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Cape Town - A roundup of Tuesday's top economic and finance reads on Fin24.
Lack of skills a risk to SAA's turnaround plan, warns CEO Jarana
The lack of capacity and skills at executive level at SAA is a risk to the airline’s three-year turnaround plan, said CEO Vuyani Jarana.
Jarana and SAA board chair JB Magwaza briefed Parliament's Standing Committee on Finance on the airline’s quarterly report on Tuesday.
Jarana said that a legacy of problems were inherited by the airline's new board and these issues provide a challenge to its recovery path, which will require something “extraordinary”. Among the challenges is the airline’s debt burden and the questions over the capacity of its leadership.
Ramaphosa launches YES initiative to address youth unemployment
President Cyril Ramaphosa on Tuesday said it saddened him to see young people standing on the streets aimlessly.
Ramaphosa was speaking at the launch of the Youth Employment Service, which will be known as the YES initiative, at the Riverside Incubation Hub in Midrand on Tuesday. It is being launched by government in partnership with business and organised labour.
"This is an occasion of great significance in our country."
Ramaphosa said the initiative was aimed at addressing the most pressing socio-economic challenges in the country, particularly poverty and unemployment among the youth.
Why Markus Jooste won't face Parliament for Steinhoff hearing
Embattled businessman and former Steinhoff CEO Markus Jooste will not appear before Parliament for the Steinhoff hearing on Wednesday.
According to a statement issued by Parliament on Tuesday, Jooste's lawyers, De Klerk and Van Gend Incorporated wrote to portfolio committees of finance, public accounts, public administration and trade and industry excusing their client.
“Our client has decided to respectfully decline your invitation to appear before the three committees,” the letter read.
According to the letter, appearing before the committees would "undermine" Jooste's right to a fair trial.
S&P raises SA GDP forecast, warns it is still not enough
S&P Global Ratings has raised SA’s GDP growth forecast for 2018 from 1% to 2%, but warned it is still not enough to decrease SA's high unemployment rate.
“[The increase is] partly due to strengthening domestic and foreign investor sentiment following a change in the country's leadership and ensuing policy announcements. An ongoing global upturn is also boosting demand for both commodities and manufactured goods,” the ratings agency said in a media statement on Tuesday morning.
The increase in the growth rate forecast will be seen as positive news for the SA economy, after rival ratings agency Moody’s on Friday affirmed its credit rating on SA’s sovereign debt at above investment grade.
SA economy added 81 000 jobs between Sept and Dec - StatsSA
South Africa added about 81 000 non-agricultural jobs between September and December 2017, according to Statistics SA's latest Quarterly Employment Statistics, or QES survey.
The quarterly survey details employment figures in the country's non-agricultural business sector.
According to the report, employment increased by 81 000, form 9 716 000 in September 2017 to 9 797 000 in December 2017.
This corresponds to a year-on-year increase of 18 000 or 0.2% between December 2016 and December 2017.
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