Latest news with #R252
The South African
02-07-2025
- Business
- The South African
SAA's wings in full flight - and profitable!
Following several challenging years, State-owned airline, South African Airways (SAA), is now in a position to contribute economic value. This is according to Transport Minister Barbara Creecy, who presented the departmental Budget Vote in Parliament on Wednesday morning. SAA was racked by allegations of fraud and corruption during the State capture years. It was put under business rescue and grounded but has recovered to fly domestic, continental and international flights. 'With unencumbered assets and renewed profitability, SAA is well-positioned to drive economic value through expanded international services, job creation, and increased contributions to tourism and trade,' Creecy said. Furthermore, the airline is now contributing to the country's Gross Domestic Product (GDP). 'According to [an Oxford Economics Africa] study, SAA contributed R9.1 billion to South Africa's GDP in 2023/24, a figure projected to more than triple to R32.6 billion by 2029/2030. Over the same period, the airline's operations are expected to support 86 700 jobs, up from the current 25 000, demonstrating its growing role as a national employer and economic catalyst. 'The airline has concluded three out of four outstanding audits and reported a profit of R252 million for the 2022/23 financial year for the first time since 2012. Now operating independently and no longer reliant on government guarantees, SAA is self-funding its operations and fleet growth, while remaining open to a strategic equity partner as part of its long-term restructuring,' the Minister highlighted. Creecy revealed that the Airports Company South Africa (ACSA) has been allocated some R21.7 billion for infrastructure development. '[This is] in order to meet our target of moving 42 million passengers per year and increasing air freight handling through the ACSA network of airports. This will improve facilities for passenger safety and comfort over the medium-term and build a new freight terminal at OR Tambo International Airport. 'In addition, we are fast tracking projects to ensure reliable availability of jet fuel to all airlines at all our airports, as well as the general upkeep and upgrading of facilities and technologies at each of our airports to improve both security of passengers and cargo, as well as convenience of airport users,' she said. Creecy told Parliament that the state of roads in South Africa remains an important issue that the department is concerned about, with the South African National Roads Agency (SANRAL) taking over some 3 099 kilometers of provincial roads over the past year. 'Over the period of the MTDP [Medium-Term Development Plan] and beyond, SANRAL has reprioritised within the existing maintenance and capital allocated funding so that these roads are serviced through the Route Road Maintenance Programme,' she said. Creecy also revealed that the driver's licence printing machine is now back in operation. 'The old card machine is currently fixed and we are hard at work to clear out the printing backlog of licence cards. To ensure we have a backup solution, we have signed a MOU with the Government Printing Works. We expect that within three months, this backup solution will be able to print driver's licence cards,' she said. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
TimesLIVE
01-07-2025
- Automotive
- TimesLIVE
More young women are financing cars — see which makes are their top pick
The company said while financing trends have shifted, the top brand choice for young buyers hasn't. 'Volkswagen's position as the No 1 choice has been a constant, though 14 brands have held a position among the top 10 brands,' said Lightstone Auto. Ford was the second most popular brand in 2015, but was overtaken by Toyota in 2020 and has since slipped behind Suzuki, which only entered the top 10 in 2020 but has quickly gained favour. 'Nissan has moved between positions four and seven, and is now at number five, while Haval and Chery find themselves in the top 10.' Luxury brands still hold sway. 'There is a demand for premium brands among younger consumers as Audi and BMW have retained spots in the top 10 over the past decade, though they have slipped slightly from where they were in 2015.' Younger buyers are also spending more. 'Since 2015 there has been a gradual increase in the average price point at which younger buyers were prepared to finance a vehicle purchase. In 2015 a buyer under 35 was prepared to finance a vehicle purchase at an average of just under R200,000, but in 2025 this has jumped to R321,500.' The data shows the average price of a used vehicle financed for a woman rose from R172,600 in 2014 to R297,800 in 2024. For new vehicles, the jump was steeper, from R252,000 in 2014 to R440,000 in 2024.
IOL News
27-05-2025
- Business
- IOL News
Constitutional Court to decide on CPS's profits from unlawful social grants contract
The lucrative R10 billion social grants tender is still subject to litigation between the government, non-governmental organisations, and the company contracted to pay social grants. Image: File The long-running legal battle over the payment of social grants by Cash Paymaster Services (CPS) is set to be settled by the Constitutional Court over the company's profits from the lucrative deal. Lobby group Freedom Under Law (FUL) has approached the apex court in a bid to force CPS to produce documents proving the company earned from the unlawful social grants contract. The organisation wants CPS's profit from the contract to be calculated properly and repaid to the SA Social Security Agency (Sassa) with documents showing how much the profits were. On Tuesday, the Concourt heard that CPS only declared R252 million and that the profit could be understated by as much as R800 million, according to papers filed by the parties. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 'We now know, as the court did not know when it ordered the profit accounting, that CPS has significantly benefited from the unlawful social grants contract. Its independent audits filed with this court show the profits were R252m. 'That is the floor of its unlawful benefit. RAiN investigations and reports, while inconclusive, suggest that the amount may be over R1 billion,' FUL argued. RAiN is the company of chartered accountants asked to investigate the profits received by CPS after the Concourt ruled that its contract was unlawful but allowed it to continue paying social grants. The court heard that the Lesaka Group, previously CPS' parent company Net1, advised the market that its loss of the Sassa social grants contract had led to a reduction of its profit by approximately R5bn. 'The no-profit, no-loss equilibrium allowed the court to permit an unlawful contract to continue for five years, and then even ordered it extended (beyond its original tendered and contracted term) for a further year and a half to protect the many millions of beneficiaries whose constitutional rights would be violated if the payment of social grants (however unlawful the means) ceased,' the court heard. CPS is currently under liquidation, and its liquidators insist that they have handed all the documents in their possession to the auditors looking for the money paid to the company for its contract. 'We respectfully submit that this court should order a just and equitable remedy to ensure the determination of CPS's profits in line with the proposals and considerations,' the company told the Constitutional Court. FUL continued: 'When the court held that the no-profit principle, which means not allowing profit from unlawfulness, and prevented the perpetuation of unlawfulness, it was clear that any such profits were received not as a private party but as an organ of state discharging constitutional obligations to ensure that beneficiaries' rights were not violated by any disruption in the payment of social grants.'
The South African
14-05-2025
- Business
- The South African
Ramokgopa: Load shedding is the cost of long-term energy stability
Electricity and Energy Minister Kgosientsho Ramokgopa has linked this week's stage 2 load shedding to increased planned maintenance, now at record levels, saying the disruptions are part of improving long-term grid reliability. Load shedding, from 16:00 to 22:00 until Thursday, comes amid unit breakdowns and delays in returning generators to service. Speaking during a media briefing on Wednesday, Ramokgopa acknowledged the strain on citizens but insisted the short-term inconvenience will lead to longer-term energy benefits. 'The country will experience short-term pain for long-term gain,' he said. Winter load shedding outlook is better than 2024 Despite the load shedding, Ramokgopa expressed confidence in the country's energy outlook heading into winter. He noted that supply projections for the colder months remain unchanged and highlighted several improvements in generation capacity compared to 2024. Among the key developments is progress at Koeberg Nuclear Power Station. Unit 2 has been successfully synchronised to the grid, boosting output. Although Unit 1 remains offline, it is expected to return by July when demand peaks. 'We are entering this winter in a better position than last year,' said Ramokgopa. He also pointed to Kusile Power Station's Unit 6, which added 800 megawatts to the grid after being synchronised on March 26. 'We didn't have the benefits of these 800 megawatts when we entered the winter of 2024,' he said. Funding Secured for Grid Improvements Ramokgopa further addressed the R252 billion Treasury allocation earmarked for the energy sector over the next three years. A major share of this funding is directed at restoring and upgrading Eskom's aging fleet to improve generation reliability. 'We have invested it in the replenishing and refurbishing of our generation units so that we can have the benefits of uninterrupted power supply,' he said. The minister confirmed that Eskom will reassess the current energy situation and provide an update on Thursday, amid ongoing pressure to stabilise the power grid. As South Africans continue to adapt to scheduled blackouts, do you believe the government's current strategy will result in a more reliable electricity supply in the near future? Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
