Thankfully, Moody’s Investors Service responded by only changing South Africa’s outlook to negative and left the country’s sovereign credit rating untouched.The dust has settled on the MTBPS and the market has done its thing. But there are two key messages from Finance Minister Tito Mboweni’s package of presentations that got little to no traction, which warrant revisiting.
During the pre-MTBPS briefing with journalists, Mboweni pointed out that, since its inception 22 years ago, “no thorough review of [its] successes and failures” had been conducted. “We have to re-evaluate this thing. Certain things are relevant in specific times and become irrelevant in other contexts.”
Mboweni was at pains to clarify the MTBPS is not a “mini-budget”, but merely a conversation-starter around policy issues in the build-up to the February Budget. Perhaps the seed will fully germinate in the February Budget about which way the MTBPS will go. The cost-saving initiatives he announced in the MTBPS, specifically the one relating to domestic air travel, represented quite a coup for Mboweni. Indeed, the finance minister has decreed that public servants in all three spheres of government must use economy class when travelling domestically.Nothing compels public representatives to use SAA, they can shop around,” he said. However, the National Treasury “can’t decide for Parliament”.
SAA is the holding company for SAX. The flagship airline also holds a 5% stake in regional carrier South African Airlink.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: OP-ED: The fall of the Berlin Wall and social democracyIt was already clear 30 years ago that the fall of the Berlin Wall would change everything. But precisely what that change will mean for world politics in the 21st century still remains to be seen.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Data suggests that SA’s economy contracted in Q3South Africa dodged a recession in the second quarter of 2019, but the economy may be in the throes of one now. Data for the third quarter is generally bleak and suggests the economy contracted over that period. This means that if growth did not start rebounding last month, the economy could well be in recession mode now.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Amcu again says that platinum wage deals will be signedThe Association of Mineworkers and Construction Union has once again said that wage deals will be signed with South Africa’s big platinum producers, this time on Friday, 15 November 2019. The union said on Tuesday that the signing ceremony would take place on Wednesday and then pulled the plug amid apparent last-minute wrangling. Hopefully, there is no false alarm this time.
Source: dailymaverick - 🏆 3. / 84 Read more »
SPOTLIGHT OP-ED: Safe abortions: Government displays lack of urgencyIn South Africa, women’s sexual and reproductive health rights are often glorified based on our progressive laws. The reality, however, is that women’s sexual and reproductive health rights are routinely undermined in the absence of accurate information on safe abortion services. By Boitumelo Masipa for Spotlight
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Brinkmanship as SAA and unions head for showdown in latest ailing SOE scrapThe latest attempt to restructure an ailing SOE has sparked a strike threat from unions. South African Airways has cancelled virtually all of its flights Friday and Saturday in anticipation of the planned strikes to protests its plans to cut jobs. This could backfire badly on the unions if it results in the permanent grounding of SAA.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Alibaba Launches Mega Share Sale With $12 Billion Retail TagAlibaba Group Holding Ltd. priced the retail portion of its Hong Kong share sale Friday, issuing an appeal to retail investors in a city in the throes of recession after months of violent pro-democracy protests.
Source: dailymaverick - 🏆 3. / 84 Read more »