- Washington “follows with interest” Morocco’s openness onto Africa (John Kerry)Posted 11 years ago
- The trial of South African Paralympic champion Oscar Pistorius opened in Pretoria on Monday.Posted 11 years ago
- USA welcomes efforts of King Mohammed VI in MaliPosted 11 years ago
- Egypt’s population reaches 94 millionPosted 11 years ago
- Mugabe celebrates his 90thPosted 11 years ago
- Moroccan Monarch to Build a Perinatal Clinic in BamakoPosted 11 years ago
- King Mohammed VI handed a donation of bovine semen for the benefit of Malian breeders.Posted 11 years ago
- Moroccan King’s strategic tour to Africa: Strengthening the will of pan African Solidarity and stimulating the south-south cooperation mechanisms over the continentPosted 12 years ago
- Senior al-Qaida leader killed in AlgeriaPosted 12 years ago
- Libya: The trial of former Prime Minister al-Baghdadi AliPosted 12 years ago
South Africa Airways: The New Cabinet Reshuffles Top Managers
The South African government has undertaken some changes at the head of country’s national carrier South Africa Airways (SAA) nose-diving into utter losses.
The new changes targeted President Zuma’s ally Dudu Myeni who was replaced by Johannes Bhekumuzi Magwaza nicked named ‘JB’.
Myeni was appointed in September last year for one year.
Magwaza faces a daunting task of put an end to mounting losses incurred by the airline.
SAA in September received state funds to repay debt and still have to settle around $374 million of maturing debt to local lender, reports say. The company is likely to receive another state financial support to balance figures and set a new course.
The new appointments brought Nolitha Fakude as deputy chairperson, Ahmed Bassa, Tinyiko Mhlari, Martin Kingston and Geoff Rothschild.
The South African Public Investment Corporation (PIC) which manages the country’s pension fund on Wednesday said it could throw some money into the SAA to help the government prop up state-run companies including the national carrier.
Finance minister, Malusi Gigaba however in September said the cabinet will not take money from the PIC to save country’s falling firms.
Of Magwaza’s appointment, Gigaba said it will bring “in-depth knowledge of business in both the private and public sectors”.
Credit rating agencies have warned authorities of plans to revamp the airline adding that the cost constitutes a threat to South Africa’s credit rating.
S&P Global Ratings and Fitch have downgraded South Africa’s credit to “junk” status, Reuters reports.
