Connect with us

Business

SA Airways to cut routes in rescue plan : The Standard

Published

on

Loading...

South African Airways (SAA), which entered a form of bankruptcy protection in December, will scale back some of its domestic and international routes from the end of February, specialists appointed to try to rescue the airline said on Thursday.


State-owned SAA will also seek to deploy more fuel-efficient aircraft, renegotiate contracts with suppliers, reduce the number of its employees and consider asset sales as part of rescue efforts, the specialists said in a statement.

SAA is among several South African state entities including power company Eskom that are mired in financial crisis after nearly a decade of mismanagement.

The airline hasn’t made a profit since 2011 and has received more than 20 billion rand ($1.35 billion) in bailouts over the last three years.

SEE ALSO :Ailing airlines stare at Sh20b in losses

SAA business rescue practitioners Les Matuson and Siviwe Dongwana said that from February 29 the airline would end international routes to Abidjan via Accra, Entebbe, Guangzhou, Hong Kong, Luanda, Munich, Ndola and Sao Paulo.

Domestic flights to Cape Town will continue on a reduced basis, and SAA will cease operations to Durban, East London and Port Elizabeth, also from February 29.

International services between Johannesburg and Frankfurt, London Heathrow, New York, Perth and Washington via Accra will be retained. “The initiatives we are taking now will strengthen SAA’s business,” Matuson and Dongwana said.

For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.  

“The decisions and actions announced today are aimed at improving SAA’s balance sheet, creating a platform for a strong and sustainable airline and ensuring the company is more attractive for potential strategic equity partners.”

The rescue experts are due to publish a restructuring plan in late February that will be presented to creditors for approval.

SEE ALSO :South African Airways cancels flights in fight for survival

Loading...

Their statement said customers booked on any cancelled international routes would receive a full refund. Passengers on cancelled domestic flights will be accommodated on low-cost SAA subsidiary, Mango Airlines.



Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.

South African AirwaysSAASouth Africa

Comments

comments

Loading...
Continue Reading

Business

Kenya’s total public debt hits KSh 6.6 Trillion in May

Published

on

Loading...

Kenya’s total Public Debt rose to KSh 6.6 Trillion at the end of May this year compared to KSh 6.4 Trillion in April 2020 and KSh 6 Trillion in February this year.

Kenya’s bulging public debt load is getting heavier even with the establishment of a Public Debt Management Office, an independent unit within the Treasury.

Figures from the Central Bank of Kenya(CBK) latest weekly bulletin show that out of this debt load, total cash borrowed from the domestic market stood at KSh 3.2 Trillion as at May this year while external borrowings stood at KSh 3.49 Trillion.

CBK’s weekly data places commercial banks as the biggest holders of Government domestic debt instruments at 54.93%, followed by pension funds at 29.01%. Insurance companies hold 6.04% of Govt domestic debt, parastatals( 5.73%) while other investors hold 4.29%.

Loading...

Treasury Bonds remains the favourite instrument for the state when seeking funds from the domestic money market.

As at 10th July, 2020, Treasury Bonds made up 69.78% of Government domestic debt, followed by Treasury bills (Excluding Repos) at 28.49%,CBK Overdraft to Government 0.98% and Other domestic debt 0.75%.

ALSO READ:Public Debt Management Office Becomes Operational

Comments

comments

Loading...
Continue Reading

Business

Jack Daniel’s Stirs Up Support For Bartenders

Published

on

Loading...
Food & Drinks

Jack Daniel’s Stirs Up Support For Bartenders

David Mutuga, Jack Daniel’s East Africa brand
David Mutuga, Jack Daniel’s East Africa brand ambassador. PHOTO | COURTESY 

Over the years, bartenders have become a brand on their own. Each having signature to their drink, and for cocktail fans, there is that signature that each employs that keeps you returning to the same hangout over and over.

With Covid-19 shutting down bars, bartenders have found themselves grounded at home. Tapping into this, Jack Daniel’s launched a virtual bartender mentorship programme dubbed Tennessee Campus.

“We felt it was time to engage bartenders on what is valuable to them, elevate them as a brand,” said David Mutuga, Jack Daniel’s East Africa brand ambassador.

The hospitality industry has been one of the most highly impacted industries globally due to Covid-19. The skills and insights shared will not only serve as a useful tool for the 60 bartenders but will also provide a source of inspiration and motivation as they navigate these new challenges.

Loading...

Originally, the training was to be physical, however, following the prevailing conditions, it was shifted online. Each of the participants was given a starter-pack that included data allowance, shopping voucher, and other essentials.

advertisement


The alcohol industry in Kenya has been hard hit by the loss of on-trade sales (bars, pubs, and clubs) where the brands interact with the consumers in high volumes. This has required various brands to re-evaluate their models, interacting directly with the consumers and their representatives.

“It is about adapting to the situation. There are many avenues to reach the consumer. We need to be present at the level and premises open for example supermarkets, restaurants, liquor stores and empower distributors to deliver at home. We are also offering virtual training,” said Mutuga.

As part of the next phase, Mutuga states that each bartender will be encouraged to put their skills to the test on the digital platform.

“For this, we will be rewarding them with monetary compensation as a means to help them generate income,” he said.

Comments

comments

Loading...
Continue Reading

Business

Pishi Home Chef of the Week​: Lawyer Whips Up a Cake Business

Published

on

Loading...
Food & Drinks

Pishi Home Chef of the Week​: Lawyer Whips Up a Cake Business

Perpetua Mwangi, a lawyer by profession, has
Perpetua Mwangi, a lawyer by profession, has been passionate about baking since she was young. PHOTO | COURTESY 

Perpetua Mwangi, a lawyer by profession, has been passionate about baking since she was young. Watching her mother and aunties bake their hearts out, grew her love for pastries. She started a home-based business in 2016. The 24-year-old baker and cake decorator shares some of the secrets of her trade and misses.

When did you realise that you could turn your passion into a business?

People began to love our cakes more than we anticipated. In 2016, my sister (Rose Karren) decided to do a baking course. We started by selling our cupcakes for Sh20, then went big. That is how Delizia Kenya was born.

What is your all-time favourite pastry to bake, decorate?

I love themed cupcakes. Donuts and cookies are also fun to make, especially when my nieces and nephews decorate; they have fun doing it.

advertisement


What is the most unexpected thing that has ever happened to you while on the job?

When I was new to the business, I was delivering a two-tier cake. Just as I was alighting the matatu to give the cake to the client, it tipped over and the tiers separated. I walked in town begging bakeries to help me repair the damage. I later learnt that tier cakes are assembled with skewers.

What is the most unusual cake design you’ve been asked to create?

A friend of mine was having an 80’s themed party and she loves music. We baked and designed a boom box, with a black and white theme checkerboard. It was fun trying to fit in all the small details to replicate an actual boom box.

Have you ever had a cake fail?

Our purple velvet experience was a nightmare. It sounds easy, but how can a cake meant to be purple not turn purple? It took four attempts to finally get the colour right. The cake was purple after mixing and before putting it into the oven, but it did not turn out purple after baking. At some point, it turned green and blue. We had to add some purple cream, to top it all.

What do you wish you knew when you first started baking?

The difference between baking powder and baking soda. At first, cakes would turn out bitter, with a soap-like taste. While both of them can be used as leaveners, each is different. Baking soda is strong and too much of it gives pastries a bitter, metallic taste. Baking soda has to be combined with an acid live vinegar or buttermilk to neutralise it. Baking powder has some bit of baking soda in it as well as an acid to neutralise it, so it is used in recipes that do not need an acid reactor.

Loading...

What is the secret of making a perfect red velvet cake?

Buttermilk gives it that moist, fluffy texture. The hot coffee at the end also works magic in enhancing the chocolate flavour.

I don’t have a stand mixer. Can I still make this?

Yes, you can. You can use a whisk or a wooden spoon. You may need to whisk it a little longer if doing it by hand.

What are your must-have baking tools?

Measuring cups and spoons; or a weighing scale; baking is all about precision, Good quality baking tins, (the material of the tins matters), a mixer, and a whisk or wooden spoon.

What baking item are you obsessing over right now?

The multi-purpose scrapper. It is a dough cutter, bench scraper, it may even come calibrated which then makes it a ruler and cake smoother.

Would you travel for food or cake?

I would love to go to Italy. It fascinates me how they can combine cheese and sweet dough, which is just incredible.

Would you take up baking as a full-time job?

I can. I love doing it. However, it easily turns stressful, since it involves doing the same recipes repeatedly.



Perpetua Mwangi loves baking. PHOTO | COURTESY

Perpetua Mwangi loves baking. PHOTO | COURTESY

Perpetua’s Fluffy Vanilla Cake

• 230gms of margarine

• 200gms sugar

• 360gms of self-raising flour

• 1 cup buttermilk/sour milk. If you have milk just add two teaspoons of lemon juice or vinegar to make buttermilk.

• 2 eggs

•2 teaspoons of vanilla extract

•Grease the baking tins with margarine and flour.

•Preheat oven to 170 degrees.

•Sieve flour and set aside.

•Beat the margarine and sugar until creamy and very light.

•Add vanilla essence followed by one egg at a time, mix thoroughly.

•Add 1/2 of the flour and mix well followed by buttermilk then the flour.

•You can toss in raisins but don’t over mix.

•Bake for 30-45 minutes. Use a knife or skewer and it comes out clean, then the cake is ready.

•400gms all-purpose flour

•220gms butter/ margarine

•150gms icing sugar

•100gms desiccated coconut

•1 egg

•1tbsp baking powder

•½ tsp coconut essence

•2tbsp milk

•80gms desiccated coconut

METHOD

•Beat the sugar and butter until smooth and light in colour.

•Add the egg and coconut essence and combine it.

•Add the rest of the ingredients and fold them with hands.

•Make sizeable balls and roll them into the 80gms extra desiccated coconut set aside.

•Place them on a baking tray and bake them in a 180 degrees.

•Let them cook for about 10-12 minutes until golden brown.

Comments

comments

Loading...
Continue Reading
Advertisement
Loading...
Advertisement
Loading...

Trending