South African Airways appointed a new interim CEO and the creditors approved the business rescue plan. In the last few hours the unions have been meeting to discuss their attitude towards this deal. The National Union of Metal Workers for South Africa (NUMSA) holds quite a bit of sway at SAA and therefore is likely to be influential. Phakamile Hlubi-Majola, Spokesperson, NUMSA joins CNBC Africa for more.
SAA has had its wings clipped for several months now and is currently in business rescue after years of losses and mismanagement .The business rescue practitioners have called for the airline to be wound down; the unions reject this. Phakamile Hlubi-Majola, Spokesperson of National Union of Metal Workers of South Africa joins CNBC Africa for more.
Following a cancellation of 38 SAA international and local flights yesterday, the National Union of Metalworkers of South Africa and the South African Cabin Crew Association are worried. The Unions say they did foresee the business rescue approach to SAA financial struggles as a cover up towards liquidation and now say they are proven to be correct. Joining CNBC Africa is NUMSA Spokesperson, Phakamile Hlubi-Majola.
Economic contractions were bound to happen as power supply instability threatens activity. Q3 employment figures show that 28,000 jobs were shed. Contractions in the manufacturing, construction and community services industries were the hardest hit. CNBC Africa’s Karabo Letlhatlha spoke with Numsa's Deputy General Secretary Karl Cloete.
Following up on the South African Airways appointment of a business rescue practitioner, trade unions have aired their disappointment in not being able to play a role in the appointment process, Phakamile Hlubi-Majola, Spokesperson of The National Union of Metalworkers of South Africa (Numsa) joins CNBC Africa to discuss the union’s stance on the matter.
Infrastructure development in Africa is said to be the key that will unlock economic growth.
National carrier South African Airways has officially been placed into business rescue as of today. The decision was taken on by the SAA board and supported by government. Joining CNBC Africa to give insight into SAA is Dirk Herman, Chief Operating Officer of Solidarity, Peter Attard Montalto, Head of Capital Markets Research at Intellidex and Martin Kingston an SAA board member.