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REGULATOR SMACKS DOWN ESKOM TARIFFS

The National Energy Regulator of SA (Nersa) has awarded Eskom electricity tariff increases over the next three financial years that fall way short of what it said it needs to be financially stability. The increases for 2019/2020 will be 9.41%;  8.1% for 2020/2021; and 5.22% for 2021/2022, Nersa chair Jacob Modise announced yesterday. The troubled power utility originally applied for a tariff increase of 15% annually over the next three years, but in early February it amended the application, and asked for 17.1% hike in 2019; 15.4% in 2020; and 17.5% in 2021. Eskom is in the grips of an operational and financial crisis and has highlighted its need for higher revenues. Its electricity sales continue to decline and income from its operations is not enough to cover the cost of servicing its massive R420 billion debt burden. (BDLive)

RAMAPHOSA SOOTHES RESERVE BANK NATIONALISATION FEARS

President Cyril Ramaphosa says there is nothing sinister about the push to change the ownership of the Reserve Bank. Responding to questions in the National Assembly yesterday, Ramaphosa said the governing ANC had taken a “clear resolution that the Bank should be owned by the people of SA”. His statement in parliament is in sharp contrast to recent comments made by Reserve Bank governor Lesetja Kganyago. Kganyago insisted that the Bank remains independent even with private shareholding,arguing that nationalising the central bank would be too risky for the economy. He said the bank would protect its mandate and independence, which are guaranteed by the constitution, should there be any moves to pass legislation to nationalise it. Credit rating agencies have also warned SA not to  tamper with the independence of the central bank, saying it could lead to ratings downgrades. The DA said it  would fight against the adoption of a bill by parliament aimed at nationalising the Bank. The party says nationalisation is a threat to the central bank’s independence. (BDLive)

TRADE SURPLUS HELPS TO NARROW CURRENT ACCOUNT DEFICIT

SA’s current-account deficit narrowed more than expected on a wider trade surplus in Q4 2018. The deficit improved to 2.2% of GDP in Q4 from 3.7% in the previous quarter, mainly due to the smaller trade surplus, data from the SA Reserve Bank showed yesterday. The Q3 2018 current-account deficit was revised up from 3.5% to 3.7%. Investec expected the deficit to narrow to 3.2%, while Absa expected a deficit of 3.7% and NKC projected a narrowing to 3.3%. The current account is indicative of SA’s trade with the rest of the world. Compared to recent years, the deficit has narrowed significantly after averaging more than 5% of GDP between 2012 and 2015. (BDLive)

FOREIGN RESERVES MARGINALLY HIGHER

South Africa's net foreign reserves inched up to $43.659 billion in February from $43.589 billion in January, the Reserve Bank said yesterday. Gross reserves also edged higher, rising to $50.836 billion from $50.832 billion previously, central bank data showed. The forward position, which represents the central bank's unsettled or swap transactions, fell to $1.369 billion in February from $1.382 billion in the previous month. (Reuters)

BUSINESS CONFIDENCE IN RETREAT

South Africa's business confidence deteriorated in February, falling to 93.4 from 95.1 in January, the South African Chamber of Commerce and Industry (SACCI) said - the index's lowest level since September. Confidence in Africa's most industrialised economy has been strangled by policy and political uncertainty, with investors sceptical about president Cyril Ramaphosa's ability to deliver reform ahead of national elections in May and the resumption of nation-wide electricity blackouts. (Reuters)

MINIBUS TAXIS A MENACE ON THE ROAD

South African minibus taxis are not safe, are often overloaded and their drivers are not trustworthy, according to the South African Institute of Race Relations (SAIRR). The results in a 24-page report say about one-third of the 1 237 respondents interviewed on general taxi use and perceptions of road safety, taxi safety and taxi violence and crime, were from KZN. Passengers felt most drivers were “somewhat aggressive”, while 40% of respondents in KZN identified not obeying the rules of the road, the possibility of being involved in an accident (38%) and overloading (49%) as problems. The biggest threats to road safety was drunk driving (64%), potholes (31%), bad or illegal driving (28%) and speeding (26%). Tellingly, 72% of all respondents said they had witnessed a taxi driver breaking the rules of the road. (IOL)

UNSCRUPULOUS SERVICE PROVIDERS ROBBING RETIREMENT FUNDS

Most service providers, including lawyers and administrators, are overcharging retirement funds, endangering the ability of employees to retire with dignity, the industry regulator says. Naheem Essop, a specialist analyst in the retirement funds supervision division at the Financial Sector Conduct Authority, said despite their size, retirement funds are not using their economies of scale to bargain for better services at reasonable prices for their members. Essop, speaking at the annual conference for Pension Lawyers Association of SA in Johannesburg, said the exploitation spans the spectrum of providers, from external legal advisers to administrators and investment advisers. (BDLIVE)

LESS RISK APPETITE DENTS STANDARD BANK BOTTOM LINE

Standard Bank will probably need to inject about US$80 million (about R1.1 billion) into ICBC Standard Bank in the next 12-18 months, Africa’s largest lender by assets said yesterday. In the year ended December, ICBC Standard Bank recorded a loss of US$14.9 million as declining emerging-market risk appetite and flows dented the trading business, said Standard Bank, which owns 40% of the joint venture with China’s ICBC. Standard Bank’s share of those losses equated to R74 million. Standard Bank said yesterday its headline earnings in the year ended December rose 6% to R27.9 billion, thanks to growth in the retail banking unit. Standard Bank said its return on equity improved from 17.2% to 18%. It increased its total dividend for the year by 7% to R9.70 a share. (BDLive)

BUSINESS TRAVEL TO SOAR

Despite rising airfares and increases in accommodation prices, business travel is not about to slow down either globally or in South Africa. The result is that corporate managers will need to pay close attention to maintain control over their rising travel spend. The global corporate travel industry has experienced remarkable growth in recent years, especially as businesses have become internationally interconnected. Analysts predict that corporate spend could reach US$1.6 trillion (R23 trillion)by next year, and travel managers globally say the number of business trips will rise in 2019. Also in South Africa, demand for business travel remains strong, according to Andrew Grunewald, Flight Centre Business Travel (FCBT) Brand Leader. He said FCBT has seen a steady growth of 15% in business travel from 2017 to 2018 and that the trend continues into 2019. (IOL)

MORE NEWS, NOTICES AND APPEALS

KZN TOURISM OFF TO SELL PROVINCE IN GERMANY

Tourism  KwaZulu-Natal is preparing for one of the world’s biggest trade shows, ITB Berlin, to drum up business for the province. The show, from March 6-9, showcases the products and services of more than 10 000 exhibitors from more than 180 countries and regions.Statistics show that 48 958 German holiday-makers visited KZN in 2016. German visitors contributed the third highest amounts to South African tourism in 2016 (R4.4 billion) after the UK (R7.5 billion) and the US (R6.2 billion). (IOL)

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