The fact that Eskom is in a bad position is common knowledge, and this news are reaching investors abroad. The dire condition of SA’s economy makes investors hesitant to invest in the country since they will be risking their money in the maze. After the ANC regime finally realized, after 25 years of mismanagement, that..
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De Ruyter has an impossible task of saving bankrupt Eskom
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Bankrupt power supplier is struggling to maintain electricity grid and diesel generator units are used to prevent #rollingblackouts
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Eskom has now gone so far as to use its emergency reserves in an effort to evade load shedding. The diesel generator units have been used to prevent the burning of candles, but the diesel fuel bill is already more than 50% over the entity’s allowable diesel consumption according to its budget. Workers claim they..
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Despite Billions in Foreign Aid, ANC regime has plundered South Africa into bankruptcy over a 25-year period
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The extremely dire situation in which South Africa finds itself has raised the question of whether it is not yet time to make a survey of everything that has been destroyed in 25 years. A political analyst points out that the first red light came on when municipalities across the country, all of which had..
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PRASA’s bank account is apparently empty!
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Transport union Untu says the passenger rail agency or Prasa’s bank account is empty. Sonja Carstens, Untu’s spokesperson, says there is not even money to buy new brakes for trains. The law firm, Werksmans attorneys, has also suspended its services to Prasa due to an outstanding 19-million-rand account. Werksmans assisted Prasa in various court cases..
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SA chrome firms warn of more than 1,200 job cuts – Eskom’s unreliability and rising tariffs were some of the main reasons for the layoffs
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Joint venture partners Glencore and Merafe Resources could cut up to 665 jobs and have started consultations with workers at their Rustenburg ferrochrome smelter. Local chrome firms on Monday warned of more than 1,200 potential job cuts, citing power cuts, rising electricity tariffs and increased competition from overseas. The potential layoffs highlight the risks posed..
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R11m from SA Lottery goes to cousin of National Lotteries Commission boss
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The National Lotteries Commission has given more than R11m to a non-profit organisation (NPO) called I Am Made for God’s Glory, which has in turn paid R2m to a private company of which the sole director is the cousin of the chief operating officer of the National Lotteries Commission. According to leaked bank statements, R2m..
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State-owned Landbank becomes the first State Owned Enterprise to be downgraded to junk by Moody’s
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The Land Bank has become the first big state-owned company in SA to be relegated to junk status by Moody’s rating agency. The New York-based agency, which is the last remaining among the big three to rate SA as investment grade economy, said given government’s fiscal challenges, it expected less financial support for the Land..
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Cash-strapped SAA cancels 38 domestic and international flights
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SAA has confirmed its cancellation of 38 domestic and international flights between OR Tambo International Airport and Cape Town, as well as between Johannesburg and Durban’s King Shaka airports. In a statement, the airline said: “These decisions are in line with SAA’s usual policy of reviewing flights and consolidating services with low demand. Furthermore, during..
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White Residents go to Court to Take Over Municipal Services After Black Municipality Collapses. They Have Already Taken Over Water Treatment Plant After Water Stopped Running
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The municipality that serves the area comprising Swartruggens, Derby and Koster in the North-West province has totally stopped functioning and that includes each and every service, even basics like the provision of water. Local residents led by the Rate Payers Association have declared an emergency and have started to provide the services themselves!
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Communism Fails in SA Too! ANC Admits Half of State Owned Land Lies Fallow as its Communal Farming Scheme Fails!
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The ANC’s purely communist system of communal farming by so called Community Property Associations (CPA’s), is a total failure and that admission is clear from answers provided to written questions by members of Parliament. Despite this the ANC will no doubt press on with its implementation of the communist policy that the state must own all food producing land, which is what expropriation without compensation is about. Lookup Lenin’s famine in Russia to see where this is headed…
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Eskom drops electricity price bombshell – Consumers will pay ‘50% more’ for electricity if Eskom beats Nersa in court
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The power utility is challenging tariff increases approved by the National Energy Regulator of South Africa (Nersa) for 2019 to 2022. If Eskom gets its way, consumers will pay 50% more for electricity. Eskom contends that approving increases by 9.41% for 2019-2020, 8.10% for 2020-2021 and 5.22% for 2021-2022 instead of the requested 16% was..
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Alexkor, SA state-owned diamond company is on life support
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South Africa’s state-owned diamond mining enterprise Alexkor is desperately in need of cash to pay expenses, but does the struggling entity deserve more funding? Its marine-based concessions stretch from Alexander Bay to Port Nolloth, while its land-based concessions span the equivalent of 865km2. It mines the latter through its Pooling and Sharing Joint Venture (PSJV)..
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SAA director resigns from his post amid crisis at state entity
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SAA director Martin Kingston resigned from his post, and the move was welcomed by the communist-minded Numsa union as well as the trade union Sacca. The two unions also said the rest of SAA directors should follow Kingston’s example and submit their resignations. Kingston’s resignation comes after Bloomberg said in his report there is no..
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Poor economic conditions in SA cause job losses
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With the latest announcement from Telkom regarding the retrenchment of nearly 3,000 employees, the mining industry has also warned that they will be following the same route. Glencore and Merafe are also retrenching due to the poor economy and the extremely expensive electricity. Unconfirmed reports indicate that about 1,000 jobs have been compromised, of which..
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According to experts, Telkom has approximately 4,500 excess staff who are believed to have a direct impact on the profitability of the entity
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The government as Telkom’s largest shareholder has called for an urgent meeting to discuss the company’s plan for retrenching thousands of redundant workers. Earlier last week, Telkom announced its intention to lay off about 3,000 workers, which is a fifth of its total workforce. The Department of Communications and Digital Technology has announced that Minister..
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