Independent says no retrenchments

Johannesburg - While Independent News and Media SA was looking to cut costs, it would not retrench staff as yet, according to Tuesday's Business Report.

Chief executive Tony Howard told the paper management had no cost-cutting plans that would require talks with the company's unions.

Trade unions must be consulted, by law, when companies contemplate reducing their employee numbers for operational reasons.

"If we get to a point where we have to look at retrenchment then we will engage with the appropriate people," he was quoted as saying.

He denied rumours that the group needed to save R100m, but said trading conditions had been particularly tough for all print media companies.

According to the daily, analysts believed it would be difficult for the group to implement the sort of cost cuts it needed to repay its €427m debt.