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Eskom to overspend by more than R52 billion on power contracts

A report submitted to Parliament Appropriations Committee by the Office of the Central Procurement Officer has uncovered Eskom will overspend by R 52, 2 billion or 48, 5% on the Medupi and Kusile Power stations, according to Democratic Alliance (DA) Deputy Minister of Finance Alf Lees. Lees said in a …

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DA opposes VAT hike

Democratic Alliance (DA) says it is opposed to 1% Value Added Tax (VAT) hike since it is influencing the livelihoods of 9.2 million jobless and poor South Africans. DA Shadow Minister of Social Development Bridget Masango said her Party is constantly opposed to VAT increase, saying [we] took the fight to …

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Minimum wage implementation looms

Companies and businesses that can’t pay for the endorsed R20 minimum wage will apply for exemption with the Department of Labour. The online application will be up and running soon. Department of Labour Deputy Director: Employment Standards Mathilda Bergmann told employers must consult with trade unions and workers and to …

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Eskom signs R20 billion credit facility with seven banks

Eskom has on Wednesday signed R20 billion short-term credit facility with a consortium of local and international banks. The government guarantee facility will form some part of the fund of Eskom’s present capital expenditure programme. Eskom’s Interim Group Chief Executive Phakamani Hadebe said the terms of the facility are practically …

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Eskom celebrates 95 years

Eskom turns 95 years today [Wednesday], and the power utility celebrate this event with 100 380 families connected the national grid over the past 6 months. The National Treasury has made accessible R17.3 billion to Eskom and the municipalities to electrify a further 640 000 families over next three years. South …

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Capitec meets prudential requirements

The South African Reserve Bank (SARB) has noted the Capitec report which was released by US-based company Viceroy Research. The company released a report on Capitec stating that the bank is operating as a loan shark. “Based on our research and due diligence, we believe that Capitec is a loan …

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Discount, Retail, farm and forestry Sectors minimum wage hike in February

The Department of Labour has announced the minimum wage increase in different sectors with effect from March this year. Departmental Spokesperson Teboho Thejane said the minimum  wage in the Wholesale and Retail part will increase by 5,1 and 6,6 percent, while workers in the farming and forestry industries will get 5,6 percent …

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Wage review to alleviate poverty  

The government will review the National Minimum Wage in the work markert consistently to ease destitution. Labour Department Director Stephen Rathai told stakeholders the government was thinking about inflation and the cost for fundamental things to review the national minimum wages every year. The national minimum wage is planned for …

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Khanyago appointed new IMF Chairperson

President Jacob Zuma has congradulated the Governor of the South African Reserve Bank (SARB) Lesetja Kganyago on his appointment as the new chairman of the International Monetary Fund’s (IMF) International Monetary and Financial Committee (IMFC). “The appointment of  Kganyago is a point of reference in our call to incorporate representation …

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No change in repo rate

The repurchase rate will remain unchanged at 6.75% per annum, Reserve Bank Governor Lesetja Kganyago has announced. “In light of the recent developments and the balance of risks, the MPC [Monetary Policy Committee] has decided that it would be appropriate to maintain the current monetary policy stance at this stage,” …

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