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Thursday Threads

  • Congress didn’t delay decision on supporting Shiv Sena: Prithviraj Chavan
    on November 12, 2019 at 9:32 am

    Asked if the Congress has agreed to support the Shiv Sena to form the government, he said, “If that wasn’t so, we would not have held prolonged discussions in Delhi yesterday.” Chavan said the state Congress leaders will meet their NCP counterparts in Mumbai later in the day to discuss the process of government formation.

  • Delhi court issues bailable warrant against Shashi Tharoor for ‘scorpion on Shivling’ remark
    on November 12, 2019 at 9:30 am

    “Neither complainant nor his main counsel is present. An exemption application is moved on behalf of the complainant. The same is vague in nature. It is stated in the application that he is in personal difficulty but what is such ‘difficulty’ is not explained at all in the application,” the court said.

  • Q2 loan growth falls to DeMo lows: Credit Suisse
    on November 12, 2019 at 9:23 am

    The numbers given in the report is indicative of the fact that post Il&FS failure and liquidity crisis being faced by other NBFCs including DHFL, lenders have become reluctant to increase their exposure to the NBFC sector.

  • Rajiv Gandhi assassin released on parole
    on November 12, 2019 at 9:06 am

    A.G. Perarivalan, one of the life convicts in the former Prime Minister Rajiv Gandhi assassination case was released on one month parole on Tuesday.

  • PM Modi convenes cabinet meet, Maharashtra likely on agenda
    on November 12, 2019 at 9:01 am

    The meeting was convened amid an ongoing political stalemate in the state where no party has been able to form the government so far after the assembly election last month.

  • South African Airways May Fire a Fifth of Its Workforce as Part of Restructuring
    on November 12, 2019 at 3:41 pm

    (Bloomberg) — Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterSouth African Airways has set itself up for a confrontation with labor unions after the cash-strapped carrier initiated talks that could see its workforce reduced by almost a fifth.The reorganization of all the airline’s units, excluding low-cost carrier Mango, Air Chefs and the SAA Technical unit, could result in 944 of its 5,149 employees being fired, SAA said in an emailed statement late Monday. The Congress of South African Trade Unions, the country’s biggest labor group, denounced the decision and accused the airline of failing to consult adequately.“It’s a reckless announcement. You cannot just throw people on the unemployment line,” Sizwe Pamla, the federation’s spokesman, said by phone on Tuesday. “There is no talk to unions. They already know the specific number of people who are going to be retrenched. There are options that have to be explored.”SAA, power utility Eskom Holdings SOC Ltd., the South African Broadcasting Corp. and state arms manufacturer Denel SOC Ltd. are among state-owned companies whose finances are in dire straits after years of mismanagement and alleged corruption. Finance Minister Tito Mboweni last month said the government is talking to potential investors about taking a stake in the airline to ease the burden on the national budget.Potential PartnersIdentifying an equity partner has been proposed before, though no buyer has officially come forward. Ethiopian Airlines Group Chief Executive Officer Tewolde Gebre Mariam last month said his airline would consider investing if a request was made. Richard Branson, the founder of Virgin Atlantic Airways Ltd., has said his company would also consider taking a stake.SAA has incurred more than 28 billion rand ($1.9 billion) of cumulative losses over the past 13 years and missed the deadline to submit its earnings for the financial year through March. While it recently received a 5.5 billion-rand government lifeline to extend maturities on outstanding debt, it hasn’t been able to reach an affordable repayment plan with creditors.“We urgently need to address the ongoing loss-making position that has subsisted over the past years,” acting Chief Executive Officer Zuks Ramasia said in Monday’s statement. “That is why we are undergoing a restructuring process that seeks to ensure effective implementation of the accelerated long-term turnaround strategy amid the present prevailing operational challenges.”The announcement of the plan to cut staff comes as SAA struggles to reach a wage agreement with unions and their members have threatened to strike unless their demands are met.Strike ThreatDeon Fredericks, SAA’s interim chief financial officer, said the airline was committed to consult fully with the unions about retrenchments and it was required by law to first notify them of its intention to embark on the process before initiating talks.“We note with concern any threat by the unions to consider initiating industrial action,” he told reporters in Johannesburg. “Any interruption to our operations endangers the future of our airline, our ability to deliver our strategy and threatens not just one job but every job in SAA, as well as related industries.”The restructuring is expected to save SAA about 700 million rand a year and it aims to complete the process by the end of March next year, according to Martin Kemp, the airline’s acting head of human resources. The airline had given “an indicative number” of job cuts and they may change once consultations are complete, he said.In his medium-term budget policy statement last month, Mboweni said the government will repay SAA’s outstanding government-guaranteed debt of 9.2 billion rand over the next three years.(Updates with comment from airline officials after ‘Strike Threat’ subheadline.)To contact the reporters on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net;Hilton Shone in Johannesburg at hshone@bloomberg.netTo contact the editors responsible for this story: John Bowker at jbowker2@bloomberg.net, Paul Richardson, Rene VollgraaffFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Hackers attempt to take down UK Labour Party’s web services ahead of election
    on November 12, 2019 at 3:24 pm

    Hackers attacked Britain’s opposition Labour Party, bombarding its web services with malicious traffic in an attempt to force them offline just weeks ahead of a national election, party and security officials said on Tuesday,

  • UK Labour Party undergoing second cyber attack: source
    on November 12, 2019 at 3:23 pm

    Hackers attacked Britain’s opposition Labour Party for a second time in two days on Tuesday and attempted to force its web services offline, according to a person with knowledge of the matter and documents seen by Reuters.

  • Israel kills Islamic Jihad commander, rockets rain from Gaza
    on November 12, 2019 at 3:16 pm

    Israel killed a top commander from the Iranian-backed Palestinian militant group Islamic Jihad on Tuesday in the Gaza Strip, drawing rocket salvoes that reached as far as Tel Aviv in the worst cross-border fighting in months.

  • Afghanistan to swap Taliban militants for American, Australian captives
    on November 12, 2019 at 3:15 pm

    Afghanistan will release two senior Taliban commanders and a leader of the Haqqani militant group in exchange for an American and an Australian professor who were kidnapped in 2016, Afghan President Ashraf Ghani said on Tuesday.

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