In City Press Business: Eskom needs new model, how PIC invested R4.3bn in Ayo without having the money

2019-02-03 06:38

Here are some of the headlines in your City Press Business section today:

GEPF assets sold so PIC could invest in Ayo

The Public Investment Corporation (PIC) agreed to invest R4.3 billion in Ayo Technology Solutions, the IT group in which businessman Iqbal Survé holds a large indirect stake, on behalf of the Government Employees’ Pension Fund (GEPF) – without having the money it needed to do so.

FFC staff claim they work in fear

The staff at the Financial and Fiscal Commission (FFC), an independent fiscal research institution, claim to be working in a climate of fear because of chairperson Daniel Plaatjies.

Eskom needs a new model

A new model for Eskom is urgently needed, says the parastatal’s chief operating officer Jan Oberholzer, but that does not mean it should be broken up and privatised.

Rather, the state-owned utility proposes restructuring into separate units of electricity generation, transmission and distribution, with each system ring-fencing its own business operations.

RAF levy may be Mboweni’s major tax hike

Finance Minister Tito Mboweni may be getting ready to announce an increase in the Road Accident Fund (RAF) levy in his maiden budget speech later this month.

However, the rate of Value Added Tax (VAT), the level of corporate income tax and personal income tax, other than tax bracket adjustments, are expected to remain the same.

For more on these and other stories, get your copy of City Press today.

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July 14 2019