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.

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