Billions and billions have been thrown at The South African Airways (SAA), but the airline don’t have much to show for it. It’s hard to recall a time when the limpest of all our state-owned entities was successful on its own two feet. It has a history of relying on fiscal interventions, needing contributions from..
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How much taxpayers money has been thrown into SAA’s black hole to stay afloat?
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Flurry of ANC MP resignations spurred on by substantial pension benefits – It’s a case of ‘getting out while the going is still good’
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The ruling African National Congress (ANC) has been hit with a flurry of parliamentary resignations, with nine members officially exiting the National Assembly. In the wake of a particularly grim electoral showing, President Cyril Ramaphosa has been left to confront an arduous task – that of reunifying the deeply divided ANC, while producing positive results..
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But will officials abide? – Massive changes for how municipalities can spend your money – here’s what you need to know
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The South African government has gazetted new cost containing measures for municipalities, which will curb what officials can blow taxpayer’s money on. The new rules fall under the Municipal Cost Containment Regulations for 2019, which was gazetted in terms of the Municipal Finance Management Act. National Treasury said that the objective of the new rules..
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Eastern Cape Premier denies splurging R450 000 taxpayers money on home renovations that was commissioned from the cash-strapped Mbizana Municipality
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Eastern Cape Premier, Oscar Mabuyane has vehemently denied having any involvement in the embezzlement of R450 000 from the embattled Mbizana Municipality. As reported by SABC News, at the time Mabuyane was elected as the Premier of Eastern Cape, he had yet to answer to questions around why R450 000, allegedly extracted from R1.1-million that..
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Economic recession awaits SA due to poor performance of the rand and begging mentality of state entities
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South Africa’s economy is plunging into an abyss, and the recession looms on the doorstep of SA’s door. This is the opinion of an expert in Pretoria following the extremely poor performance of the rand and the begging mentality of state-controlled companies. The latest plea from the SA Airways, asking the ANC-regime for a R4..
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EFF are having a bit of a nightmare in their battle with AfriForum – Here’s how much the EFF have paid to help “stop” land expropriation
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Life comes at you fast, right? The EFF are having a bit of a nightmare in their battle with AfriForum, who have found a cunning way to use their money. The political force behind the “pay back the money” movement sure have been practising what they preach recently, even if it hasn’t been on their..
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Pretoria’s homeless want keys to government building that has been unused for five years
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Pretoria’s homeless want keys to unused government building in Salvokop. It makes no sense to sleep in the streets when government owns a brand new building that hasn’t been unused for years since it was built. This sentiment was expressed by leaders of Pretoria homeless people who yesterday gathered outside the locked building in Salvokop…
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Ace Magashule is playing Russian roulette with our future – doesn’t give a damn about you and your ability to feed your kids, educate them, or provide a better future for them
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If he did, he would not be in open warfare with the president and his economic cluster over the mandate of the Reserve Bank and its ownership. Frankly, a guy with no grip on the concept of quantitative easing and its likely consequences for a suffering country should not be making pronouncements on policy, regardless..
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Why Ramaphosa may have wanted to tie white people to trees – SA economy is dying while high-skilled emigration continues!
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Prolonged low economic growth could lead to even more economic flight by those with skills and capital, regardless of racial grouping. Is South Africa’s “radical transformation” from a leader to a laggard in the upper middle-income countries the cause or the result of a brain drain? It is hard to tell. What is certain is..
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SA taxpayers to fund yet another government bailout – Cash-strapped SAA requests R4bn to survive current financial year after years of mismanagement and corruption
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South African Airways (SAA) appointed its head of operations as acting chief executive on Friday and said it needs R4-billion from the government to survive the current financial year and allow it to renegotiate loan terms with banks. Zukisa Ramasia becomes interim CEO after Vuyani Jarana unexpectedly resigned on Sunday, after less than two years..
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Kusile under financial crossfire – R36 billion owed for alleged arrears for semi-completed power station with design flaws
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Kusile, as one of the two new Eskom mega power stations that is supposed to deliver to supply sustained electrical power for the country, is apparently caught up in financial crossfire. In addition to the enormous escalation of construction costs due to mismanagement and corruption, contractors at the semi-completed power station claims amid design defects..
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Bankrupt Eskom’s CEO resigns due to stress- For the sake of the whole of South Africa who will risk taking over?
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Eskom is looking for a new CEO after the current incumbent Phakamani Hadebe resigned after less than a year due to stress. His predecessors either left their jobs due to personal reasons, were dismissed or went away under a cloud of corruption. Energy expert Ted Blom believes that Hadebe’s resignation did not come as a..
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Junk status winks for Mangaung Metro with liabilities exceeding assets; officials receive generous salaries and cellphone stipends, while levels of service delivery are non-existent
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The ANC-controlled Mangaung Metro faces junk status after Moody’s rating agency said further downgrading would be considered if the municipality do not urgently get its household in order. The Bloemfontein municipality is in truth already bankrupt with liabilities exceeding assets of nearly R1bn and with over R6bn of outstanding debt. In fact, Moody’s indicated..
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Markets give negative verdict, dark picture is being sketched despite the political euphoria surrounding Ramaphosa
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According to the latest economic figures recently released by Stats SA from the SA, a negative picture is being sketched despite the political euphoria surrounding president Cyril Ramaphosa and the steps he takes to curb corruption. These figures show that in the first quarter of this year, the economic growth rate was lower than expected,..
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Mining groups lay down workers due to heavy financial losses, SA economy troublesome while unemployment rate continues to rise
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The Sibanye-Stillwater mining group retrenched 3,450 of its workforce in gold mines, which is nearly half the number expected. An updated report on the reduction of its workforce, especially the Beatrix and Driefontein gold mines, points out that the decision was necessary after the five-month strike after consensus was reached on retrenchments. Only one shaft..
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