Jobs to be sacrificed in Telkom’s scramble for cash
(Business Day) – Telkom announced plans to eliminate up to 1,770 jobs and sell its device credit book for R1 billion on Tuesday, as rolling power cuts and heavy spending on the mobile network drove up costs and eroded the company’s profitability. 15% of the company’s nearly 11,800 employees across all divisions would be affected. READ MORE
Eskom’s losses may balloon to R20bn this year – R8bn more than the previous year
(News24) – Eskom is expected to suffer a greater loss in the current fiscal year than it did in the previous one, with the deficit likely reaching R20 billion by the end of March. In 2021/22, Eskom incurred a R12 billion loss. In 2022/23, it is anticipated that all of Eskom’s financial indicators will decline, including earnings before tax, depreciation, and interest, as well as operating profit. READ MORE
Ukraine Latest: Russia puts thousands of Ukrainian children in re-education camps
(Daily Maverick) – Defense Secretary Lloyd Austin stated that the United States will urge Ukraine’s allies to provide more anti-air defence capabilities to deter Russia, which still has “a substantial number of aircraft” in its arsenal. He spoke after the defence ministers of NATO nations met in Brussels to discuss the delivery of tanks and ammunition to Kiev. READ MORE
What’s happening in the markets?
(Business Day) – The JSE ended Tuesday’s volatile session slightly higher, while the rand gained nearly 1% against the dollar before reversing course following the release of the most recent US inflation data. In January, the US consumer price index (CPI) moderated for the seventh consecutive month to an annual rate of 6.4%, down from 6.5% the previous month, but the reading was higher than market expectations of 6.2%. READ MORE
