The South African Reserve Bank has cut the repo rate by a 100 basis points – the second time it has done so in less than a month as worries mount over the impact of Covid-19 on economic growth.
Cosatu said it won’t reach a pact with business on how to resolve the debt crisis at Eskom by the time President Cyril Ramaphosa gives his state-of-the-nation speech on Thursday.
Government has spent months mostly talking about how to save the debt-stricken state power utility Eskom, spur economic growth and get its shaky finances back on track. Financial realities may force an end to the dithering.
Top South African businessmen called upon to help save ailing state-owned companies are abandoning their posts, frustrated by indecision and political interference.
South Africa will ramp up support for its ailing state-owned power utility Eskom with an additional R59-billion spread over two years.
Blue Label’s share price has been on a strong run since it announced its intention to invest a 35% equity stake in Cell C at the end of last year. Coupled with good growth numbers in its first half 2016 results, it has gained more than 60% so far