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Global banking downgrades ease in Q1: Fitch

Global banking downgrades ease in Q1: Fitch

Canadian banks to focus on growth, spending and buybacks after strong second quarter Developed European were responsible for most of the negative rating action, based on actions taken on seven eurozone countries: Belgium, Cyprus, Ireland, Italy, Slovenia, Spain and Greece, which resulted in negative actions being taken on bank ratings in these regions too. While the number of negative actions slowed dramatically, there were very few upgrades in in the first quarter (only eight). “Over 75% of ratings assigned by Fitch to banks globally are on stable outlook. This has held true over the past four quarters,” reports Janine Dow, senior director in Fitch’s Financial Institutions team. “However, this should be considered in the context that the rating stock has shifted downwards and the average rating is lower than it was a year ago.” Related news Fed plays limited role in assessing climate risks for banks The number of global bank rating downgrades was almost cut in half in the first quarter of 2012, Fitch Ratings reports. In a new report, the rating agency says that there were 57 rating downgrades for global banks in the first quarter, down from 103 in the previous quarter. The negative rating actions that did take place were concentrated in Europe, which accounted for 77% of all negative rating actions. James Langton TD getting new head of private wealth, financial planning Keywords Banking industry Share this article and your comments with peers on social media Facebook LinkedIn Twitter read more

Eskom retrenchments not an option to reduce operational expenditure

Eskom retrenchments not an option to reduce operational expenditure

first_img RELATED ARTICLESMORE FROM AUTHOR BRICS Generation Finance and Policy Low carbon, solar future could increase jobs in the future – SAPVIA AFD and Eskom commit to a competitive electricity sector Featured image: Stock South Africa’s state-owned power utility Eskom is weighting up its options to reduce its staff complement by 4.2% to 31,675 employees for 2018/19.However, according Khulu Phasiwe, the company’s spokesperson, the option of Eskom retrenchments are not on the table.“That is not on the cards at all,” Phasiwe stated, explaining that Eskom’s priority was to improve its operational performance and reduce primary energy costs.He was responding to reports that Eskom chairperson Jabu Mabuza said the utility would appoint a permanent chief executive by the end of next month to begin the process of reforming the ailing utility, which might include reducing job numbers.Subsequently, the National Union of Mineworkers’ Energy Sector Co-ordinator Paris Mashego responded that the union expected to be fully consulted before any decisions were taken about any retrenchments.“Eskom’s problem is poor leadership and financial mismanagement. They must fix that first before rushing to cut jobs,” said Mashego.#eskom is in a bind. It needs hundreds of Billions of Rands in capital expenditure, but because of the nature of their business, they need workers. It’s not a service company. So, remains to be see if they’ll retrench, if they do, it’ll be for short-term gains but long-term pain. https://t.co/4PQE8EwZy9— Armandt van Helden (@ibadaan) January 20, 2018Eskom retrenchments not an optionAccording to Nersa, the average cost per Eskom employee was R643,000 for 2016/17, R675,000 for 2017/18 and R708,000 for 2018/19. “There is an increase of 5% based on the average cost per employee, which is an inflation increase,” the regulatory body said.“The reduction in the employee headcount is not due to restructuring by Eskom, but through natural attrition and employees leaving for various reasons, such as voluntary retirement,” explained Nersa.In 2007, the regulator said the power utility was able to produce 239,109GWh with 32,954 employees, which resulted in 7.26GWh per employee. In its latest application to the regulator, Eskom applied to produce 216,771GWh with 39,186 employees, which translated to 5.3GWh per employee.“This means that Eskom is producing less GWh with more employees and higher employee costs. The excess employees based on this analysis amount to 6,232,” Nersa said. It said the cost of excess employees amounted to approximately R3.8 billion.On the other hand, OUTA believes that Eskom’s high costs of operation over the past decade are due largely to its “capture and political meddling by people connected to the Guptas and the previous state president”.However, the non-profit organisation is more concerned about Nersa’s lack of action “as the regulator in challenging the gross developments of rising primary energy costs, runaway capital expenditure projects, staff headcount and other operational inefficiencies”. UNDP China, CCIEE launch report to facilitate low-carbon development Previous articleMozambique: large-scale solar plant reaches financial closeNext articleS.Africa: Energy Minister to announce REIPPPP roadmap Nicolette Pombo-van ZylAs the Editor of ESI Africa, my passion is on sustainability and placing African countries on the international stage. I take a keen interest in the trends shaping the power & water utility market along with the projects and local innovations making headline news. Watch my short weekly video on our YouTube channel ESIAfricaTV and speak with me on what has your attention.last_img read more