Latest news with #6
IOL News
3 days ago
- Business
- IOL News
Mayor defends water tariff increase while providing free water to vulnerable families
Left: Ilembe District Municipal Manager Sazi Mbhele, Mayor Thobani Shandu, and Director of Technical Services Ncingisa Mbole at the media briefing on Wednesday to clarify budget decisions. Image: Supplied As part of a response to the Democratic Alliance's demands for the 0% water tariff increase, the water-stricken Ilembe District Municipality has decided to supply 10,000 litres to poor households every month. In a R1.6 billion budget tabled by the district mayor, Thobani Shandu, on Tuesday, the municipality approved a revised 13% increase from 13.5%, which was initially proposed, dismissing the DA's demand as highly unreasonable. The mayor said it was not feasible not to increase the water tariff while Umngeni-Uthukela Water, which sells water to municipalities, has raised tariffs by 13%. Shandu said the municipality believes that more than 30% of the approximately 700,000 people living in the district will receive free water under the 10,000 litres cushion. The mayor said there would be a drive to encourage the poor households to register under indigent programmes so that their financial status would be assessed and be placed under the programme. 'It was impossible for us not to increase water tariffs while the water utility where we buy water from has increased. We were reasonable enough to at least increase our tariffs by the same amount. 'The DA must understand that we are a rural municipality with no less revenue collection, so we are like cities like eThekwini, which collect more residential and business rates, and those cities can easily reduce water tariffs and take money from other sources to cover water costs,' said Shandu. Out of this budget, the municipality set aside R357 million for capital projects, leaving the rest for operational costs. The municipality has a surplus of R14,6 million. Shandu said he believes the budget reflects a strong commitment to pro-poor service delivery, infrastructure development, and financial sustainability. Clarifying the qualifying criteria for free water, Shandu said all homes with a value of less than R130,000 of families with a combined monthly income of less than R50,000 will qualify for the free water programme. He added that the charges will also be capped at homes worth R5 million, meaning that even those families living in homes worth more than R5 million will not pay more than 13%. The district covers the three rural local municipalities of Ndwedwe, Mandeni, and Maphumulo as well as the semi-urban Greater KwaDukuza Municipality. In its response, the DA rejected the mayor's explanation, saying the party would force the municipality to reverse the increase through other mechanisms, including legal action. The DA's district constituency head, Sakhile Mngadi, who led the water march earlier, said the municipality's problem was irregular expenditure, which was picked up in the Auditor-General's report. Mngadi said that 15% of the budget went to fruitless and wasteful expenditure, and the municipality shifts its poor financial management to the poor people by burdening them with avoidable tariff increases. [email protected]
Mint
4 days ago
- Business
- Mint
NMDC share price falls 3% after Q4 results. Should you buy, sell, or hold?
NMDC share price in focus: Continuing their bearish trend for the second consecutive trading session, shares of NMDC, India's largest iron ore producer, fell another 3% in intraday trade on Wednesday, May 28, to ₹ 70.65 apiece, as investor sentiment turned negative following the release of the company's March quarter results. The company, post market hours on Tuesday, reported a 5% rise in consolidated net profit to ₹ 1,483 crore for the March quarter, driven by higher iron ore and pellet sales revenue. In the same period of the previous fiscal year, the company had posted a net profit of ₹ 1,415 crore. NMDC's total income rose by around 9 per cent to ₹ 7,497.17 crore in the last quarter of FY25 from ₹ 6,908.37 crore in Q4 FY24. Iron ore sales were 6,350.49 crore while pellet along with other minerals contributed ₹ 662.07 crore. For the full FY25 fiscal, the net profit increased by over 17 per cent to ₹ 6,538.82 crore from ₹ 5,571.25 crore in FY24. Total income rose to ₹ 25,498.84 crore from ₹ 22,678.73 crore in the corresponding fiscal. NMDC's iron ore prices averaged at ₹ 4,206, lower than the average of ₹ 4,299 a year earlier, according to data from JM Financial Institutional Securities. The company had announced a price cut in January, according to commodities consultancy BigMint. JSW Steel, which primarily procures iron ore from NMDC, said earlier this month that a further drop in iron ore prices is expected in the first quarter of the ongoing fiscal year. Revenue from its iron ore vertical fell nearly 2% during the quarter. The Board of Directors of the Company has proposed a final dividend of ₹ 1 per share subject to approval of shareholders. In addition, the first interim dividend of Rs. 2.30 per equity share for FY 2024-25 has been paid. Commenting on the financial performance Amitava Mukherjee, Chairman and Managing Director, NMDC, stated, 'Our focus has always been on consistent, year-on-year progress to reach the final milestone of 100 MTPA in the next five years. What matters is that we stay on track and keep building on our momentum. The initiatives we've undertaken in recent years are now translating into tangible results, and that gives us confidence in the direction we're headed.' In the ongoing quarter, the focus remains on innovation, sustainability, and value creation to remain on track to achieve long-term targets, he said. As per the company, its quarterly iron ore production was at 13.31 million tonne (MT) and sales at 12.67 MT. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Mint
4 days ago
- Business
- Mint
NMDC Q4 Results: Net profit rises 5% to ₹1,483 crore, revenue up 8% YoY; Dividend declared
State-owned miner NMDC on Tuesday reported a fall in fourth-quarter profit, hurt by lower product prices. The iron ore miner's quarterly profit before exceptional items and tax came in at ₹ 1,483 crore, down 4.8 per cent from a year ago. Its profit including tax rose 2% for the January-March quarter due to lower tax expenses. State-run NMDC on Tuesday reported a 5 per cent growth in consolidated net profit to ₹ 1,483.18 crore in the March quarter, driven by higher iron ore and pellets sales revenue. It had posted a net profit of ₹ 1,415.62 crore in the fourth quarter of 2023-24, the company said in an exchange filing. NMDC's total income rose by around 9 per cent to ₹ 7,497.17 crore in the last quarter of FY25 from ₹ 6,908.37 crore in Q4 FY24. Iron ore sales were 6,350.49 crore while pellet along with other minerals contributed ₹ 662.07 crore. For the full FY25 fiscal, the net profit increased by over 17 per cent to ₹ 6,538.82 crore from ₹ 5,571.25 crore in FY24. Total income rose to ₹ 25,498.84 crore from ₹ 22,678.73 crore in the corresponding fiscal. The Board of Directors of the Company has proposed a final dividend of ₹ 1 per share subject to approval of shareholders. In addition, the first interim dividend of Rs. 2.30 per equity share for FY 2024-25 has been paid. Amitava Mukherjee, Chairman and Managing Director, NMDC, stated, "Our focus has always been on consistent, year-on-year progress to reach the final milestone of 100 MTPA in the next five years. What matters is that we stay on track and keep building on our momentum. The initiatives we've undertaken in recent years are now translating into tangible results, and that gives us confidence in the direction we're headed." In the ongoing quarter, the focus remains on innovation, sustainability, and value creation to remain on track to achieve long-term targets, he said. As per the company, its quarterly iron ore production was at 13.31 million tonne (MT) and sales at 12.67 MT. NMDC's iron ore prices averaged at 4,206 rupees, lower than the average of 4,299 rupees a year earlier, according to data from JM Financial Institutional Securities. The company had announced a price cut in January, according to commodities consultancy BigMint. JSW Steel, which primarily procures iron ore from NMDC, said earlier this month that a further drop in iron ore prices is expected in the first quarter of the ongoing fiscal year.
IOL News
4 days ago
- Business
- IOL News
Is eThekwini Municipality's R3. 6 million fan park expenditure justified?
Over 10,000 people gathered at the Durban beachfront fan park to watch the Nedbank Cup final on Saturday. eThekwini Municipality's R3.6 million fan parks draw criticism from ActionSA. The eThekwini Municipality splurged big on the Nedbank Cup Final on May 10 with two free fan parks which cost R3,6 million. Albert Park and the Durban beachfront were chosen as sites, and the municipality said these were chosen due to their proximity to the Moses Mabhida Stadium where the sold-out football match took place. According to the municipality, the procurement process for the company that provided the service involved the Section 36 process. Section 36 deviates from regular procurement techniques by allowing the city to acquire goods or services in an emergency or when competitive procurement rules are unrealistic or impossible to follow. The approach allows it to pick a company without pursuing more bidders.
Local France
20-05-2025
- Automotive
- Local France
Angry French taxi drivers battle police over fare changes
More go-slow protests and blockades by taxi drivers were expected across on Tuesday, with at least 6,000 demonstrators expected at the Boulevard Raspail in Paris, as taxi drivers push back against moves to cut their fares for medical transports, RMC reported. Advertisement On Monday, at least 1,000 taxis blocked roads in the capital and police said 64 people were arrested. Police fire tear gas at about 250 drivers on foot who tried to break through a security cordon. READ ALSO What to expect from taxi driver strikes for the rest of the week Another group tried to break away and head to the prime minister's offices, but were also stopped. The protest saw cars clogging a boulevard running from the capital's Saint-German area and adjacent streets. Taxis in other French cities also held go-slow protests, including in Pau, Montpellier and Amiens. A placard reading "cabs are on their last legs but Bayrou doesn't give a damn" is seen as taxi drivers protests in Pau, south-western France on May 19, 2025. (Photo by Gaizka IROZ / AFP) Drivers have complained that lower fares for transporting people to medical appointments would cut their revenues by more than a quarter. Unions representing taxi drivers had already announced the protests would be 'rolling', meaning they could continue for days. As for what to expect on Tuesday - protests were planned in Toulon and Marseille, as well as other French cities. Advertisement According to Vinci Autoroutes, taxis had been blocking the A50 since around 6am on Tuesday morning, with the Toulon tunnel closed in both directions. As such, motorists have been advised to expect heavy traffic and avoid the area if possible, Ouest France reported. In Pau, taxi drivers were expected to protest near the train station on Tuesday, according to local media reports. Most taxi protests have involved blockades or go-slow campaigns, but in Bordeaux on Monday taxis did not provide medical transport to hospitals (except for dialysis patients). It was unclear if this was set to continue on Tuesday. Why are taxi drivers angry? Taxi unions are locked in a bitter dispute with the French government over changes to the fare structure for medical transport - in which the health service funds taxi rides to hospitals or medical appointments for some patients. READ ALSO Who qualifies for free transport to medical appointments Protesters argue with police officers in Pau, south-western France on May 19, 2025. (Photo by Gaizka IROZ / AFP) Taxi drivers are also unhappy at what they see as the laxer rules and regulations for VTC operators such as Uber. The French government, under pressure to rein in soaring health costs, ordered the reform last week that will come into force from October. Last year, the subsidised fare system for taxis carrying patients cost France €3 billion.
