Independent Media liquidation looms; unions battle SAA, govt over job cuts; world's richest move into cash
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Sekunjalo Independent Media on Tuesday received an application for its liquidation from the Public Investment Corporation citing SIM and its executive chairperson Dr Iqbal Survé as respondents. Iqbal Survé's Independent Media group is believed to owe at least R1.5bn to the PIC, which it borrowed to buy the company.
SAA is headed for a battle with unions after it was revealed that management plans to chop about 100 jobs. Bloomberg reports that South African Airways has set itself up for a confrontation with labor unions after the cash-strapped carrier initiated talks that could see its workforce reduced by almost a fifth. South Africa’s public-service union called for urgent talks with the government on plans to reduce the state’s wage bill.
Finance Minister Tito Mboweni said last month he’s redoubling efforts to cut the government’s payroll to rein in a widening budget deficit. The nation’s 1.3 million public servants take home 35% of national spending and compensation has grown faster than any other category barring payments for financial assets since 2007. Loss-making Eskom poses the biggest risk to the economy and naming a permanent CEO to turn it around is widely seen as a top priority for President Cyril Ramaphosa’s administration. The government has missed several self-imposed deadlines to fill the post.
Wealthy people around the globe are hunkering down for a potentially turbulent 2020, according to UBS Global Wealth Management. A majority of rich investors expect a significant drop in markets before the end of next year, and 25% of their average assets are currently in cash, according to a survey of more than 3,400 global respondents. The US-China trade conflict is their top geopolitical concern, while the upcoming American presidential election is seen as another significant threat to portfolio.
SAA is headed for a battle with unions after it was revealed that management plans to chop about 100 jobs. Bloomberg reports that South African Airways has set itself up for a confrontation with labor unions after the cash-strapped carrier initiated talks that could see its workforce reduced by almost a fifth. South Africa’s public-service union called for urgent talks with the government on plans to reduce the state’s wage bill.
Finance Minister Tito Mboweni said last month he’s redoubling efforts to cut the government’s payroll to rein in a widening budget deficit. The nation’s 1.3 million public servants take home 35% of national spending and compensation has grown faster than any other category barring payments for financial assets since 2007. Loss-making Eskom poses the biggest risk to the economy and naming a permanent CEO to turn it around is widely seen as a top priority for President Cyril Ramaphosa’s administration. The government has missed several self-imposed deadlines to fill the post.
Wealthy people around the globe are hunkering down for a potentially turbulent 2020, according to UBS Global Wealth Management. A majority of rich investors expect a significant drop in markets before the end of next year, and 25% of their average assets are currently in cash, according to a survey of more than 3,400 global respondents. The US-China trade conflict is their top geopolitical concern, while the upcoming American presidential election is seen as another significant threat to portfolio.
