CR to axe public sector jobs; Edcon closer to selling Edgars, Jet; SA Airlink attacks SAA rescue; City Lodge cash plan

Loading player...
In today's news headlines:
* President Cyril Ramaphosa has warned that job cuts loom at public sector entities. The government is preparing a radical change to the budget to fix an economy battered by Covid-19;
* Bond investors worry that borrowing R1bn a day won’t be enough to plug SA’s fiscal deficit - which could be the widest since world war one;
* SAA’s business rescue plan is under attack from SA Airlink, a privately owned competitor of SAA, and labour unions;
* City Lodge Hotels says it aims to raise up to R1.2 bn via a rights issue to stave off a cash crunch;
* A court decision paves the way for the administrators to finalise the sales process for Edcon by the end of June. There are reportedly 15 interested parties; and
* Worst performer on the Johannesburg stock exchange at the close of trading was Telkom, which lost about 8% of its value on news it has suspended dividends for three years. Learn more about your ad choices. Visit megaphone.fm/adchoices
22 Jun 2020 2PM English South Africa Investing · Business News

Other recent episodes

BNC#8; John Endres Q&A - Jobs, politics and the investment freeze no one wants to admit

South Africa’s future hinges on one simple truth: jobs come from growth, and growth comes from political choices. This sharp discussion unpacks how policy, ideology, and global alignment are choking investment and costing livelihoods. Inside the ANC, paralysis, fear, and patronage block reform - despite clear evidence of what works…
10 Apr 9AM 32 min

Roy Tilley: The municipal "Rates Randage Monster" strangling South Africa's property owners

Durban businessman Roy Tilley says a deeply flawed municipal rates formula is pushing property owners and small businesses toward a financial breaking point. In this interview, the Queensmead industrial property owner explains why he believes ever-rising rates are becoming impossible to absorb, hurting tenants, jobs and investment, and argues that…
10 Apr 9AM 20 min

BNC#8: Magnus Heystek Q&A - The brutal truth about South Africa’s financial future

A sharp, no-holds-barred conversation on South Africa’s financial reality - rising offshore limits, shrinking property values, and the struggle for economic revival. From Johannesburg’s decline to gold’s surge, and investor psychology to policy failures, this discussion cuts through the noise. It’s a candid look at risk, resilience, and the tough…
10 Apr 6AM 34 min