Ramaphosa nod for PIC funds for Eskom; Who owes Eskom the most?; Deeper job cuts at SAA; Tesla mania cools; Pepco

Loading player...
In today's business headlines:
- President Cyril Ramaphosa is “favourably disposed” to a proposal by Cosatu to use funds from the Public Investment Corporation to reduce Eskom’s debt, his spokeswoman Khusela Diko told Reuters yesterday. It follows after Cosatu proposed a package of rescue measures for Eskom and the cornerstone of its plan is for the PIC and two local development finance groups to invest about R250bn in Eskom via a special purpose vehicle;
- Members of parliament scrutinising amounts owed to Eskom are discovering to their frustration that there may be more than one version of the truth. The Inter-Ministerial Task Team on Municipal Debt to Eskom, claimed in a submission to Scopa in December that the Department of Public Works and Infrastructure was the biggest debtor, owing R3bn as of June 2019 but the department now says it is much less;
- Trade union Numsa says South African Airways is planning to accelerate job cuts. A meeting is planned for today with the unions and the airline declined to add any further comment;
- It is “almost inevitable that the British discount retailer Poundland would be sold by Steinhoff." That is according to Pepco Group CEO Andy Bond. Bond told Reuters he was ‘genuinely open-minded' on the various disposal options;
- The incredible six-day 60% rally in Tesla shares that left Wall Street watchers scratching their heads, screeched to a halt yesterday. Shares of the electrical vehicle maker fell 9.4% to just more than $803 after rising to $968 in what looked like an unstoppable advance. Learn more about your ad choices. Visit megaphone.fm/adchoices
5 Feb 2020 2PM English South Africa Investing · Business News

Other recent episodes

DA’s Double-Duty Man

South Africa doesn't hear enough from politicians who do the unglamorous work of fixing the state. Jan de Villiers is one of them. The DA MP and chair of Parliament's Portfolio Committee on Public Service and Administration just drove through a landmark law that tightens the firewall between party politics…
17 Apr 8AM 38 min

Elon Musk vs BEE: The explosive debate that could change South Africa forever

From Elon Musk’s Pretoria beginnings to global dominance, this conversation dives into power, policy, and South Africa’s economic crossroads. Solidarity’s Dirk Hermann unpacks the growing backlash against BEE, arguing it stifles jobs, fuels elite enrichment, and deters investment. With pressure mounting from markets, citizens, and international players, is reform inevitable?…
17 Apr 7AM 41 min

South Africa’s wildlife heartland under siege from illegal mining syndicates

Heavily armed illegal mining syndicates are no longer just a problem for abandoned shafts and remote communities. In this interview, De Wet du Toit of the Blyde River Task Force tells BizNews how zama-zama operations linked to foreign criminal networks are threatening South Africa’s water systems, tourism economy and wildlife…
16 Apr 7AM 22 min