NewsSouthern Africa

Fri,22Jun2018

Southern Africa

South African Airways to get $400 million capital injection after plea for cash: CEO

People queue at the SAA ticket counter desk at OR Tambo International airport in Johannesburg, South Africa, April 26, 2017. Photo: Themba Hadebe/AP/SIPASouth Africa has promised another 5 billion rand ($400 million) capital injection to help its struggling state airline meet urgent financial obligations, the CEO of South African Airways (SAA) said on Thursday.

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South Africa will struggle to close revenue gap - Treasury official

April 17, 2017, South Africa's President Cyril Ramaphosa during his meeting with Britain's Prime Minister Theresa May at 10 Downing Street in central London. Photo: Daniel Leal-Olivas/AP/SIPASouth Africa will struggle to raise the tax revenues needed to reduce a budget deficit and support fragile economic growth due to ongoing problems in tax administration, the National Treasury's Director General Dondo Mogajane said on Wednesday.

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Barclays Africa fires KPMG as auditor

 Photo: Seth Wenig/AP/SIPABarclays Africa Group, South Africa's second-biggest lender by market value, dropped KPMG as its joint auditor on Thursday, joining a host of local clients breaking ties with a company caught up in scandals.

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South African Airways says it needs capital injection "now"

 Ruling party supporters wave for a South African Airways Airbus flyby during the inauguration of the Union Building in Pretoria, South Africa, Saturday, May 24, 2014.Photo: Themba Hadebe/AP/SIPASouth African Airways (SAA) needs a new capital injection "now" to stay afloat and is in discussions with banks and the National Treasury for "an open credit line", its chief executive said on Tuesday.

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Steinhoff faces angry shareholders as it renegotiates debt

Shoppers make their way along the wide shopping avenues inside the newly-opened Mall of Africa in Midrand, South Africa, Thursday April 28, 2016. Photo: Denis farrell/AP/SIPASouth African retailer Steinhoff is in talks with creditors about restructuring its debt, it said on Friday as it faced shareholders for the first time since an accounting scandal surfaced in December.

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S.African utility Eskom asks to recover $5.5 bln via higher tariffs

 Eskom's electricity pylons snake across a hill in a Johannesburg suburb, Thursday, Nov. 24. 2011. Photo:Denis Farrell/AP/SIPASouth African state utility Eskom is seeking to recover 66.6 billion rand ($5.5 billion) of costs incurred over the past three years through higher tariffs, saying it sold less electricity than forecast because of an economic downturn.

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