Author: Agency
The Financial Sector Conduct Authority (FSCA) has launched a seminal discussion paper on Unclaimed Assets that have accumulated to almost R90 billion across the financial sector. The authority this week said the majority of these assets are in retirement funds. In a statement, the FSCA said the discussion paper builds on work done it had done with the National Treasury to find a solution that will lead to increased disbursements of unclaimed assets to beneficial owners. FSCA Commissioner, Unathi Kamlana, said work is continuing to establish the “true value of unclaimed assets in the sector, given that these assets are…
The South African Reserve Bank’s Monetary Policy Committee (MPC) has hiked the repurchase rate (repo rate) by 75 basis points. The increase means that the repo rate will now be 6.25% per year from 23 September 2022, with prime now at 9.75%. The MPC made the decision during its meeting on Wednesday. This was the fifth consecutive increment following a two 25 basis points hike in November and in January. The repo rate was hiked by 50 basis points at the May meeting. The MPC upped the ante, with a 75 basis point rise at its July meeting. Addressing media…
Eskom CEO, Andre de Ruyter, says the power utility is working hard to bring back failing generation units and restore stability to the grid. This after multiple trips, breakdowns and delays in return to service at generation units caused the implementation of Stage 6 load shedding over the weekend. De Ruyter said teams at coal fired power stations are “working flat out” to bring back generation units as quickly as they can. He warned, however, that not all units will be immediately available to feed the grid. “We are planning to bring back 1 590 MW by (Sunday) peak and…
Deputy President David Mabuza has acknowledged that illegal mining is a major challenge in South Africa. “It has grown to the point where it is a major source of concern not only for the government, but also for the mining industry and the communities that are located close to illegal mining operations,” he told Parliamentarians on Thursday. He was responding to questions for oral reply in the National Assembly. He told Members of Parliament that the police and the Department of Mineral Resources and Energy will appoint specialised teams in each province to fight illegal mining. “We agreed that illegal…
Deputy President David Mabuza has assured Parliamentarians that there are no plans to privatise the national power utility, Eskom. “Government’s policy options and positions have not reached the point where privatisation is seen as an answer to providing better solutions to the current problems that are facing Eskom,” he said. The Deputy President was responding to questions for oral reply in the National Assembly on Thursday. Questions posed to the Deputy President by members of political parties represented in Parliament covered issues on Eskom, measures underway to curb illegal mining activities and the outcomes of the recent Communal Land Summit.…
A further three suspects have been arrested in relation to a R60 million fraudulent traffic licensing swindle at the Mbombela and White River Traffic Departments. The arrests were confirmed by the Hawks on Wednesday. Hawks spokesperson, Captain Dineo Lucy Sekgotodi, said the trio, aged between 36 and 42, are from the Mbombela Municipality and the two traffic departments. They are expected to appear before the Nelspruit Magistrate Court today. They were arrest during a joint operation by the Hawks Nelspruit-based Serious Commercial Crime Investigation and Road Traffic Management Corporation (RTMC) in Mbombela and White River for fraud, theft and money…
President Cyril Ramaphosa has lauded the opening of the R7.7 billion Sappi Saiccor Mill upgrade and expansion project in Umkomaas, KwaZulu-Natal. The Sappi Saiccor upgrade and expansion project is aimed at increasing the capacity and global competitiveness of Sappi Saiccor Mill, while also creating employment opportunities in the short- and lon- term. The project marks the fulfilment of a commitment the company made at the first South Africa Investment Conference in 2018, when President Ramaphosa called for investments into the South African economy. The first Investment Conference was convened with the aim of raising R1.2 trillion in new investments over…
President Cyril Ramaphosa says the investment commitment by both Ford and Metair Investments reflects long-term confidence in South Africa as a key link in the global automotive value chain. On Tuesday, President Ramaphosa officiated the launch of the Metair Investments subsidiary Hesto Harnesses, where a new 35 000 square-metre state-of-the-art manufacturing plant was unveiled in KwaDukuza, KwaZulu-Natal. In partnership with Yazaki Corporation, Hesto Harnesses manufactures wiring harnesses and instrument clusters for supply to South African-based automotive Original Equipment Manufacturers (OEMs) Toyota, Isuzu, Nissan and Ford. The President was very impressed at the grand opening of Metair’s R500 million manufacturing facility for…
The government has announced that it has increased the wind energy allocation for Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) bid window six to 3 200MW due to the urgent need for increased capacity in the electricity system. The procurement allocations now stand at 3 200MW for wind energy and 1 000MW sought from solar energy suppliers. The REIPPPP is aimed at urgently addressing the country’s energy needs and deficit by adding more megawatts to the grid through procuring and adding onto the grid renewable energy sources. According to a government statement, the increase is in response to the…
President Cyril Ramaphosa will be travelling to Washington this week following an invitation by United States President Joe Biden. President Ramaphosa accepted the invitation delivered by US Secretary of State, Antony Blinken, during his recent visit to South Africa. President Ramaphosa will hold talks at the White House with President Biden on 16 September 2022. The Department of International Relations and Cooperation (DIRCO), Minister Naledi Pandor, said the President’s visit to the US provides government an opportunity to strengthen bilateral relations through engagement and deepen multilateralism through the United Nations (UN), a primary vehicle through which the international community must…