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South Africa's new retirement system raises concerns
According to financial services firm Alexforbes, South Africans are failing to efficiently save for retirement, particularly when changing professions, and the new planned 'two-pot' retirement scheme does not account for all potential savings increases. According to the organisation, just 9% of its members save their retirement funds when they change employment. According to Alexforbes, the
This is why Eskom has implemented Stage 6 load shedding throughout the day, every day 'until further notice'
Eskom says it has been forced to initiate Stage 6 load shedding due to the failure of 11 units since Tuesday morning. Eskom said in a statement on Wednesday that the breakdowns total over 5 084MW of power, severely lowering available capacity and forcing a rise in load shedding phases. “Stage 6 load shedding will
WhatsApp developing newsletter feature
WhatsApp is developing a new feature that will allow users to create and receive newsletters in the same way that bulk email providers do. WABetaInfo discovered code in the mobile app pointing to a "Newsletter" function. The magazine deduced from its study of the code that it was a one-to-many mechanism for disseminating information. It
Even a R254-billion Eskom bailout would not be sufficient to end load shedding this year
A 254 billion-rand ($14 billion) state bailout for South Africa's cash-strapped power provider will help stabilise its finances, but it will not instantly enhance its operations or ease the country's acute electricity shortage. Eskom Holdings SOC Ltd.'s three-year debt-relief plan, outlined in Finance Minister Enoch Godongwana's budget address on Wednesday, is conditional on the firm
Ramaphosa expected to approve new election laws
At its virtual plenary on Thursday, the National Assembly (NA) enacted the Electoral Reform Bill and accepted the Report of the Portfolio Committee on Home Affairs, as well as revisions submitted by the National Council of Provinces (NCOP). On October 20, 2022, the National Assembly adopted the Electoral Reform Bill and forwarded it to the
The exorbitant price of AI-powered search engines
According to Ars Technica, the AI-powered language models Google and Microsoft are implementing into their search engines will come at a large cost to the firms because the technology takes far more computer resources per query than traditional search engines. According to Morgan Stanley, Google's expenses might rise by $6 billion (R110 billion) if ChatGPT-like
South Africa's 2023 fibre pricing war, Openserve destroyed
Due to recent modifications in South African fibre network operator (FNO) speeds and price, Openserve is now the most costly residential fibre provider across practically all line speed categories. This is a significant departure from the previous two years. In 2021, Openserve's speed enhancements and pricing reduction made it the cheapest provider, setting the tone
High-tech licence plates are being developed for Johannesburg and Pretoria
The Gauteng Provincial Government intends to reform the province's number plate system as part of its attempts to address the region's endemic crime. Gauteng Premier Panyaza Lesufi stated at his State of the Province address on Monday, 20 February 2023, that vehicles are a frequent denominator in violent crimes. “In order to strengthen our fight
South Africa's government has closed a tax loophole
According to tax experts, the ever-changing legislation for expats will continue to affect individuals who have not registered for non-residency with the South African Revenue Service (SARS). According to tax law practitioners Jonty Leon and Reinert van Rensburg of Leap Group, there has been a consistent and deliberate effort over the past several years to
Good news for South African first-time home buyers
Transfer duties in South Africa have been reduced, which is excellent news for first-time purchasers. Finance Minister Enoch Godongwana stated during his budget speech on Wednesday, 22 February, that the transfer duty rates will be hiked by 10%. Transfer charges of 3% of the amount exceeding R1 million will be levied on properties sold for
Eskom has appointed new temporary CEO
Calib Cassim has been named temporary group CEO of embattled national power provider Eskom, effective immediately. Cassim was named Chief Financial Officer (CFO) of Eskom in November 2018 after serving as interim CFO since July 2017. Cassim will oversee the Eskom management team until further notice, according to Eskom. He is a Chartered Accountant (SA)
Next week will see significant increase in petrol prices
According to the most recent Central Energy Fund (CEF) data, motorists may expect a significant increase in gasoline prices next week, owing primarily to a considerably lower rand. According to the CEF snapshot for 22 February 2023, fuel prices are anticipated to rise by between R1.23 and R1.27 per litre. Diesel prices will also rise,
Johannesburg homeowners should beware of rates and taxes
According to the Organisation Undoing Tax Abuse (Outa), ratepayers in the City of Johannesburg should ensure that their property assessments are appropriate in order to avoid overpaying on property rates. According to the Community Action Network (CAN) of the organisation, the City of Johannesburg has calculated a new valuation for 934,652 homes in the metro
The ANC responds to De Ruyter by demanding evidence
The ANC has dismissed claims of political influence and corruption at Eskom, claiming that former CEO Andre de Ruyter must demonstrate wrongdoing or keep his 'right-wing' opinions to himself. During a post-budget conference on Thursday, the party addressed claims made by Andre De Ruyter (23 February). De Ruyter accused the governing party of exploiting the
South African car subscription rental company Planet42 successfully obtains R1.8 billion in funding
Naspers Ltd., an early investor in China's Tencent and the company's largest shareholder, is supporting rent-to-own vehicle company Planet42 in a $100 million (R1.8 billion) loan and equity fund-raising. Planet42 Chief Executive Officer Eerik Oja stated in an interview that the cash will be used for growth in South Africa, where Naspers is located, as
South Africa's future is gloomy, with growth of only 1.4% over the next three years
While South Africa's GDP is expected to increase by 2.5% in 2022, the forecast has deteriorated to 1.4% growth over the next three years. This was in contrast to the 1.6% forecast in the Long Term Budget Policy Statement for 2022. (MTBPS). Finance Minister Enoch Godongwana discussed the crystal glazing on Wednesday when presenting the
Rooftop solar tax breaks: What they signify for South African complexes and sectional titles
According to National Treasury, body corporates and sectional title schemes would be unable to benefit from the rooftop solar tax savings revealed during the budget address on Wednesday (22 February). Finance Minister Enoch Godongwana announced the rooftop solar tax incentive, which is one of numerous steps being adopted to assist the country's extensive and quick
Rand weakens as the reality of greylisting comes in
South Africa has given up the gains it achieved after Finance Minister Enoch Godongwana's budget address on Wednesday. Following the budget, in which the minister indicated that the government would assume more than half of Eskom's debt, the local unit launched a rally, trading higher on the news. The National Treasury suggested a total debt-relief
This is the budget set aside for Ramaphosa's salary in 2023 and beyond
The National Treasury is planning a large compensation package for President Cyril Ramaphosa and the country's Deputy President. The presidential budget for 2023/24 to 2025/26 anticipates that the president's pay would rise from R4.2 million (unchanged from 2022/23) to R4.6 million throughout the period. Meanwhile, the deputy president's salary is set to rise by R100,000
The CEOs of South Africa's largest retailers have slammed the government's 'half-job' load shedding relief
The CEOs of South Africa's three major food and grocery stores are dissatisfied that the government has not extended the reimbursement for the diesel fuel charge to food shops. Pieter Boone of Pick n Pay, Mike Bosman of Spar, and Pieter Engelbrecht of Shoprite Checkers have all spoken on the national budget. Yesterday (February 22),