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