7 things you need to know today, Newsline

CAPE TOWN – Good morning. This is all the latest business news that you need to know today.

1. Comair needs additional R1bn to get flying again

Comair, which operates the British Airways franchise in South Africa and budget airline Kulula.com, will be approaching lenders for additional funding of more than R1 billion required for it to fly again following a successful adoption of the business rescue plan.

2. SAA staff call on government to honour promise

SAA workers have called on the government to make good on its promise to provide funding of R10.5billion to prevent the liquidation of the state-owned airline as its future remains in limbo.

3. Ports Authority and Sunrise Energy ganged up on Avedia Energy

The Transnet National Ports Authority (TNPA) and liquefied petroleum gas (LPG) importer Sunrise Energy ganged up on competing LPG importer Avedia Energy, making it virtually impossible for it to operate at the Port of Saldanha, a tribunal has found.

4. Rand retreats from a six-month high

The South African currency withdrew on Friday after hitting its best level in six months against the USD last week, following the central bank’s decision to leave interest rates unchanged on Thursday according to NKC Research.

5. Telkom has become South Africa’s third largest mobile operator

Telkom has overtaken troubled Cell C to become South Africa’s third-largest mobile operator on the strong growth of its mobile business following the surge in demand for data services driven by the national lockdown.

6. Banks accused of being ’racially selective’ over distribution of R200 billion Covid-19 relief funds

Players in the Black-owned businesses space in South Africa, on top of the tremendous challenges they have faced since the start of the Covid-19 pandemic have revealed that many businesses associated with their organisations have been forced to shut down, leaving scores of workers unemployed despite the National Treasury and South African Reserve Bank (SARB) providing R200 billion in relief funds to banks to support them.

7. Tribunal concerned that TNPA may have diddled in dust of a competitive arena

The Ports Regulator of SA Tribunal expressed grave concern about the stance adopted by the Transnet National Ports Authority (TNPA) at the Port of Saldanha in that it appeared to have reduced itself to a miniscule player that would readily mulct itself in the dust of a competitive arena.