Africa In The News South Africa

Saftu condemns possible use of PIC funds to bail out bankrupt SOEs

JOHANNESBURG – The South African Federation of Trade Unions (Saftu) has condemned the possible use of Public Investment Corporation (PIC) funds to bail out bankrupt state-owned enterprises (SOEs), saying if the reports are accurate it also means Finance Minister Malusi Gigaba either lied or willfully misled parliament.     Saftu was shocked at Gigaba’s statement […]

Africa Business In The News South Africa

Numsa welcomes public protector probe into corruption and maladministration at SAA, threatens strike action

JOHANNESBURG – The National Union of Metalworkers of South Africa (Numsa) has welcomed the public protector’s decision to investigate maladministration, corruption, and tender irregularities at South Africa Airways (SAA) and threatened strike action if the airline does not implement recommendations made in a forensic report on the matter.   This followed a complaint lodged by […]

Africa Business In The News South Africa

Ramaphosa says price fixing hurts the poor, stifles jobs

JOHANNESBURG, September 1 – Deputy President Cyril Ramaphosa on Friday, warned against cartels saying that price fixing hampers development, reduces job opportunities and causes undue hikes in prices of goods. “When organised cabals steal from public resources and unsuspecting consumers, they break trust, undermine social cohesion and destroy lives,” Ramaphosa said speaking at the 11th annual competition law, economics […]

Africa Business In The News International South Africa

BRICS Leaders to Adopt Joint Action Plans on Economy, Innovation, Customs Cooperation

MOSCOW, September 1 – The leaders of the BRICS countries are expected to adopt action plans on economy, innovation and customs cooperation at the 2017 BRICS summit in China, Russian presidential aide Yury Ushakov told reporters on Thursday. “Documents to be signed after the meeting of the business council include an action plan for the […]