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COSATU condemns Eskom tariff increases 

The Congress of South African Trade Unions [Cosatu] says it is distraught and angry at NERSA for the approval of 5, 23% tariff increases for Eskom 2018 financial year. Cosatu National Spokesperson Sizwe Pamla said the trade union welcomes the rejection of the requested 19, 9% increase by Eskom, saying they …

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Nersa grants Eskom 5.23% tariff increase

The National Energy Regulator of South Africa (Nersa) has granted power parastatal Eskom an average percentage price increase of 5.23% for the 2018/19 financial year. The regulator announced its decision on Friday, 15 December after Eskom had applied for a 19.9% average increase in electricity tariffs for 2018/19, which would …

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The UIF board communicates worries in the wake of Steinhoff outrage

The Unemployment Insurance Fund (UIF) Advisory Board has communicated worry over reports of conceivable misrepresentation and corporate administration disappointment at Steinhoff. The Board with the advice of the Minister of Labor, Mildred Oliphant met with the Public Investment Corporation (PIC) on December 14, 2017, to talk about the Steinhoff fiasco. …

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Eskom baffled with NERSA’s decision

Eskom notes and is baffled, following a decision by the National Energy Regulator of South Africa (NERSA) on the Power Utility’s allowed revenue of R190,348 billion for the 2018/19 financial year. This means a rate cost increment of 5.23%. Eskom said it a statement on Friday it made its application as …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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