Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
(Adds details, background)
JOHANNESBURG, June 2 (Reuters) - South African Airways (SAA) Chief Executive Officer Vuyani Jarana has resigned due to what he said was the lack of progress on a strategy to turn around the loss-making airline, Fin24 financial news website reported on Sunday.
The state-owned airline has not turned a profit since 2011.
Citing Jarana's resignation letter to SAA board chairperson Johannes "JB" Magwaza, Fin24 said the CEO cited uncertainty about funding and how slow decision making processes were delaying the airline's turnaround strategy.
"The strategy is being systematically undermined, and as the Group Chief Executive Officer, I can no longer be able to assure the board and the public that the LTTS (long term turnaround strategy) is achievable," he was quoted saying in the letter.
SAA spokesman Tlali Tlali neither confirmed nor denied the report but said the airline board would issue a statement shortly.
Jarana, a former executive at telecoms company Vodacom, was appointed in 2017 to implement a strategy intended to help the airline return to profit and wean it off government bailouts.
SAA, which has not made a profit since 2011, has drawn up a five-year turnaround plan that includes slashing costs and cancelling unprofitable routes as it grapples with cost increases that far outstrip revenue growth.
Jarana said in April the airline has reached an agreement in principle with lenders to roll over 9.2 billion rand ($631.00 million) of debt.
His resignation comes more than a week after struggling state-owned power utility Eskom said its CEO, Phakamani Hadebe, was stepping down for health reasons after leading efforts to stabilise the highly indebted state firm. ($1 = 14.5800 rand) (Reporting by Nqobile Dludla Editing by Raissa Kasolowsky)