Kubayi-Ngubane hopeful loan scheme will assist struggling tourism businesses

Johannesburg – With the Covid-19 tourism relief scheme depleted, Tourism Minister Mmamoloko Kubayi-Ngubane on Thursday said that she was hoping that the R200-million loan guarantee scheme would assist qualifying businesses who had not received financial help. The tourism industry is battling to survive with businesses in distress and millions of jobs on the line as […]

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SAA restructuring plan set to take off

Johannesburg – A restructured South Afrian Airways is about to take off. This week, the business rescue plan was finally approved after all conditions including a government guarantee to lenders, had been met. Finance Minister Tito Mboweni has said the R10-billion needed for the restructuring will not come from the fiscus. The business rescue practitioners […]

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IMF emergency loan of $4.3billion with 1% interest has no strings attached

Johannesburg – South Africa’s $4.3 billion (R70.9bn) loan from the International Monetary Fund (IMF) has been welcomed, although there are concerns about whether the country will be able to meet the debt obligations. The IMF on Monday approved the country’s request for emergency financial assistance under the Rapid Financing Instrument. President Cyril Ramaphosa announced in […]

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Vodafone says tower IPO is on track for 2021

Johannesburg – Vodacom Group is looking beyond virus-induced market turbulence and pressing ahead with asset as Chief Executive Officer Nick Read pushes to squeeze more out of company assets. The company said Friday the initial public offering for the tower unit is on track for early 2021 in Frankfurt, assuaging investors concerned that the pandemic […]

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SAA closer to taking off as rescue plan approved by creditors

Johannesburg – The road to establishing a new national carrier moved closer to fruition on Tuesday after creditors overwhelmingly approved SAA’s business rescue plan and the Department of Public Enterprises (DPE) names veteran executive Philip Saunders as the airline’s interim chief. The department said 86% of creditors backed the plan – 11% more than required […]

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Nuclear plant hires during lockdown deemed ‘reckless’ and ‘irregular’

Johannesburg – The Nuclear Energy Company of SA (Necsa) seems to be getting back on its feet after the appointment of Dave Nicholls as chair earlier this year, following nearly two years of turmoil and repeated changes in directors and management. But Necsa subsidiary NTP –which operates the Safari nuclear reactor and is the group’s […]

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