Collision course with unions; Telkom lay-offs challenged; Tax relief; Money for SAA, Denel; Market cheer
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In today's business headlines:
- The government has set a collision course with labour unions as it was announced by the National Treasury that pay increases and promotions will be limited, saving R16bn over the next three years;
- Unions have challenged Telkom in court on its plans to cut as much as 20% of its work force as the company seeks to reduce costs. The Communication Worker’s Union approached the court saying Telkom is rushing the process;
- Individual taxpayers have been given an unexpected boost by Minister Mboweni who announced a relief of R14bn including R2bn through the adjustment of tax brackets. Corporate taxes in South Africa were also reduced and the exemption on foreign income earned by expatriates will be increased;
- Minister Tito Mboweni has almost doubled the level of funding for South African Airways to R16.4bn while Denel will get R576m from the Treasury;
- Although the response of most analysts were muted with many expressing surprise that taxes were not increased, stocks of retailers and bankers rose on the JSE and the Rand surged before falling back by the end of the day.
- The government has set a collision course with labour unions as it was announced by the National Treasury that pay increases and promotions will be limited, saving R16bn over the next three years;
- Unions have challenged Telkom in court on its plans to cut as much as 20% of its work force as the company seeks to reduce costs. The Communication Worker’s Union approached the court saying Telkom is rushing the process;
- Individual taxpayers have been given an unexpected boost by Minister Mboweni who announced a relief of R14bn including R2bn through the adjustment of tax brackets. Corporate taxes in South Africa were also reduced and the exemption on foreign income earned by expatriates will be increased;
- Minister Tito Mboweni has almost doubled the level of funding for South African Airways to R16.4bn while Denel will get R576m from the Treasury;
- Although the response of most analysts were muted with many expressing surprise that taxes were not increased, stocks of retailers and bankers rose on the JSE and the Rand surged before falling back by the end of the day.
