Corporate Affairs

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    SA Express turnaround strategy well received by Parliamentary committee

    Parliament’s Portfolio Committee on Public Enterprises has welcomed the turnaround strategy of State-owned regional carrier South African Express (SAX). This was reported in a media statement issued on Wednesday and which followed a briefing of the Committee by the airline on its financial and operational situation.

    “The Committee welcomed and congratulated SAX on its turnaround strategy and the austerity measures that have been introduced,” said the statement. “The Committee said it was happy to see a turnaround strategy with this trajectory and was looking forward to more presentations.”

    With its turnaround strategy SAX seeks to cut operating costs, increase revenues, strengthen internal controls and corporate governance and modernise its fleet. In its briefing, SAX told the Committee that the turnaround programme was beginning to produce results. After three quarters of losses during the 2014/2015 financial year, the fourth quarter had seen the airline achieve a profit.

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    Nissan to announce production plans for Rosslyn plant by end-2015

    Nissan South Africa (SA) would make an announcement on the production of new models at its Rosslyn plant, near Pretoria, by the end of the year, said Nissan SA MD Mike Whitfield on Tuesday. Speaking at a media dinner in Johannesburg, he noted that he expected the announcement “to be positive”.

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    South Africa lists five reasons for continued Agoa eligibility

    South Africa planned to offer five reasons as to why it should retain its status as an African Growth and Opportunity Act (Agoa) beneficiary during public hearings scheduled for Friday in Washington DC. The US House of Representatives passed a ten-year…

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    Vacations drew tourists in 2014 but foreign arrivals down

    Vacationing was the main reason for tourists to visit South Africa in 2014, with a significant majority of 95.7% of tourists on holiday, while business travel and students made up less than 4% of tourists.

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    Kenya Airways may need $500m to $600m bailout – finance minister

    Kenya Airways, which reported a record loss in its year ended March, may require a $500-million to $600-million bailout, the Kenyan finance minister said on Tuesday. Profit at the carrier, which is part-owned by AirFrance-KLM, lost 29.71-billion shilli…

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    Solidarity appeals against SAA retrenchment process

    Trade union Solidarity is applying for an urgent interdict at the Labour Court against the current retrenchment process at South African Airways (SAA) and SAA Technical (SAAT), as it believes the companies are not following the required procedures as s…

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    Increasing financial pressure to impact new-car sales – Absa

    The outlook for the new-vehicle market has deteriorated, with new-vehicle sales declining by 2.5% for the first seven months of 2015, compared with same period last year, says Absa Vehicle and Asset Finance managing executive Wessel Steffens. “Economic growth, inflation, interest rates, household and business financial conditions, and levels of confidence will remain key factors impacting vehicle sales in the rest of the year.”

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    E-toll testing kicks off in Durban

    An e-toll collection system (ETC) testing phase has commenced on the N3 Toll Route between Durban and Gauteng. N3 Toll Concession marketing manager, Andy Visser, told Fin24 that the testing phase will continue for two to three months.

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    Outa derides e-toll statistics

    The Opposition to Urban Tolling Alliance (Outa) has derided Minister of Transport Dipuo Peters’ report on statistics showing an increase in e-toll collections. According to Outa, Peters’ comparison of e-toll collections for May and June with the preceding seven months was misleading.

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    Unstable SAA gets another acting CEO

    Management instability continues unabated at South African Airways (SAA) where the human resources GM Thuli Mpshe has now been appointed to run the airline on a temporary basis and a dispute rages over the validity of the renewed contract of CFO Wolf Meyer‚ Business Day reported. There are two other executive vacancies at group level: head of strategy and CEO of catering division Airchefs‚ which has an acting leader. In addition the airline has a skeleton board of only four nonexecutive directors.

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