Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

newsTimesLive profiles four SA companies that announced significant losses in 2018.  Two are still fighting to stay in business and save jobs, while the other two have surrendered.  

Edcon, which owns Edgars, CNA and Jet, needs R2bn in emergency funding to continue operations and pay salaries.  It has offered a group of store landlords a 5% stake in the business in return for a 41% discount on rent.  Failure to raise the necessary funds would mean that "it is highly likely that Edcon will enter into a liquidation process".  That would result in around 140,000 lost jobs.  The SA Broadcasting Corporation (SABC) needs a R3bn cash injection just to pay staff salaries.  Speaking for the public broadcaster before the National Assembly, board chairperson Bongumusa Makhathini said:  "We are in a dire situation and this SABC will collapse.  Come March 2019, it will collapse."  Ndalo Media, which owns Destiny and Elle magazines, will be shutting down at the end of January 2019.  Staff salaries were delayed for November and December, even as employees contended with trying to find other jobs.  Ndalo owes CTP Printers R13m and the matter is in court.  In August, Afro Worldview said 'goodnight' to its viewers for the last time.  The former Gupta-owned company, previously known as ANN7, rebranded itself as Afro Worldview after it was acquired by former government communications head Mzwanele Manyi.  After Multichoice ended its contract with the company, it was left without a broadcast platform.  Closure was then inevitable, leaving about 300 people without an income.

  • Read Ntokozo Miya’s full report in this regard at TimesLive


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