Unexpected rate cut, SAA sells aircraft; Telkom job cuts; a Picasso on a yacht; palladium
- The South African Reserve Bank unexpectedly cut its benchmark interest rate to 6.25%, which is the lowest level in four years after slashing forecasts for inflation and economic growth;
- South African Airways has put some of its aircraft up for sale to accommodate the new Airbus A350-900s the airline recently added to its fleet and says it has nothing to do with the business rescue process;
- Telkom is in talks with 3,000 of its employees over potential job cuts as it contends with falling sales in its landline business and a weak local economy;
- Palladium has zoomed past the $2,300 per ounce level and continues to defy all expectations;
- A member of the Botin family from Santander Bank has been imprisoned and given a heavy fine for taking a Picasso painting out of Spain on a yacht.