Cosatu Derails MinWage Agreement

Cosatu took its Nedlac counterparts by surprise on Tuesday, putting the brakes on a minimum wage deal that everyone thought was in the bag. The signing-in ceremony for the minimum wage deal that was due to take place on Tuesday had to be postponed indefinitely when it emerged that Cosatu was still not happy with the package. However Deputy President Cyril Ramaphosa has already signed the deal according to secretary of the Federation of Unions of South Africa (Fedusa) Dennis George as saying it was a done deal.

Cell C Downgraded To Junk Status

S&P Global says Cell C missed interest payments and has been given the “d” rating for defaulting. The company has been working with Blue Label Telecoms to reduce its debt. This includes a planned 45% acquisition of Cell C by Blue Label. However, apart from the downgrade, S&P Global says it notes that Cell C has not sought bankruptcy protection and expects that it will continue to operate and meet its payroll and supplier obligations.

MTN Shares Drop And It Expects Full Year Loss

MTN’s share price lost nearly 7% to R110 on Wednesday morning after it warned shareholders it expected to report a basic and headline loss per share for the year to end-December. It said the loss was mainly due to the fine it received in Nigeria for failing to identify subscribers. The fine will drag its basic and headline earnings per share down by about R4.74.

SABC Loses Appeal To Bring Hlaudi Back

The SABC’s attempts to get Hlaudi Motsoeneng back have been dealt a blow after the Western Cape High Court dismissed the appeal application on Tuesday. The SABC had appealed the removal of Motsoeneng from the SABC and the matter was argued in the High Court last week.

Ngubane Denies Hiding Eskom Report

Eskom chairperson Ben Ngubane says he is not deliberately hiding anything which is of public interest regarding the report by law firm Dentons. Dentons had been was appointed to look into the state of affairs at Eskom in 2008 when the country suffered from a blackout costing the economy billions of rands.

Currencies And Stuff

Oil 54.77 – Rand/USD 13.51 – Rand/GBP 16.85 – Rand/EUR 14.40

 

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Author: The Turk Report

Simplifying complex money matters

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