Finance minister Tito Mboweni has announced a R9.1-billion bailout of struggling state-owned companies such as national carrier SAA and regional airline SA Express. In his first medium term budget policy statement to parliament on Wednesday‚ Mboweni announced that the troubled SAA would once more be recapitalised by the taxpayer to the tune of R5-billion. This..
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Once again taxpayers will have to pay for the sins of the ANC-regime – SAA, Post Office and other ailing SOEs to receive billions in cash-bailouts
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The Rand is firm for now, but Moody’s delays ratings move!
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The rand strengthened further on Monday after Moody’s Investors Service held off on its ratings review of South Africa on Friday.
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All they know is how to spend money:- Auditor General: Irregular spend at ‘all-time high’
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Auditor General Kimi Makwetu has lamented poor financial controls in the public sector that lead to irregular expenditure, saying the scourge has reached an “all-time high”.
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Ramaphosa’s Communist Policies Drag South Africa Into Recession For First Time in a Decade! Agriculture Down 30%
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A massive decline in the agricultural sector accompanied by smaller declines in transport and retail consumer sectors have dragged the South African economy into recession after nearly a decade of growth. It is a huge blow to President Ramaphosa’s controversial reforms.
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R8 Billion Foreshore Freeway project abandoned by City of Cape Town
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Cape Town’s infamous unfinished freeways, resulting from a failed construction project in the 1970’s, are to remain as is, for now. Following a tender process which concluded in February, controversy and legal concerns have scrapped the planned refurbishment. Construction of the Foreshore Freeway Bridge concluded in 1977. The unfinished bridge which looms over the city..
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After a Quarter Century of Black Rule in SA, “Blacks” Still Blame “Whites” For EVERYTHING! When will blacks appropriate accountability, responsibility, duty and honour?
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Despite being in charge and control of everything from Taxes, Budget, Finance, Police, Army, Hospitals, Roads, Municipalities, Councils, Parliament, Judiciary, Customs, etc. etc. the black majority government in South has been unable to do anything more than consume the wealth that whites created prior to 1994.
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ANC failures, Rand falls to a 6.5 month low
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The Rand lost all previous progress against overseas currencies, and is currently trading at a 6.5 month low.
The Ramaphosa euphoria has reached its low, while even Max du Preez takes on the ANC over their managers. He especially tackles Ace Magashule and describes him as “the adder in the bosom” of the ANC.
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Mangaung Metro Municipality – Free soccer tickets for the poor but no funds available for service delivery
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Yesterday, 6 June 2018, during a media conference, the mayor of the Mangaung Metro Municipality (Bloemfontein, Dewetsdorp, Van Stadensrus, Wepener and Soutpan), Ms Olly Mlamleli, indicated that she is going to propose that the Metro must buy between 1000 and 2000 tickets for the Bloemfontein Celtic soccer match and then hand these tickets out to the poor.
The ANC government is only interested in short term politics and the proposed purchase and distribution of the soccer tickets can be seen as a desperate attempt by the ANC to hold onto political power.
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Cyril Ramaphosa’s First Quarter Economy Contracts and Performs Worse Than All of Zuma’s!
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South Africa’s national statistical service has revealed the worst quarterly contraction of country’s economy in nearly a decade after Cyril Ramaphosa ousted Jacob Zuma from leadership, yet it appears he has not been able to do much better, quite opposite in fact.
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Budget increase for Zulu King is milking South-African’s dry
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King Goodwill Zwelithini is getting more money. KwaZulu-Natal Premier Willies Mchunu announced during his budget vote for the 2018/19 financial year in the provincial legislature in Pietermaritzburg on Thursday that the Zulu monarch’s annual budget has been increased by R7-million‚ from R58.8-million last year to R65.8-million this year.
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‘Major Concern’ Over Eskom Coal supplies – Can we expect some power cuts soon?
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Parliament’s Energy Committee says it’s concerned by reports of Eskom battling with low coal supply at six of its power stations.
It wants the power utility’s top brass to appear before the committee as soon as possible to clarify the severity of the situation.
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Cash strapped Eskom in dire needs of funds and once again threatens consumers with load shedding
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The national energy regulator, Nersa’s public sessions on Eskom’s proposed tariff increase, are currently underway.
Eskom asks for an excessive increase of thirty percent to recover a R66 billion shortfall. Despite the shortages, Eskom continues to give excessive bonuses to its senior staff.
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Treasury open to reviewing zero-rated VAT items
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According to Treasury’s budget review document, there are 19 basic food items on the zero-rated list. This includes dried beans, samp, maize meal, rice, milk, tinned pilchards, brown bread, eggs and vegetables, as well as illuminated paraffin.
In its submission, Treasury highlighted findings from the Davis Tax Committee in 2015 that advised that no more zero-rated food items should be considered.
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The 2018 Budget is there to fight corruption
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Renewed vigour to tackle corruption head-on was palpable in National Treasury’s 2018 budget, tabled in parliament on Wednesday.
Deep-rooted and wide-spread corruption has become commonplace in the public sector under the leadership of former
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This is what Malusi has to say about the 2018 Budget
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For the first time in 25 years, the South African government will hike up Value-Added Tax (VAT) in a bid to fund the gaping hole in the national budget.
With tax collection falling short by R48-billion, compounded by former president Jacob Zuma’s announcement of fee-free higher
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