Outraged unions fight govt cuts; fresh SAA bail-out; coronavirus leaps outside China; Massmart, Implats
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In today's business news headlines:
* The credibility of South Africa’s proposals to curb debt and save its sole investment-grade credit rating will be put to the test by powerful labour unions outraged by plans to pare back the wage bill;
* Finance Minister Tito Mboweni has told journalists the government would be "stupid" to make noises that will precipitate the collapse of troubled national carrier SAA, which has received more taxpayers' funds to keep it in the air;
* The speed at which coronavirus is spreading outside China has overtaken the pace of the spread of the disease in the country where the first case was reported in early December, the World Health Organisation says;
* South Africa will lose out on Chinese tourism spend this year, with no Chinese tourists scheduled to visit the country this year - which is a far cry from the usual 100,000 travellers who visit the Western Cape and beyond.
* Retail giant Massmart, owner of Game, Makro and DionWired, reported a staggering R1.1bn headline loss in the 2019 financial year; and
* Impala Platinum posted a rise in half-year earnings, reinstated dividends and halted closure of two shafts, after higher metals prices and improved operations boosted profits, says Reuters.
* The credibility of South Africa’s proposals to curb debt and save its sole investment-grade credit rating will be put to the test by powerful labour unions outraged by plans to pare back the wage bill;
* Finance Minister Tito Mboweni has told journalists the government would be "stupid" to make noises that will precipitate the collapse of troubled national carrier SAA, which has received more taxpayers' funds to keep it in the air;
* The speed at which coronavirus is spreading outside China has overtaken the pace of the spread of the disease in the country where the first case was reported in early December, the World Health Organisation says;
* South Africa will lose out on Chinese tourism spend this year, with no Chinese tourists scheduled to visit the country this year - which is a far cry from the usual 100,000 travellers who visit the Western Cape and beyond.
* Retail giant Massmart, owner of Game, Makro and DionWired, reported a staggering R1.1bn headline loss in the 2019 financial year; and
* Impala Platinum posted a rise in half-year earnings, reinstated dividends and halted closure of two shafts, after higher metals prices and improved operations boosted profits, says Reuters.
