Govt stands surety for Eskom

first_imgIncluded in the amount is the existing debt issued under Eskom’s domestic medium term note (DMTN) programme: the ES26 (Eskom 2026, 7.85%, maturing 2 April 2026), the ES33 (Eskom 2033, 7.5%, maturing 15 September 2033) bonds and the two Floating Rate Notes (maturing 2026 and 2033). Broader positive implications Would you like to use this article in your publication or on your website? See: Using SAinfo material The Eskom Subordinated Loan Special Appropriation Act provides for a multi-year appropriation as follows: R10-billion in 2008/09, R30-billion in 2009/10, and R20-billion in 2010/11. “If required, government would either repay the debt in its entirety or step into the shoes of Eskom and continue to make payments on Eskom’s behalf,” the department said. “An annual limit, determined by Eskom’s cash flow requirements, will be set on the debt that Eskom can issue each year under the guarantees.” According to the Department of Public Enterprises, the loan demonstrates the government’s commitment to ensuring Eskom’s financial stability, as the backing will enable the company to maintain a solid investment grade credit rating. Subordinated loan 18 February 2009 Domestic medium term note programme “The remainder of the guarantees will be to support the issuance of new debt, both locally and internationally,” the Department said in a statement this week. “The guarantees are in addition to the R60-billion subordinated loan in support of Eskom’s capital expansion programme that has already been approved.” According to the department, this commitment by the government has broader positive implications in that it results in an overall credit enhancement, which, in addition to the existing security against some of the existing international and domestic issuances, benefits un-guaranteed lenders. The South African government has approved guarantees totalling R175.87-billion over five years in support of Eskom’s capital expansion programme, in light of the critical role the state power company plays in the economy. “Guaranteeing the ES26 and ES33 allow Eskom to utilise the existing DMTN programme to continue raising funds,” the statement read. “Government rights will be subordinated to those of other un-guaranteed lenders and commercial creditors.” SAinfo reporter Eskom has already established sizeable issuances in the bonds and notes issued under the DMTN programme. The bonds issued under the DMTN programme form part of the All Bond Index (ALBI) (ES33 2.64%; ES26 1.58%), which in addition to the size of the issuances creates liquidity in the secondary market.last_img read more

How to Green Screen (Before Digital Compositing!)

first_imgDiscover how pre-computer chroma keying worked in this informative video.If you do a lot of chroma key work than you are probably very familiar with how difficult the entire process can be. From lighting the background to minimizing spill, there are a million different things to think about (and mess up) along the way.However, the difficulties associated with modern chroma keying fail to compare to that of keying in the pre-computer world. Using techniques like contrast mattes and sodium vapor lights, filmmakers of years past had even more difficulties pulling good chroma keys.In the following video Tom Scott explains how filmmakers and TV professionals achieved chroma keys in the pre-computer age:This video was first shared on Tom Scott’s YouTube channel. Thanks for sharing Tom!Want to learn more about the pre-computer chroma keying process? Check out a few of the following resources:No CGI Please: Special Effects before Computers – Mental FlossChroma Key – Wikipedialast_img read more

Baseball’s Don Zimmer Dies at 83

first_imgTweetPinShare0 Shares ST. PETERSBURG, Fla. — Don Zimmer wasn’t a fixture in baseball forever. It just seemed that way.He played alongside Jackie Robinson on the only Brooklyn Dodgers team to win the World Series. He coached Derek Jeter on the New York Yankees’ latest dynasty. And his manager once was the illustrious Casey Stengel.For 66 years, Zimmer was a most popular presence at ballparks all over, a huge chaw often filling his cheek. Everyone in the game seemed to know him, and love him.Zimmer was still working for the Tampa Bay Rays as a senior adviser when he died June 4 at 83 in a hospital in nearby Dunedin. He had been in a rehabilitation center since having seven hours of heart surgery in mid-April.“Great baseball man. A baseball lifer. Was a mentor to me,” teary-eyed Yankees Manager Joe Girardi said.Zimmer started out as a minor league infielder in 1949, hitting powerful shots that earned him the nickname “Popeye.” He went on to enjoy one of the longest-lasting careers in baseball history.Zimmer played on the original New York Mets, saw his Boston Red Sox beaten by Bucky Dent’s playoff homer and got tossed to the ground by Pedro Martinez during a brawl.Oh, the tales he could tell.“Zim was around when I first came up. He was someone that taught me a lot about the game — he’s been around, he’s pretty much seen everything,” Jeter said after the Yankees lost to Oakland 7-4. “His stories, his experiences.”With the champion Yankees, Zimmer was Joe Torre’s right-hand man as the bench coach. “I hired him as a coach, and he became like a family member to me. He has certainly been a terrific credit to the game,” Torre said in a statement.“The game was his life. And his passing is going to create a void in my life … We loved him. The game of baseball lost a special person tonight. He was a good man,” he said.A career .235 hitter in the big leagues, numbers could never define all that Zimmer meant to the game. He had tremendous success, too — his teams won six World Series rings and went to the postseason 19 times.Zimmer’s No. 66 Rays jersey had been worn recently by longtime Tampa Bay third base coach Tom Foley in tribute — the team wanted that, and MLB decided a coach should wear it.Foley was crying in the dugout June 4 during a 5-4 loss to Miami. He later remembered the Rays going as a team to see “42,” the movie about Robinson. “He would talk about it. He had a lot of stories, a lot of history coming out of him,” Foley said. “He had a lot to give, a lot to offer and he did.”Earlier this season, the Rays hung a banner in the front of the press box at Tropicana Field that simply read “ZIM.”“Today we all lost a national treasure and a wonderful man,” Rays principal owner Stuart Sternberg said in a statement.There was a moment of silence at Dodger Stadium for Zimmer before Los Angeles played the Chicago White Sox.“On behalf of Major League Baseball and the many clubs that ‘Popeye’ served in a distinguished baseball life, I extend my deepest condolences to Don’s family, friends and his many admirers throughout our game,” Commissioner Bud Selig said in a statement.Zimmer’s biggest admirer was his wife “Soot” — they were married at home plate during a minor league game in 1951. Two years later in the minors, Zimmer’s path took a frightening turn — he was beaned by a fastball and left in a coma, and doctors had to put metal screws in his head.Zimmer recovered well enough to wear a lot of uniforms during his 56 years in the majors. He played for the Dodgers, Mets, Cubs, Cincinnati Reds and Washington Senators. He managed San Diego, Boston, Texas and the Cubs.“I loved Zim. I loved his passion. He was a great, great guy. He was a great baseball guy,” Yankees executive Hank Steinbrenner told The Associated Press. “Everybody loved him.”Zimmer hit 91 home runs and had 352 RBIs in 12 seasons. He started Game 7 when Brooklyn beat the Yankees for the 1955 crown and was an All-Star in 1961.The next year, he played under Stengel on the 1962 expansion Mets, who famously went 40-120. “Don’t blame them all on me,” Zimmer once said. “I got traded after the first 30 days.”Zimmer was the 1989 NL Manager of the Year with the Cubs and was at Yankee Stadium for three perfect games, by Don Larsen in the 1956 World Series and by David Cone and David Wells in the late 1990s.“Zim was a great man, and there are no words to explain what he brought to us and what he meant to me,” Rays star Evan Longoria said. “He taught me a lot of things, and those days of sitting in the dugout with him will be missed,” he said.Said Rays pitcher David Price: “Zim was a very special person to all of us. A very special person in baseball, period.”“He always lit everybody’s faces up whenever he’d walk in,” he said. “Zim had a passion for baseball that rubs off on everybody.”Zimmer is survived by his wife; son Thomas, a scout with the San Francisco Giants; daughter Donna, and four grandchildren.last_img read more

The Worst: Ohio State’s Wireless Is Preventing Buckeye QB Stephen Collier From Watching “House Of Cards”

first_imgStephen Collier can't watch House of Cards because of Ohio State's wireless signal.Today is a great day. It’s Friday, but, more importantly, Season 3 of House of Cards has been released. Millions of people across the country will be visiting Netflix to watch Frank Underwood wreak havoc in Washington, D.C. Ohio State redshirt freshman quarterback Stephen Collier wants to be one of those people watching the show. But he can’t – the spotty wireless on OSU’s Columbus campus isn’t letting him access the online media platform. We feel for you, Stephen. Finally get a break to go watch House of Cards in between class in then Osuwireless does Osuwireless things pic.twitter.com/u479rsHAsJ— Stephen Collier (@S13Collier) February 27, 2015Ohio State wireless: step your game up. There’s TV shows to be binging.last_img read more