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Financial News headlines from South Africa

Troubled Cape department secures bailout
The cash-strapped Eastern Cape Department of Health has been given a massive bailout by the national and provincial treasuries.

Big spenders face lifestyle audits
Deputy President Kgalema Motlanthe says 10 000 South Africans, who appeared to be living beyond their means, have been audited by the tax authorities.

Nestle likely to sell 30\% stake in L'Oreal
Swiss food giant Nestle is more likely to sell its 30\% stake in the world's biggest cosmetics group L'Oreal rather than attempt a takeover with limited strategic logic. 

SAA strikes Airbus deal
South African Airways has agreed with French aircraft manufacturer Airbus to lease six new A330-200 aircraft, worth about $1bn.

Volkswagen to raise 4bln euro via shares, bonds
Volkswagen (VW) has eased shareholder fears it would flood the market with new stock, outlining plans to use a convertible bond alongside a share sale to help fund an acquisition spree.

SA may face power cuts if no World Bank loan
The South African government may need to enforce power cuts or raise electricity tariffs further if a disputed $3.75 billion loan from the World Bank is not approved, a senior government official said today.

Diamonds in a catfight
Tension between diamond giant De Beers and African Diamonds looked ready to flare up.

Manufacturing data up in January
Factory production is on the upswing. Statistics SA data showed that manufacturing in January rose by 3.7\% on a year-on-year basis. Analysts had expected a bigger increase, but were still encouraged by the continued upward trend.