South African state power utility Eskom made a net loss of 20.5 billion rand in the financial year ended March 2020, smaller than a loss of 20.9 billion rand the year before, it said on Friday. Eskom struggles to power Africa's most industrialised economy and is dependent on government bailouts for its survival.
South Africa plans to freeze public-sector wages for the next three years to help cut its salary bill and contain a yawning budget deficit. The proposal raises the risk of widespread strikes by the 1.3 million-strong public-sector workforce. Here is why the government wage bill is a problem. WHAT IS THE PUBLIC WAGE BILL?
* Mboweni doubles down on pledge to curb wage bill. * Raises risk of debt crisis unless action taken. * But debt seen peaking at higher level than in June. * Airline SAA gets 10.5 bln rand for rescue plan. By Mfuneko Toyana and Wendell Roelf.
By Aaisha Dadi Patel and Gabriele Steinhauser. JOHANNESBURG--South Africa's finance minister on Wednesday announced costly new bailouts for state-owned enterprises, including its flag carrier, as he predicted that the country's economy would shrink 7.8% this year. South African Airways, which has been grounded in recent months, will receive an extra 10.5 billion South African rand this year to help fund its rescue plan, while the state-owned Land Bank will get an additional...
Remittances from Egyptians working abroad amounted to $27.8 billion in the 2019-20 financial year, up from $25.2 billion a year prior, the central bank said in a statement on Wednesday. A key source of foreign currency for Egypt, remittances fell 10.5% year-on-year in the April-June quarter, amounting to $6.2 billion compared with $6.9 billion a year earlier.
JOHANNESBURG--South Africa's annual consumer price inflation inched down to 3.0% in September from 3.1% in August. The reading is just within the South African Reserve Bank's target range of between 3% and 6% annual inflation. The data comes ahead of a mid-term budget update on Wednesday afternoon, after an economic recovery plan outlined by the president earlier in October.
The World Trade Organization is set to pick its first female leader in coming days, offering a fresh start to a body weakened by fights between the U.S. and China at a time of global economic crisis. Consultations among the WTO's 164 members were due to end on Tuesday on the choice between former Nigerian Finance Minister Ngozi Okonjo-Iweala and South Korean Trade Minister Yoo Myung-hee. In a selection process that isn't an outright election, the WTO will say as soon as Wednesday...
Medigus Ltd. (MDGS), a technology company engaged in advanced medical solutions and innovative internet technologies, today announced it was informed that ScoutCam Inc. Medigus? subsidiary and a leading developer and manufacturer of customized micro visual solutions and supplementary technologiesits, got approved as a certified vendor of the Israeli Ministry of Defense.
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