Latest news with #R344
IOL News
12-05-2025
- Business
- IOL News
Potential new jobs are at risk in the solar industry
In the past year, R6.3 billion-worth of solar panels were imported. Image: Armand Hough/Independent Newspapers The threat of additional import taxes on renewable energy products brought into South Africa is putting potential new jobs at risk, said Donald MacKay, founder and chief executive of XA Global Trade Advisors. Speaking during a webinar on Friday morning, MacKay warned that tariffs proposed by the International Trade Administration Commission of South Africa (ITAC) could put 53 solar panel traders at risk. In the past year, R6.3 billion-worth of solar panels were imported, said MacKay. He explained that R344 million was saved through tariff rebates on the value of these panels. ITAC, MacKay said, recently published a gazette in which 'they said they are looking at the renewable energy value chain with a view to potentially adding some more protection in that value chain'. In terms of the Renewable Energy Master Plan, government wants to have local content for solar panels increased to 50% from 45%, with local content provision on storage such as batteries increasing from 20% to 60%," MacKay explained. The Master Plan stated that localising the manufacturing of key components such as solar panels, inverters, wind turbine towers, cables, and batteries could result in more than 25 000 new direct jobs being created by 2030 and it would add billions to gross domestic product. 'If you decide you're going to increase the local content for a particular product, the cost of that product typically rises,' said MacKay. MacKay said the question is whether protecting the local manufacturing industry through additional tariffs will result in the creation of more jobs than what may well be lost. With additional tariffs in place, the cost to assemble will go up, which will disincentivise the sector. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Through adding tariffs, 'you are creating a very small number of jobs for a very high cost per job,' MacKay told IOL. IOL
IOL News
22-04-2025
- Business
- IOL News
Impersonation scams on the rise in South Africa: how to protect yourself
Imposter or impersonation scams are on the rise in South Africa. Recent reports highlight a significant increase in sophisticated fraud schemes involving criminals posing as legitimate authorities, service providers, or individuals to deceive victims and extract money or personal information. Examples include impersonating the South African Revenue Service (Sars), police officers, government departments, or banks. These scams often involve threats, urgent payment requests, or the promise of large sums of money. According to reports, digital banking fraud has seen a particularly alarming increase, with a 45% surge in incidents and a 47% rise in related financial losses during the past year. T he Southern African Fraud Prevention Service (SAFPS) reports a 32% increase in reported fraud incidents overall in 2024, with banking fraud making up 45% of these incidents. Laykin Abrahams, claims specialist at iTOO Special Risks, notes that this trend is underscored by the influx of claims the insurer has seen in recent months, particularly on the personal lines side. In the past two months, iTOO has received three claims totalling R589 000 from clients who were victims of impersonation fraud. 'In one case, scammers posed as police officers or members of law enforcement and called the insured, claiming there was a warrant for their arrest and required bail money to be sent via electronic funds transfer (EFT). That claim amount was for R183 000,' she says. 'In another case, the insured joined a WhatsApp group, thinking it was from one of the major banks and invested money. That claim amount was R344,000R344, a second case involving the same bank, scammers called the insured, claiming there was suspicious activity on their account. They instructed the insured to transfer funds from their legitimate account to a new account supposedly set up by the bank to secure it from the perpetrators. That claim amount was R62,000.' Abrahams explains that verification goes a long way in preventing these scams and warns that people should always be on the lookout for potential criminal activity, especially when contacted to transfer money or provide personal information. 'Transferring funds into an account as prompted by someone online is never wise. If you receive a call about suspicious activity on your account, it's always best to visit the bank in person to verify the information,' she says. 'While it may seem old-fashioned, it's safer than taking risks online. We've seen an increase in investment scams on platforms like WhatsApp, where people join groups thinking they are legitimate and end up losing money. Verification goes a long way in preventing these scams.' Sadiyah Mather, claims specialist at iTOO, cautions that people should always do their own investigative work and not be bullied or forced into taking action based on information provided by scammers. 'Always verify the details, do the checks, and seek advice from someone you trust who can assist in such situations. Banks will never ask for PINs over the phone, and any authentication usually involves prompts through your banking app, requiring biometrics for approval,' she says.
