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Tuesday, March 24, 2009.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

National carrier South African Airways board chairperson Jakes Gerwel has rejected suggestions that the board acted unilaterally and without consultation in its settlement with former CEO Khaya Ngqula.

He was referring to a Cabinet statement last week which said that the state would seek legal advice on the processes that were followed by the board in reaching the settlement with the CEO without the express approval of the state as shareholder.

Gerwel said he'd sought and obtained a meeting with President Kgalema Motlanthe accompanied by the shareholder minister, Public Enterprises Minister Brigitte Mabandla.

Gerwel said that the President was fully briefed and provided with a file containing correspondence and minutes of meetings that involved the board and the shareholder minister regarding the settlement with the former CEO.

Public Enterprises Minister Bridgette Mabandla has indicated that she would like to engage directly with the process of selecting a new CEO at State transport utility Transnet.

The utility's chairperson, Fred Phaswana, admitted that the process to appoint a CEO to succeed Maria Ramos was taking longer to finalise than initially anticipated.

Phaswana also indicated that, while the board had intended to initiate a fast-track review process to identity a new candidate, the Minister had since requested an opportunity to engage with the selection process further before the next steps are undertaken.

Also making headlines:

The World Trade Organisation forecasts that global trade will shrink 9% in 2009.
India's Tata launches the world's cheapest car.
Automotive component manufacturer Metair plans ‘major' restructuring as vehicle production slumps.
And, Mmamabula hopes to seal an Eskom power purchase deal by mid-year.

That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.