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Banele Ginindza banele.ginindza@inl.co.za ESKOM admitted yesterday it would have to burn closer to R8 billion on its open cycle gas turbines (OCGT) rather than the R1bn it had originally envisaged in this financial year, as it faces bleaker generation prospects. It will likely deal with more blow-outs from its coal fired plants and a scheduled shutdown of Koeberg if it is to keep the lights on and the economy ticking over this year. At the second day of public hearings for a 20.5 percent increase in electricity tariffs before the National Energy Regulator of South Africa., Eskom chief financial officer Calib Cassim said the utility had to override costs of production against the necessity for power in the economy, hence it would be prudent to spend more on diesel…
Edward West edward.west@inl.co.za TONGAAT Hulett shareholders yesterday voted to proceed with a contentious R4 billion rights issue which it says will help secure the future of the group and its stakeholders, and protect the livelihood of millions of people in southern Africa. Chairperson Louis von Zeuner also announced that a legal team had been appointed to proceed with claims against their former auditor, Deloitte. This after restatements had to be made to financial statements in the years prior to 2019 of about R11bn, which the auditor had failed to pick up year after year. Some R450 million of legal claims have already been instituted against key former directors. Von Zeuner raised the matter at the meeting, because some shareholders had opposed the rights issue on the basis that a…
Dieketseng Maleke dieketseng.maleke@inl.co.za BUSINESS Leadership South Africa (BLSA) has announced that it has accepted the resignation of Bain & Company from its membership as the business entity’s reputation has come under fire for its stance on the US management consulting firm. This comes after the local unit of Bain was criticised for its consultancy work for the South African Revenue Services (Sars) at the peak of state capture. When the State Capture Inquiry’s report was released earlier this month, it was critical in its assessment of Bain’s consultancy work for Sars. The inquiry’s chairperson and acting Chief Justice, Raymond Zondo, recommended that law enforcement agencies investigate how contracts were awarded to the firm. In a statement, BLSA said it had noted Bain & Co’s decision to withdraw its membership.…
Siphelele Dludla siphelele.dludla@inl.co.za THE PRICE of petrol could revert to above R20 per litre as oil prices climbed to more than seven-year highs yesterday due to concerns around global supply. Brent crude oil prices jumped more than 1 percent to $87.67 (R1 349.43) per barrel by noon yesterday, the highest since October 2014, after Yemen’s Houthi group attacked oil tankers in the United Arab Emirates on Monday. At least three oil tankers carrying fuel exploded during the five ballistic missiles and several drone attack, and the rebel group has threatened further attacks on more facilities in the UAE. The UAE ranks seventh in the world in terms of crude oil production as it produces an average of around 2.5 million barrels of oil daily. This dramatic global…
Siphelele Dludla siphelele.dludla@inl.co.za THE WORLD Economic Forum (WEF) has agreed that Covid-19 vaccine equity should be a global concern to prevent the further spread of the pandemic and its associated variants. Meeting the challenge of vaccine equity was the common sentiment shared at the WEF Davos Agenda 2022 yesterday as the global vaccine apartheid continued unfolding. This as poor countries continue lagging behind in immunising their populations while rich countries have more than enough supply of the vaccines. In a session to discuss this, experts agreed that the failure to ensure universal global distribution risked not only bad health outcomes but also economic upheaval and geopolitical tensions. John Nkengasong, director of the Africa Centres for Disease Control and Prevention, said there had been a collapse of global co-operation and solidarity…
Tawanda Karombo Harare Hippo Valley, the Zimbabwean unit of Tongaat Hulett, is a lucrative sugar- producing company with upside export and local sales potential, but is facing headwinds emanating from political, operational and land lease risks. Tongaat controls the Zimbabwe Stock Exchange-listed Hippo Valley, in addition to its wholly- owned and non-listed Triangle Sugar Corporation. Dividend payments from the Zimbabwe operations, buffeted by hyper-inflation and other financial and headwinds, amounted to R140 million in the half year to end September 2020. Hippo Valley, notwithstanding a 6 percent increase in sales volumes for the half year to end September, suffered a 2 percent decrease in inflation-adjusted revenue, weighed down by currency and inflation woes. Hippo Valley is awaiting finalisation of land leases for about 24 000 hectares of land, on which…
