Latest news with #DWS
IOL News
15 hours ago
- Politics
- IOL News
Thirst for Justice: Billions wasted as taps run dry
Residents resort to fetching water, pushing buckets home on trolleys due to the ongoing water shortage in their area. With the committee vowing to recall the DWS for a deeper probe into water boards, South Africa's water catastrophe has reached a breaking point. Image: Oupa Mokoena/Independent Newspapers THE water crisis in South Africa is not looming — it's already here, fueled by systemic failures, corruption, and a dangerous blame game between national and local government. This sinking reality dominated the Standing Committee on Public Accounts (Scopa) hearing, where the Department of Water and Sanitation (DWS) faced an intense interrogation over its financial mismanagement, R25 billion in unpaid municipal debts, and the collapse of basic service delivery. Minister Pemmy Majodina, making her debut Scopa appearance under the seventh administration, delivered a rather sobering admission: 'There is no crisis in bulk water supply — but at household level, the system is collapsing.' The root cause? A staggering 105 of the country's 144 municipalities are chronically underperforming, leaving millions without reliable water despite South Africa's dams operating at 98% capacity. The Minister was quick to deflect accountability, citing the constitutional division of powers. 'Whenever there's no water in a village, the DWS is blamed. But reticulation is a local government function,' she said. 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 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. Next Stay Close ✕ Yet the data presented by her department painted a damning picture of the consequences: Municipalities owe water boards R25bn, pushing critical entities such as Amatola, Lepelle, and Vaal Central to the brink of insolvency. Meanwhile, the DWS achieved just 70% of its performance targets despite spending 99.8% of its R21.4bn budget — a disparity Deputy Minister David Mahlobo attributed to 'multi-year infrastructure projects'. Corruption remains a festering wound. Over the past five years, the Department investigated 446 misconduct allegations, with 326 substantiated. Cases have been referred to the Directorate for Priority Crime Investigation (DPCI – alias Hawks) and the SA Police Service (SAPS), but convictions remain elusive. The SIU's ongoing probes reveal even darker rot: R4.7bn squandered on the 'War on Leaks' programme, which deployed untrained youth to fix municipal leaks — a function outside the DWS's mandate. Another R17.9 million was paid to a consulting firm with 'no evidence of work performed', while 'water tanker mafias' sabotage infrastructure to profit from emergency contracts. The hearing turned incendiary when MK Party MP Khethukuthula Madlala confronted the DWS over its inertia. 'If the government waits for formal complaints while people are being shot, we've failed,' he said. Minister Majodina conceded the grim reality: communities are too terrified to report extortion and vandalism, fearing violent retaliation. 'We share the frustration, but our hands are tied,' she admitted, highlighting the limitations of a system that requires sworn affidavits to act against criminal networks. The Auditor-General's findings further eroded confidence. The DWS has received three consecutive unqualified audits with 'material misstatements', while 37 procurement deviations, including a water-saving campaign that ballooned to R4.4bn, double its budget, exposed glaring financial controls. The Water Trading Entity (WTE) is owed R18bn, with debtors now taking 573 days to pay, up from 451 days last year. The collapse of water boards emerged as a national security threat. While Rand Water and Umngeni were praised as 'world-class', entities like Amatola and Magalies are buckling under municipal debt and governance chaos. Vaal Central's potential failure would paralyse the Free State and Northern Cape. Court battles rage as defiant municipalities — some owing billions, 'take the DWS to court after receiving debt letters'. The DA's Peter Atkinson delivered a warning: 'At R12bn a year, it will take 40 years to fix water infrastructure.' The DWS's own estimates confirm R400bn is needed just for the worst-performing municipalities, excluding metros. While the Department touted public-private partnerships as a solution, Deputy Minister Mahlobo acknowledged a brutal truth: 'Investors won't touch bankrupt municipalities.' The EFF's Veronica Mente's closing remarks cut to the heart of the crisis. 'Thirty years into democracy, flushing a toilet is still a luxury,' she said, demanding that the DWS take over municipal water functions. 'This isn't just failure — it's betrayal.' As the hearing adjourned, Scopa Chairperson Sizwe Zibi fired a parting shot: 'It's still your problem to solve. I'm sorry.' With the committee vowing to recall the DWS for a deeper probe into water boards, South Africa's water catastrophe has reached a breaking point — and millions are left waiting for a government that cannot, or will not, act. Get the real story on the go: Follow the Sunday Independent on WhatsApp.
Yahoo
2 days ago
- Business
- Yahoo
3 Mutual Funds to Buy on Continued Growth in Semiconductor Sales
Semiconductor sales have been steadily rising over the past year, largely driven by the enthusiasm surrounding artificial intelligence (AI), particularly generative AI. Robust demand across multiple industries has led to significant revenue growth in the semiconductor sector over recent quarters. In fact, the semiconductor industry, a key segment of the broader tech market, played a key role in powering last year's market upswing. Given these positive trends, investing in semiconductor-focused mutual funds — such as DWS Science and Technology A KTCAX, Fidelity Select Technology Portfolio FSPTX, and Red Oak Technology Select ROGSX — may be a smart move. According to the Semiconductor Industry Association (SIA), global semiconductor sales jumped a solid 2.5% sequentially in April, hitting $57 billion, up from $55.6 billion in March. Year over year, sales grew 22.7%. This marked the 11th consecutive month of year-over-year growth above 17%. SIA President and CEO John Neuffer said, 'Global semiconductor sales in April ticked up on a month-to-month basis for the first time in 2025, and the global market continues to notch year-to-year growth driven by increasing sales into the Americas and Asia Pacific.' The initial decline in monthly sales this year was sparked by uncertainties over the future of U.S. tech companies in AI following the launch of the low-cost Chinese AI model DeepSeek. However, concerns eased quickly, with many experts viewing the launch as overly hyped. The solid April performance followed an impressive 2024, when global semiconductor sales reached $627.6 billion, reflecting a 19.1% increase over 2023's $526.8 billion. Fourth-quarter sales alone grew 17.1% year over year, totaling $170.9 billion. The growth was largely fueled by rising demand for semiconductors in data centers, with memory chips contributing significantly to revenues. As tech firms continue to invest heavily in AI, the semiconductor industry is expected to benefit further. Experts predict strong demand to continue into 2025, with the SIA anticipating double-digit sales growth. We have, thus, selected three mutual funds with significant exposure to semiconductor producers. These funds carry a Zacks Mutual Fund Rank #1 (Strong Buy) or 2 (Buy) and are poised to gain from the above factors. Moreover, these funds have encouraging three- and five-year returns. Additionally, the minimum initial investment is within $5000. We expect these funds to outperform their peers in the future. Remember, the goal of the Zacks Mutual Fund Rank is to guide investors to identify potential winners and losers. Unlike most of the fund-rating systems, the Zacks Mutual Fund Rank is not just focused on past performance but also on the likely future success of the fund. The question here is: why should investors consider mutual funds? Reduced transaction costs and diversification of portfolio without several commission charges that are associated with stock purchases are primarily why one should be parking money in mutual funds (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money). DWS Science and Technology A fund seeks growth of capital. Under normal circumstances, KTCAX invests at least 80% of its net assets in common stocks of U.S. companies in the technology sector. DWS Science and Technology A fund has a track record of positive total returns for over 10 years. Specifically, KTCAX's returns over the three and five-year benchmarks are 18.6% and 17.1%, respectively. DWS Science and Technology A fund has a Zacks Mutual Fund Rank #1 and an annual expense ratio of 0.88, which is lower than the category average of 1.03%. To see how this fund performed compared to its category and other #1 or 2 Ranked Mutual Funds, please click here. Fidelity Select Technology Portfolio fund seeks capital appreciation by investing most of its assets in common stocks of companies principally engaged in offering, using, or developing products, processes, or services that will provide or benefit significantly from technological advances and improvements. Specifically, Fidelity Select Technology Portfolio's returns over the three and five-year benchmarks are 15.7% and 18.3%, respectively. FSPTX carries a Zacks Mutual Fund Rank #1 and has an annual expense ratio of 0.62%, which is lower than the category average. To see how this fund performed compared to its category, and other #1 and 2 Ranked Mutual Funds, please click here. Red Oak Technology Select fund seeks long-term capital growth by investing primarily in stocks of companies that rely extensively on technology in their product development or operations, or which may be experiencing growth in sales and earnings driven by technology-related products and services. ROGSX primarily invests in technology companies that develop, produce, or distribute products or services related to computers, semiconductors and electronics. Red Oak Technology Select fund's returns over the three and five-year benchmarks are 12.8% and 13.5%, respectively. ROGSX carries a Zacks Mutual Fund Rank #2 and an annual expense ratio of 0.92% To see how this fund performed compared to its category, and other #1 and 2 Ranked Mutual Funds, please click here. Zacks' free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (FSPTX): Fund Analysis Report Get Your Free (ROGSX): Fund Analysis Report Get Your Free (KTCAX): Fund Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Citizen
2 days ago
- General
- The Citizen
Frustrations mount in Empangeni over recurring water outages
Two burst water pipes on Wednesday left certain Empangeni residents without water for the second time in a week. One of the leaks occurred at the corner of Apollo and Weightman avenues while the second was reported on Bluebuck Street. ALSO READ: City of uMhlathuze puts temporary measures in place to address waste collection delays The corner of Apollo and Weightman avenues has been the site of multiple burst water pipes this year – most notably over the Easter weekend and most recently on Friday last week. The most affected areas this time were the suburb of Panorama, as well as Theunissen, Badenhorst, and parts of President Swart Avenue. Some residents were without water from 12 noon until as late as 1am to 3am. 'Yet again we are sitting without water,' said Panorama resident Lucy Behary. 'We didn't have water on Friday for close to 10 hours, and now on Wednesday, we are without water again. It's not fair. They fix the pipe, and then it breaks again. 'We all pay our municipal bills on time. Why are we suffering like this? What is going on in this town?' ALSO READ: WATCH: Union marchers hand over list of grievances to City of uMhlathuze While the Samwu (South African Municipal Workers' Union) strike caused delays to municipal services, contractors were brought in on this occasion to carry out the repairs. 'They completed repairs around 1.30am, but the problem remains our ageing infrastructure. The municipality needs to budget properly for upgrades—it will save money in the long run,' said Ward 23 Councillor Andre de Lange. 'The crux of the matter is that our infrastructure is ageing,' confirmed Sibusiso Ngcobo, deputy city manager for infrastructure services at the Ward 23 public meeting last week. 'With the DWS [Department of Water and Sanitation], we've developed a business plan to replace our asbestos pipes – the same pipes that keep bursting.' Don't have the ZO app? Download it to your Android or Apple device here: HAVE YOUR SAY Like our Facebook page and follow us on Twitter. For news straight to your phone invite us: WhatsApp – 060 784 2695 Instagram – zululand_observer At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Yahoo
5 days ago
- Business
- Yahoo
State workforce department invests $500,000 in Northern New Mexico Youth Fund
Jun. 16—The New Mexico Department of Workforce Solutions announced last week it will invest $500,000 in the Northern New Mexico Youth Fund to help train underserved youth in non-extractive sectors. The investment comes from DWS's Community Benefit Fund and provides job training and work-based learning programs for underserved youth. Individuals 13-29 will have growth opportunities through internships, pre-apprenticeships and career development in electrical grid modernization, renewable energy development and climate change mitigation, according to a news release. The first state agency partnership and public investment brings the Youth Fund to $1.6 million, with $1.1 million from philanthropic funders, the news release said. "By teaming up with philanthropy to invest in the Northern New Mexico Youth Fund, we are maximizing the impact of our Community Benefit Fund dollars to achieve the vision of ensuring New Mexico has workers and opportunities to combat climate change and meet sustainable energy goals," DWS Secretary Sarita Nair said in a statement. Created by the Northern New Mexico Pathways to Opportunity Strategy Table, the Youth Fund expands opportunities for young people to thrive in school, work and life. The organization prioritizes those not working or attending school, Native American youth, young parents and others facing systemic barriers. More than a dozen partners — including the LANL Foundation, the Anchorum Health Foundation, the Thornburg Foundation, and United Way of North Central New Mexico — launched the Youth Fund in March. Organizations eligible for awards include nonprofits, tribal entities, schools, higher education institutions and local governments operating in San Miguel, Mora, Taos, Rio Arriba, Santa Fe, Los Alamos and Sandoval Counties. Organizers will announce the first round of Youth Fund grant recipients later this month.
Bloomberg
5 days ago
- Business
- Bloomberg
Impact on Oil Prices will be a Fade: Ronner
The Opening Trade DWS Global Equities Portfolio Manager Madeline Ronner sees the spike in oil prices fading as long as the Israel-Iran conflict does not escalate. She speaks to Bloomberg's Kriti Gupta, Lizzy Burden and Anna Edwards on 'The Opening Trade.' (Source: Bloomberg)
