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Top 5 on Fin24: Majority of unions sign public sector wage agreement, GDP shock to lead to revision of growth predictions

Jun 08 2018 17:34

Cape Town - A roundup of Friday's top economic and finance reads on Fin24.

Majority of unions sign public sector wage agreement


A majority of trade unions have signed the public sector wage agreement, the Public Service Coordinating Bargaining Council (PSCBC) said on Friday. 

The PSCBC, a central bargaining council within the labour market, issued a statement on Friday saying that 65.74% of trade unions agreed to salary adjustments and improvements on conditions of service in the sector for three years, from 2018/19 to 2020/21.

GDP shock will lead to revision of optimistic growth predictions – Nene

Minister of Finance Nhlanhla Nene


The shock contraction of gross domestic product in the first quarter will mean a downward revision of optimistic predictions for growth in 2018, Finance Minister Nhlanhla Nene has said.

"The contraction in the first quarter means that upward revisions to our growth forecasts by many public and private economists, and multi-lateral institutions such as the IMF, will have to be revisited," he said.

Koko: Radebe's path will undermine Eskom, lead to job losses


Government policies in the energy sector are undermining the financial viability of Eskom and will lead to significant job losses, writes former interim Eskom CEO Matshela Koko.

He added that the policy of independent power producers of renewable energy has an adverse effect on Eskom’s balance sheet in the current context of an electricity surplus, flat electricity demand and the increasing Eskom generation capacity.

Facebook bug switched millions of privacy settings to 'public'


Facebook had a software bug for 10 days in May that set the audience for people’s posts to “public,” even if they had intended to share them just with friends, or a smaller audience.

The bug affected as many as 14 million people, the company said. Facebook will soon start individually informing the people who were affected by the bug.

Eskom’s whistleblower case: Daniels fights back

Newly appointed Eskom CEO Phakamani Hadebe offered the utility’s suspended head of legal Suzanne Daniels a cash settlement to walk away and not fight for her job – and threatened to “tie her up in processes” to tire her out.

This is revealed in Daniel’s plea explanation in her ongoing disciplinary hearing, which reconvened in Sandton on Friday morning.

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