South Africa must make progress on structural reforms before banks like Goldman Sachs Group can help draw foreign capital to the country.
Browsing: SAA
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.
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.
South African Airways has cancelled international flights between Johannesburg and Munich along with a range of local flights between Johannesburg and Cape Town and Johannesburg and Durban.
The financial crisis at South African Airways deepened on Tuesday with one of the nation’s largest travel agencies announcing that the airline had cancelled several domestic and international flights.
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The Ramaphosa administration is accelerating the sale of government assets to fund its cash-strapped airline and other distressed state-owned companies.
The ANC’s top decision makers have met to discuss how to deal with ailing state-owned companies whose deteriorating finances have emboldened critics of President Cyril Ramaphosa.
As the SAA business rescue demonstrates, we will not hesitate to do what it takes to return our SOEs to financial and operational health. By Cyril Ramaphosa.
Government will relinquish control of the loss-making national airline and give it an additional bailout in a bid to stave off liquidation.