Myeni had called him to request his availability to meet President Jacob Zuma in Durban. According to Tsotsi, he was met by Myeni on March 7, 2015 at the... 

The 2023 Rugby World Cup mistake

By: Riaan de Lange     17th November 2017 The 2023 Rugby World Cup Mistake “Impi! wo 'nans' impi iyeza, Obani bengathinta amabhubesi?” The opening lyrics of Johnny Clegg and Juluka’s ‘Impi’ resonates with me, as do the images of the Springboks storming past Zulu warriors, in traditional dress, with fireworks exploding all around them as... 

DÉJÀ VU

     17th November 2017 Finance Minister Malusi Gigaba addressing staff at Airways Park, alongside the OR Tambo International Airport, last week. Reporting back after the first meeting of the new South African Airways board, Gigaba (who made a similar input to staff during his time as Public Enterprises Minister)... 

Eskom raised during Gigaba’s recent meeting with World Bank

By: Bloomberg     17th November 2017 South African Finance Minister Malusi Gigaba met with representatives of the World Bank earlier this month to discuss issues relating to Eskom Holdings. Gigaba met with the bank to discuss the financing of the State-owned power utility’s Medupi project, his spokesman Mayihlome Tshwete said by... 

Solidarity ranks SOEs, lambastes 'cadre merry-go-round'

By: Anine Kilian     14th November 2017 Trade union Solidarity has ranked South African Airways (SAA) as the most poorly managed State-owned enterprise (SOE) in the country. Speaking at the launch of its latest report ‘South African State Institutions and the Value for Tax Money’, on Wednesday, Solidarity CEO Dirk Hermann said SAA... 

Treasury rocked as budget chief quits

By: News24Wire      13th November 2017 National Treasury has been rocked by the resignation of its long-time budget head, Michael Sachs. Fin24 has obtained independent confirmation from two sources close to Treasury that Sachs, a deputy director general who headed up the budget office, quit last week over interference by the Presidency. 

Plans to turn SAA around 

     10th November 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about discussions between South African Airways’ new CEO and board of directors, as well as Finance Minister Malusi Gigaba, regarding the recently announced R10-billion bailout for the airline and its latest... 

New SAA leadership team promises to take airline ‘back from the brink’ 

By: Terence Creamer     7th November 2017 Finance Minister Malusi Gigaba has promised that there will be a clear delineation of the roles between the shareholder, the board and the CEO at embattled national carrier South African Airways (SAA), following the constitution of the new board on November 3 and the appointment of Vuyani Jarana... 

Zuma agrees to set up Sars inquiry – Gigaba

By: News24Wire      7th November 2017 Finance Minister Malusi Gigaba has asked President Jacob Zuma to set up an urgent judicial inquiry into tax administration and governance at the South African Revenue Services (Sars) Gigaba, speaking after a media briefing about plans for South African Airways on Tuesday, said Zuma had agreed to... 

SAA’s failure to settle its debt would have resulted in default – Ramaphosa

By: African News Agency      2nd November 2017 Deputy President Cyril Ramaphosa said the South African Airways (SAA) bailout was a crucial decision made by government because failure to settle debts would have resulted in SAA defaulting on its debts. Ramaphosa was answering questions in the National Council of Provinces. 

State irregular expenditure at R45.6bn – Auditor General 

By: News24Wire      1st November 2017 Despite "intensified contestations" by some state entities, Auditor General Kimi Makwetu on Wednesday released the financial report for the country’s national and provincial departments, as well as government entities for the 2016/17 financial year. The audit report reflects progress made since... 

Fin Min’s mid-term budget speech boosts investor confidence – Govt

By: African News Agency      26th October 2017 A leading United States investor has announced plans to invest over $1-billion (R14.1-billion) in South Africa over the next few months. This follows after Finance Minister Malusi Gigaba tabled what was according to a statement, a difficult medium-term budget in Parliament on Wednesday. According... 

Gigaba’s maiden MTBPS receives mixed reviews

By: Sane Dhlamini     26th October 2017 Finance Minister Malusi Gigaba’s maiden Medium-Term Budget Policy Statement (MTBPS) has received mixed reactions, with many organisations calling out its lack of attention to detail. Gigaba MTBPS was delayed by Economic Freedom Fighters MPs who objected to him delivering the budget on the basis... 

Various State assets being identified for disposal as Gigaba drops deficit and debt bombshells 

By: Terence Creamer     25th October 2017 Finance Minister Malusi Gigaba confirmed the worst in his maiden Medium-Term Budget Policy Statement (MTBPS), revealing serious fiscal slippages amid bail-outs of State-owned companies (SOCs), a worryingly sharp deterioration in revenue collections, a material downward revision to the country’s... 

Maimane says govt must stop bailing out SAA

By: African News Agency      23rd October 2017 Democratic Alliance (DA) leader Mmusi Maimane, said on Monday that government could not afford to “throw billions” of rand at the loss-making national carrier, South African Airways (SAA), while four children a day die of starvation in the country. “Why keep subsidising the comparatively wealthy... 

Busa welcomes SAA board changes

     19th October 2017 Business Unity South Africa (Busa) on Thursday welcomed the appointment of a new board of directors for South African Airways (SAA) as a step in the right direction to ensuring financial stability and good governance at the State-owned airline.    “The appointment of JB Magawaza, an accomplished... 

Africa’s State-owned airlines underperforming

By: Anine Kilian     13th October 2017 State-owned airlines in Africa are not operating at the capacity they should be, says Boeing sub-Saharan Africa MD Miguel Santos. Speaking to Engineering News Online on the sidelines of the Airlines Association of Southern Africa’s forty-seventh annual general assembly, in KwaZulu-Natal, he noted... 

Fiscal storm warning

By: Terence Creamer     13th October 2017 In the World Bank’s tenth and most recent ‘South Africa Economic Update’, the risk of “fiscal slippage” is highlighted as arguably the country’s most worrying immediate downside risk. The report points to signs of revenue under-collection amid ongoing upward expenditure pressures as the 2019... 

SAA, unions ink wage agreement

By: Natasha Odendaal     6th October 2017 National airliner South African Airways (SAA) and trade unions Uasa and the National Union of Metalworkers South Africa have signed the revised wage agreement for workers at maintenance arm SAA Technical (SAAT). The South African Transport and Allied Workers Union (Satawu), which had also signed... 

SAA tables revised wage offer 

By: Natasha Odendaal     5th October 2017 State-owned airliner South African Airways (SAA) has placed a revised wage offer on the table, with trade unions, the South African Transport and Allied Workers Union (Satawu), Uasa and the National Union of Metalworkers South Africa (Numsa), set to make a decision on the matter this week. This... 

Parliament looks into legality of bailout to SAA

By: African News Agency      4th October 2017 Parliament’s standing committee on finance on Tuesday asked for advice on the legality of National Treasury’s R3 billion bailout to South African Airways (SAA) after the opposition submitted a letter claiming it was in breach of public finance rules. Alf Lees, the deputy finance spokesman for the... 

Strike looms at South African Airways

By: African News Agency      4th October 2017 South African Airways (SAA) warned on Tuesday, that its operations may be disrupted after one of the labour unions served the embattled airline with a notice of intention to embark on industrial action at its aircraft maintenance unit. This comes after the airline’s maintenance subsidiary, SAA... 

Govt uses National Revenue Fund to bail out SAA

By: African News Agency      29th September 2017 The South African government on Friday approved the transfer of funds from the National Revenue Fund (NRF) to troubled national carrier South African Airways (SAA) to allow the airline to meet its debt obligations to Citibank and avoid a default. SAA has to meet its repayment obligations on a... 

SAA cuts back on domestic, regional flights

By: Natasha Odendaal     27th September 2017 Effective October 29, South African Airways (SAA) will reduce its daily Port Elizabeth and East London flights, along with some of its flights to Central Africa, as it continues to monitor route performance. The State-owned airliner on Wednesday said it had made some capacity adjustments to align... 

Gigaba says SAA's Myeni's contract is legal

By: News24Wire      22nd September 2017 Finance Minister Malusi Gigaba has told parliament’s standing committee on finance that South African Airways (SAA) chairperson Dudu Myeni’s extended contract is legal. This after the Companies and Intellectual Property Commission (CIPC) said her extended tenure in September was illegal according... 

Treasury to give SAA R10bn in special appropriation

By: African News Agency      13th September 2017 National Treasury has agreed to give South African Airways a special appropriation of R10-billion by the end of September, director general Dondo Mogajane told MPs on Wednesday. “It will be for R10-billion, we have decided, because that will cover everything,” he said during a briefing on the... 

Mogajane confirms Myeni’s contract at SAA has been extended

By: African News Agency      13th September 2017 The contract of South African Airways chairperson Dudu Myeni has been extended until the company’s annual general meeting, set down for early November, director general of finance Dondo Mogajane confirmed on Wednesday. Mogajane told Parliament’s standing committee on finance Myeni’s term was due... 

Eskom at a sustainability ‘tipping point’, business and labour warn

By: Terence Creamer     8th September 2017 Business and labour raised serious questions on Friday about the sustainability of State-owned electricity producer Eskom in light if its current governance failings, which were now undermining its financial health to the point where government could be force to assist the utility in meeting its... 

Point of no return

By: Terence Creamer     8th September 2017 Hardly a day goes by when there isn’t a new and disturbing headline about governance, or the lack thereof, at one of South Africa’s State-owned companies (SOCs). To be sure, when historians reflect on the President Jacob Zuma-era, the ‘capture for looting’ of the country’s SOCs will be a major... 

SAA to introduce network changes

     31st August 2017 South African Airways (SAA) has confirmed it will introduce network changes on the domestic and regional segments of its route network, as part of its implementation of a new five-year corporate plan that seeks to return the company to financial sustainability in the shortest time possible. "The... 

Don't panic, we are not funding SAA – GEPF

By: News24Wire      31st August 2017 The Government Employees Pension Fund (GEPF) assured its members, pensioners and beneficiaries that it has not received any proposal to help fund South African Airways (SAA). GEPF is Africa’s largest pension fund with more than 1.2-million active members from more than 325 government departments,... 

Brown urges recapitalisation of SA Express amid questions over waste

By: African News Agency      30th August 2017 South African Express CEO Victor Xaba was forced to concede on Wednesday that the loss-making airline did not take firm enough action on irregular spending, after Public Enterprises Minister Lynne Brown reiterated that it needed a cash injection from the State. “Let’s say in all fairness not... 

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