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New Era Newspaper Wednesday February 7, 2018

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12 Inside BUSINESS

12 Inside BUSINESS Wednesday, February 7 2018 | NEW ERA South Africa signs mining memorandum with Niger CAPE TOWN South African mines minister Mosebenzi Zwane on Monday signed a memorandum of understanding (MoU) with Niger in the Zwane signed the MoU with his counterpart from Niger, Hassane Baraze Moussa, on the side-lines of the “mining indaba” annual conference currently underway in Cape Town. “The signing of this MoU starts a process of greater collaboration between our two countries as we seek to advance our economies, and in the broader JOHANNESBURG The South African Federation of Trade Unions on Tuesday said it “strongly condemns” the decision of the Public Investment Corporation (PIC) to give Eskom a loan of R5 billion to cover its operational costs for this month. “This is workers’ money, held in the Government Employees’ Pension Fund (GEPF), which is bound by law to prudently manage clients investments and deliver returns that meet but preferably exceed client mandates,” said SAFTU in a statement issued by acting spokesperson, Patrick Craven. SAFTU, which was founded last year is now the second largest of the country’s main trade union federations, with more gether organising about 700,000 workers “Eskom is an extremely insecure investment, given that it is reported to be on the brink of insolvency, and is currently under investigation by a Parliamentary Committee in connection with allegations of corrupt and fraudulent deals with companies owned by ENVIRONMENTAL IMPACT ASSESSMENT NOTICE TO ALL INTERESTED AND AFFECTED PARTIES Notice is hereby given to all potentially Interested and/or Affected Parties (I&APs) that an application will be made to the Environmental Commissioner in terms of the Environmental Management Act (No. 7 of 2007) and the Environmental Impact Assessment Regulations (GN. No. 30 of 6 February 2012) for the following: PROJECT NAME: Thorn Valley Township PROJECT LOCATION: Remainder Portion 57 of the Farm Nubuamis No. 37 (Khomas Region) PROJECT DESCRIPTION: Thorn Valley (township) comprising of single residential and general residential properties, as well as business and open spaces. All municipal services (i.e. potable water; electricity; sewer treatment; roads; waste removal) will be provided. PROPONENT: Lazarett Investment 10 cc ENVIRONMENTAL ASSESSMENT PRACTITIONER (EAP): Urban Green cc Urban Green cc, the independent environmental assessment practitioner, has been appointed by Lazarett study as per the EIA Regulations (GN. No. 30 of 2012), promulgated under Section 56 of the Environmental Management Act (No. 7 of 2007) (EMA). In line with the EMA and EIA Regulations, all Interested and Affected Parties (I&APs) are hereby invited to register with this Study and submit comments/ concerns/questions (to be done in writing). Should you wish to register as an 21 February 2018. Contact: Urban Green cc Tel: +264 – 61 – 300 820 / Fax: +264 – 61 – 401 294 / Email: interests of the continent at large,” Zwane said. “We have over the past year undertaken working visits across the continent to strengthen bilateral relations, and in all instances issues including investment, research and development, infrastructure, skills development have been paramount.” Technical teams from the two countries will meet during the indaba to map a way forward on the agreement, Baraze Moussa said implementing the agreement was crucial to helping reduce Niger’s dependence on uranium and to diversify the economy. - Nampa/ANA the Gupta family,” said the statement. The Hawks - South Africa’s Directorate for Priority Crime Investigation - have have served a subpoena on Eskom to force it to hand over documents linked to the state capture investigation. “It is certainly not prudent to invest workers’ money to clean up a colossal mess which they did not create,” warned SAFTU. The statement added that the money stolen from Eskom “should be not be replaced from workers’ pensions” and instead suggested that it be recovered by the Assets Forfeiture Authority from those companies who stole billions. SAFTU also said authorities should also like Ben Ngubane, Matshela Koko and Brian Molefe who facilitated and ministers, including Lynne Brown, who allowed it to happen on their watch. “This decision by the PIC strengthens the case for workers to be playing a far bigger role in its management, with the right to veto any loans and investments which pose a risk to the pensions held by the GEPF.” - Nampa/ANA Turmoil… Pedestrians walk past a stocks display board showing the Hang Seng Index at 30595.42, down 5.12 percent, after the close of trading in Hong terday with Asia and Europe plunging after record-breaking losses on Wall Street, as investors fretted over the prospect of rising US interest rates and Photo: Nampa/AFP SA union federation SAFTU condemns PIC loan to Eskom Capitec slams Viceroy’s campaign after ‘loan shark’ report CAPE TOWN Capitec Bank has slammed the report by U.S. researcher Viceroy that it was “a loan shark with massively understated defaults masquerading nance provider” as a campaign that will continue for the foreseeable future. Last week, Viceroy said it had done extensive due diligence and compiled evidence suggesting Capi- impairments to its loans which would likely result in a net-liability position. Shares in Capitec Bank tumbled as much as 24 percent after Viceroy said the South African Reserve Bank (Sarb) and the Minister of Finance should immediately place the bank into curatorship because its loan book was massively overstated as a consequence of re- Instead, the Sarb vouched for Capitec, saying that according to all the information available, Capitec is solvent, well capitalised and has adequate liquidity, and that the bank meets all prudential requirements. National Treasury said that Viceroy’s “reckless manner” in releasing its report showed that it was not acting in the public interest, nor in the inter- South Africa, adding that the Viceroy report provided no basis to put any bank under curatorship. In response on Monday, Capitec said that only 7.3 percent of its credit clients currently qualify for loans in excess of 60 months, with only 3.6 percent qualifying for 84-month loans, and that the portfolios are naturally weighted to the larger amounts and consequently the longer-term and lower risk clients. The bank said that it has a sophisticated pricing for the reduction in risk when low risk clients, that qualify for long-term products, take up loans with a shorter duration, and it offers lower rates in order to ensure that it provides competitive products to these clients. “Viceroy Research Group refers to the loss rates on ‘US prime credit cards’ but shows aggregate credit card losses. Viceroy infers that it is impossible for the average American credit card holder to have similar credit risk as the top seven percent of Capitec’s clients. We have extensive history and sophisticated models to support our results,” Capitec said.- Nampa/ANA Criminal charges laid against Molefe over R30 million pension payout PRETORIA Trade union Solidarity on Tuesday laid criminal charges against embattled former Eskom chief executive Brian Molefe and former Eskom board chairperson Ben Ngubane over the R30 million pension awarded to Molefe when he left the struggling state-owned power utility. on fraud because Mr Ngubane and Mr Molefe designed an unlawful scheme to enrich Mr Molefe. It goes down to a Solidarity chief executive Dirk Hermann said as he spoke to journalists at the Garsfontein police station in Pretoria east. “We are also looking at other charges under different Acts of South Africa. What we have seen here is unlawful enrichment of an individual, which is not acceptable.” Hermann said the high court judgement “actually paved the way” for criminal action to be pursued. Last month, the High Court in Pretoria ruled that embattled Molefe was not entitled to any pension benefits from Eskom, also ruling that he must pay back the money he had since received. “We came to the conclusion that the reinstatement of Mr Molefe as Group Chief Ex- variance with the principle of legality and is invalid and false -- to be set aside,” Judge Elias Matojane read out the judgement on behalf of a full bench of high court judges at the time. “We also found that Mr Molefe was never entitled to receive any kom pension fund, and any payments made in lieu of such ben- The court ruled that Molefe must pay back every cent advanced to him from the pension fund, in the next 10 days. Molefe has already received R11 million from the R30 million pension payout. It has since emerged that Molefe is appealing the judgement delivered by Matojane. The court case was brought by tion, the Democratic Alliance, and Solidarity, seeking an order declaring Molefe’s R30- million pension payout unlawful and for it to be set aside. Molefe left Eskom under a cloud after being implicated in the then Public Protector Thuli Madonsela’s damning State of Capture report. - Nampa/ANA

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