SAA slashes flights; inflation rises; scary costs of power cuts; Shoprite; Lesotho murder drama
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In today's business news headlines:
* South African Airways cut 38 local and international flights this week, as its bosses move to downsize the cash-strapped national carrier;
* The inflation rate has risen to 4%, and another interest rate cut is possible towards the end of the year;
* Shoprite shares rose almost 5% on Wednesday on news of healthy sales growth at its core South African supermarkets business, even as a tough economy weighs on consumer finances, reports Reuters;
* Power shortages cost South Africa as much as R118bn ($8bn) last year, a drain on the economy that’s set to continue for two to three years unless urgent action is taken, a new study has found.
* A murder drama is unfolding in Lesotho and threatens to destabilise the small country. Lesotho’s government faced demands from protesters to step down immediately amid an investigation into the murder of the prime minister’s second wife and allegations that it gave Chinese businessmen control of the country’s key wool, mohair and meat industries, says Bloomberg.
* South African Airways cut 38 local and international flights this week, as its bosses move to downsize the cash-strapped national carrier;
* The inflation rate has risen to 4%, and another interest rate cut is possible towards the end of the year;
* Shoprite shares rose almost 5% on Wednesday on news of healthy sales growth at its core South African supermarkets business, even as a tough economy weighs on consumer finances, reports Reuters;
* Power shortages cost South Africa as much as R118bn ($8bn) last year, a drain on the economy that’s set to continue for two to three years unless urgent action is taken, a new study has found.
* A murder drama is unfolding in Lesotho and threatens to destabilise the small country. Lesotho’s government faced demands from protesters to step down immediately amid an investigation into the murder of the prime minister’s second wife and allegations that it gave Chinese businessmen control of the country’s key wool, mohair and meat industries, says Bloomberg.
