Telkom SA SOC Ltd. offered to buy Cell C Pty Ltd. and combine South Africa’s two smallest mobile network operators to better compete against larger rivals, according to people familiar with the matter, Bloomberg News reported. The bid includes a plan to reduce Cell C’s debt and renegotiate contracts with suppliers, the people said, asking not to be identified because negotiations are ongoing. Telkom wants to take over the management of Cell C’s business, they said. The approach comes as Cell C explores options with MTN Group Ltd.

South African Airways, the beleaguered state-owned airline that’s reliant on government financial support to continue operating, has started a restructuring process that could see its workforce cut by almost a fifth, Bloomberg News reported. As required by South African law, the carrier has started talks with labor unions about its plans, which could affect 944 of its 5,149 employees, SAA said in an emailed statement. The proposed restructuring includes all SAA divisions and departments, excluding its Mango Airlines, Air Chefs and SAA Technical units, it said.

Some investors are getting out of Eskom Holdings SOC Ltd. dollar bonds amid concern South Africa is taking too long to implement a turnaround plan and explain what it will do about the utility’s $30 billion of debt, Yahoo Finance reported. Yields on the struggling power company’s dollar bonds due 2025 climbed to a one-month high on Wednesday, even though the government’s 138 billion rand ($9.3 billion) bailout has bought it some time to reorganize its finances.

Cities across South Africa are due to host parades for the country’s rugby team in coming days, following last weekend’s emphatic victory in the World Cup final in Japan. In financial markets, too, there were scenes of celebration on Monday after Moody’s elected not to downgrade the country’s debt to junk, the Financial Times reported.

For a quarter-century, South Africa has been able to count on an investment-grade rating from Moody’s Investors Service, Bloomberg News reported. Bond buyers lately may be forgiven for wondering why. Financial markets have been pricing in a downgrade for months, and the other two major rating companies have had South Africa at junk status for two years. Should Moody’s follow suit, the nation would suffer enormous financial consequences.

Fitch Ratings Ltd. said that while South Africa’s worsening debt forecasts don’t include the threats posed by the state taking on any of the embattled power utility’s 450 billion rand ($30 billion) of debt, any risks posed by this are reflected in the nation’s current credit assessment, Bloomberg News reported. Finance Minister Tito Mboweni presented a rapidly deteriorating outlook in his medium-term budget policy statement on Wednesday, with gross government debt seen surging to 80.9% of gross domestic product in the 2028 fiscal year unless urgent action is taken.

South Africa unveiled a long-awaited plan to save its debt-stricken power utility, including exposing it to greater competition, lowering fuel costs, increasing renewable-energy output and selling non-core assets, Bloomberg News reported. A policy paper released by Public Enterprises Minister Pravin Gordhan envisions Eskom Holdings SOC Ltd. relinquishing its almost century-old near-monopoly of the electricity industry.

Investors are prepared for the worst as the day of reckoning looms for Eskom Holdings SOC Ltd., the state-owned power utility seen by Goldman Sachs Group Inc as the biggest threat to the country’s economy, Bloomberg News reported. Yields on benchmark South African government notes are at their highest in three weeks, trumped only by junk-rated Nigeria, Turkey and Lebanon among 29 major emerging markets. Rand-denominated sovereign debt has lost 3% for dollar investors this half, the worst performance after Colombia and Argentina.

Eskom Holdings SOC Ltd., the state-owned South African utility that provides about 95% of the nation’s electricity, implemented power cuts on Wednesday amid maintenance problems, Bloomberg News reported. The rand weakened as investors fretted about the effect on economic growth. Power shortages have been a major constraint on output in Africa’s most industrialized economy. Protracted outages could cost the country its last investment-grade credit rating from Moody’s Investors Service, which is due to deliver its next assessment on Nov. 1.

South Africa has been promising for months to fix Eskom Holdings SOC Ltd., the state power utility that’s drowning in debt, made record losses and is reliant on government bailouts to remain solvent, Bloomberg News reported. While little tangible progress has been evident so far, several key decisions are due to be taken this month. The utility, which provides about 95% of the country’s power, has been without a permanent CEO since Phakamani Hadebe quit in July.