Browsing: SACC

The coronavirus (COVID-19) has hurt the South African business confidence, making it to drop to the lowest level in almost 45 years.

Among the factors sited for the drop include the resources spent in virus prevention measures—particularly the strict lockdown.

What the index says

According to information from Bloomberg News, the second-largest economy in Africa readings started in 1975 showcased, the deep fall, whereas both—Rand Merchant Bank (RMB)unit and Stellenbosch University affirmed that, a quarterly gauge measuring business confidence fell to 5 in the second quarter from 18 in the previous three months.

However, a reading of 5 means “just about every respondent in the second quarter was unsatisfied with the prevailing business conditions,” RMB said. The survey was based on the responses of 1,800 business executives between May 13 and June 1.

Further, as the nation moves away from the harsh-lockdown total of around 1 800 executives surveyed across …

SA Express Plane Zim Live

South African aviation industry, which is also one of the regions largest carrier is facing challenging setbacks, including the current state of the SA Express—which is state-owned, which just slid from a liquidation process, as a judge granted its three-month delay, pending anticipated government intervention, according to information Reuters.

Saved by the possibility of an investor

After several rescue attempts, June 9 was the set court date—hence, due to the possibility of a potential investor—which the National Union of Metalworkers of South Africa and the South African Cabin Crew Association (SACCA) claim to have an investor from the United Arab Emirates potentially interested in buying a stake in SA Express, the issue has been postponed until September 9, according to information from News24.

According to the laws of South African regarding foreign ownership in domestic airlines, the “potential” investor is limited to 25 per cent. Hence—as the unions did not …