Top 5 on Fin24: Nuclear energy still an option, Brian Molefe petitions Supreme Court and public sector union considering striking solo
Cape Town - A roundup of Wednesday's top economic and finance reads on Fin24.
Treasury blames weak political leadership, accountability for municipal debt woes
The weakness in most municipalities is linked to political and administrative leadership, said Treasury director general Dondo Mogajane.
Treasury - along with Eskom, the Department of Cooperative Governance and Traditional Affairs and the South African Local Government Association - on Wednesday briefed Parliament’s standing committee on public accounts on the municipal debt situation.
Eskom told the committee that municipal debt was worsening, having swelled to R13.88bn.
Nuclear still in SA's energy mix, says Jeff Radebe
Minister of Energy Jeff Radebe told reporters in Parliament that nuclear energy remains a part of South Africa’s energy mix but that the extent to which government invests in energy will be determined through policy.
Nuclear energy procurement has caused South Africa its fair share of jitters, with the judiciary ruling the R1trn nuclear build programme invalid in 2016.
Brian Molefe petitions Supreme Court over pension payout
Former Eskom CEO Brian Molefe has petitioned the Supreme Court to appeal against the high court decision which ruled that he must pay back part of the R30m pension he receive from the firm.
In papers seen by Fin24, Molefe says the court “erred in its finding that the early retirement agreement was a deliberate scheme devised by Eskom with my involvement to afford me pension benefits to which I was not entitled”.
Public sector union considering striking solo amid another delay in wage talks
The Public Servants Association (PSA) is considering striking alone, following yet another postponement in the protracted wage negotiations with government.
According to the union and the seven public sector Congress of South African Trade Unions affiliates, government negotiators requested an adjournment until Thursday to consider labour’s demands within their fiscal envelope.
Treasury hails oversubscribed bond note issuance as sign of confidence in SA economy
National Treasury announced on Wednesday that it has successfully placed $2bn (R25.1bn) worth of 12 to 20 year notes in the international capital markets, hailing it as a sign of the international market’s confidence in South Africa’s economic policy framework.
Treasury said the 12-year maturation notes have a total issuance amount of $1.4bn (R17.6bn) while the 30-year notes have a total issuance amount of $600m (R7.5bn).
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