Business news headlines: Tumisang Ndlovu – Moneyweb

Is the Post Office going broke?

SIKI MGABADELI: Good evening and welcome to the SAfm Market Update with Moneyweb. My name is Siki Mgabadeli.
   It’s the Friday edition, so it’s our call-in show. We interact with you in issues that can affect you directly. So you are welcome to join our discussion here. You can call us on 011-731-8502, or tweet me @SikiMgabadeli.
   Today we are looking at how what you post on social media can actually cost you your job or a potential future job. You’ve seen the instances where people post something that offends millions of people and they find themselves under pressure to be fired. In fact, a recent study by Carnegie Mellon University in the US found that what you post to the public on your social networks may cost you an opportunity. Somewhere between 10% and one-third of US companies conduct a search of the social networks for prospects to learn more about them. So if they had to go through your Twitter timeline or your Facebook page, what would a prospective employer find?
   Wayne McCurrie of Momentum Wealth is watching the markets for us today. But first, Tumisang has your business news headlines.

TUMISANG NDLOVU: Thanks, Siki. Good evening.
   Amid continued power-supply and financial challenges Eskom has reportedly raised just over R14bn in its first international bond sale since 2013. The power utility has however declined to speak on the alleged bond sale, while government is yet to make public a detailed plan on how it plans to rescue the parastatal. This comes as Eskom has this week rolled out load-shedding for a fourth consecutive day owing to more technical problems.
   The frequency has heightened concerns over the parastatal’s woes, with the South African Chamber of Commerce & Industry calling for an urgent electricity summit. The organisation’s Peggy Drodski:
PEGGY DRODSKI: Most of our members have come to us and said an immediate solution is for local authorities and Eskom to stick to their scheduled outages, because the biggest problem is that you expect an outage and you tell your staff you needn’t come to work today because there is not going to be electricity – and then you suddenly find there is electricity and you’ve lost production.

TUMISANG NDLOVU: The number of unskilled workers in South Africa has again come under the spotlight. Renewed concerns have been raised following the latest figures by statistics South Africa showing that the informal sector shed 65 000 jobs between 2008 and 2014. Statistician-General Padi Lahohla has attributed this to a lack of skills and has also indicated how economic turmoil as a result of industrial action impacts on the informal sector.

PADI LAHOHLA:The recent economic turmoil in the country, the strikes and so on, affected the informal sector dramatically. And the implications of these on families are very devastating because in the informal sector there is very little by way of links to the banks to fund us for credit.
TUMISANG NDLOVU: And the South African Post Office is said to be running out of money. That’s according to the Communication Workers’ Union, which also claims that the Post Office continues to waste money on consultants. This follows the crippling strike in November last year, which is said to have cost the organisation R350m in revenue.
   Financial indicators this hour: the rand is trading at R11.46/dollar, R17.44/pound and R12.98/euro. Gold is trading at $1 236.87/oz, platinum at $1 223/oz and Brent crude oil at $58.08/barrel.

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