Telkom sponsoring New Age breakfast


Telkom is sponsoring Thursday’s New Age Business Breakfast with Police Minister Nathi Mthethwa.

Telkom Mangaung mess waiting: analyst

However, neither the newspaper nor Telkom on Wednesday would say how much the sponsorship was costing the utility.

TNA spokesperson Gary Naidoo said he did not know how much Telkom was spending.

Telkom spokesperson Pynee Chetty said: “Details of Telkom’s product advertising agreements and sponsorship between Telkom and its media stakeholders are confidential.”

Earlier this month, City Press reported that some the biggest state-owned companies were paying millions of rands to bankroll the business breakfasts hosted by the Gupta family.

These included Transnet, Telkom and Eskom.

It was previously reported that Telkom sponsored 12 business breakfasts to the tune of R12m in the 2012/13 financial year, according to the newspaper.

Following the report Democratic Alliance leader Helen Zille pulled out of a TNA breakfast, saying she did not know it was sponsored using public funds.

This saw Zille and the newspaper come to loggerheads.

The newspaper responded by uploading a video of Zille thanking Telkom for sponsoring a previous TNA breakfast she attended.

Zille on Wednesday said TNA heavyweights tried to dissuade the DA from asking parliamentary questions on the paper’s funding.

The newspaper denied the claim.

Zille said she had written to President Jacob Zuma asking for a commission of inquiry to be appointed to probe the funding of the newspaper.

– SAPA

Telkom sponsoring New Age breakfast

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Eskom hike for salary increases


One of the reasons Eskom is applying for an electricity hike is because the average annual salary of one of its employees is expected to be R820 000 in 2017 and 2018, according to a report on Saturday.

Eskom posts massive profits

Beeld newspaper reported that Eskom’s total salaries for about 45 600 employees at that time would be about R37bn.

These figures are one of the reasons Eskom gave to the National Energy Regulatory of SA (Nersa) as part of its request to increase electricity tariffs from 1 April 1, with 16% for the next five years.

Beeld reported that the information was part of Eskom’s submissions handed in to Nersa.

In the documents Eskom claimed that in the current book year, the average salary per worker is R633 000 annually.

According to the documents, the reason for the high salaries was because new power stations needed more employees, and there was need to get more skilled workers and to keep them.

However, the National Union of Metalworkers of SA’s Karl Cloete told Beeld that their members at Eskom do not get salaries like that.

“We want to see who gets paid so much that the average is so high. We do know that Eskom’s top-managers have been getting big bonuses and increases in the past decade,” Cloete said.

Investment Solutions economist Chris Hart told the newspaper that no company in the private sector could afford to pay salaries like that.

Eskom’s spoksperson Hillary Joffe did not deny the proposed salary increase.

Nersa is expected to announce Eskom’s tariff increase on 28 February

– SAPA

Eskom hike for salary increases

Fitch downgrades South Africa – deteriorating economic growth


Credit rating agency Fitch made adjustments on Friday to the ratings and outlooks of the country’s two most significant state-owned enterprises, Eskom and Transnet.

It has downgraded Eskom and Transnet after cutting the country’s sovereign debt, citing deteriorating economic growth that risks social and political tensions.

Fitch said Eskom and Transnet’s ratings remain linked to those of the country’s sovereign debt.

It lowered its outlook on Eskom’s long-term local currency IDR to ‘BBB+‘ from ‘A’ with a stable outlook. It also dropped its senior unsecured local currency to ‘BBB+’ from ‘A’.

Along with other cuts, Transnet’s long-term local currency IDR was downgraded to ‘BBB-‘ from ‘BBB+’ with a stable outlook, while its local currency senior unsecured rating also fell to to ‘BBB-‘ from ‘BBB+’.

“Fitch’s assessment of these issuers’ legal‚ operational and strategic ties with the state in accordance with the agency’s ‘Parent and Subsidiary Rating Linkage’ criteria‚ and the agency’s assessment of the critical role of these issuers in the South African economy“, the agency said in a statement.

The rating actions follow the downgrade of the country from BBB+ (negative) to BBB (stable). The long-term local rating was downgraded by two notches from A to BBB+.

“The South African government is consistently making efforts to address the concerns identified in Fitch’s rating review which is aimed at mitigating growth and socio-economic concerns,” the Treasury said in a statement responding to the country’s downgrade on Thursday.

The Treasury said the downgrade had its roots in economic troubles facing the Eurozone, one of South Africa’s major trading partners.

Rating agencies Standard and Poor’s (S&P) and Moody’s have already downgraded several large companies, including parastatals Eskom and Transnet last year.

“Although Eskom’s credit rating remains investment grade, with the support of government, the recent downgrades by Moody’s and Standard & Poor’s are a concern”, Eskom said at the time.

Source – Fitch downgrades Eskom‚ Transnet

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