COMPANY NEWS IN BRIEF
SAA, Kenya Airways sign new codeshare deal
South African Airways (SAA) and Kenya Airways have signed a new codeshare agreement.
The deal enables travellers to combine flight segments and baggage on a single ticket as the codeshare agreement will see each airline sell, under its own code, flights operated by each other.
It will smooth travel out of SA to African destinations including Nairobi, Dar es Salaam, Entebbe, Mombasa, and Kisumu. According to Kenya Airways, the growth of this partnership could also see the addition of Zanzibar, Kilimanjaro, Juba, Douala, Lusaka, and destinations in Ghana and Nigeria, subject to government approval.
Kenya Airways passengers will have more options or travel into Southern Africa, including to Cape Town, Durban, and Harare.
SAA passengers will still be able to earn Voyager Miles on the new codeshare flights.
SAA said it would issue a statement of its own in due course.
In November 2021, SAA and KQ signed a Strategic Partnership Framework to work together to increase passenger traffic, cargo opportunities, and general trade. Kenya Airways sees the codeshare agreement as enhancing the strategic partnership plans. SAA has stressed that the Strategic Partnership Framework is not a merger of the two airlines.-Fin24
Twitter, Musk trial to be fast-tracked
Twitter can fast-track its lawsuit against billionaire Elon Musk over his canceled $44 billion buyout of the social media platform.
Delaware Chancery Court Chief Judge Kathaleen St. J. McCormick ruled Tuesday that a five-day trial should take place in October. The decision is an early victory for Twitter, in a case in which many legal experts have said Musk will be an underdog.
Lawyers for San Francisco-based Twitter had said they needed only four days to prove the world’s richest person must honor his agreement and pay US$54.20 a share for the company. Twitter filed suit last week, requesting a Sept. 19 start for the non-jury trial.
In Tuesday’s hearing, held remotely to accommodate the judge’s case of Covid, a lawyer for Twitter argued that Musk was “contractually obligated to use his best efforts to close deal.” Instead, he is “doing the exact opposite,” attorney William Savitt told the judge. “He’s engaging in sabotage.”
Under the buyout agreement, Musk is obligated to finalize the deal within two days of all the closing conditions being met, Savitt said. Those conditions will be met in early September, he said.
“Mr. Musk has no intention of keeping any of his promises,” the lawyer said.-Fin24
Standard Bank drops Iqbal Survé's Sekunjalo group
Standard Bank says it has decided to cut its ties to Cape Town businessman Iqbal Survé's Sekunjalo group following a "comprehensive client review process".
The bank was one of the few South African banks that had not already terminated banking services to the group, citing reputational risk.
"As part of the client review process, Standard Bank also provided the Sekunjalo Group with numerous opportunities to respond to various concerns that had been identified."
The bank said it would not be disclosing the exact reasons for its decision due to client confidentiality.
"We note that the Sekunjalo group is challenging our decision to discontinue the relationship at the high court, which we are opposing."
The bank's announcement was pre-empted by Survé in an article published on Tuesday morning, where he said the bank would be terminating the banking facilities of the Independent Media group, the owners of the Cape Times, Weekend Argus and the Star.
"As many of you are aware, the entire Sekunjalo group has been bullied by the banking cartel," wrote Survé. -Fin24
Eskom denies discouraging switch to solar
Solar PV users could pay over R900 per month for Eskom's grid-tied electricity per month, based on the 2020/21 proposal from the power utility. But Eskom says it is not trying to disincentivise people from opting for solar PV.
Eskom intends to submit a new tariff proposal to the National Energy Regulator of South Africa (Nersa) in August 2022 – it will apply from 1 April 2023 and 31 March 2024. It will be based on the principles of the 2020 plan, on which Nersa did not make a decision.
Based on calculations from the 2020/21 proposal, solar PV could pay as much as R938 per month for grid-tied electricity when based on the new tariff structure. Eskom did not confirm this with Fin24.
DA MP Kevin Mileham criticised Eskom for punishing homeowners and businesses seeking to install solar power systems. "This is regressive and negates every claim that the government has said about opening up the grid to independent power producers," he said.
But Eskom's reasoning to change the tariff structure is for it to be more cost-reflective of the services provided, such as energy charges, network costs and services charges. Fin24
South African Airways (SAA) and Kenya Airways have signed a new codeshare agreement.
The deal enables travellers to combine flight segments and baggage on a single ticket as the codeshare agreement will see each airline sell, under its own code, flights operated by each other.
It will smooth travel out of SA to African destinations including Nairobi, Dar es Salaam, Entebbe, Mombasa, and Kisumu. According to Kenya Airways, the growth of this partnership could also see the addition of Zanzibar, Kilimanjaro, Juba, Douala, Lusaka, and destinations in Ghana and Nigeria, subject to government approval.
Kenya Airways passengers will have more options or travel into Southern Africa, including to Cape Town, Durban, and Harare.
SAA passengers will still be able to earn Voyager Miles on the new codeshare flights.
SAA said it would issue a statement of its own in due course.
In November 2021, SAA and KQ signed a Strategic Partnership Framework to work together to increase passenger traffic, cargo opportunities, and general trade. Kenya Airways sees the codeshare agreement as enhancing the strategic partnership plans. SAA has stressed that the Strategic Partnership Framework is not a merger of the two airlines.-Fin24
Twitter, Musk trial to be fast-tracked
Twitter can fast-track its lawsuit against billionaire Elon Musk over his canceled $44 billion buyout of the social media platform.
Delaware Chancery Court Chief Judge Kathaleen St. J. McCormick ruled Tuesday that a five-day trial should take place in October. The decision is an early victory for Twitter, in a case in which many legal experts have said Musk will be an underdog.
Lawyers for San Francisco-based Twitter had said they needed only four days to prove the world’s richest person must honor his agreement and pay US$54.20 a share for the company. Twitter filed suit last week, requesting a Sept. 19 start for the non-jury trial.
In Tuesday’s hearing, held remotely to accommodate the judge’s case of Covid, a lawyer for Twitter argued that Musk was “contractually obligated to use his best efforts to close deal.” Instead, he is “doing the exact opposite,” attorney William Savitt told the judge. “He’s engaging in sabotage.”
Under the buyout agreement, Musk is obligated to finalize the deal within two days of all the closing conditions being met, Savitt said. Those conditions will be met in early September, he said.
“Mr. Musk has no intention of keeping any of his promises,” the lawyer said.-Fin24
Standard Bank drops Iqbal Survé's Sekunjalo group
Standard Bank says it has decided to cut its ties to Cape Town businessman Iqbal Survé's Sekunjalo group following a "comprehensive client review process".
The bank was one of the few South African banks that had not already terminated banking services to the group, citing reputational risk.
"As part of the client review process, Standard Bank also provided the Sekunjalo Group with numerous opportunities to respond to various concerns that had been identified."
The bank said it would not be disclosing the exact reasons for its decision due to client confidentiality.
"We note that the Sekunjalo group is challenging our decision to discontinue the relationship at the high court, which we are opposing."
The bank's announcement was pre-empted by Survé in an article published on Tuesday morning, where he said the bank would be terminating the banking facilities of the Independent Media group, the owners of the Cape Times, Weekend Argus and the Star.
"As many of you are aware, the entire Sekunjalo group has been bullied by the banking cartel," wrote Survé. -Fin24
Eskom denies discouraging switch to solar
Solar PV users could pay over R900 per month for Eskom's grid-tied electricity per month, based on the 2020/21 proposal from the power utility. But Eskom says it is not trying to disincentivise people from opting for solar PV.
Eskom intends to submit a new tariff proposal to the National Energy Regulator of South Africa (Nersa) in August 2022 – it will apply from 1 April 2023 and 31 March 2024. It will be based on the principles of the 2020 plan, on which Nersa did not make a decision.
Based on calculations from the 2020/21 proposal, solar PV could pay as much as R938 per month for grid-tied electricity when based on the new tariff structure. Eskom did not confirm this with Fin24.
DA MP Kevin Mileham criticised Eskom for punishing homeowners and businesses seeking to install solar power systems. "This is regressive and negates every claim that the government has said about opening up the grid to independent power producers," he said.
But Eskom's reasoning to change the tariff structure is for it to be more cost-reflective of the services provided, such as energy charges, network costs and services charges. Fin24
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