NATIONAL NEWS - Here’s what caught our attention on Tuesday:
Eskom gets another cash injection
The government has made another R59 billion available for Eskom, over the next two years, to help it service its debts. The money is being sourced from the government’s National Revenue Fund; R26 billion is being allocated for the 2019/20 financial year and R33 billion is being allocated for the 2020/21 financial year. This is according to a special appropriation bill. Finance minister Tito Mboweni is expected to discuss the bill in parliament on Tuesday, Reuters is reporting.
Read: Government allocates extra R59bn for cash-strapped Eskom
Gordhan seeks to stop remedial action
Public enterprises minister Pravin Gordhan is seeking to interdict the enforcement of remedial action against him as outlined by public protector Busisiwe Mkhwebane in her investigation into the Sars rogue unit. Mkhwebane recently asked the president to take appropriate disciplinary action against Gordhan within 30 days of the release of the report. Gordhan is expected to tell the High Court in Pretoria that his reputation will suffer damage if the action is carried out on the basis of the report which he believes is unlawful.
Read: Public protector’s errors swamp any merits of Bankorp investigation
Kumba Iron Ore results
Kumba Iro Ore, a unit of Anglo American, is reporting a 239% increase in headline earnings to R10.1 billion for the six months ended June 30, 2019. The company says this is on the back of higher iron ore prices and a stronger rand. Headline earnings per share for the period amounted to R31.51, an increase from R14.51 last year. An interim cash dividend of R30.79 has been declared for the period.
Mondi trading statement
Paper-making company Mondi issued a trading statement on Tuesday, in which it flags an increase of between 28% and 37% in basic earnings per share to between 93 euro cents and 99 euro cents, while it expects basic headline earnings per share for the six months ended June 30, 2019 to increase by between 9% and 16% to 93 euro cents and 99 euro cents. The company plans to release results on August 1.
Estina dairy farm in the spotlight at Zondo
The Estina dairy farm scandal is in the spotlight again at the state capture commission on Tuesday. The commission will hear evidence from, Albertus Venter, who is the deputy director-general of corporate administration and coordination in the Free State premiers office.
The scandal concerns the R200 million paid to Gupta-linked Estina, funds which had been set aside for emerging farmers in Vrede.
The commission heard evidence from Free State legislature member, Roy Jankielsohn, on Monday who said that Gupta-linked company, Estina did not meet requirements to be part of the dairy farm project.
