Business news in brief

2016-09-01 06:00

• SAA now seeks R16bn urgently to stay in the air. The embattled state owned airline requires the funding to meet short- and long-term commitments.

SAA financial statements for the year ending March 2015 have still not been submitted due to delays in finalising­ additional state guarantees. It is also reported that SAA’s financial services advisor has had its licence suspended by the Financial Services Board.

• Another state-owned entity, Eskom­, is also involved in a dispute with SA Treasury regarding a probe into contracts with Gupta family owned Tegeta Exploration and Resources. According to a source at SA Treasury, Eskom is resisting Treasury efforts to investigate coal contracts given to Gupta-owned companies.

• Recent company results indicate a rise in profits and confidence across a broad spectrum of economic sectors. Shoprite and Woolworths (retail sector) report increased earnings as does Bidvest (services sector) and Italtile (home improvement sector).

Another retailer, Massmart, has announced plans to increase the number of its Game stores.

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