FRIDAY, 11.00AM
The free-spending Independent Broadcasting Authority has a R3,8-million deficit on last year’s budget and is set to spend R9-million in excess of this year’s budget, according to a report by auditors Deloitte & Touche.
Earlier this year, IBA CEO Harris Gxaweni was suspended for failing to institute financial controls, and five of the seven councillors resigned for their part in unauthorised expenditure. Acting CEO Bronwyn Keene-Young said stringent austerity measures have been put in place, but this will not be enough. “After paying for salaries and some fixed overheads, we will have no money to fulfill our core regulatory and licensing functions, such as licensing community radio and perhaps the licensing of private television,” she said.
The IBA’s budgetary allocation for this year is cyurrently R33-million, unchanged from last year as the body did not submit a budget to government.
BUSINESS BRIEFS
TELKOM’S CEO DEADLINE PARASTATAL telecoms corporation Telkom has set a target of September this year to find a new CEO, following the sudden departure of former CEO and MD Brian Clarke in May, immediately after the partial privatisation of the utility.
‘EASE TAX BURDEN THE Reserve Bank, in its latest Quarterly Bulletin, called on government to reduce the tax burden on South Africans and reduce total expenditure to ensure financial stability. The Bank also praised Finance Minister Trevor Manuel for bringing down the budget deficit, but took a swipe at government and labour, saying planned changes to the basic conditions of employment will be bad for jobs.
See the latest Reserve Bank Quarterly Bulletin
FISHING INDUSTRY CHANGES GOVERNMENT on Thursday proposed a restructuring of the marine fishing industry, including scrapping the controversial Quota Board and awarding commercial quotas to previously disadvantaged fisherfolk. Tabling the new Marine Fisheries White Paper, Environmant Minister Pallo Jordan issued a veiled threat to the commercial fishing sector to embrace black empowerment, saying the big fishing corporations will have to meet “reasonable empowerment criteria” to qualify for a new quota bidding process.