Prasa's hedging headaches sound like inversion of SAA's

Reports that the Passenger Rail Agency of SA (Prasa) was caught without adequate foreign currency hedging on its multibillion-rand purchase of locomotives from a Spanish manufacturer did have a familiar ring to them. Transport parastatal ... multibillion-rand hedging losses? Oh yes. Back in 2003, then-chairman of Transnet Bongani Khumalo reported that the state-owned transport utility had posted its first significant operating profit since its incorporation in 1987.