Consumers warned to brace themselves for 25-30% electricity price hike

31 October 2020, 10:18 AM
Energy analyst Ted Blom has warned consumers to brace themselves for annual electricity tariff increases of between 25 and 30% as Eskom continues to struggles with ageing infrastructure, a bloated staff component and corruption. On Friday, the power utility announced a net loss of R20.5 billion.
Eskom reports a R20.5 billion net loss 30 October 2020, 7:45 PM

Eskom announced disappointing financial results for the financial year ended March 2020.The power utility says its unsustainable debt burden led to net finance cost of R31.2 billion, which resulted in a net loss of R20.5 billion.

‘Cape Town’s depleted rail system continues to cripple poor communities’ 30 October 2020, 4:23 PM

The City of Cape Town's Portfolio Committee on Transport says a depleted rail system due to vandalism is crippling poor communities.

VIDEO: Release of Eskom’s Annual Results 30 October 2020, 2:10 PM

Eskom's Group Chief Executive Officer Andre de Ruyter along with his management team releases the power utility's annual results.

Lobby group calls for 100% tax hike on tobacco products 30 October 2020, 12:59 PM

The lobby group, National Council Against Smoking (NCAS) is calling for a 100% tax hike on tobacco products, saying it could relieve pressure on an overloaded health system.

FSCA fines ex Steinhoff CEO Markus Jooste R123-million 30 October 2020, 11:02 AM

The Financial Sector Conduct Authority's (FSCA) has fined former Steinhoff CEO Markus Jooste and three others at least R241 million for insider trading related breaches.

Bemawu warns SABC of possible strike action 30 October 2020, 9:31 AM

The Broadcasting, Electronic, Media & Allied Workers Union (Bemawu) has warned the SABC that any further reluctance to engage in further consultations regarding important issues could result in a total blackout.

Fitch warns SA government to expect backlash from public sector workers 30 October 2020, 9:13 AM

Ratings agency Fitch has sent a strong warning to the government that it should expect a backlash from public sector workers for planning to freeze their salary increases.

VIDEO: State Capture Inquiry 30 October 2020, 9:00 AM

The State Capture Commission continues to hear Denel related evidence from the former Denel Land Systems Former Chief Operations Officer and a Current General Manager of Combat Systems, Reenen Teubes.

Moyane to cross-examine Gordhan at State Capture Commission 30 October 2020, 8:09 AM

Former South African Revenue Service (SARS) boss Tom Moyane is on Friday morning expected to cross-examine Public Enterprises Minister Pravin Gordhan at the Commission Inquiry into State Capture in Johannesburg.

SABC has failed to explain restructuring plan, refused response to questions: CWU 30 October 2020, 6:24 AM

The Communication Workers' Union (CWU) says the SABC has failed to explain its restructuring plan and refused to respond to the union's questions during a meeting that took place with the Commission for Conciliation, Mediation and Arbitration (CCMA) recently.

Asian shares falter again, poised for first weekly loss since late-September 30 October 2020, 4:34 AM

A gauge of Asian shares fell for a third straight session on Friday as jitters over upcoming US presidential elections and fears that the global economic downturn will persist enveloped markets, though the index was still set to end the month higher.

Facebook warns of tough 2021 as pandemic boosts ad revenue 29 October 2020, 11:33 PM

Facebook Inc on Thursday warned of a tougher 2021 despite beating analysts’ estimates for quarterly revenue as businesses adjusting to the global pandemic continued to rely on the company’s digital ad tools.

University of Limpopo accused of not hiring local businesses 29 October 2020, 5:03 PM

The University of Limpopo says it is studying a memorandum that was handed to the management by disgruntled community members. Some unhappy local residents at Mankweng demand that local businesses be prioritised in the awarding of tenders.

SABC calls on public to submit comments on TV licence fee debate 29 October 2020, 4:45 PM

The South African Broadcasting Corporation (SABC) has called on the public to submit their comments to government on the draft White Paper on Audio and Audio-visual Content Services.

Scores of projects identified for Public Works’ Infrastructure Investment Plan 29 October 2020, 3:10 PM

She says 50 projects are ready for investment and implementation while a further 12 special projects, of which five had an additional focus of mass employment, were identified in the plan.

Mbalula stresses importance of unity in the taxi industry 29 October 2020, 1:49 PM

Transport Minister, Fikile Mbalula, has stressed the importance of unity in the taxi industry saying violence and conflict among stakeholders must be stopped.

INFOGRAPHIC: 2020 MTBPS Highlights 29 October 2020, 12:32 PM

Finance Minister Tito Mboweni on Wednesday tabled the 2020 Medium-term Budget Policy Statement ( MTBPS) in parliament amid the coronavirus (COVID-19) global pandemic which had dented economies around the world.

Parties, analysts lack understanding of governance processes: Gordhan 29 October 2020, 12:20 PM

Public Enterprises Minister Pravin Gordhan has expressed his shock and disappointment with opposition parties and some analysts for what he calls a lack of insight, financial literacy and understanding of governance processes.

Bemawu seeks for interdict over SABC retrenchments 29 October 2020, 10:12 AM

Labour union BEMAWU has approached the Labour Court seeking an interdict to stop the SABC from going ahead with its planned retrenchment of staff.

VIDEO: State Capture Inquiry 29 October 2020, 10:00 AM

The State Capture Commission continues to hear Denel related testimony.

Billions allocated to SAA is misdirected: Public Servants Association 29 October 2020, 9:24 AM

The Public Servants Association (PSA) says the R10.5 billion allocated to restructure the South African Airways (SAA) is misdirected.

Political parties express disappointments with Medium-Term Budget statement 29 October 2020, 6:37 AM

Some opposition parties in Parliament have criticised Finance Minister Tito Mboweni for allocating R10,5 billion to SAA while public workers and representatives are expected to take pay cuts.

SARS commissioner welcomes government’s initiative to increase employment 29 October 2020, 5:44 AM

South African Revenue Service (SARS) Commissioner, Edward Kieswetter, has welcomed initiatives by government to increase employment in South Africa.

Oil climbs as hurricane shuts US output, bouncing back from 5% slide overnight 29 October 2020, 4:25 AM

Oil prices rose in early trading on Thursday, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of US output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana.

Surge in coronavirus cases set to shake Asian markets 29 October 2020, 2:16 AM

Asian stocks were set to join a global sell-off on Thursday as worries about surging coronavirus cases in Europe and the United States sent investors scrambling for safe-haven assets.

Lockdown anxiety drags stocks sharply lower; dollar rises 29 October 2020, 12:29 AM

Stocks sank across the globe on Wednesday on concerns that rising COVID-19 cases in Europe, the United States and elsewhere would disrupt fragile economic recoveries, while the US dollar rose on safe-haven demand.

SAA’s R10.5 billion bailout irks political parties 28 October 2020, 5:02 PM

The Democratic Alliance (DA) has reacted with dismay to the Medium Term Budget Policy Statement tabled by Finance Minister Tito Mboweni saying it lacked the initiative to move the country forward to the detriment of ordinary South Africans.

Mboweni revises 2020 economic growth contraction to 7.8% 28 October 2020, 3:08 PM

Finance Minister Tito Mboweni has revised this year's growth contraction to 7.8% from the 7.2% estimate in June.

SA Express worker representatives welcome final provisional liquidation extension 28 October 2020, 2:31 PM

Worker representatives of SA Express have welcomed the extension of the embattled airline's final provisional liquidation.

VIDEO | State Capture Inquiry, Denel-related testimony, Part 2 28 October 2020, 2:10 PM

The State Capture Commission of Inquiry continues to hear Denel related testimony on Wednesday afternoon, with ARMSCOR System Engineer Mr. Phumlane Nkosi taking the stand.