SAA to chop jobs; Allan Gray dies; Impala eyes Zim deal; Saldanha Steel closes; Facebook fake ads; Traders like Rand
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- South African Airways, the beleaguered state-owned airline that’s reliant on government financial support to continue operating, has started a restructuring process that could see its workforce cut by almost a fifth, says Bloomberg.
Allan Gray, the billionaire founder of the Cape Town-based asset manager that bears his name and Bermuda-based Orbis Group, died on Sunday. He was 81, says Bloomberg.
Impala Platinum is in talks to buy land in Zimbabwe from rival Anglo American Platinum as the world’s second-biggest producer of the precious metal seeks to boost output from the southern African country, according to people familiar with the negotiations, reports Bloomberg.
The Saldanha Works steel plant has become South Africa’s first state-backed industrial mega-project conceived to counter sanctions during apartheid to close, as making a profit in the open economy overrides the case for strategic industries, says the news agency.
Facebook must pay $11,000 each time the posts using the image of John de Mol appear, up to a maximum of 1 million euros, an Amsterdam court ruled Monday.
Most analysts may be predicting South Africa will lose its last investment-grade rating, but derivatives traders couldn’t care less, says Bloomberg.