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Committee offended by inconsistencies at Steinhoff

The Standing Committee on Finance has communicated shock at what has occurred at Steinhoff and absolutely denounces the organisation’s conduct. The Committee encourages the Financial Services Board (FSB), the South African Reserve Bank (SARB), and the Independent Regulatory Board for Auditors (IRBA) and the Johannesburg Stock Exchange (JSE) to speed up their investigations and release the results to the general …

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Steinhoff to show up before Parliament

The Portfolio Committee on Public Service and Administration chairman, Cassel Mathale approaches every administrative expert and criminal equity framework to explore Steinhoff outrage. Mathale’s remarks in a statement on Monday take after affirmations that individuals from the Government Employees Pension Fund (GEPF) could lose about R12.5-billion in speculations. The test into money-related inconsistencies at Steinhoff had prompted the abdication of …

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PSA requires the defending of public servants savings

The Public Servants Association (PSA), is heightening the protection of public servants pension investments. This comes in the wake of late stunning news of bookkeeping inconsistencies in one of the real players in the Johannesburg Stock Exchange (JSE), Steinhoff. PSA is the second biggest Public Service union representing more than 230 000 individuals from the Government Employees’ Pension Fund (GEPF). …

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Paying below prescribed wage is illegal

No employer may pay workers below the minimum wage once it becomes law, Department of labour’s national briefing session aimed at trade unions was told in Tzaneen, Limpopo, on Wednesday. The briefing, which was attended by dozens of people was told that social partners have identified national minimum wage as one of the measures to reduce the high level of …

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Eskom notes credit rating downgrades

Eskom on Wednesday noted Moody’s Investor Service and Standard & Poor’s (S&P) decision to cut the utility’s credit rating. S&P lowered Eskom’s long-term foreign and local currency corporate credit rating to ‘B-’ from ‘B+’, with a negative outlook. S&P has simultaneously revised Eskom stand-alone credit profile (SACP) to ‘ccc-‘ from ‘ccc+’. At the same time Moody’s downgraded to ‘Ba3’ from …

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Repo rate remains unchanged at 6.75%

The Reserve Bank on Thursday kept the repo rate unchanged at 6.75% per annum, Reserve Bank Governor Lesetja Kganyago said. “The Monetary Policy Committee (MPC) has decided that it would be prudent to maintain the current stance of monetary policy at this stage. Accordingly, the repurchase rate remains unchanged at 6.75% per annum,” he said. The decision made by the …

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Spend wisely this Black Friday

With less than 24 hours to go before arguably the biggest shopping phenomenon of the year, the National Credit Regulator (NCR) is urging the public to spend their money wisely. “While millions of shoppers count down the hours until the much awaited Black Friday sale tomorrow, the NCR advises consumers to avoid getting caught by sales gimmicks and approach Black …

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Pay small businesses on time

President Jacob Zuma has urged government departments and provinces to pay businesses, particularly small enterprises on time, within the stipulated 30 days of submitting legitimate invoices. “Failure to pay on time has a negative impact on our economy, especially on the small businesses, which run the real risk of being squeezed out of business activity,” said the President. The President …

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Trade Unions and employers to get briefings on a new minimum wage, BCEA and LRA

The Department of Labour is planning to host a series of sessions country wide to brief trade unions and employers on the implementation of the long-awaited new national minimum wage. The new national minimum wage policy will be implementation from May 1, 2018. A key objective of the briefing sessions happens to ensure the minimum wage as a new labour …

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Transnet reports positive results

Transnet this week presented its interim results for the six months ending September 2017 which showed that the company’s net profit for the period increased by 3.4 billion which is more than 230% higher than the previous year. Delivered on Monday in Johannesburg, the results were driven by improved operational performance and a slight rise in consumer demand and mineral …

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