Latest news with #R352
The Citizen
18-07-2025
- Business
- The Citizen
SAA slips back into loss as fuel and plane leasing costs spiral
Reports a R352m loss for the last financial year after a R210m profit in 2024. The recovery of the airline as a global aviation brand is on track, says its CEO. Picture: Moneyweb Soaring fuel prices and a 30% increase in plane leasing costs pushed airline operator South African Airways (SAA) into a R352 million loss for the year to March 2025, despite a 23% increase in revenue to R7 billion. This follows a R210 million profit the prior year. Rand volatility resulted in currency translation losses of R415 million. The airline was hit with several external shocks, such as a 46% increase in fuel costs to R1.9 billion due to the Ukraine conflict and a global shortage of aircraft which pushed up leasing costs by 30%. Delays in the delivery of budgeted aircraft had a negative impact in revenue and earnings before interest, tax, depreciation and amortisation (Ebitda), which reversed from a positive R436 million in 2024 to a negative R90 million in 2025. The cash position remains strong at R1.4 billion at year-end. It also has zero borrowings and R6.4 billion in equity. The airline received R50.7 billion in government bailouts between 2007 and 2022. ALSO READ: Has SAA turned the corner or is it flying too close to the sun? Routes and aircraft SAA currently serves 17 destinations, including two intercontinental routes to Perth in Australia, and São Paulo in Brazil. In January this year it extended services to Dar es Salaam in Tanzania and Lubumbashi in the Democratic Republic of Congo, bringing its total coverage to 17 destinations in 12 countries. Through the Star Alliance with 25 other member airlines, it provides services to 192 countries. In the 2024 financial year it operated just 10 aircraft serving 15 destinations. The number of destinations increased 42% over the last financial year, with new flights into Africa and flights to São Paulo from both Johannesburg and Cape Town. Earlier this year it expanded its fleet to 20, announcing plans to expand this further to 25 before yearend. This compares with its fleet of 49 aircraft in 2019, prior to being placed in business rescue. The airline was taken out of business rescue in 2021. The airline's waning financial position was aggravated by the Covid shutdowns in 2020, resulting in the suspension of services to long-haul destinations such as London, New York and Hong Kong. ALSO READ: SAA quietly lifts off as load factors show signs of recovery 'Strategic reconstruction' 'These results detail a phase of intense uncertainty in the resuscitation of SAA as the assumption of the company's control by the strategic equity partner was awaited,' says Group CEO John Lamola. 'Since then, we have entered a period of structured and strategic reconstruction of the business, focusing on institutionalising robust governance and management systems, whilst implementing plans on aircraft fleet and route network expansion and elevation of customer experience'. The latest financial results mark the last of the outstanding audits from the business rescue period, with all prior year adjustments now resolved. A case in point is R431 million recognised as a prior year adjustment to retained earnings rather than sundry income in the current year. This amount relates to business rescue creditor obligations. ALSO READ: SAA heading for crash unless equity partner comes on board Audit Health Plan To strengthen its financial reporting, SAA says it has launched a programme called Audit Health Plan to standardise key controls, expand internal audit capacity and strengthen collaboration with external auditors. 'After six consecutive audits in three years, SAA is firmly back on track to meet all statutory reporting deadlines, and to devote its efforts towards improved audit outcomes,' says the company in a statement. Despite the loss for the year, Lamola believes SAA is on the recovery track. 'We have strengthened the channels of our revenue streams and cost containment measures; we have a debt-free, asset-rich balance sheet that is supporting the steady growth of the airline and the recovery of SAA as a global aviation brand.' This article was republished from Moneyweb. Read the original here.
TimesLIVE
02-07-2025
- Entertainment
- TimesLIVE
The Sean 'Diddy' Combs story - from recording studio to criminal trial
Sean 'Diddy' Combs, the hip-hop mogul who discovered the Notorious B.I.G. and ran one of the genre's most iconic record labels, was found guilty on Wednesday of prostitution-related offences but acquitted of racketeering conspiracy and two counts of sex trafficking. Combs, 55, has pleaded not guilty and denied wrongdoing. This timeline outlines his rise and fall from music industry A-lister to (convicted felon/ vindicated criminal defendant). Here is a timeline of his career and legal troubles: 1993 - Combs establishes his record label Bad Boy Records, bringing along rapper Christopher Wallace (the Notorious B.I.G.) from their former label. 1996 - Under the name 'Puff Daddy' Combs releases his first solo album, titled No Way Out, which later wins a Grammy Award for best rap album. 1999 - Combs pleads guilty in New York state court to harassment for attacking another rapper's manager and is sentenced to one day of anger management class. Several months later, Combs is charged with weapons offences for a shooting at a club in New York's Times Square but is acquitted at trial. 2001 - A Detroit radio host sues Combs for assault, claiming the rap mogul's associates roughed him up and destroyed an interview tape. Combs denies wrongdoing and is ultimately cleared by a jury. 2003 - A former business partner sues Combs for allegedly threatening him with a baseball bat. Combs denies the allegations, and the case is dismissed after an appeals court finds the statute of limitations had expired. 2008 - Combs privately settles a lawsuit by a man who claimed the mogul punched him outside a Hollywood nightclub. 2015 - Combs is arrested for aggravated assault after an argument with his son's football coach in Los Angeles. The charges are later dropped. 2017 - Combs's former personal chef sues the mogul for sexual harassment and retaliation. The case is settled for an undisclosed amount two years later. November 16 2023 - Combs' former girlfriend Cassie Ventura sues Combs in New York federal court for rape, sex trafficking and physical abuse. Combs and Ventura settle the case for $20m (R352,469,440m) a day later. May 17 2024 - CNN releases footage purporting to show Combs violently assaulting Ventura at a hotel in Los Angeles on March 5 2016. May 19 2024 - Combs posts an apology video for the Ventura incident, saying he is 'truly sorry' for his 'inexcusable' actions. October 14 2024 - Combs is accused of assault in six new civil lawsuits filed by an attorney who said he was representing 120 people who accused Combs of abuse. September 16 2024 - Combs is arrested in New York and charged with racketeering, sex trafficking by force and transportation for purposes of prostitution. He pleads not guilty the following day, and a judge denies him bail. April 4 2025 - Federal prosecutors in Manhattan file an expanded indictment charging Combs with five criminal counts. Combs pleads not guilty two weeks later. May 5 2025 - Combs's trial begins with jury selection before US district judge Arun Subramanian in Manhattan federal court. June 24 2025 - Prosecutors rest their case after six weeks of testimony. The defence calls no witnesses of its own, but shows jurors text messages between Combs and Ventura. July 2 2025 - Combs found guilty of prostitution-related offences, acquitted of racketeering conspiracy and two counts of sex trafficking.
TimesLIVE
02-07-2025
- Entertainment
- TimesLIVE
What to know about the Sean 'Diddy' Combs sex trafficking trial
Sean 'Diddy' Combs, the hip-hop mogul who discovered world-famous artists and helped bring the genre into the mainstream, was found guilty on Wednesday of prostitution-related offences but acquitted of other charges. Combs, 55, had pleaded not guilty and denied wrongdoing. Here is what you need to know about the trial, which took place in Manhattan federal court: WHAT WERE THE CHARGES? Combs faced one count of racketeering conspiracy, two counts of sex trafficking, and two counts of transporting for prostitution. Found guilty on the prostitution charges, he was acquitted of racketeering conspiracy and two counts of sex trafficking. Combs could have faced life in prison had he been convicted on all five counts. WHAT DID PROSECUTORS ALLEGE? Prosecutors with the Manhattan US Attorney's office said Combs used physical violence and threats to coerce two of his former girlfriends — rhythm-and-blues singer Casandra 'Cassie' Ventura and a woman known in court by the pseudonym Jane — to take part in the sex performances sometimes known as 'Freak Offs'. During the performances, Combs would watch, masturbate and occasionally film, according to prosecutors. Both Ventura and Jane testified that Combs threatened to cut off financial support and leak sex tapes of them if they stopped taking part. Prosecutors said Combs used his business empire and employees to help arrange the performances and cover up his abuse, which they said amounted to racketeering conspiracy. WHAT WAS COMBS'S DEFENCE? Combs's defence lawyers acknowledged that their client was at times abusive in his domestic relationships, but argued that the sexual activity described by prosecutors was consensual and that there was nothing illegal about his 'swinger' lifestyle. They highlighted tender and sexually explicit text messages that both Ventura and Jane sent Combs over the course of their years-long relationships with him to argue that Combs had no way of knowing the women's participation in the performances was not consensual. The defence also said that Ventura had a financial incentive to testify against Combs. Ventura sued Combs for sexual abuse in a civil lawsuit in November 2023, and settled the case a day later in exchange for a $20m (R352,469,440) payment from Combs. WHO TESTIFIED? Several of Combs's former personal assistants testified that they helped set up hotel rooms for 'Freak Offs' and procured drugs for their boss. Jurors also heard from Scott Mescudi, the rapper known as Kid Cudi, who said Combs broke into his home and was behind the torching of his car after Combs found out Mescudi was romantically involved with Ventura. Combs did not testify. Defence lawyers often advise their clients not to take the stand because doing so exposes them to cross-examination by prosecutors. HOW LONG DID THE TRIAL LAST? Jurors heard about seven weeks of testimony and argument starting on May 12. The case drew intense media coverage because of Combs's fame. WHAT OTHER LEGAL TROUBLES DOES COMBS FACE? Combs has also been accused of sexual assault and rape in more than 50 civil lawsuits, including one by an accuser who says he was 10 years old at the time of the alleged assault. Combs has denied the allegations in the civil cases, which seek money damages.
Zawya
19-02-2025
- Business
- Zawya
Media Statement: Committees on Tourism and Science Welcome National Astro-Tourism Strategy's Implementation Plan
The Portfolio Committee on Tourism and the Portfolio Committee Science, Technology and Innovation received a briefing yesterday from the departments of Tourism and of Science, Technology and Innovation on the National Astro-Tourism Strategy implementation plan. Outlining the purpose of the joint meeting, the Chairperson of the Portfolio Committee on Science, Technology and Innovation, Ms Tsakani Shiviti, said the portfolio committees are particularly interested on how the strategy will bring communities closer to these innovations to empower them to understand and participate as astro-tourist ambassadors. T he committees appealed to the departments to activate the Tourism Public–Private Partnership Toolkit, developed by the National Treasury to enhance the tourism infrastructure in Carnarvon and Sutherland in the Northern Cape. They also urged the departments to use the governance structures prescribed in the National Tourism Sector Strategy to bring on board local and provincial stakeholders, as tourism is a concurrent function. Presenting the joint strategy, the departments, led by the Science, Technology and Innovation Minister Blade Nzimande and by Deputy Tourism Minister, Ms Maggie Sotyu, said South Africa is the first country in the world to have an astro-tourism strategy. Mr Nzimande, meanwhile, commented that this joint meeting is important as it will provide the departments with advice and insights on the work they are doing. The astro-tourism strategy seeks to enhance the benefits of transformation and inclusivity flowing from the astro-tourism sector. It also seeks to enhance destination competitiveness through optimal use of new and existing infrastructure and to strengthen South Africa's astro-tourism competitiveness through deliberate collaboration efforts and destination development. The strategy has three pillars – indigenous celestial narratives and human capacity development; infrastructure development; and inclusive tourism growth and partnerships – and requires an estimated budget of over R352 million. The Chairperson of the Portfolio Committee on Tourism, Ms Lungi Mnganga-Gcabashe, encouraged South African Tourism to market astro-tourism, while the Tourism Business Council of South Africa should involve itself in developing tourism infrastructure in Carnarvon and Sutherland. Ms Shiviti said the committee is scheduled to embark on an oversight visit to the Northern Cape to assess for itself the progress achieved in implementing the strategy. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
