SAA's financial woes
Sep 14, 2017, 1:36 pm
#62
Join Date: Jul 2005
Posts: 1,077
Some say it was Everett Dirksen. See, https://en.wikiquote.org/wiki/Everett_Dirksen But he said it wasn't him.
Actually, the other possible source, a US Defence Department official during the heady days of Ronald Reagan's booming defence budget, more likely fits the Rand. It was said that the quote came from said official as indicating that eventually, all this spending was going to catch up with us [e.g. the U.S. Government, Dept of Defence] in the form of enquiries about how much money was being spent ($1000 hammers, $1 million airplane toilets, etc.).
Someday, maybe, someone will care about all the ZAR being dumped in to SAA.
Actually, the other possible source, a US Defence Department official during the heady days of Ronald Reagan's booming defence budget, more likely fits the Rand. It was said that the quote came from said official as indicating that eventually, all this spending was going to catch up with us [e.g. the U.S. Government, Dept of Defence] in the form of enquiries about how much money was being spent ($1000 hammers, $1 million airplane toilets, etc.).
Someday, maybe, someone will care about all the ZAR being dumped in to SAA.
Sep 22, 2017, 1:59 am
#63
Join Date: Mar 2004
Location: CPT
Programs: BA BD SA
Posts: 4,467
Looks like they're selling Telkom to the PIC:
PIC may buy into Telkom to save SAA
http://www.fin24.com/Economy/South-A...-saa-20170825?
So not really misappropriation of retirement fund money and in fact a good deal for PIC as government seems to be selling at a discount.
PIC may buy into Telkom to save SAA
http://www.fin24.com/Economy/South-A...-saa-20170825?
So not really misappropriation of retirement fund money and in fact a good deal for PIC as government seems to be selling at a discount.
South Africa could end up paying a very high price for the "rescue" of SAA.
Sep 28, 2017, 8:17 am
#64
FlyerTalk Evangelist
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DA calls for SAA to be placed under business rescue
"As time runs out for SAA to raise R6.9bn (€431m) by Saturday (September 30), the Democratic Alliance is calling for Finance Minister Malusi Gigaba to, among other things, place the national carrier under business rescue and sell it off."
Source
Johan
Source
Johan
Sep 29, 2017, 9:37 am
#65
Join Date: Dec 2010
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"As time runs out for SAA to raise R6.9bn (€431m) by Saturday (September 30), the Democratic Alliance is calling for Finance Minister Malusi Gigaba to, among other things, place the national carrier under business rescue and sell it off."
Source
Source
Given the state of the balance sheet nobody will buy it, even for R1, since they'll have to take over surety of too much debt. The government would have to pay someone to take it over.
Sep 30, 2017, 1:58 am
#66
Ambassador, Emirates
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"As time runs out for SAA to raise R6.9bn (€431m) by Saturday (September 30), the Democratic Alliance is calling for Finance Minister Malusi Gigaba to, among other things, place the national carrier under business rescue and sell it off."
Source
Johan
Source
Johan
Oct 1, 2017, 4:38 am
#67
Join Date: Feb 2003
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Oct 1, 2017, 5:53 am
#68
Join Date: Oct 2015
Location: Economy, mostly :(
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Oct 1, 2017, 11:45 am
#70
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Oct 1, 2017, 11:54 pm
#71
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Oct 2, 2017, 12:43 am
#72
Join Date: Oct 2015
Location: Economy, mostly :(
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Oct 3, 2017, 10:50 am
#73
FlyerTalk Evangelist
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SAA receives notice of possible strike action
"SAA’s maintenance subsidiary, SAA Technical (SAAT), received a notice of the intention to embark on industrial action at the weekend from one labour union following the tabling of a wage increase proposal by SAAT."
Source
Johan
Source
Johan
Oct 3, 2017, 11:03 am
#74
FlyerTalk Evangelist
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Posts: 14,352
More money won't fix SAA – Manuel
"Throwing more money at South African Airways (SAA) won’t solve its problems, said former Finance Minister Trevor Manuel. “There are some big decisions about management which have not yet been resolved,” said Manuel. Among the biggest problems is that SAA’s cost structure is wrong, he said.
Some of the contributing factors to the poor cost structure is related to the airline employing too many people. “The pay scales are out of kilter with industry norms.”
Other “self-evident” issues at SAA are related to corporate governance. He took aim at the fact that chairperson Dudu Myeni, who had missed six board meetings and still managed to keep the position."
Source
Johan
Some of the contributing factors to the poor cost structure is related to the airline employing too many people. “The pay scales are out of kilter with industry norms.”
Other “self-evident” issues at SAA are related to corporate governance. He took aim at the fact that chairperson Dudu Myeni, who had missed six board meetings and still managed to keep the position."
Source
Johan
Oct 19, 2017, 5:25 am
#75
Join Date: Mar 2004
Location: CPT
Programs: BA BD SA
Posts: 4,467
New board for SAA
As reported by News24.co.za, finally SAA has a new board and Ms Myeni is out.
Presumably this was a sop to placate the opposition when Minister Gigaba makes his medium-term budget policy statement on the 25th and has to dole out more cash to keep the basket case that is SAA alive. (Ms Myeni will no doubt soon be found in another lucrative sinecure where she can wreak more havoc at taxpayers' expense.)
I wish I could see this as the start of a turnaround for SAA - but for some strange reason I am just so cynical...
Presumably this was a sop to placate the opposition when Minister Gigaba makes his medium-term budget policy statement on the 25th and has to dole out more cash to keep the basket case that is SAA alive. (Ms Myeni will no doubt soon be found in another lucrative sinecure where she can wreak more havoc at taxpayers' expense.)
I wish I could see this as the start of a turnaround for SAA - but for some strange reason I am just so cynical...