The labour union whose members contribute most to the funds overseen by South Africa’s state pension manager wants the institution to stop investing in the debt of Eskom.
Browsing: Eskom
Eskom’s 96-year history is replete with former CEOs who rose from within the debt-laden state utility to run the company. There are few obvious choices for the next CEO to come from those same ranks.
The top job at one of South Africa’s biggest and most-troubled companies is open again for the 11th time in a decade and it’s unclear anyone is ready to fill it.
Phakamani Hadebe will step down as CEO of Eskom at the end of July, deepening a crisis that Goldman Sachs has described as the biggest threat to the country’s economy.
As speculation swirls about plans to deal with Eskom’s crippling debt load, one group of stakeholders hasn’t been consulted: owners of the company’s R243-billion of bonds.
Green buildings are increasingly in demand in the face of concerns around Eskom’s ability to supply power.
South Africa is considering the creation of a special-purpose vehicle as part of a restructuring of the country’s embattled state-owned power utility, which has almost R500-billion of debt.
Eskom’s debt burden, described by Goldman Sachs Group as the biggest threat to the nation’s economy, has burgeoned, compounding the difficulty the government faces in formulating a turnaround plan.
President Cyril Ramaphosa said the government won’t cut jobs at state power utility Eskom as it divides the company into three separate businesses.
South Africa’s largest labour federation is prepared to discuss reducing workers at the nation’s power utility if it’s given proof of overstaffing and that job cuts would save Eskom.