Corporate Affairs

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    Mboweni’s budget unlikely to stop South Africa’s march to junk

    Finance Minister Tito Mboweni’s budget this week is unlikely to convince Moody’s Investors Service that he has a credible plan to rein in government debt. Of 19 economists surveyed by Bloomberg this month, 14 expect Moody’s to downgrade the country to junk this year and nine of those say it’ll happen in the first half. That’s after the ratings company in November cut the outlook on the nation’s assessment to negative and said it would look to the Feb. 26 budget for a feasible strategy to contain rising debt.

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    Mboweni’s budget unlikely to stop South Africa’s march to junk

    Finance Minister Tito Mboweni’s budget this week is unlikely to convince Moody’s Investors Service that he has a credible plan to rein in government debt. Of 19 economists surveyed by Bloomberg this month, 14 expect Moody’s to downgrade the country to junk this year and nine of those say it’ll happen in the first half. That’s after the ratings company in November cut the outlook on the nation’s assessment to negative and said it would look to the Feb. 26 budget for a feasible strategy to contain rising debt.

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    Alstom in talks for $7bn buyout of Bombardier train unit

    French train maker Alstom has confirmed it is in talks to acquire the rail business of embattled Canadian train and plane maker Bombardier, in a fresh attempt to bulk up against Chinese competition. Discussions are ongoing and no final decision has bee…

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    Alstom in talks for $7bn buyout of Bombardier train unit

    French train maker Alstom has confirmed it is in talks to acquire the rail business of embattled Canadian train and plane maker Bombardier, in a fresh attempt to bulk up against Chinese competition. Discussions are ongoing and no final decision has bee…

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    DP World to upgrade, maintain Eritrean ports

    The Red Sea state of Eritrea contracted DP World to upgrade its ports as regional peace brings increased business to its shores. Formerly isolated Eritrea is normalizing foreign relations after signing an historic peace deal in July 2018 with neighbouring Ethiopia, Africa’s second-most populous nation. The two countries fought a border war two decades ago that claimed as many as 100 000 lives. “DP World has facilitated the replacement of important equipment which was required and requested by the Eritrean port authorities to maintain operations and meet increase in demand for port services,” the harbor operator said in response to emailed questions.

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    DP World to upgrade, maintain Eritrean ports

    The Red Sea state of Eritrea contracted DP World to upgrade its ports as regional peace brings increased business to its shores. Formerly isolated Eritrea is normalizing foreign relations after signing an historic peace deal in July 2018 with neighbouring Ethiopia, Africa’s second-most populous nation. The two countries fought a border war two decades ago that claimed as many as 100 000 lives. “DP World has facilitated the replacement of important equipment which was required and requested by the Eritrean port authorities to maintain operations and meet increase in demand for port services,” the harbor operator said in response to emailed questions.

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    Flight Centre resumes sales of SAA tickets

    Flight Centre Travel Group, one of South Africa’s largest booking companies, said it will lift a moratorium on sales of the national airline’s tickets that it imposed in November because of concerns over its solvency. Travel Insurance Consultants, Flight Centre’s preferred insurer, reinstated insolvency cover for South African Airways, enabling the retailer to resume ticket sales, Andrew Stark, its managing director for the Middle East and Africa said in an emailed statement on Friday.

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    Flight Centre resumes sales of SAA tickets

    Flight Centre Travel Group, one of South Africa’s largest booking companies, said it will lift a moratorium on sales of the national airline’s tickets that it imposed in November because of concerns over its solvency. Travel Insurance Consultants, Flight Centre’s preferred insurer, reinstated insolvency cover for South African Airways, enabling the retailer to resume ticket sales, Andrew Stark, its managing director for the Middle East and Africa said in an emailed statement on Friday.

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    South Africa, Zimbabwe to operate one-stop border post in 2024

    A one-stop border post that will fast-track trade between South Africa and Zimbabwe will be fully operational at Beitbridge in 2024, according to South African Home Affairs Minister Aaron Motsoaledi. The crossing is one of Africa’s busiest land borders, with about 25,000 people and 500 trucks passing though daily. However, delays and congestion mean it can take as long as four days to receive clearance from customs officials, according to a Global Economic Governance report. A one-stop border would harmonize customs clearance procedures between the two countries.

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    South Africa, Zimbabwe to operate one-stop border post in 2024

    A one-stop border post that will fast-track trade between South Africa and Zimbabwe will be fully operational at Beitbridge in 2024, according to South African Home Affairs Minister Aaron Motsoaledi. The crossing is one of Africa’s busiest land borders, with about 25,000 people and 500 trucks passing though daily. However, delays and congestion mean it can take as long as four days to receive clearance from customs officials, according to a Global Economic Governance report. A one-stop border would harmonize customs clearance procedures between the two countries.

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