Cape Town Finance – Bungeni http://bungeni.org/ Thu, 30 Jun 2022 17:24:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bungeni.org/wp-content/uploads/2021/05/bungeni-icon-150x150.png Cape Town Finance – Bungeni http://bungeni.org/ 32 32 South African company launches world’s first crypto-water… https://bungeni.org/2022/06/30/south-african-company-launches-worlds-first-crypto-water/ Thu, 30 Jun 2022 17:24:29 +0000 https://bungeni.org/2022/06/30/south-african-company-launches-worlds-first-crypto-water/

As the people of Gqeberha know all too well, water is a scarce and increasingly scarce resource. They are not alone. Globally, more than two billion people – almost 30% of the world’s population – live in conditions of water scarcity and this number is expected to rise to 50% of the population by 2030.

The problem is compounded by the lack of funding for water infrastructure.

The global financing gap for water infrastructure could exceed $18 trillion by the end of 2030, as highlighted in a 2016-2018 OECD report. This presents a major risk to business and society.

Financing of hydraulic infrastructures

Now, a South African company with an established pedigree in providing global water solutions has developed a financing model for water infrastructure.

A key part of this model is a cryptographic token, called H2ON Token (Water Network)which will be listed on Bitmart, a global cryptocurrency exchange on Monday.

It will be available in secondary markets by Thursday, meaning that for the first time ordinary people will be able to invest in water infrastructure.

The token has been available on decentralized cryptocurrency exchanges for a few months.

“Our initial decentralized listing provided us with evidence of great interest in the concept of a H2O Securities digital token. With an initial listing price of approximately $0.75 and a trading volume of $100,000, it jumped to $5 in just a few hours and topped $11 less than 24 hours later,” says Julius Steyn, CEO and Founder of H2O Holdings.

Steyn was the former CEO of Grahamtek Holdings, the Cape Town company that won a R5 billion tender to design, build and operate a desalination plant in Saudi Arabia in 2018.

The company also helped the Saudi government develop a financial model for the water sector, which the government was in the process of privatizing at the time. This model was later accepted by global financial markets.

H2ON token

The token, H2ON has already attracted investment, with $150 million coming from GEM Digital Limited, a Bahamas-based digital asset investment firm that invests in utility tokens listed on more than 30 centralized and decentralized exchanges across the country. world.

The token is only a means to an end – in this case, raising capital to fund global water projects.

Once in service, the sale of water reimburses the initial financing costs of the project. Water is priced at a fair rate determined by the World Bank. For their trouble, investors can expect a return on investment of around 20% per year.

“The only way to reduce water scarcity in the world is to increase water production and reduce the cost of water,” says Steyn.

“After our experiences in Saudi Arabia, we were looking for a way to exploit our intellectual property and industrialize it.”

Despite the current “crypto winter”, modern financial tools have a role to play.

Market efficiency

“There is a big crypto world out there, and most of it is the Wild West. But if you can use this new technology as a means to an end, not an end in itself, then you can achieve incredible efficiencies in the marketplace,” he says.

The result is H2O Water Securities, a company that combines finance, infrastructure and expertise in the deployment and operation of water plants on a global scale. Not all expertise resides within the company.

Steyn said that the H2ON token mainly focuses on financing water projects internationally and not so much on the technical engineering and construction of such projects.

By way of example, he likens the company to SA Homeloans. “They don’t build houses…they finance houses. But they want to know that the the plans are solid, the builder is qualified and your home is insured.

But where SA Homeloans is limited by its traditional methodology, the sky is the limit for the H2O Water Network, created by H2O Securities.

It is actually a blockchain-powered technology platform that allows projects to be reviewed by international experts and engineers from all over the world.

By relying on this network, the approval chain is simplified; funding becomes easier and risk is reduced as the blockchain diversifies exposure across multiple projects in a given portfolio.

There are currently many water projects around the world that are ready for development, but lack the funding to complete, Steyn says. Alternatively, the need may exist, but the local government may not have the capacity or skills to put a project and funding together.

This solution aims to close these loops.

The company inaugurated its first project and will carry out another one this year. “We want to prove the concept to our investors.”

Unfortunately, for the people of Gqeberha, the ground that has been broken is far from them – not for lack of trying, says Steyn. BM/DM

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Quantitative Business Analyst (JHB) at Datafin Recruitment https://bungeni.org/2022/06/28/quantitative-business-analyst-jhb-at-datafin-recruitment/ Tue, 28 Jun 2022 18:46:41 +0000 https://bungeni.org/2022/06/28/quantitative-business-analyst-jhb-at-datafin-recruitment/

ENVIRONMENT:

DESIGN, specify, build, configure and test solutions to ensure the provision of the necessary capability to businesses that enable quality solutions and a customer-centric focus as the next Quantitative Business Analyst sought by a reputable financial services group. This will include pricing and risk management solutions and their associated IT processes, as well as maintenance, testing and production support for the suite of front office applications within Markets. The ideal candidate should possess an appropriate degree, postgraduate degree in mathematical finance or other quantitative discipline with at least 1 year of relevant quantitative, risk and business analysis experience. You will need experience in designing and implementing embedded solutions (i.e. a good understanding of systems integration), experience in designing, testing and configuring quantitative systems in capital markets (market risk, credit risk, XVA, etc.), a working knowledge of SQL and the ability to analyze data. Knowledge of financial markets is a MUST.

FUNCTIONS:

  • Build and/or critically analyze financial models (e.g. product pricing, curve stripping, scenario analysis).
  • Design, analysis, testing and troubleshooting of processes in the area of ​​pricing/risk analysis.
  • Analysis of capacity/adequacy of systems in the area of ​​pricing/risk analysis.
  • Data analysis – analyze data and situation, identify and solve problems, reason logically and draw valid conclusions.
  • Software analysis – analyze, design and implement purchased or in-house applications.
  • Test and validate the logic and processes implemented.
  • Share ownership of recurring production incidents by working with multiple stakeholders to resolve system issues.
  • Weekly rotation of production support with the rest of the team.
  • Engage with the macro environment to seek out new opportunities, capabilities and trends that would add value to the analytical work required.
  • Suggest changes in the execution of work processes to better generate value and benefits for the company.
  • Prepare and share recommendations for the improvement of processes and systems in the relevant area of ​​responsibility.
  • Actively participate in team collaboration, cross-disciplinary and vendor-focused sessions or forums to increase understanding of the work environment (current and planned).
  • Engage with key stakeholders to gather information on changes and developments in their area of ​​business that would impact demand for assigned BT technologies.
  • Review demand items in partnership with the business to better understand system, process and environmental impacts of relevant BT systems.
  • Collaborate with process owners to create appropriate roadmaps for business development and in anticipation of system and process improvements.
  • Test and identify service gaps if different technologies were applied to the same process or if business process changes would not be supported by existing technology capabilities.
  • Analyze business requests to clearly understand business requirements and translate them into clear technical terms and specifications to best solve business problems.
  • Consolidate all knowledge articles and user training materials.
  • Develop and share the final service package for relevant stakeholders.
  • Coordinate service provider integration activities.
  • Monitor the benefits against what was detailed in the business case.
  • Monitor specific metrics and mechanisms to measure benefits.

TERMS:

Skills –

  • Relevant degree.
  • Graduate degree in mathematical finance or other quantitative discipline.

Experience/Skills –

  • Minimum of 3 to 5 years of relevant experience in quantitative, risk and business analysis.
  • Knowledge of financial markets is a MUST.
  • Experience in designing and implementing integrated solutions (i.e. good understanding of systems integration).
  • Experience in designing, testing and configuring quantitative systems in capital markets (market risk, credit risk, XVA, etc.).
  • Working knowledge of SQL and ability to analyze data.
  • Business process modeling and design capabilities.
  • Ability to work with data: understanding of data patterns and ability to validate data flows between and within systems.

Desired / Beneficial –

  • FRM, PRM, ACI Dealing Certificate, CFA or related risk or quantitative international certification would be beneficial.
  • Quantum Grad.
  • Market related experience.
  • Relevant experience in investment banking.
  • Experience working with relevant systems (technical background will be beneficial).
  • Knowledge of multiple asset classes and the business life cycle.

ATTRIBUTES:

  • Attention to detail, but also the ability to see the big picture and understand the wider impact.
  • Good communication skills and ability to work with difficult people.
  • Self-starter.
  • Problem solving and analytical skills.
  • Communication and planning skills.
  • Assertiveness and perseverance are necessary to be effective in the front office environment.
  • Strong awareness and interest in financial markets.

Although we would really like to respond to every application, if you are not contacted for this position within 10 working days, please consider your application unsuccessful.

COMMENTS:

When applying for a job, make sure you meet the minimum job requirements. OnlySouth African citizens will be considered for this role. If you are not at the stated location of any of the jobs, please note your relocation plans in all job applications and correspondence. Please email a word copy of your CV to [Email Address Removed] and mention the reference numbers of the works. We have a job listing on [URL Removed] Datafin IT Recruitment – Jobs in Cape Town.

Desired skills:

  • Quantitative
  • Company
  • Analyst

Find out more/Apply to this position

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A visual gauge of the deplorable state of South Africa… https://bungeni.org/2022/06/26/a-visual-gauge-of-the-deplorable-state-of-south-africa/ Sun, 26 Jun 2022 16:09:54 +0000 https://bungeni.org/2022/06/26/a-visual-gauge-of-the-deplorable-state-of-south-africa/

“If we get each of the players in this ecosystem to operate in a way that is consistent with their duties set out in the Constitution, specified in the Municipal Financial Management Act (MFMA) and detailed in the Municipal Systems Act – if we can get all the actors involved to take responsibility, maybe we can start to set a different tone in government and indeed we can start to strengthen municipalities as public institutions,” the Auditor General said. (LW) Tsakani Maluleke on Wednesday, June 22.

She was speaking to reporters at a discussion hosted by the South African National Publishers Forum on the recent municipal audit report, which was released last week.

The office of the AG published the Results of municipal audits 2020/2021 – who found only 41 municipalities in the country had received favorable audits — Wednesday, June 15, 2022. Its conclusions were based on the financial statements of 230 municipalities and 18 municipal entities.

MFMA GR 2020-21 General Rep… by janet

In 2019/2020, only 32 out of 257 municipalities in South Africa had clean audits. In the last 2020/2021 reporting period, the number of municipal entities to receive clean audits increased to 41 out of 257, or 16%.

“Of the 41 clean audits, most of them are district municipalities and most of them are located in one province, namely the Western Cape. The other provinces are not making significant progress in the transition to cleaner audits,” Maluleke said Wednesday.

The 41 municipal entities that received their own audits are:

  • Gauteng (2): Ekurhuleni City Metro, Midvaal.
  • Limpopo (1): Waterberg district.
  • Mpumalanga (4): Ehlanzeni District, Gert Sibande District, Nkangala District, Steve Tshwete.
  • North Cape (5): Frances Baard District, John Taolo Gaetsewe District, Namakwa District, ZF Mgcawu District, Hantam.
  • KwaZulu Natal (3): District of King Cetshwayo, uMhlathuze, Okhahlamba.
  • Eastern Cape (4): District of Joe Gqabi, Elundini, Senqu, Municipality of Winnie Madikizela-Mandela.
  • Western Cape (22): Cape Winelands District, Central Karoo District, Garden Route District, Overberg District, West Coast District, Drakenstein, George, Stellenbosch, Bergriver, Breede Valley, Cape Agulhas, Cederberg, Hessequa, Langeberg, Matzikama, Mossel Bay, Overstrand, Saldanha Bay, Swartland , Theewaterskloof, Witzenberg, Swellendam.

Note: Municipalities and districts (which contain a number of municipalities) are audited separately, so the result of a municipality’s audit does not necessarily correspond to the district to which it belongs.

In the Free State and North West provinces, no municipalities received positive audit results.

“While a clean audit does not confirm that services were provided or that performance was at the desired level, a clean audit is an important confirmation that this institution has in place the key disciplines for sound financial management, good performance management and that it is well placed to fulfill its mandate and do so in a transparent manner,” explained Maluleke.

Commons to Disavowed Opinions

“10% of municipalities – or 25 out of 257 – received a disclaimer, which is the worst result”, according to the AG.

“Disclaimers are totally intolerable, and we’re concerned that too often disclaimers are seen as a technical audit issue. We have struggled this year to demonstrate that this is not the case,” she added.

A disclaimer is the worst audit opinion, with insufficient information, so the AG was unable to form an opinion on the credibility of the statements.

“Municipalities that have moved to ‘best audit results’, in that they have moved out of the disclaimer, point out that once there is a leadership decision for a different tone at the management level, getting out of a disclaimer is not that difficult… And indeed, a waiver of the audit opinion is confirmation of a lack of discipline, a lack of commitment to accountability, transparency and stewardship in terms of running these institutions,” Maluleke explained.

Audit results for South Africa’s eight metros

“While the Eastern Cape now has four municipalities that have received clean audits, they still have their two metros [Buffalo City and Nelson Mandela Bay] qualified,” the AG said.

In Gauteng, Ekurhuleni is the only metro to have received a clean audit.

The remaining subways; City of Cape Town in the Western Cape, eThekwini in KwaZulu-NatalMangaung in the Free State and the City of Johannesburg and the City of Tshwane in Gauteng received the audit results without reservation.

Municipalities in “great crisis”

daily maverick Suné Payne previously reported here that audit results for the year ending June 2021 showed little improvement in the degree of transparency, accountability or performance of local governments, with the AG warning that more than a quarter of the country’s municipalities are on the verge of financial collapse.

read in Daily Maverick: Our municipalities are in a state of disaster; we have one last chance to fix them

Speaking to the media on Wednesday, Maluleke said: “The financial health of municipalities has continued to deteriorate over the past year, with most municipalities reporting concerning statistics regarding their own financial health.

“The most affected provinces in terms of municipal financial health are the Free State, North West, Northern Cape, Gauteng as well as Mpumalanga. The main issue here is that alongside economic and fiscal pressures, the municipalities do not properly manage the little they might have,” she added.

A concern about municipal financial health, Maluleke explained, is that far too many municipalities don’t plan for the maintenance of the infrastructure they have, “so very few of them are spending the standard 8% on maintenance. of municipal infrastructure”.

This means that the infrastructure in place begins to deteriorate over time, which subsequently impacts the ability of municipalities to deliver services and generate revenue, according to Maluleke.

“The financial health, income statements, balance sheets and cash flows of municipalities are in very poor condition and this has a negative impact on the current services provided, but will also have a negative impact on future services if the situation does not is not corrected,” Maluleke said. DM

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President Kagame and Prime Minister Boris Johnson discuss UK-Rwanda partnerships – KT PRESS https://bungeni.org/2022/06/23/president-kagame-and-prime-minister-boris-johnson-discuss-uk-rwanda-partnerships-kt-press/ Thu, 23 Jun 2022 10:48:11 +0000 https://bungeni.org/2022/06/23/president-kagame-and-prime-minister-boris-johnson-discuss-uk-rwanda-partnerships-kt-press/
President Kagame and Prime Minister Johnson held talks on a number of issues.

President Paul Kagame and the British Prime Minister met Thursday morning at the village of Urugwiro where they held talks on a number of issues ahead of the official opening of the Commonwealth Heads of Government Meeting (CHOGM 2022).

Prime Minister Johnson and his wife Carrie Johnson arrived in Kigali on Thursday morning and were greeted by the Minister of State at the Ministry of Foreign Affairs for the East African Community, Professor Nshuti Manasseh and the British High Commissioner to Rwanda, Omar Daair. , before heading to the village of Urugwiro.

“President Kagame received the Rt. Hon @BorisJohnson, Prime Minister of the United Kingdom who is in Kigali for #CHOGM2022. The two leaders held talks on existing partnerships between Rwanda and the UK, including the recent partnership on migration and economic development.

Rwanda and the UK signed a partnership agreement in April that would see the two countries work together to relocate asylum seekers, in what has been billed as the first of its kind, a bold move that could help resolve the global immigration crisis.

The UK and Rwanda say they are still committed to the deal despite some legal challenges which led to the delay of the first flight which would bring the first group. Prime Minister Johnson and UK Home Secretary Priti Patel said the partnership would continue in the coming months.

While in Rwanda, Prime Minister Johnson will announce at CHOGM a series of new trade and investment initiatives to create jobs, growth and shared prosperity across the Commonwealth.

The Commonwealth brings together a third of the world’s population, including some of its fastest growing economies and cities. Investment is already 27% higher between Commonwealth countries and the costs of bilateral trade are on average one-fifth lower due to shared language, legal and economic systems – known as the “advantage”. of the Commonwealth”.

According to 10 Downing Street, the announcements aim to capitalize on this unique union, supporting economic development overseas while fostering new markets for British expertise and exports.

The Prime Minister will take this agenda forward when he meets innovative British companies such as Bboxx and Ampersand at the Commonwealth Business Forum in Kigali later today, as well as hosting meetings on the backed African Continental Free Trade Agreement by the UK and the future of sustainable aviation fuel. He will be joined by John Humphrey, Her Majesty’s new Trade Commissioner for Africa.

“It is an underestimated fact that our unique union of nations is buzzing with economic activity. Business and trade ties crisscross continents, greased by a shared language and legal systems,”

“The Commonwealth contains some of the world’s fastest growing economies and vibrant cities, from Chennai to Cape Town. The new initiatives we are launching today will position the UK to be at the forefront of seizing opportunities, driving shared growth and prosperity for the benefit of all of our people. I am more optimistic than ever that the people of Africa and every member of the Commonwealth can thrive and prosper through free enterprise. Prime Minister Johnson said in a statement.

The UK is also set to introduce new platinum partnerships to boost our trade with key Commonwealth countries, as well as five new virtual centers of expertise to provide in-depth advice and coaching on green growth, infrastructure, financial services, public finance and trade.

The Prime Minister will also confirm his intention to launch the ambitious Developing Countries Trading System (DCTS) in the coming weeks, replacing the Generalized System of Preferences we had under the EU to cut costs and simplify trade rules for 65 developing countries. The DCTS will reduce import duties on food, clothing and other items by over £750m a year, benefiting businesses in 18 Commonwealth countries and helping to lower prices for British consumers.

This builds on the UK’s financial and technical support for the African Continental Free Trade Area, which is expected to lift 30 million people out of extreme poverty and generate $450 billion for African countries, nine times more than they received in development aid in 2019.

Commonwealth GDP has grown by a quarter since 2017 and is expected to grow by nearly 50% to $19.5 trillion over the next five years, creating exciting new export markets for UK businesses. Later today, the Prime Minister is expected to showcase transformative new investments in clean and green technology at the Commonwealth Business Forum.

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Debt owed to Cape Town: R7.5 billion for fares and services https://bungeni.org/2022/06/21/debt-owed-to-cape-town-r7-5-billion-for-fares-and-services/ Tue, 21 Jun 2022 02:43:16 +0000 https://bungeni.org/2022/06/21/debt-owed-to-cape-town-r7-5-billion-for-fares-and-services/

Head office of Cape Town in the CBD of Cape Town.

PHOTO: Duncan Alfreds, News24

  • Cape Town residents and businesses owe the City of Cape Town R7.5 billion in fares and services.
  • Government entities owe the city R97 million.
  • HowEver, the city has a payment ratio of about 97%, which means most ratepayers are able to pay their bills.

Cape Town residents and businesses owe the City of Cape Town R7.5 billion in fares and services at the end of April.

Most of the debt due, but not yet due, relates to residential properties at R5.2 billion, followed by commercial properties at R1.8 billion and other debts at R450.2 million.

“There is an increase of R248.5 million in our total debt for April 2022 compared to March 2022, due to an increase in debt in the 60 day, 90 day, 150 day and over 150 day categories. , as well as increased billing,” said Siseko Mbandezi, a member of the municipal finance committee.

“While there is an increase in debts, it is not a significant increase for April 2022. One has to look at these debts over a two month period as the debt management measures taken/instituted in April 2022 will show the increase in payments during the following month (May/June).”

The government also struggled to settle accounts. The total amount outstanding for government entities, as of April 30, was R97 million.

The City specifies in its financial follow-up report:

The government accounts reflect an overall credit of R31.2 million due to a further reduction in the credit of the Ministries of Transport and Public Works and an increase in the debt of the Ministries of Education, Health , human settlements and cultural affairs and sports.

He said relevant departments were engaged to settle overdue accounts and monthly meetings had been scheduled with relevant departments and the provincial treasury.

Mbandezi said the city had an excellent payment ratio of around 97%, indicating that most taxpayers were able to pay their bills.

READ | Cape Town cancels debts worth R4 billion

“Without revenue from fares and services, we would not be able to provide services and we thank the residents who pay their bills,” he said.

STOP COCT founder Sandra Dickson said the total outstanding amount of R7.5 billion owed to the city was lower than a year ago due to the city’s cancellation of debt .

“However, the City is committed to strictly following its debt collection policy, which includes the compulsory sale of property to collect municipal debts. The total debt written off by the City since 2021 amounts to a little over R2 billion.

“It should be noted that R1.27 billion was interest charged on accounts that were written off,” she said.


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The local municipalities of SA are at the edge of the c… https://bungeni.org/2022/06/19/the-local-municipalities-of-sa-are-at-the-edge-of-the-c/ Sun, 19 Jun 2022 18:49:56 +0000 https://bungeni.org/2022/06/19/the-local-municipalities-of-sa-are-at-the-edge-of-the-c/

Municipalities cannot continue to operate and provide services if their financial health problems persist, the Office of the Auditor General (AG) said.

The AG’s office released its 2020/2021 municipal audit results last week, which revealed that only 41 municipalities in South Africa had received correct audits. Its conclusions were based on the financial statements of 230 municipalities and 18 municipal entities.

The AG report states that municipalities “cannot operate and provide services if financial health problems persist. Yet, local government finances remain under severe pressure due to non-payment of municipal debtors, poor budgetary practices and inefficient financial management.

The AG’s assessment of the financial health of 230 municipalities and 18 entities based on their financial statements showed “increasing indicators of collapse” in local government finances and “continued deterioration during the government’s tenure.” ‘previous administration’.

“In 22 municipalities and one municipal entity, the financial statements were not sufficiently reliable for us to analyze them due to rejected or unfavorable audit conclusions,” the report said.

The AG’s office says the financial situation of 28% of South African municipalities is so dire that there is ‘significant doubt’ about their ability to continue operating as operating businesses in the near future .

“This effectively means that these municipalities do not have enough revenue to cover their expenses and that they owe more money than they have,” reads the AG’s report.

In addition, many municipalities found themselves in these dire financial situations several times during the tenure of the previous administration, the report concludes.

Municipalities that have ongoing concerns include:

  • Gauteng: Sedibeng, Rand West City, Emfuleni, West Rand and Tshwane City
  • Limpopo: Mopani, Thabazimbi, Modimolle-Mookgophong, Musina and Ba-Phalaborwa
  • Mpumalanga: Emalahleni, Lekwa, Msukaligwa, Town of Mbombela, Dipaleseng, Thaba Chweu and Govan Mbeki
  • North West: Town of Matlosana, Mahikeng, Maquassi Hills, Tswaing, Mamusa, Naledi, Kgetlengrivier, Moses Kotane and Rustenburg
  • North Cape: Dikgatlong, Magareng, Gamagara, Ga-Segonyana, Kamiesberg, Khai-Ma, Thembelihle, Ubuntu, Emthanjeni, Richtersveld and Siyathemba
  • KwaZulu Natal: Mpofana, Ulundi, uThukela, Ugu, Msunduzi, uMkhanyakude and Newcastle
  • Eastern Cape: Amathole, King Sabata Dalindyebo, Kou Kamma, Makana, Raymond Mhlaba, Amahlati, Enoch Mgijima, Inxuba Yethemba and Dr Beyers Naudé
  • Free State: Xhariep, Letsemeng, Mangaung, Tswelopele, Matjhabeng, Dihlabeng, Phumela, Moqhaka, Ngwathe and Setsoto
  • Western Cloak: Cederberg

According to the AG, some municipalities have already been placed under provincial administration or intervention.

At the GA briefing last week to present the findings of the audit, his office pointed out that no municipality in the Free State had received a positive audit, while 22 of the 41 municipalities in the Western Cape had received a positive audit.

The metros are “particularly worrying”

The AG report says the financial health of metros is “particularly concerning” because they serve the largest segment of the population and account for more than half of local government expenditure budgets.

The city of Tshwane, the city of Johannesburg and the town of Ekurhuleni in Gauteng, Cape Town in the Western Cape and Nelson Mandela Bay in the Eastern Cape were all downgraded below investment grade as of June 30. 2021.

“The downgrades put pressure on some of the metros to raise funds for capital expenditures, and they had to use internal savings from operating budgets to fund deficits,” the AG said.

Most metros, the report warns, have been under review for further downgrades by credit rating agencies, which could push them “deeper into underinvestment territory if economic conditions deteriorate”.

The AG also says cash-strapped consumers are falling further behind on municipal rates and taxes. In turn, credit rating agencies are reporting growing concerns that metros may not be able to repay debt or raise cash in capital markets to meet future obligations due to of declining income.

“Subway debt that is unlikely to be fully recovered ranged from 53% to 88%,” the report said.

Salga’s response

In response to the report, the South African Local Government Association (Salga) said it painted a “gloomy picture” of lack of accountability in the management of municipal finances. The agency called for a new approach to enforcing accountability.

Although Salga says he is disappointed with the GA’s findings, he says he “welcomes the report as it provides key lessons on what works, identifies areas for improvement and municipalities that require serious and urgent intervention. “.

The “deteriorating quality of governance and accountability, fueled by the lack of consequence management in municipalities,” is a serious concern for Salga.

Salga says his national executive meeting in June decided to “urge all municipalities that received negative audit results to focus on improving their control environment, implementing their audit action plans with [the AG’s] recommendations and to do so with due seriousness in the coming year”. DM

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Navassa leaders reappear to vote on budget, appoint finance officer, but not without tension https://bungeni.org/2022/06/17/navassa-leaders-reappear-to-vote-on-budget-appoint-finance-officer-but-not-without-tension/ Fri, 17 Jun 2022 20:45:32 +0000 https://bungeni.org/2022/06/17/navassa-leaders-reappear-to-vote-on-budget-appoint-finance-officer-but-not-without-tension/
Navassa Mayor Eulis Willis switches chairs as councilman James Hardy suggests he should make a contract with the former city administrator. (Port City Daily/Sands of Alexandria)

NAVASSA — The divided leadership of the town of Navassa assembled a quorum Thursday night to unanimously pass a budget and appoint a finance officer. Both measures were essential to resuscitate the city before its impending downfall.

Since June 3, a “closed” sign has been hung at the town hall, and there was no longer any way to pay municipal staff following the departure of the former finance manager. At one point, it looked like the Brunswick County town might fall into the hands of the already overstretched Local Government Commission, despite its financial situation stabilizing.

Earlier this week, Treasurer Dale Folwell said he was hearing from people who wanted him to take control of Navassa for five days to help the city pass a budget and appoint a signatory. But he had no intention of doing so for city leaders who “refused to show up for work.”

“I call it allowing,” Folwell said. “These are local elected officials who must do what they put their left hand to the Bible and raised their right hand to do as public servants.”

Previously, Mayor Eulis Willis and two District 1 council members – Ida Dixon and Ernest Mooring – were absent from back-to-back meetings. Willis and Dixon have previously cited personal reasons for their lack of attendance, but the mayor made low-key remarks about missing meetings after nasty votes were cast on Thursday, indicating infighting was at the root.

Willis, who declined to comment for this article, was against the length of the agenda and certain items he did not want to vote on or discuss.

Earlier this month, city council members put aside their differences and met for a regular agenda meeting to review the schedule and informally decide what items to add or remove. The mayor and other members of council began several planned discussions, such as advertising the vacant post of city administrator.

However, in a 3-2 split vote, the agenda item was postponed to the start of Thursday evening’s meeting. Although there was some debate about his return to the slate, the motion to release the request for the award passed unanimously.

However, throughout the night the council continued to vote split, with the two missing former councilors in the minority. The mayor only votes in the event of a tie.

Perhaps the most contentious issue was whether to bring back Claudia Bray, the former administrator, as a financial services entrepreneur while the city searches for her replacement. Bray will earn $3,000 a month overseeing payroll and budget work.

“Thank goodness she’s agreed to help us through this transitional phase,” said Councilman James Hardy, who was named the city’s chief financial officer earlier in the evening.

Lawyer Norwood Blanchard reviews a proposed contract with the former city administrator. (Port City Daily/Sands of Alexandria)

The mayor and others expressed frustration at not seeing the contract ahead of time, and the city attorney said he hadn’t had a chance to review it either, but did. assured that he was a “fast reader” and reviewed it during the meeting. The arrangement was referenced in a response letter to the Commission on Local Government, outlining how the city intended to resolve its lack of a finance officer issue.

“If you chose not to sign that letter, that’s why you don’t know about the contract,” Hardy said.

Port City Daily obtained a copy of the agreement (shared at the bottom of this article), which lacked the signatures of Mooring and Dixon. There was no signature line for Mayor Willis.

Hardy also resurfaced on the subject of extending a job offer to a candidate who interviewed for the planner position in April and was still open to the position. Previously, the majority consensus was not to discuss the planning position until more important issues were resolved. Dixon, one of the minority votes, indicated she was opposed because she and other board members never interviewed the nominee.

“We never have the chance to see the documents on these people. These three make the decisions,” Dixon said after the meeting, referring to District 1 council member Jerry Lee Merrick, District 3 councilman William Ballard and Hardy, of District 2. “These three make the decisions, and they are seated here – one makes a motion, the other second, all three vote.

Navassa Council made progress on delayed business Thursday night by passing the budget, offering a job to a planner, appointing a finance officer and awarding staff bonuses. (Port City Daily/Sands of Alexandria)

The council gave bonuses to city employees with funds budgeted for salaries, which staff members would otherwise have gone without. Each full-time employee will receive a bonus of $1,500 and part-time workers will receive $750.

“Due to our inability to do our sworn duty and hold meetings, all of our staff have been held hostage to a paycheck,” Hardy said. “So I was hoping that if the board is ready — we can’t pay them for hours they haven’t worked — however, I think if we gave them some sort of bonus, it would be greatly appreciated to help them accomplish their daily needs in life.

In another split vote, the council agreed to reconsider the city’s style of governance. Hardy said the past few months have been proof that change is needed, and he wanted to ask the Cape Fear Council of Governments for an opinion on whether a style of municipal manager could benefit the city.

Navassa is a mayor-council city, which means elected officials have the option of appointing a city administrator. The role is similar to that of a manager, but the board delegates responsibilities, such as whether the administrator should sign contracts or hire workers. The powers of a city manager are set by state law.

Navassa’s neighbor Belville changed from a mayor-council structure to a council-manager style in 2007.

City leaders were also split on asking the Council of Governments to seek equal representation of votes. In Navassa, a district has three delegates. The other two districts – representing two sides of the city annexed in 2001 – have only one council member each. Hardy called it “gerrymandering”, a charge disputed by Mooring and Willis.

“District 1 has three times as many voters,” the mayor said.

“It’s okay,” Hardy said. “It defeats the purpose of a district if you’re not going to have equal representation.”


Contact reporter Alexandria Sands at alexandria@localdailymedia.com or @alexsands_

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Love Monster partners with Klever https://bungeni.org/2022/06/15/love-monster-partners-with-klever/ Wed, 15 Jun 2022 19:01:00 +0000 https://bungeni.org/2022/06/15/love-monster-partners-with-klever/

Love Monster partners with Klever

9,999 Love Monsters NFTs just became Klever

CAPE TOWN, WESTERN CAPE, SOUTH AFRICA, June 15, 2022 /EINPresswire.com/ — Love Monster has been on Klever’s radar since its launch, and they decided to establish an official partnership after meeting in person and having discussed his plans as well as the potential benefits that the Klever ecosystem and Blockchain (KleverChain) could bring.

Thanks to the masterminds and developers of the Klever blockchain, the Love Monster team was able to focus on their projects, designs, and game development needs.

By accessing a core team at Klever, they can develop new game and blockchain synergies and access new possibilities that will greatly enhance the capabilities of Love Monster and KleverChain. Love Monster goes beyond their imagination, passion and drive.

Understanding the Love Monster

Love Monster is the brainchild of Liam Love, CEO and Founder. Liam has been designing and developing mobile games for over a decade and has published several #1 mobile apps. However, his real passion is to create new, innovative and memorable experiences that no one has played before, and that is the main goal of the Love Monsters mobile game.

Love Monster is where users can enjoy their adventures in the Monsterverse (metaverse) and earn reward money while playing the game. In the future, users can play this free mobile game on n any Android or iOS mobile device, all backed by Klever’s blockchain technology.

In the game, players assume the role of adventurers until one day they wake up in the “Monsterverse” filled with monsters in love, 9,999 to be precise.

Love Monster NFTs go way beyond the standard NFTs that prove users own a collectible. Unlike the traditional game, where the game company owns all avatars and skins in the game, with Love Monster and KleverChain, users now own all their monsters so they can sell them for real money in the market.

$LMT (Love Monster Token) is a utility coin used by the game and for its ecosystem. This is not the usual in-game currency! Tokens also exist in the real world.

In the Love Monster NFT game, users can use $LMT to fund all kinds of transactions, from buying characters in the market, buying game resources, breeding and improving characters. .

On the KleverChain, LMT is a cryptocurrency that can be traded against other cryptocurrencies, staked to earn 16% APRs, exchange-traded, and more. With blockchain, developers need experts! Together, Love Monster and Klever, one of the leading names in the crypto and blockchain industries, will collaborate through KleverLabs.

KleverChain’s Krypto Banking tool will make it easy for investors and players to gamble, earn and collect money. With the Love Monster Token (LMT) integrated into the Klever ecosystem, users can expect a personalized, immersive and rewarding gaming experience.

Warren Manuel
KleverFinance
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Enterprise Architect at Datafin Recruitment – Western Cape Mowbray https://bungeni.org/2022/06/10/enterprise-architect-at-datafin-recruitment-western-cape-mowbray/ Fri, 10 Jun 2022 16:36:42 +0000 https://bungeni.org/2022/06/10/enterprise-architect-at-datafin-recruitment-western-cape-mowbray/

ENVIRONMENT:

DEFINE the technology roadmap and principles to guide the business strategy vision, innovation and advancement of a rapidly evolving financial services group seeking your expertise as the next enterprise architect. Your role will include consulting with project teams to implement business solutions, researching and evaluating new technologies, tools and methods while consolidating the architecture’s input to the business plan. The successful incumbent should preferably possess a Business Science/Information Systems/Engineering degree and certification from the Open Group Architecture Forum or similar working knowledge of at least 10+ years in an IT architecture role with 5+ in middle management preferred. in the retail and/or financial services industry and a proven track record in defining, driving and monitoring the implementation of future architecture and technology best practices.

FUNCTIONS:

  • Define the technology roadmap and rules (principles) that bring together business strategy, IT industry best practices and technology developments/innovations.
  • Educate business management, technology staff, and outsourcing partners on the roadmap, rules/principles, and rationale for them.
  • Consult to project teams implementing business solutions.
  • Assess compliance with roadmap and rules/principles.
  • In support of these key responsibilities –
    • Research and evaluate new technologies, tools and methods.
    • Motivate (and execute, as appropriate) projects to determine the appropriate application of technologies.
    • Consolidate architecture’s contributions to the business plan.
    • Ensure full alignment between the business plan (strategy) and the technology roadmap.

Key deliverables –

  • Position papers on new or improved technologies and facilitating technology adoption decisions.
  • Reference Architecture – including principles, standards and guidelines, as well as 3-year technology roadmap and transition plan.
  • Validate that project-specific technology decisions are fully aligned with the technology roadmap.
  • Evaluations of the functional and technical quality of the technological set.

TERMS:

Skills –

  • Preferably a degree in business sciences, information systems or engineering.
  • Preferably Open Group Architecture Forum certification, or similar, or working knowledge of architecture methodologies and best practices.

Experience/Skills –

  • 10+ years of professional experience in an IT architecture role.
  • 5+ years of experience at the middle to senior management level, preferably in the retail and/or financial services industries.
  • Proven experience in defining, driving and monitoring the implementation of future state architecture and technology best practices.
  • Working knowledge of retail and/or consumer credit systems.
  • Working knowledge of the latest digital technology trends, design thinking, and interoperability/open architecture best practices and technologies.
  • Experience in managing relationships with outsourcing partners will be advantageous.

ATTRIBUTES:

  • Listen.
  • Overview / Systems Thinking.
  • Innovative.
  • Clarity and simplicity of communication.
  • Strong presentation skills (written, verbal and presentation-related).
  • Articulated, rational, coherent and persuasive.
  • Shrewd, disciplined and focused on achieving business goals.
  • Analytical, conceptualization and problem-solving skills.

Although we would really like to respond to every application, if you are not contacted for this position within 10 working days, please consider your application unsuccessful.

COMMENTS:

When applying for a job, make sure you meet the minimum job requirements. OnlySouth African citizens will be considered for this role. If you are not at the stated location of any of the jobs, please note your relocation plans in all job applications and correspondence. Please email a word copy of your CV to [Email Address Removed] and mention the reference numbers of the works. We have a job listing on [URL Removed] Datafin IT Recruitment – Jobs in Cape Town.

Desired skills:

Find out more/Apply to this position

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Malta ranks first in Cape Town compliance – Aviation https://bungeni.org/2022/06/08/malta-ranks-first-in-cape-town-compliance-aviation/ Wed, 08 Jun 2022 20:58:59 +0000 https://bungeni.org/2022/06/08/malta-ranks-first-in-cape-town-compliance-aviation/

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The Convention on International Mobile Equipment Guarantees, also known as the Cape Town Convention (the “Agreement“) which is currently ratified by 83 Contracting States and entered into force in 2001, constitutes one of the pillars par excellence in the ever-growing field of aviation. At its core, the main objective of the Convention is to protect the interests of sellers, buyers and creditors through the creation of an international registry as well as the resolution of issues related to aeronautical assets and high value mobile equipment.

Considered by many to be one of the leading countries in the maritime sector, Malta is also booming when it comes to the aviation sector, where it is seen as a booming business area. In May 2022, achieving a near-perfect score of 95, Malta once again cemented its reputation and influence in the aviation sector by ranking first in Cape Town Compliance. This recent success can be contributed to Malta’s robust and overall sound legislative framework regarding the registration of aircraft under the Maltese flag.

This news was announced at the European Business Aviation Convention (EBACE) in Geneva, an international convention where aviation leaders from around the world meet and discuss innovative topics that seek to advance the sector again with key topics such as , flight sustainability. Malta is currently looking to modernize and strengthen the overall presence and strength of the aviation sector on the island. Recent news has revealed that Malta has registered nearly 700 aircraft; all flying the 9H flag. In addition to these registered aircraft, it was also announced that the company Wizz Air would establish an airline in Malta, which would further demonstrate the strong image that Malta has forged as a jurisdiction of choice in the aviation sector, both in Europe and globally.

If you want to find out about the Convention on international warranties in mobile equipmentClick here.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: Transport from Malta

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