Hits & Misses

Eskom freezes jobs as Ramaphoria fails to ease unemployment

THE government planned to support a further 100 black industrialists as part of its black industrialist programme, Trade and Industry Minister

Rob Davies announced. So far, 102 black industrialists have been provided with financial support by the department under the programme, and 48 companies have received market-access support.

ESKOM has frozen all new appointments as well as pay increases for senior management as it battles to reduce its crippling operating costs and secure a sustainable future. The power utility is due to report its financial results for the 2017-18 year in July. It is expected to report a sharp decline in profitability to either a break-even or even a loss-making position.

NETCARE — South Africa’s second-largest private hospital operator — reported an 8.5% rise in half-year earnings, citing a strong domestic performance and its exit from the UK.

SOUTH Africa’s jobless rate stayed near a 15-year high in the first quarter of this year as optimism following the ascent to power of President Cyril Ramaphosa failed to translate into increased employment opportunities. The unemployment rate was 26.7%, unchanged from the previous three months, Stats SA said.

VODACOM Group’s full-year earnings missed estimates after it invested heavily in its network and integrated the acquisition of a stake in Kenya’s Safaricom. Headline earnings per share were flat at R9.23, the company said.

THE Reserve Bank will keep interest rates unchanged this week as an anticipated quicker rise in consumer prices over the coming months won’t drive inflation above target, a Reuters poll shows. All 25 economists surveyed in the past week predicted that the central bank will hold rates at 6.5% at its meeting on Thursday.