Cape Times 2023-05-29

Eskom wage negotiations are heading for the fourth round in June after talks deadlocked as three workers unions rejected the employers’ revised final offer of 5.25% increases. These protracted negotiations, which began mid-April, could raise the stakes and increase the possibility of heavily intensified load shedding if workers down tools since parties remain far apart. This comes as the power utility and its three recognised trade unions – National Union of Mineworkers (NUM), National Union of Metalworkers of South Africa (Numsa) and Solidarity – concluded the third round of salary negotiations last week. Eskom on Friday said the negotiations have progressed relatively well with some significant movements made since the beginning of the wage talks last month. In the first two rounds, Eskom responded with a 3.75% offer, which was…

President Cyril Ramaphosa’s transfer of some powers to decide on the required new electricity generation capacity from the Minister of Mineral Resources and Energy Gwede Mantashe has created more confusion than clarity in the market. Ramaphosa on Friday signed a pro- clamation to transfer roles and responsibilities in Section 34(1) of the Electricity Regulation Act to the Minister in the Presidency for Electricity, Dr Kgosien- tsho Ramokgopa. Section 34(1) of the act empowers the minister to issue a determination that new generation capacity is needed in order to ensure security of energy supply. This includes the amount of new capacity that must be procured; the type of capacity (for example, wind or solar PV); and the manner in which it must be procured. These powers and functions were previously entrusted…

The move is effective from August 1, making her the first female CEO of listed SA insurance group JEANETTE Christina Marais has been appointed as the new Group CEO of Momentum Metropolitan Holdings and Momentum Metropolitan Life. The move makes her the first woman CEO of a large, listed life insurance and asset management group in South Africa – a positive move for gender parity. Only seven of the top 100 Johannesburg Stock Exchange-listed companies are led by woman CEOs, indicating minimal progress in balancing gender representation at senior management and executive positions, according to PricewaterhouseCoopers (PwC) South Africa’s 2022 executive directors report. And while only 5% of companies listed on Africa’s 24 stock exchanges have a woman as CEO, those that do have a woman CEO outperform financially by…

TESLA Model Y has become the first all-electric vehicle to be billed as the world’s bestselling car, a report has shown. Tesla Model Y surpassed Toyota’s RAV4 and Corolla models to top global sales rankings in the first quarter of 2023, according to data from Jato Dynamics. The 2023 Model Y starts at $47 490 (R932 248), considerably more than the 2023 Corolla ($21 550) and RAV4 ($27 575), reports The Verge. Tesla Model Y sold 267 200 units globally in the first quarter this year, compared to 256 400 Corolla and 214 700 RAV4 units sold. Tesla CEO Elon Musk even estimated back in 2016 that this model would draw demand “in the 500k to 1 million…

QUANTUM Food Holdings’ headline earnings a share sagged 82% to 2.9 cents in the six months to March 31, and the dividend was passed after its poultry operations were hit by high feed costs, load shedding and low egg prices. Trading conditions in the period were the most challenging conditions experienced by Quantum Foods since its listing in October 2014, the directors said on Friday. Revenue increased 22% to R3.45 billion. However, operating profit (before capital items) fell 57% to R15 million. The outlook was murky. Directors said that while the prices of raw material inputs had softened from levels seen in the interim period, feed costs would also depend on the rand not weakening significantly. Lower feed raw material costs could positively affect earnings from the…

Shares of Pan African Resources dipped 21% on Friday when the gold producer said it would lower its production guidance for gold in the current financial year, primarily as a result of challenges related to Eskom-generated electricity supply. The shares closed 21.23% lower at R3.19 on Friday and have decreased by 11.88% in the past six months. In its results for the year ending June 30, 2023, the group said it reduced production guidance to about 175 000 ounces, previously 195 000 ounces to 205 000 ounces, resulting in a production loss of approximately 10 000 ounces of gold. Pan African Resources said issues related to Eskom-generated electricity supply impacted all of the group’s operations. “In addition to loading curtailment, power outages, and surges, difficulties related…