CR to axe public sector jobs; Edcon closer to selling Edgars, Jet; SA Airlink attacks SAA rescue; City Lodge cash plan
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In today's news headlines:
* President Cyril Ramaphosa has warned that job cuts loom at public sector entities. The government is preparing a radical change to the budget to fix an economy battered by Covid-19;
* Bond investors worry that borrowing R1bn a day won’t be enough to plug SA’s fiscal deficit - which could be the widest since world war one;
* SAA’s business rescue plan is under attack from SA Airlink, a privately owned competitor of SAA, and labour unions;
* City Lodge Hotels says it aims to raise up to R1.2 bn via a rights issue to stave off a cash crunch;
* A court decision paves the way for the administrators to finalise the sales process for Edcon by the end of June. There are reportedly 15 interested parties; and
* Worst performer on the Johannesburg stock exchange at the close of trading was Telkom, which lost about 8% of its value on news it has suspended dividends for three years.
* President Cyril Ramaphosa has warned that job cuts loom at public sector entities. The government is preparing a radical change to the budget to fix an economy battered by Covid-19;
* Bond investors worry that borrowing R1bn a day won’t be enough to plug SA’s fiscal deficit - which could be the widest since world war one;
* SAA’s business rescue plan is under attack from SA Airlink, a privately owned competitor of SAA, and labour unions;
* City Lodge Hotels says it aims to raise up to R1.2 bn via a rights issue to stave off a cash crunch;
* A court decision paves the way for the administrators to finalise the sales process for Edcon by the end of June. There are reportedly 15 interested parties; and
* Worst performer on the Johannesburg stock exchange at the close of trading was Telkom, which lost about 8% of its value on news it has suspended dividends for three years.
