News 07:00

BULLETIN 5 Desember 7 am

Good morning. I am……..

In this bulletin:

# Eskom has saved over 16-billion-rand in diesel costs
# President Ramaphosa undertakes a state visit to Algeria
# And cricket: The Protea Women record a resounding victory over England in their first ODI

# Eskom CEO Dan Marokane says a data-driven approach and enhanced governance practices underpin the power utility’s financial and operational improvements. He briefed Parliament’s portfolio committee on Electricity and Energy yesterday. Marokane says the past eight months of no load-shedding has seen a massive decrease in diesel use, saving Eskom 16.3-billion-rand. He adds that extending the life of coal power stations is one of the reasons for improvement in generation and load-shedding:

Marokane also says the biggest risk factor is the non-payment of electricity bills by state institutions like municipalities. Municipal debt owed to the power utility is sitting at around 90-billion-rand. Eskom has identified the top ten municipalities with the highest levels of debt, which pose a significant risk to the utility’s financial sustainability. Marokane says dealing with the municipal debt is imperative for the distribution business to be feasible:  

# Exxaro Resources has placed CEO Nombasa Tsengwa on precautionary suspension, pending an independent investigation into allegations of misconduct. The probe follows claims of a harsh management style and workplace issues, including several executive exits. Tsengwa, Exxaro’s first female CEO, is also accused of not addressing corruption within the company. Exxaro shares have also dropped 16-percent this year. The company has appointed Riaan Koppeschaar as acting CEO to ensure stability during the investigation period.

# Johannesburg Water is set to conduct a planned operation to continue disconnecting illegal water connections in Emndeni, Soweto, today. This is part of the water utility’s ongoing efforts to address the challenges posed by unauthorised connections, which undermine the integrity of the metro’s water network and contribute to water wastage. Johannesburg Water says given the potential risks associated with the operation, including possible community resistance and unrest among affected residents, the Metro Police Department and the Public Order Policing Unit will be on standby.

# President Cyril Ramaphosa has embarked on a two-day state visit to Algeria from today to Saturday. Spokesperson Vincent Magwenya says the two leaders will co-chair the 7th South Africa-Algeria Bi-national Commission, advancing political, economic, and social relations. Magwenya says that discussions will cover regional and global issues, African trade acceleration, and review progress since the 2015 Binational Commission session. In addition, he says a business forum will promote trade, investment, and technology exchange between South African and Algerian entrepreneurs.

# Cricket: The Proteas Women put in a commanding all-round performance to beat England by six wickets in the first one-day international in Kimberley. The visitors were bowled out for 186 with Marizanne Kapp and Annerie Dercksen taking three wickets each. In reply, captain Laura Wolvaardt scored an unbeaten 59, her 33rd ODI half-century, and Nadine de Klerk slammed an unbeaten 48 as South Africa reached the target with 70 balls to spare. The second of three ODIs takes place in Durban on Sunday.

# And the financial indicators: The dollar trades at 18-rand-17-cents and the euro at 19-rand-10-cents. One British pound costs 23-rand-7-cents and Bitcoin trades at 98-thousand-299-dollar-71-cents. Gold sells at two-thousand-646-dollars-97-cents a fine ounce and Brent crude oil is quoted at 72-dollars-40-cents a barrel.

Stay tuned for more news………….