Top 5 on Fin24: New R5bn SAA bailout request and Eskom a step closer to nuclear build

[ad_1]

Cape Town – In case you missed it, here is a roundup of Friday’s top 5 reads on Fin24:

Local banks demand R5bn from SAA, unless Gigaba gives another bailout

Embattled national carrier South African Airways needs to honour another R5bn debt obligation – this time to local lenders – by the end of October 2017.

In a report to Parliament, Finance Minister Malusi Gigaba said local lenders may be willing to extend the deadline beyond the end of October to end-March 2019 on condition that he announces an equity injection into SAA when he tables the medium term budget policy statement on October 25.

Rights body challenges Eskom’s 19.9% tariff hike bid

Eskom continuing to increase electricity tariffs without meaningful transformation to its operations is throwing good money after bad, the Southern African Faith Communities’ Environment Institute (Safcei) has warned. 

The organisation has submitted its opposition to Eskom’s application to the National Energy Regulator of South Africa for a tariff hike of 19.9% for the 2018/19 year. 

“It is not prudent to allow Eskom to continue to overestimate its demand and then claw back revenue it does not make,” Liziwe McDaid, programme lead for institute’s the energy and climate change programme said in the submission.

SA’s biggest medical schemes

 medical

Discovery continues to dominate South Africa’s medical insurances industry with almost a million more beneficiaries than the government employees’ juggernaut medical aid, the Government Employees Medical Scheme. 

This is according to the latest statistics released by the Council for Medical Schemes, the regulator of the medical schemes industry.

The report stated there were 82 schemes with a total subscription of 8.879 million members as of 31 December 2016.  This figure included a total of 22 open schemes, and 60 restricted schemes. 

Eskom gets nod to develop new nuclear power station

Eskom has recieved permission to develop a new nuclear plant next to the existing Koeberg power station in the Western Cape.

A statement issued by the power utility on Friday revealed that the Department of Environmental Affairs authorised its Final Environmental Impact Report for the power station at Duynefontein.

Eskom’s chief nuclear officer Dave Nicholls said this is considered an “important milestone” in developing the country’s nuclear programme.

Parliament frets over impasse between Zwane and Chamber of Mines

Mineral Resources Minister Mosebenzi Zwane. (Pic:

Parliament’s mining oversight committee is concerned about the breakdown in the relationship between the Department of Mineral Resources and the Chamber of Mines.

The portfolio committee on mineral resources noted in its Budgetary Review and Recommendations Report of the department that there are “almost unprecedented appeals to the courts by mining companies”.

SUBSCRIBE FOR FREE UPDATE: Get Fin24’s top morning business news and opinions in your inbox.

Read Fin24’s top stories trending on Twitter:

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

Read Original Article