The parastatal has struggled with financial constraints for some time, partly blamed on wasteful expenditure and the inability to create revenue
After 18 months under administration, the loss-making airline has been cleared for takeoff
Mango’s spokesperson would not disclose the low-cost airline’s debt — which led to a brief suspension of flights — but described it as ‘huge’
MPs express frustration at the shoddy work done by the dysfunctional, broke airline and its rescue practitioners, calling their no-show ‘unacceptable’
Salary arrears owed to SAA staff will be paid by 19 February, and the public enterprises department commits to reskilling affected employees.
As the government continues to grapple with the troubles facing the airline, it would do well to keep on eye on the impending Denel implosion
The additional fiscal support comes as Eskom is weighed down by debt and is expected to report losses of R20-billion in upcoming financial results
Despite alarm over the recent lifeline, state says the power utility is not on the brink of collapse
Edcon chief executive Grant Pattison and his team achieved what many critics doubted they could — secure an almost R3-billion lifeline
Given the damage that’s been done, the previous board at Eskom simply could not continue. It had no plan to turn the company around or stop corruption
Government officials have moved to transfer an undisclosed sum from the National Revenue Fund to South African Airways
Over 7000 detainees, who are yet to be convicted of a crime, are currently held in South African jails because they cannot afford to pay bail.
Foreigners are hungry for high returns, as seen in their demand for the power utility’s bonds at its latest international sale.
Cyprus’s Parliament will vote on a bailout imposed by the EU, with approval likely from a thin majority against calls for the island to exit the euro.
Eurozone and EU finance ministers will meet in Dublin to conclude a Cyprus bailout and consider extending debt repayments for Portugal and Ireland.
Cypriots have reacted to the news of their own salvation from economic meltdown with relief, but also trepidation and despair.
Cypriot businesses have been under increasing strain to keep running after financial authorities stretched the country’s bank closure into week two.
Cyprus has been fine-tuning a Plan B to secure a bailout that the European Central Bank has warned should be adopted to avoid a banking meltdown.
The Cyprus savings levy has led to an objection from the Democratic Alliance about a clause in the Banks Amendment Bill.
Cyprus’ ministers have met to rework a plan to seize money from bank deposits before a parliamentary vote that might threaten the island’s finances.
South African Airways received an emergency loan to cover fuel costs, preventing the grounding of its local and international flights, says a report.
The deal hammered out by eurozone ministers is by no means the end of the tragedy as Greece’s future still looks dismal.
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/ 24 February 2012
Government has tightened the purse strings and its tough stance on bailouts for parastatals seems to be bearing fruit.
Eurozone leaders have sealed a new bailout for Greece that will fix its immediate financing needs but is unlikely to revive its shattered economy.
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/ 14 October 2011
Economist says the bailout money would have achieved more if it had simply been given to the public.
Moody’s cut Ireland’s credit rating to junk on Tuesday, warning that the debt-laden country would probably need a second bailout.
Swaziland has asked South Africa for an emergency bailout of R10-billion but the government say it would need to review the request first.
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/ 22 November 2010
Ireland has agreed to minimise, merge or sell its banks as part of a European Union-International Monetary Fund bail out.
A bail-out by government seems the only solution, but what’s to stop the SABC sliding into the deep red once again?
The European Investment Bank’s statutes state that its outstanding loans portfolio cannot exceed 250% of its capital.
South Africa said on Monday that industry bailouts by rich nations, especially in the carmaker sector, could be a covert form of protectionism.
American International Group is close to a deal with the United States government that would ease the terms of its bailout.