Corporate South Africa Loses Faith in National Airline

Speculation that South African Airways is in danger of going under could become self-fulfilling. The national carrier has been given 57 billion rand ($3.9 billion) in bailouts since 1994 and last made a profit in 2011, Bloomberg News reported. The company’s already precarious finances took another hit last month when workers staged a week-long strike that grounded a number of flights, and customers have canceled bookings on others. The extent of the carrier’s cash crisis was on stark display when it missed a deadline to publish its financial statements, due at the end of October, and delayed paying workers their full salaries for November. Read more