aviation
SAA holds off on bond issue
SAA would delay a planned R1.5 billion debut bond sale until the government approved the airline’s turnaround plan, chief financial officer Wolf Meyer said yesterday. “We have reconsidered the timing of the bond issue.” The airline said in February that it was preparing a bond sale for March backed by a R5bn government debt guarantee. SAA named Monwabisi Kalawe as chief executive on Friday with the task of returning the carrier to profit. SAA made a loss of R1.36bn for the year to March last year, according to its annual report. “Until such time that the long-term turnaround strategy has been approved and made available to the public, SAA will source its funding requirement through a bank term loan on the back of the shareholder guarantee,” Meyer said. – Bloomberg
Business
Licensing law harmful – SAIRR
A draft law proposing that all businesses be licensed with municipalities would have a negative impact on business in South Africa, the SA Institute of Race Relations (SAIRR) said yesterday. The institute had made a submission to the Department of Trade and Industry that the draft Licensing of Businesses Bill would require “an army of bureaucrats to implement”, it said in a statement. The bill was approved by the cabinet and published for public comment last month. “Though exact numbers are hard to obtain, there are more than 1.3 million businesses that are already registered under the Companies Act of 2008,” SAIRR head of special research Anthea Jeffery said. – Sapa
EMPLOYMENT
Thousands lie in CVs to get a job
Desperate to find work, thousands of job seekers are increasingly resorting to foul play, including embellishing their CVs, not disclosing their criminal records or negative credit history, and presenting a fake driver’s licence. This according to Managed Integrity Evaluation, a background and pre-employment screening company. Its background screening index for 2012 is based on the findings of 2.3 million checks and covers all spheres of the economy, including the private and public sectors. – Wiseman Khuzwayo