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Top 5 on Fin24: Fedusa lashes out at Saftu, public sector unions warn govt of total shutdown

Cape Town - A roundup of Tuesday's top economic and finance reads on Fin24.

Fedusa lashes out at Saftu, calls nationwide strike self-serving

FEDUSA

The Federation of Unions of South Africa on Tuesday "totally rejected" calls by the SA Federation of Trade Unions to join it in a "self-serving nationwide strike" against the national minimum wage.

In an emotively worded statement, Fedusa said "it can never be legitimate to allow highly irresponsible grandstanding to undermine [the] lot of hard work" that went into setting a minimum floor for wages.

SAA CEO says airline battling 'very weak' balance sheet and crippling debt

South African Airways is struggling with “burdensome” debt and a weak balance sheet, Parliament heard on Tuesday.

CEO Vuyani Jarana and other board members, including chair JB Magwaza, briefed the standing committee on public accounts (Scopa) on the airline’s annual report.

'If they want war...' - public sector unions warn govt of total shutdown

STRIKE

Public sector unions have sent a strong message to government: come back to the negotiating table to resolve salaries for public sector employees or face a total shutdown of the sector if wage demands aren’t met.

Mugwena Maluleke, the convenor of Cosatu unions in the Public Service Coordinating Bargaining Council, said the unions had tabled their consolidated wage demands on October 5 2017.

"As a reminder, these negotiations began in September 2017. That there is still no settlement, eight months later, shows a clear sign of government’s lack of care as both the employer and provider of public services," Maluleke said.

Nkonki Inc to close doors in wake of public sector work ban

 The logo of audit firm Nkonki

A week after the auditor general announced the termination of public auditing contracts with KMPG and Nkonki Inc, the latter announced it has taken the “very painful and difficult” decision to undergo voluntary liquidation. 

Law firm Nicqui Galaktiou Incorporated, in a statement issued on Monday evening on Nkonki Inc (Sunninghill's) behalf, said the auditing firm had no option but to voluntarily wind up after 25 years in business.

Drought causes dip in Western Cape property sentiment

The relatively sharp drop of 11 percentage points in property market sentiment in the Western Cape in the first quarter of the year from the final quarter of last year is believed to be closely related to the ongoing severe drought, especially in the Cape Town metropolitan municipal area but also in other drought-stricken regions within the province.

In the Western Cape a dip was seen from 80% being positive in the fourth quarter of 2017, compared to 69% in the first quarter of 2018.

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