Latest news with #R3
The Citizen
4 hours ago
- The Citizen
Newspaper article activates oversight inspection in President Park flat units
The city's various departments, including environmental health, building control, and Johannesburg Metro Police Department visited the illegal flat units in President Park. This comes after Midrand Reporter's article, Disaster in the making, [week ending June 13]. Read more: Illegal flats in President Park cause untold chaos Ward 110 councillor Angie Mphaho was part of the oversight inspection on June 19. One neighbour, who spoke on condition of anonymity on June 20, said: 'I just spoke to Angie [Mphaho] and she confirmed that many departments were there with her yesterday, including health, building control and JMPD. She said it was the first time that she managed to get inside as they were refused entry before. Also read: Kerb appeal tips for flats and townhouses She said that she was surprised as there are 600 rooms at monthly rental of R3 500. A total income R2.1m monthly'. The source said Mphaho said some notice will be served, but she is waiting for the info. Mphaho was contacted to confirm the visit and her confirmation will be added as soon as it comes through. Follow us on our Whatsapp channel, Facebook, X, Instagram, and TikTok for the latest updates and inspiration! Have a story idea? We'd love to hear from you – join our WhatsApp group and share your thoughts! Related article: Revamp your granny flat for passive income At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
TimesLIVE
6 hours ago
- Automotive
- TimesLIVE
The Audi RS Q8 is a high-riding supercar
With the hammer dropped all the way, the 4.0l motor spits out 471kW/850Nm, with a claimed 0-100km/h sprint time of 3.6 seconds. We have tested faster from Audi — the electric RS E-Tron GT comes to mind. But this offers a different sensation entirely. Old school and visceral, the mechanical symphony that happens as pedal depression translates to pace is something to savour. On a hard launch, you can feel the Quattro system gripping as it sends the hefty RS Q8 from rest and towards road-shredding higher velocities. To say accessing its full performance capabilities is foolproof might be an overstatement because even with its leech-like all-wheel drive system, the RS Q8 could be a lethal weapon in overzealous hands. One needs full sensitisation to its weight and deceptively brutal acceleration before getting into a proper, comfortable rhythm of dynamic driving. A tag of R3,265,100 is what the model goes for, before options and individualisation. This includes a five-year/100,000km maintenance plan. For reference, the Lamborghini Urus begins at R4,875,000 while the Porsche Cayenne Turbo GT comes in at R4,506,000.
IOL News
10 hours ago
- Business
- IOL News
EEskom employees pocket R3bn in overtime during turbulent year
Electricity and Energy Minister Kgosientsho Ramokgopa has disclosed that R10 million was paid to Eskom board members and R3 billion in overtime to employees. Image: Henk Kruger / Independent Newspapers ESKOM employees pocketed R3 billion in overtime during the 2023/24 financial year. This was for work outside the normal working hours that was approved for an emergency during a standby period, breakdown of plant, pre-arranged plant maintenance, commissioning of plant, authorised construction work on site or critical personnel shortages only for short periods not exceeding one month, among other things. 'Approximately 92% of the workforce is eligible for overtime,' said Electricity and Energy Minister Kgosientsho Ramokgopa. He was responding to parliamentary questions from EFF MP Mandla Shikwambana, who enquired about the annual expenditure on overtime for Eskom employees and the circumstances under which overtime was paid. Shikwambana also wanted to know whether the 22 board meetings, averaging two meetings per month, as reported in the 2024 annual report, were pre-planned and the reasons for not planning them. He also asked the total remuneration of each board member and whether the board members were subject to individual performance reviews. The board of directors was paid more than R10 million in board fees. He said 22 board meetings were held, and at least 10 were pre-scheduled for the period between April 2023 and March 2024. He said non-executive directors had not been paid per meeting but had received a fixed annual fee based on their committee allocations. 'This fixed fee implicitly covered participation in up to eight scheduled board meetings. The remaining 14 meetings that exceeded the planned schedule did not attract any additional fees.' Board chairperson Mteto Nyati was paid R1.3m, Fathima Gany R1,081,000, Claudelle von Eck R1,061,000, Clive Le Roux R1 058 000 and Tryphosa Ramano R1,018,000. Electricity minister Kgosientsho Ramokgopa, Image: Jairus Mmutle/GCIS Other board members - Leslie Mkhabela, Busisiwe Vilakazi, Bheki Ntshalintshali, Tsakani Mthombeni, Ayanda Mafuleka and Lwazi Goqwana - were paid amounts ranging from R933,000 to R676,000. Ramokgopa said the amounts paid included fees for both board meetings and sub-committee meetings. The additional meetings had been convened on an ad hoc basis to address urgent and time-sensitive matters that had required the immediate attention of the board. 'Several of these engagements had been necessitated by unforeseen and evolving developments. These additional meetings had not resulted in any additional payment of fees to the non-executive directors,' he said. The additional meetings had primarily dealt with the group chief executive recruitment, National Transmission Company of South Africa board of directors recruitment, and the unbundling matters. CAPE TIMES
IOL News
a day ago
- Business
- IOL News
Cosatu hails PIC's R3 trillion milestone as it urges vigilance against corruption
Cosatu commends the Public Investment Corporation's reaching an historic R3 trillion milestone. Image: File Trade union Cosatu on Wednesday lauded the Public Investment Corporation (PIC) for surpassing R3 trillion in assets under management, marking what it described as a historic milestone for the continent's biggest investment fund. The PIC, which primarily manages assets on behalf of the Government Employees' Pension Fund (GEPF), has seen significant growth from R2.7trl a year ago and R1.8trl during the Covid-19 pandemic. Roughly 87% of the PIC's funds are sourced from the GEPF, with additional contributions from the Unemployment Insurance Fund (UIF) and the Compensation Fund, among others. "It is sacrosanct that at all times the PIC invests and manages these funds, workers' hard-earned monies, in a manner that expands and enables them to fulfill their legislative mandates of allowing public servants to retire in security and comfort, to provide relief to workers who've lost their jobs or support them whilst they are on maternity, parental or adoption leave; as well as to compensate workers' whose health and lives have suffered in the course of their occupations," Cosatu said. The union called on the PIC to ramp up development-focused investments, aligning with its legislative mandate to stimulate economic growth, create jobs, and promote sustainability. South Africa's economy has struggled to reach its growth targets, with Cosatu reiterating the need to reach and surpass the 3% threshold. The PIC, a state-owned asset manager, has in recent years faced scrutiny over governance lapses and exposure to politically connected investments. It has since undertaken reforms, including tighter oversight and risk management frameworks. 'Whilst appreciating the efforts by the PIC to shut out the lecherous hands of those who seek to enrich themselves at the expense of workers and their funds, it must remain hyper vigilant to these realities and do more as this cancer of corruption has not disappeared altogether and remains an ever present threat to workers, the nation and the programme of renewal,' the statement warned. Cosatu said it would continue to work closely with the PIC to safeguard workers' interests. BUSINESS REPORT Visit:
IOL News
a day ago
- Business
- IOL News
Eskom financial report reveals board fees over R10 million and R3 billion in employee overtime
Electricity and Energy Minister Kgosientsho Ramokgopa has disclosed that R10 million was paid to Eskom board members and R3 billion in overtime to employees. Image: File The Eskom board of directors was paid more than R10 million in board fees during the 2023/24 financial year, while the entity's employees pocketed R3 billion in overtime during the same period. This was disclosed by Electricity and Energy Minister Kgosientsho Ramokgopa when he was responding to parliamentary questions from EFF MP Mandla Shikwambana, who enquired about the annual expenditure on overtime for Eskom employees and the circumstances under which overtime was paid. Shikwambana also wanted to know whether the 22 board meetings, averaging two meetings per month, as reported in the 2024 annual report, were pre-planned and the reasons for not planning them. He also asked the total remuneration of each board member and whether the board members were subject to individual performance reviews. In his written response, Ramokgopa said employees pocketed R3.03 billion during the 2023/24 financial year He said the payment was for work outside the normal working hours that was approved for an emergency during a standby period, breakdown of plant, pre-arranged plant maintenance, commissioning of plant, authorised construction work on site or critical personnel shortages only for short periods not exceeding one month, among other things. 'Approximately 92% of the workforce is eligible for overtime,' Ramokgopa said. He said 22 board meetings were held, and at least 10 were pre-scheduled for the period between April 2023 and March 2024. He said non-executive directors had not been paid per meeting but had received a fixed annual fee based on their committee allocations. 'This fixed fee implicitly covered participation in up to eight scheduled board meetings. The remaining 14 meetings that exceeded the planned schedule did not attract any additional fees.' Ramokgopa also said the additional meetings had been convened on an ad hoc basis to address urgent and time-sensitive matters that had required the immediate attention of the board. 'Several of these engagements had been necessitated by unforeseen and evolving developments. These additional meetings had not resulted in any additional payment of fees to the non-executive directors,' he said. The additional meetings had primarily dealt with the group chief executive recruitment, National Transmission Company of South Africa board of directors recruitment, and the unbundling matters. Board chairperson Mteto Nyati was paid R1.3m, Fathima Gany R1,081,000, Claudelle von Eck R1,061,000, Clive Le Roux R1 058 000 and Tryphosa Ramano R1,018,000. Other board members - Leslie Mkhabela, Busisiwe Vilakazi, Bheki Ntshalintshali, Tsakani Mthombeni, Ayanda Mafuleka and Lwazi Goqwana - were paid amounts ranging from R933,000 to R676,000. Ramokgopa said the amounts paid included fees for both board meetings and sub-committee meetings. 'The non-executive directors were remunerated by way of a fixed annual fee, which was determined based on their allocation to specific committees. This fee structure was not linked to the number of meetings attended. In addition to the fixed fee, non-executive directors were reimbursed for any reasonable out-of-pocket expenses incurred in the execution of their duties,' said the minister. He further said that a collective assessment approach was currently in place based on the principle of a board of directors functioning as one unit. 'The last collective performance assessment of the board was undertaken in the financial year of 2024, and the outcomes of this assessment were shared with the shareholder representative.' [email protected]
