Shocking: JO’BURG OWED STAGGERING R 17.7 BILLIONS

Standard

 

 

Johannesburg skyline

Image: istock

The City of Johannesburg topped the country in the amount of debt owed to a municipality at R17.7-billion.

SAVE & SHARE

EMAILPRINT
This was revealed in the local government revenue and expenditure report released by National Treasury yesterday on the second quarter of the 2016/17 financial year‚ which ended December 31 2016.

In total‚ metropolitan municipalities are owed R57-billion in outstanding debt‚ which is a R7.4-billion year-on-year decrease.

The City of Johannesburg had the highest debt‚ followed by the City of Ekurhuleni with R12.7-billion‚ City of Tshwane at R8.4-billion and Cape Town at R7.6-billion.

As at December 31‚ municipal consumer debt (including metros‚ local and district municipalities) amounted to R117.7-billion. The largest component of the debt belonged to households‚ which had R77.9-billion‚ 66.2%‚ of the total debt.

But National Treasury noted that some of the debt included in the R117.7-billion could be unrecoverable.

“It needs to be acknowledged that not all the outstanding debt of R117.7-billion is realistically collectable as these amounts are inclusive of debt older than 90 days‚ interest on arrears and other recoveries. If consumer debt is limited to below 90 days‚ then the actual realistically collectable amount is estimated at R23.8-billion‚” Treasury said in the report.

The report further showed that R915-million had been written off as bad debt by municipalities in the reporting period.

Households in metropolitan areas accounted for R36.9-billion or 64.7% of outstanding debt to metros‚ followed by businesses‚ which account for R16.9-billion or 29.7%.

Debt owed by government agencies is about R1.7-billion or 3% of the total outstanding debt owed to metros.

Municipalities were also on the debt books of their service providers. They owed their creditors R34.3-billion‚ an overall increase of R6.9-billion when compared with the same period in the previous financial year.

A total of 257 municipalities contributed in the report compiled by National Treasury.

 

Times Live

LOCAL MOVIES RAKE IN R4 MILLION AT THE BOX OFFICE

Standard

PHOTO: Jailoshini Naidoo and Maeshni Naicker are the lead stars in this side-splitting comedy.
Image by: Supplied



CAPE TOWN – Locally produced comedy flick Keeping up with the Kandasamys has raked in over R4 million at the box office in less than two weeks after its release.

SAVE & SHARE

EMAILPRINT
RELATED NEWS
SABC rubbishes Metro FM Music Awards hack: ‘Votes were handled externally’ SABC rubbishes Metro FM Music Awards hack: ‘Votes were handled externally’
Letoya Makhene hits back at Mabala Noise ‘witchcraft’ claims Letoya Makhene hits back at Mabala Noise ‘witchcraft’ claims
Trevor Noah, dead? Nah fam, he was on The Daily Show last night Trevor Noah, dead? Nah fam, he was on The Daily Show last night
The side-splitting comedy, which was filmed in the heart of Durban, tells the story of the long-standing rivalry between two families The Kandasamys and The Naidoos.

After years of feuding The Kandasamys and The Naidoos join forces to breakup their adult children who have fallen in love, however in the end the families are forced to settle their differences.

The movie, which released in cinemas across the country on March 3, has raked in a whopping R4,049,418 to date.

SABC rubbishes Metro FM Music Awards hack: ‘Votes were handled externally’
According to a statement released by producers more than 76,000 people have flocked to cinemas over the past two weeks to watch it.

Speaking to TshisaLIVE, director Jayan Moodley said the success of the film at the box office would hopefully open more doors for cast members and the team.

“This success means that we are indeed building an industry in our province, in our country. It also means that the success paves the way for other filmmakers to follow their passion and make it happen,” she said.

Jayan described the response to the movie as a “special and treasured feeling”.

The filmmaker added that it was an overwhelming feeling to watch the film come to life.

“Making a film is like having a baby. You become so attached and involved in every step of the process. And then you eagerly await the birth. And then you want to celebrate once you can breathe again,” she said.

Trevor Noah, dead? Nah fam, he was on The Daily Show last night
Jayan, who made her director’s debut with the film, said she felt blessed to have been a part of the project, and the support has been astounding. “The support has been so overwhelmingly beautiful but the one feeling that can’t escape us is love, from so many people who have seen the film. That’s just precious.”

Keeping up with the Kandasamys was produced by Helena Spring and Junaid Ahmed, who died in November last year, and was directed by Jayan Moodley.

The cast includes Jailoshini Naidoo, Maeshni Naicker, Mishqah Parthiephal, Madhushan Singh, Rajesh Gopie, Koobeshan Naidoo, Mariam Bassa and Neil Govender.

The flick is currently showing at selected cinemas nationwide.

 

 

Times Live

RAND REVERSES LOSES

Standard

FILE PHOTO: Philimon Bulawayo



 

 

CAPE TOWN – South Africa’s rand reversed recent losses on Friday, gaining more than 1 percent as weaker-than-expected US wages data dampened expectations of a spate of interest rate increases this year by the Federal Reserve.

While US employment expanded faster than market estimates, wages growth stalled, pushing the greenback lower against most currencies as investors reassessed expectations the US central bank would raise interest rates at least three times in 2017.

The rand had slipped to a 3 week low in the previous session as traders positioned themselves for a dollar rebound ahead of the Fed’s policy meeting on Wednesday, and still remains some distance from the R13 resistance level.

Mining and manufacturing production figures due next week are expected to show the two major sectors of South Africa’s economy remain under pressure following sharp contractions in 2016 that drove the economy to shrink in two out four quarters.

Data showed 235000 jobs were added in the US in the public and private sectors in February, blowing past economists’ average estimate of 190000. The number of jobs created in January was revised up to 238000.

Unemployment rate edged down to 4.7 percent, while average earnings rose 0.2 percent in February. “This report is consistent with an exceedingly healthy labour backdrop and, I think more critically, it’s a number that will embolden the Fed to raise rates in March,” said Tom Porcelli, the chief US economist at RBC Capital Markets in New York.

The rand had drifted around the R13.45 to the dollar resistance point for most of the session, with little in the local market to push the unit definitively past the level it has struggled to break since mid-January.

“Markets were focused on the wage number, and it came in lower than expected. The initial reaction by the rand was that you wouldn’t see imminent and aggressive interest rate hikes by the Fed in future,” said chief economist at Stanlib Kevin Lings.

While the world’s top economy added 227000 jobs in January, the largest gain in four months, wage growth was modest, prompting bets the Fed would keep lending rates unchanged in March, having kept them unchanged on Wednesday.

US employers hired workers at a robust pace in February, beating expectations, and wages went higher, which could give the Federal Reserve the green light to raise interest rates next week despite slowing economic growth.

 

BUSINESS REPORT/IOL NEWS