SAA is considering selling off assets after banks have refused to lend it any more money – and its debt ballooned to R15bn more than its assets at the end of July.
 
A senior SAA executive told City Press this week that the airline’s finances are in tatters and the Auditor-General has raised serious concerns about its viability.
 
SAA, which is technically bankrupt, will therefore not present its 2017/18 financials to Parliament by the end of this month, as required by law.
 
Senior SAA staff and a confidential report, presented at the company’s board strategy session 10 days ago, reveal that the airline’s management is now looking at a number of aggressive cost-cutting measures, including selling off its catering arm, Air Chefs, and outsourcing or selling SAA Cargo.
 
A top official at the national carrier told City Press that in the meantime, the company would look to government for more bailouts because banks have “hardened their attitudes” and are “continuing to refuse” to lend it more money, despite Treasury guarantees.
 
SAA has about R19.1bn worth of government guarantees.
 
In September last year, Treasury gave SAA a R3bn cash bailout to avoid defaulting on a Citibank loan.
 
The report, a turnaround strategy document which SAA chief executive Vuyani Jarana presented to the board last week, reveals that:
 
- On March 31, the last day of the 2017/18 financial year, SAA had R13bn in assets and R26bn worth of debt. But by July 31, the company’s assets remained at R13bn while its liabilities burgeoned to R28bn;
 
- The airline will record a R6bn loss by the end of the current financial year;
 
- SAA Technical (Saat), which has suffered significant losses to “fraud and theft”, is bleeding money, losing up to R560m a year in penalties from poor turnaround times for aircraft repairs and maintenance;
 
- SAA’s monthly costs, ranging between R350m and R450m, are significantly higher than its revenue and are not coming down fast enough; and
 
- SAA needs to reduce costs by 5.2% and increase revenue by the same amount to record a R1bn improvement by the end of the current financial year.
 
Although the report did not mention anyone by name, it slated the previous board, led by former chairperson Dudu Myeni, for leaving SAA with rampant corruption, low pilot productivity, a significantly weak balance sheet, liquidity problems, loss of confidence from suppliers, a lack of critical skills and fragmented IT systems.
 
“Unfortunately, SAA has had acting people in most senior positions. The board was also fractured and there was a lot of instability. The problem here is not even the market, but within, with people stealing and committing fraud,” another executive said.
 
“But SAA is absolutely fixable and Jarana is moving things in the right direction.”
 
Selling assets
 
Although no decision has been made to sell some of SAA’s business units, the report shows that the matter was discussed at the board meeting. Jarana, who has led SAA for almost a year, asked board members whether the SAA Group needed all the businesses “given the relative sizes and impact on financials”.
 
A senior SAA official said: “We continue to review our portfolio and we continue to engage with the shareholder. There is no holy cow and everything is under consideration. There is no pressure to sell anything, but does SAA really need Air Chefs?
 
“We are not in the business of selling food and it is not our core business. We just need ready-made food at the cheapest cost available, without having to worry about management and staffing issues.”
 
Regarding SAA Cargo, the document said while the division generated more than R2.1bn last year and made a R387m profit, it had major problems – including antiquated warehousing facilities, rigid pricing models and extensive dependency on aircraft that ferry passengers and cargo at the same time.
 
Jarana asked the board to consider a full cargo division or to outsource the business completely.
 
The document shows that Jarana is inclined towards outsourcing the cargo division to a private third party.
 
Banks won't finance SAA
 
A senior SAA executive said government will have to continue funding the airline until 2021, when its balance sheet becomes self-sustainable.
 
“Banks have walked away from us despite our guarantees from Treasury. It is true that they don’t want to fund us. They will only fund us once they see a path to debt reduction,” he said.
 
“If you are a shareholder of a company and you are unable to source funds from banks, what do you do? You have to step in and rescue the situation, to the extent that you believe the turnaround strategy is worth the paper it is written on.”
 
The report shows that the airline will need R21.7bn between now and 2021, when it is expected to return to profitability. The R21.7bn is made up of government bailouts amounting to R12.5bn, and loans of R9.2bn.
 
In addition, it shows that in the current financial year, Jarana’s executive management is projecting a 5.2% loss which, according to projections, will be reduced to 1.9% in the 2019/20 fiscal year before returning to profitability, with a projected 1% profit, in 2021.
 
In September last year, City Press reported that Nedbank told a meeting – attended by Treasury’s director-general, Dondo Mogajane, and SAA’s former chief financial officer, Phumeza Nhantsi – that the bank would not lend money to SAA as long as Myeni was still on the board.
 
Nedbank was not the first bank to withdraw support for SAA. In July last year, Standard Chartered revoked its R2.207bn loan, and a month later, Citibank pulled the plug on a R1.8bn loan.
 
However, another SAA executive said Treasury and the department of public enterprises were in discussion with the banks to try to convince them to change their minds not only regarding the funding of SAA, but of other state-owned entities as well.
 
“But when it comes to SAA, a funding plan must be created. You cannot just rely on debt for such a big company. The problem with SAA is that it doesn’t sell as a brand. A brand must sell.”
 
The document shows that Jarana’s corporate plan was beginning to bear fruit. The plan, approved early this year, has as its focus revenue stimulation, flight schedule reorientation, organisational design, supply chain transformation and the overhauling of Saat’s logistics and operations. The report shows that during the first quarter of this year, SAA’s revenue improved.
 
Jarana refused to comment about the plan. However, another official said this had been brought about by the realisation of a “dramatic shift to low-cost airlines, and the executive management decided to shift four aircraft from SAA to Mango”.
 
In April, SAA also reduced the number of flights to London’s Heathrow from two each day to one. SAA also introduced new aircraft on this route which caused SAA to post a profit on the route for the first time in more than a decade.
 
A revamp of the airline’s flight schedule will involve rescheduling flights to Germany, Hong Kong, Perth and Buenos Aires to improve connectivity for passengers, capture more traffic and extract more flying hours on each aircraft, the document shows.
 
SAA, another executive said, was also looking at establishing new routes from West Africa to the US and London, and from Johannesburg to the Asia-Pacific region.
 
“We need to grow and we want to use the same aircraft to fly more,” he said. We are focusing on route profitability. The plan is to grow and become a commercially viable airline. The corporate plan has identified a number of risks and mitigation strategies.”
 
He blamed government for SAA’s woes, saying: “Airlines need stability. Most of the chief executives of most of the big airlines have been there for more than a decade. The mind of the shareholder is reflected on the board.”
 
SAA spokesperson Tlali Tlali said the airline was unable to comment because it had not seen 
the strategy document. “We will soon address the media on the progress we have made, milestones, and the path that lies ahead in transforming SAA ... We are confident that the airline is moving in the right trajectory and we are making steady progress.”
 
 
Source: City Express
The US has not granted South Africa an exemption on its increased steel and aluminium tariffs, this after the department of trade and industry (DTI) made representations to the US government.
 
The DTI issued a statement expressing its disappointment on the matter on Monday, following a teleconference between Trade and Industry Minister Rob Davies and US Ambassador CJ Mahoney.
 
US President Donald Trump however signed proclamations granting a select number of countries exemptions until June 1, Bloomberg reported. These countries include the European Union, Mexico, South Korea, Australia, Argentina, Brazil and Canada.
 
The US is imposing a 10% ad valorem tariff on imports for aluminium products and 25% ad valorem tariff on imports for steel.
 
Davies had made two written submissions to the US and the SA Ambassador to the US Mninwa Mahlangu also engaged with the White House National Security Council Staff, State Department, the Office of the US Trade Representative and Commerce Department on the matter. Davies also had teleconferences with Mahoney and other US trade officials on March 22 and again on April 30 – when SA learnt its fate.
 
Similarly SA’s steel exports in 2017 only accounted for 0.98% of total US steel imports. However the exports represent 5% of SA’s production and this equates to 7 500 jobs in the steel supply chain, the department said. “SA will be disproportionately affected both in terms of jobs and productive capacity,” the department reiterated in its arguments to the US government.
 
The department also argued that SA is also grappling with the steel glut and has control measures in place to avoid transshipment of steel from third countries.
 
SA also offered to restrict its exports to a quota based on the 2017 exports level, but this was not enough to convince the US.
 
Collateral damage
 
The department also pointed out that some of the exempted countries are the “biggest” exporters of steel and aluminium to the US. 
 
According to the department the exempted countries accounted for 58% of steel imports and 49% of aluminium imports to the US in 2017.
 
“South Africa is therefore not a cause of any national security concerns in the US nor a threat to US industry interests and is not the cause of the global steel glut.
 
“Instead, South Africa finds itself as collateral damage in the trade war of key global economies. South Africa is concerned by the unfairness of the measures and that it is one of the countries that are singled out as a contributor to US national security concerns when its exports of aluminium and steel products are not that significant,” the DTI said.
 
The department raised concerns about the impact this decision will have on the competitiveness of SA steel and aluminium products in the US. The department believes it is likely to displace SA products out of the US market in favour of the exempted countries.
 
“South Africa is also concerned that the measures are implemented in a way that contravenes some of the key WTO (World Trade Organisation) principles.”
 
The department said it remains open to engage with US authorities to find a “mutually acceptable” outcome and encouraged domestic exporters to continue to engage with US buyers.
 
 
Fin24
The poor are carrying the burden of State Capture through the VAT increase, a Parliamentary committee has heard.
 
This is just one of the criticisms raised by several organisations and industry representatives before Parliament’s Standing Committee on Finance at a hearing on the VAT panel report on Wednesday.
 
The report, published in August, is the work of an independent panel that reviewed the current list of items exempted from VAT and proposed new items to be zero-rated. The panel was constituted after then Finance Minister Malusi Gigaba announced in February that the VAT rate was to increase by one percentage point from 14% to 15% to raise an additional R22.9bn. 
 
1. The poor are paying for State Capture
 
Neil Coleman, who represented the Institute for Economic Justice, said that SA has to try to find ways to plug revenue shortfalls as tax collection has lagged. This problem has further been exacerbated by State Capture, which has reduced revenue to the fiscus.
 
“It should not result in punishment of the poor. We had nothing to do with that failure,” he said. The SA Revenue Service has experienced two successive years of tax shortfalls: R30bn in 2016/17 and R49bn in 2017/2018. 
 
Similarly, trade union federation Cosatu believes the one percentage point VAT hike punishes the poor for the “sins of the rich”. The federation insisted that government has other options to address revenue shortfalls. It wants the state to “stamp out corruption” and set out how it will recover stolen funds.
 
2. Unlikely VAT hike will be rescinded during the mini-budget
 
The Budget Justice Coalition was among the organisations calling for the VAT hike to be rescinded. But committee chair Yunus Carrim pointed out that the mini budget, set to be delivered on October 24, has already been set and it is unlikely that any decisions would be implemented then.
 
Cosatu proposed that government purchase and distribute sanitary pads to clinics, hospitals, no-fees schools and tertiary institutions.
 
“Government has done it with feeding schemes and condoms. Girls should not be disadvantaged because of a normal cycle of life,” said Cosatu’s Parliamentary coordinator Matthew Parks.
 
The Budget Justice Coalition also proposed that government invest in providing sanitary products to poor women and girls – as this will ensure that they will directly benefit from the zero-VAT status, while richer households can continue to buy the sanitary pads. Sanitary pads were one of the items that the VAT panel proposed be zero-rated. 
 
4. More protein needed on the zero-VAT list
 
The Budget Justice Coalition, which represents several other organisations, raised concerns over the lack of protein on the zero-VAT list, a concern as malnutrition and protein deficiency leads to stunting and anemia. It suggested peanut butter and soya mince be included on the list.
 
The South African Poultry Association pointed out that chicken accounts for 13% of food expenditure for lower-income households, and supported the inclusion of whole fresh or frozen chicken products and portions. 
 
5. VAT hike simply unaffordable for the poor
 
The Pietermaritzburg Economic Justice and Dignity Group collected data on the impact of the VAT hike by tracking a basket of 38 foods, 20 of which are subject to 15% VAT, the committee heard.
 
In August 2018, the total cost of the basket was R3 009. Foods subject to VAT accounted for 55% of the basket - or R1 654. The VAT on the foods amounted to R215, or 7.2% of the entire basket, said the group's Mervyn Abrahams. This equal to the price of a 35kg of maize meal which poor and working-class households buy each month.
 
Taking into account the recommendations of the VAT panel, the savings on the food basket for August 2018 would equal R40.81, bringing the total cost of the basket to R2 968. Abrahams said this was roughly equivalent to the median wage of a black South African worker, which is R3 000.
 
“That is just food alone - therein lies the problem,” he said. SA households are not getting sufficient income, and that the problem is not just simply a question of zero-rated items, he said. 
 
6. Food choices must be expanded
 
Geoff Penny of the Baking Association of South Africa weighed in on making white bread zero-rated. He said this decision would enable poor consumers to choose the product they prefer.
 
Poor consumers should be given the opportunity to shop with dignity, the baking association’s submission read.
 
Similarly, Dr Ziyanda Majokweni of the Broiler Organisation argued that whole chickens should not be subject to VAT - as opposed to just having portions like chicken feet and gizzards zero-rated. This would give consumers more choice, she told the committee. 
 
7. Double take on current list
 
Lionel Adendorf of FairPlay criticised the fact that the current list 19 zero-rated items was not reviewed. If there were a thorough review of the list the panel would have taken some items off the list, and would have included new household items which are being used by these poorer households, he argued.
 
The PwC’s VAT Partner Lesley O’Conell also echoed views that the current list should be reconsidered to include ones that are consumed by the poor.
 
The committee's chairperson Yunus Carrim called for Treasury to interrogate the submissions more seriously than they had previously.
 
 
Business Insider.
South Africa’s Upper House of Parliament, the National Council of Provinces (NCP), on Tuesday approved the controversial National Minimum Wage (NMW) Bill which will be sent to President Cyril Ramaphosa for assent.
 
The Parliament said the NCP approved the bill without amendment.
 
The bill, which Minister of Labour Mildred Oliphant introduced in November 2017, aims to provide for a NMW and the establishment of a commission with clear functions and composition for implementation, Parliament spokesperson Moloto Mothapo said.
 
The National Assembly (Lower House of Parliament) had earlier approved the bill and referred it to the NCP. Once signed by Ramaphosa, the bill will become law.
 
The bill sets 3,500 rand (about 243 U.S. dollars) per month or 20 rand (about 1.4 dollars) per hour for over six million working people in the country.
 
Trade unions have lambasted the NMW as “slavery wage,” saying the working class cannot make both ends meet with the meagre NMW.
 
In May, massive protests against the bill took place across the country.
 
Trade unions have threatened to stage more protests if the NMW wage is not raised to a living wage.
 
The government says setting the NMW was informed by research and robust analysis of various scenarios and their possible ramifications, not by some idealistic desires.
 
All social partners have worked hard for nearly three years to reach agreement on the NMW to improve the conditions of millions of poor families, according to the government.
 
Ramaphosa has pledged to increase the NMW over time in a way that meaningfully reduces poverty and inequality.
 
Source: PMNEWSNIGERIA
South Africa’s trade surplus widened more than expected to 12 billion rand ($915 million) as exports in precious, base metal and vehicle parts jumped, easing pressure on the economy and lifting the currency.
 
The South African Revenue Service said in Johannesburg that exports rose by 7.1 per cent on a month-on-month basis to 110 billion rand in June, while imports dipped 0.9 per cent to 98 billion rand.
 
Commodities led the rise in exports with sales of precious metals up 38 per cent and base metals rising 13 per cent in the month. Sales of vehicles equipment also went up 8 per cent.
 
Analysts said the large surplus was a sign the current account was narrowing, which would lessen the impact of any reversal of portfolio flows.
 
“This is the fourth month in row of surpluses so it will definitely reduce the current account deficit in the second quarter,” said senior economist at Nedbank Isaac Matshego.
 
“But remember, the current account is structural so we really do need those portfolio flows to keep coming in,” Matshego added.
 
The rand responded to the news of the widening surplus by rising slightly on the data, trading at $1 =13.1350 at 1300 GMT, about 0.2 per cent firmer.
 
The rand has rallied in the past month to become one of the top performing emerging market currencies, due mainly to positive turn in sentiment, but analysts warn it remains at risk to offshore events, particularly the ongoing trade tiff between the United States and China.
 
Africa’s most industrialised country ran a large current account deficit of 4.8 per cent of GDP in the first quarter.
 
 
Source: News24
A small business incubation programme that is supported by by Rand Merchant Investment Holdings is looking for entrepreneurs who aim to disrupt financial services.
 
A total of 16 businesses will be selected to pitch for eight places on the AlphaCode Incubate programme of twelve months. The eight businesses will each get R1 million in grant funding as well as R1 million worth of support including mentorship,  exclusive office space in Sandton, marketing, legal and other business support services as well as access to RMI’s networks.
 
The businesses must be no older than two years and must be 51% black owned and managed.
 
The competition is open to businesses across the financial spectrum including payments, insurance, savings and investments, advisory, data analytics and blockchain.
 
"We want to help take courageous entrepreneurs with seriously disruptive financial services business models to the next level," says AlphaCode head, Dominique Collett.
 
In partnership with Bank of America Merrill Lynch South Africa and Royal Bafokeng Holdings, AlphaCode Incubate has disbursed R13 million to 15 black-owned businesses over the last three years
 
Entries can be done on the competition website. The first round of applications closes on August 31.
 
 
News24

South Africa invests eight times more in China than the other way around.

The $14.7 billion (R193 billion) in Chinese investments – which include loans to Transnet and Eskom – announced during Chinese President Xi Jinping’s state visit to South Africa this week, are dwarfed by South Africa’s investment in that country, which stood at just over $80 billion in 2016, according to a recent report compiled by Deloitte for the Department of Trade and Industry.

 
 

At that same time, China’s investment in South Africa was $10 billion.

Trade and industry minister Rob Davies pointed out this discrepancy this week during this Brics summit in Johannesburg, when he was asked whether the new Chinese investments would not “overcrowd” the South African market.

“We are in the situation where we welcome more,” Davies said. “Of course when they do invest we indicate that we are looking for productive activity and that we are looking for them to increase the value addition.” He also called for investment-led trade.

Naspers alone owns a $175 billion stake in Chinese internet start-up Tencent, while China’s major investment in South Africa is the recently-opened $840 million (R11 billion) BAIC vehicle plant in the Coega Industrial Development Zone

China is the most significant investor in South Africa out of the Brics countries, and its investments created on average 301 jobs per project. India was the second largest investor, with $61.2 million and an average of 135 jobs per project.

Between 2003 and 2017, Brics countries officially invested a total of $17.8 billion in 189 projects in South Africa, creating 36 852 jobs. In the last two years, however, the number of projects from these investments dropped to the levels it was at in the early 2000s.

South Africa held $82 billion in foreign investments in Brics in 2016, while Brics countries only held $11 billion in foreign investments in South Africa.

Investments from South Africa into Brics countries surged since South Africa became a Brics member in 2010.

South African investment in Brics countries as a whole grew from a net negative position of $261 million in 2001 to a net positive position of $71 billion fifteen years later.

This could be attributed to, amongst others, “an increased foreign expansion by South African firms and a considerable relaxation of exchange controls by monetary authorities in 2011 that allowed South African companies to invest much larger sums abroad,” according to the Deloitte report.

 

Source: The Business Insider

The impact of the escalating global trade war is likely to shave 0.1% off South Africa's gross domestic product (GDP) baseline forecast in 2019 and 0.2% in 2020, according to Fitch Ratings' June 2018 "Global Economic Outlook" baseline forecast.

Fitch forecast that the escalation in the trade war is likely to reduce the world GDP by 0.4% in 2019 and by 0.3% in 2020.

"An escalation of global trade tensions that results in new tariffs on $2trn in global trade flows would reduce world growth by 0.4% in 2019, to 2.8% from 3.2%," the Fitch Ratings said in a statement on Wednesday.

The US, Canada and Mexico would be the most affected countries. Fitch expects China would be less severely impacted, with GDP growth around 0.3% below the baseline forecast. Fitch points out that China would only be affected directly by US protectionist measures, whereas the US would be imposing tariffs on a large proportion of its imports, while being hit simultaneously by retaliatory measures from four countries or trading blocs.

"The imposition of further tariff measures currently being considered by the US administration and commensurate retaliatory tariffs on US goods by the EU, China, Canada and Mexico would mark a significant escalation from tariff measures imposed to date," according to Fitch.

"The tariffs would initially feed through to higher import prices, raising firms' costs and reducing real wages. Business confidence and equity prices would also be dampened, further weighing on business investment and reducing consumption through a wealth effect."

Export competitiveness in the countries subject to tariffs would decline, resulting in lower export volumes. The negative growth effects would be magnified by trade multipliers and feed through to other trading partners not directly targeted by the tariffs. Import substitution would offset some of the growth shock in the countries imposing import tariffs.

Fitch forecasts that most countries not directly involved in the trade war would see their GDP falling below baseline, though generally at a much lower scale.

Net commodity exporters would be more severely hit, as slower world growth would push oil and hard commodity prices down. On the other hand, for some net commodity importers, the benefits from lower hard commodity prices would more than offset the impact of lower world growth.

 

Source: News25

China would invest 14.7 billion dollars in South Africa President Cyril Ramaphosa said on Tuesday after talks between the two countries, news that sent the rand one percent firmer.
 
Speaking at the same event, Chinese President Xi Jinping said the world’s second-biggest economy would take active measures to expand imports from South Africa to support development in Africa’s most industrialised economy.
 
Xi arrived South Africa on Monday night for a State visit ahead of the much anticipated 10th BRICS Summit in Sandton.
 
This is Xi’s third visit to South Africa, having visited the country for the 2013 BRICS Summit, and the 2015 Forum on China-Africa Co-operation. Xi made State visits to Senegal and Rwanda before arriving in South Africa.
 
The two presidents engaged in bilateral talks and evaluated progress achieved by the two countries on the Strategic Programme with specific reference to the six priority areas identified in 2015.
 
Those areas include the Alignment of industries to accelerate South Africa’s industrialisation process; Enhancement of co-operation in Special Economic Zones; Enhancement of marine co-operation; Infrastructure development; Human resources co-operation; as well as Financial co-operation.
 
China has been South Africa’s largest trading partner for nine years in a row, and South Africa is China’s largest trading partner in Africa.
 
Two-way trade has reached a historic 39billion dollars, 20 times the volume of that at the onset of official diplomatic relations. Direct Chinese investment in the South African economy has also grown eight fold, reaching 10 billion dollars.
 
While there is a trade imbalance between China and South Africa, both countries have implemented mechanisms to address these discrepancies.
 
 
Source: PMnewsNigeria
Eskom suffered a net loss of R2.3bn in 2018, compared with a R0.9bn profit the previous year, the state-owned power producer revealed at its financial results presentation on Monday.
 
CEO Phakamani Hadebe said the poor results were compounded by allegations of corruption and mismanagement, challenges of governance and negative investor sentiment.
 
The power utility said its net cash from operations declined from R45.8bn to R37.6bn, as it struggled with leadership and operational challenges.
 
Eskom Chair Jabu Mabuza also said there had been R19.6bn in irregular expenditure since 2012, with much of the irregular expenditure being reported in 2018. 
 
"This was a result of us shaking the cupboard so hard that so many skeletons came tumbling down," he said.
 
"The verification and cleaning up exercise resulted in a significant increase in the number of reported irregular expenditure in 2018 (from R3bn to R19.6bn), with many of the items reported arising in prior years. Where information was not readily available, alternative methods were used where practical to identify irregular expenditure," the utility said.
 
The power utility admitted that its "transition towards financial and operational sustainability required resolute, tough and decisive leadership".
 
Its liquidity remained a going concern, with a massive R4.2bn owed to it by municipalities. 
 
"Eskom continues to face significant financial and liquidity challenges in the short term, mainly due to the high debt burden, low sales growth and increased finance costs".
 
Eskom debt has increased from R387bn to R600bn withing four years, but steps have been taken by the board to boost investor confidence, Hadebe said.
 
"We have raised 22% to date of [the] R72bn borrowing requirement for 2018/19, and have a firm commitment to increase funding to 62% of the 2018/19 borrowing requirement." He said growing investor appetite for Eskom bonds was a concern.
 
In March, Moody's downgraded Eskom's credit ratings from B2 from B1, citing an absence of concrete plans to place its business on a sound financial footing. B2 is the fifth rung of sub-investment grade debt.
 
The current wage demands by unions are also adding to the firm's financial woes, with labour unions currently discussing Eskom's latest options of 7% and 7.5% increases, which were tabled after a round of bruising negotiations.
 
The firm initially offered no increases, citing its difficult financial position. Eskom and the unions were drawn to the negotiation table by Public Enterprises Minister Pravin Gordhan in a bid to avert a crippling strike by workers.
 
In June, the National Energy Regulator (Nersa) has approved R32.69bn for Eskom's multi-year price determination Regulatory Clearing Account (RCA) applications – funds Eskom must recover due to an electricity shortfall or an escalation in operating costs.
 
 
Source: News24
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