For Creamer Media in Johannesburg, I’m Sane Dhlamini.
Making headlines: Eskom warns of 20-billion losses this year and next, even after big hikes, Malema says ANC is looking for a way out on land issue And, Public servants’ union says concerns about PIC corruption vindicated
Eskom warns of 20-billion losses this year and next, even after big hikes
State-owned electricity utility Eskom is warning that its loss for 2018/19 will be worse, at R20-billion, than the R15-billion loss it had projected earlier and that it will be followed by another big loss in 2019/20 even if it receives hikes it is currently seeking from the regulator.
CFO Calib Cassim announced the revised earnings estimate during the second day of the Gauteng leg of the National Energy Regulator of South Africa’s public hearings into Eskom’s fourth multiyear price determination application.
The deterioration was attributed mainly to the additional costs that had arisen as a result of the underperformance of the utility’s coal fleet, which had already resulted in a sustained period of rotational load-shedding towards the end of 2018.
Malema says ANC is looking for a way out on land issue
Economic Freedom Fighters leader Julius Malema says the ANC is looking for a way out of expropriation without compensation.
He said the ANC was making an excuse as it said it would be impossible to finish the amendment of the constitution before the closing of the 5th parliament.
Malema was referring to a report in the Sunday Times stating that the governing party wants to put on ice the process to amend the constitution to allow for expropriation of land without compensation.
Public servants’ union says concerns about PIC corruption vindicated
South Africa's Public Servants Association, which represents government employees and pensioners, said the concerns it had previously raised about the Public Investment Corporation had been vindicated by allegations of corruption and impropriety against the fund manager's board and senior officials.
Last Friday the PIC board asked Finance Minister Tito Mboweni to relieve it of its duties, citing the destabilising impact of "events in the recent past", including allegations of impropriety levelled against at least four directors.
PSA general manager Ivan Fredericks said the PSA has consistently stated that involvement of politicians and their business cronies in the running of the PIC was a disaster in the making.
That’s a roundup of news making headlines today
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