Administrators for South Africa’s loss-making state airline have defended their decision to cut routes as part of a turnaround plan, after objections from President Cyril Ramaphosa, government and labour unions.
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Cosatu, the country’s biggest labour federation, said it wants the R104-billion Eskom’s debt held by the state pension fund manager to be converted into equity owned by workers.
Ericsson has become the latest technology firm to pull out of the upcoming Mobile World Congress show over concerns about the coronavirus outbreak.
Donald Trump blasted Boris Johnson with “apoplectic” rage during a heated phone call over the UK’s decision to allow Huawei into its 5G network, according to a report.
Jeff Bezos is on a selling spree. Stock disposals by Amazon.com’s founder and CEO over the past week have reached 1.7 million shares, or $3.45-billion.
Vodafone Group will hand over management of its Ghana unit to the UK carrier’s separately listed South African division in April, the latest step to bring the company’s operations on the continent under one roof.
Since their peak in 2016, shares in EOH – which describes itself as Africa’s largest technology service provider – have plunged by an eye-watering 97%. They have lost more than 50% in the value since 1 January alone.
South African Airways cut flights to nine international cities and all domestic services except Johannesburg to Cape Town as the embattled state-owned carrier scales back to stay in business.
Proposals to reorganise the R454-billion owed by Eskom are days away from completion, according to an official who’s overseen their formulation.
South African shares may have become too cheap for investors to ignore and Old Mutual Investment Group is among money managers seeing an increasing number of attractively valued shares.