Finance

 

West Rand District Municipality that flout regulations by ploughing R77m into VBS can’t pay their 458 employees salaries this month

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West Rand District Municipality that flout regulations by ploughing R77m into VBS can't pay their 458 employees salaries this month

The West Rand district municipality is one of 15 municipalities which made deposits with now-bankrupt VBS Bank despite an instruction from National Treasury forbidding them to do so. Municipal workers at the West Rand District municipality on the outskirts of Johannesburg were left in the lurch on Monday after not being paid their salaries. The..
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Eskom crisis as not just a crisis but a potential disaster – Eskom Price Hike To Cost SA 90,000 Mining Jobs – Unemployment rates to rise, all thanks to Eskom!

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Eskom crisis as not just a crisis but a potential disaster - Eskom Price Hike To Cost SA 90,000 Mining Jobs - Unemployment rates to rise, all thanks to Eskom!

Labor unions have threatened strikes over the job cuts at mining firms as well planned reductions at a numerous state-owned companies. JOHANNESBURG – South Africa’s gold and platinum mines will shed around 90,000 jobs in the next three years as above-inflation electricity price increases by power utility Eskom add to already soaring operating costs, an..
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The Road Accident Fund disaster – Victims could be left destitute, despite the high fuel levy we pay for accident insurance

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The Road Accident Fund disaster - Victims could be left destitute, despite the high fuel levy we pay for accident insurance

Both the chairman and the chief executive officer of the Road Accident Fund (RAF) admitted in the latest annual report that the fund is insolvent, with liabilities exceeding assets by more than R206 billion at end March 2018. The annual report states that the fund “has been insolvent since 1981”. The total liabilities with regards..
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The truth behind #RollingBlackouts: Are South African citizens kept hostage, to give the One Trillion Rand nuclear deal approval?

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The truth behind #RollingBlackouts?: South African citizens are kept hostage, to give the One Trillion Rand nuclear deal approval Eskom, a state-owned entity, and the designated procurer for South Africa’s new nuclear build programme has gone on a charm offensive and commissioned a study in 2017 already that has shown the multibillion-rand benefits of its Koeberg nuclear power station. Eskom also previously released the results of a KPMG study that looked at Koeberg’s socio-economic impact in the Western Cape and South Africa in the period between 2012 and 2025. It was found that although Koeberg, which is Africa’s only nuclear plant, has been producing power into the national electricity grid since the mid-1980s, nuclear still battles with social acceptability in certain quarters in South Africa and internationally. The ANC government’s plans to go ahead with the nuclear build programme has consistently run into opposition from environmental and affordability grounds, not to mention the cost thereof, nor the involvement from Russia, on such a deal. Economic impact assessment of Koeberg does not provide answers to all the questions either. But it adds context to the journey we are on and helps us to alter their philosophical views on nuclear power. It is meant to inform, also to be the watchdogs on mismanagement, may it be nuclear waste storage and or possible corruption. For me what is important is not proving whether nuclear is preferable to coal or renewables to gas. What is important is why are Zuma and some ANC cadres pushing for nuclear power and why are we experiencing intensified load shedding recently. Ironically, Eskom has recently been in the spotlight for its decision to decommission five of its power stations from 2020 because of, among others, lethargic economic growth and the addition of renewable energy from independent power producers. Previously (BRICS) and Zuma’s (ANC) nuclear ambitions were dealt a blow by a court ruling. A ruling that the government failed to comply with the constitution when it initiated a process to build new atomic power plants has dealt a major blow to ex-president Jacob Zuma’s nuclear ambitions. The Western Cape High Court previously ordered the government to hold public hearings and a parliamentary debate on the nuclear programme, which may cost as much as R1 trillion ($76bn). It set aside a 2015 decision to procure new nuclear capacity and nullified co-operation accords the government has concluded with countries including Russia, the US, and South Korea. Judge Lee Bozalek then ordered the state to pay all costs – to the expense of South African Taxpayers. Zuma (when he was president of South Africa) has championed the building of as many as eight reactors that would generate 9 600 megawatts of energy starting from 2023 – Some opposition parties indicated that is mired in corruption. Civil-rights groups including Earthlife Africa and the Southern African Faith Communities’ Environment Institute said the government ignored the due process in approving the plants and filed a lawsuit aimed at halting their construction. The ANC energy ministry’s own research showed additional nuclear power probably won’t be needed until 2037. The court ruling was a major blow for Zuma and his allies because they will now realize that large infrastructure deals cannot be made behind closed doors and are subject to transparent and public participatory processes. The new plants were a key point of dispute between Zuma and former finance minister Pravin Gordhan, who questioned whether the country could afford them. Zuma fired Gordhan shortly after, prompting S&P Global Ratings and Fitch Ratings to downgrade the country’s international credit rating to junk. Even if the government does appeal on this ruling, the High Court ruling is likely to delay the nuclear programme by months, if not years. Zuma stepped down as leader of the ruling African National Congress, therefore, the decision as to whether it goes ahead will be left to his successor, Ramaphosa. The court decision proved that the correct procedures were not followed and that it has been questionable from the start. Zuma was always very keen on the nuclear build programme and it is supposed to be his legacy project. The ruling certainly did not sit easily with him and the question arises, what will he benefit from this and will Ramaphosa get a cut from this deal, if it ever goes through? The government has not entered into any deal or signed any contract for the procurement of nuclear power, as yet, although there are intergovernmental agreements in place with the US, South Korea, China, Russia, South Africa, and France. South African citizens are kept, hostage, to give the One Trillion Rand deal approval: My thinking is that South Africans are played yet again by the ruling ANC party or by certain stakeholders (such as Zuma in particular), because of the current load shedding we experience. Another state capture perhaps? Are we as South African citizens played by Eskom (a state-owned entity) and their stakeholders (ANC cadres), through the current load shedding we experience, thus to support this motion to spend One Trillion Rand? SouthAfrica Today This report does not necessarily reflects the opinion of SA-news.

Eskom, a state-owned entity, and the designated procurer for South Africa’s new nuclear build programme has gone on a charm offensive and commissioned a study in 2017 already that has shown the multibillion-rand benefits of its Koeberg nuclear power station. Eskom also previously released the results of a KPMG study that looked at Koeberg’s socio-economic..
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#BlackPrivilege: Through their destructive strikes, students have managed to get the ANC regime to write off debt worth millions of Rands – 50,000 votes are probably not to be wasted with the upcoming election?

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#BlackPrivilege: Through their destructive strikes, students have managed to get the ANC regime to write off debt worth millions of Rands - 50,000 votes are probably not to be wasted with the upcoming election?

The government has announced that there are R1bn available for writing off over 50,000 student debt. Apparently, it is debt incurred by “previously disadvantaged” who do not include white students. The students, through their destructive strikes, managed to get the government to write off their debts. Observers are of the opinion that the worst is..
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Energy minister Jeff Radebe is embroiled in a mystery $1bn (R14.5bn) oil deal in war-ravaged South Sudan

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Energy minister Jeff Radebe is embroiled in a mystery $1bn (R14.5bn) oil deal in war-ravaged South Sudan

Energy minister, Jeff Radebe is entangled in a secret $1bn (R14.5bn) oil deal in war-ravaged South Sudan, but his investment pledge has raised eyebrows in government circles – and could land him in hot water. The minister’s team has already spent about R20m pursuing the mystery deal, including hiring a private jet to travel to..
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South Africa’s disastrous debt of more than R3 trillion: How will the ANC pay it back?

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South Africa’s disastrous debt of more than R3 trillion: How will the ANC pay it back?

Eish! South Africa’s national debt now averages more than R55 000 for every living citizen. But who has racked up the numbers, and where does it go? Is there any better summary for South Africa’s woes than a giant ticking clock on a bleak background? The “debt clock” – monitored and calculated by currency specialists..
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Shocking information on Community Colleges Figures – Two-thirds of adults whose literacy classes are subsidized by the ANC-government fail – the national pass rate in that sector is only 38% – billions of rands funded by taxpayers’ are lost

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Shocking information on Community Colleges Figures - Two-thirds of adults whose literacy classes are subsidized by the ANC-government fail - the national pass rate in that sector is only 38% - billions of rands funded by taxpayers' are lost

Shocking information on passing rates at community colleges for education and training was announced in parliament. Higher Education and Training Minister Naledi Pandor responded to a written question on this by DA MP Andricus van der Westhuizen. Community colleges provide basic adult literacy skills, and according to Pandor’s announcement, the national pass rate in that..
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Another ANC failure that SA taxpayers will have to fund – E-tolls gets a R5.7 billion bailout

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Another ANC failure that SA taxpayers will have to fund - E-tolls gets a R5.7 billion bailout

The Department of Transport has transferred R5.7 billion to the toll road network of the South African National Roads Agency (Sanral). In a statement on Monday (11 March), the department said that the transfer is a ‘strategic intervention’ to deal with the non-payment by Gauteng road users of the Gauteng Freeway Improvement Project (GFIP), which..
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PIC blows millions of of taxpayers money on selected members – embezzlement and corruption are once again the order of the day – tax payers are coughing UP and corrupt ANC members are wasting it

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PIC blows millions of of taxpayers money on selected members - embezzlement and corruption are once again the order of the day - tax payers are coughing UP and corrupt ANC members are wasting it

The former Head of Risk and Compliance at the Public Investment Corporation (PIC), Paul Magula, testified before the PIC’s Commission of Inquiry on how millions of Rands have been spent on a few select members of the corporation. Dan Matjila, the former Chief Executive Officer of the Corporation, once again stands in the trough of..
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SA pension pot under threat as government, whose debt is growing every year, looks for new funding sources as taxpayers could no longer be squeezed for more money

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SA pension pot, one of the largest in the world, could be under threat as government, whose debt is growing every year, looks for new funding sources as taxpayers could no longer be squeezed for more money

The pension pot in South Africa, one of the largest in the world, could be under threat as government, whose debt is growing every year, looks for new funding sources. IF THIS HAPPENS THERE COULD BE DEVASTATING CONSEQUENCES. This according to the Institute of Race Relations (IRR), which warned of a threat by government to..
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Why the ANC is so desperate to nationalise the Reserve Bank even though it will be catastrophic for South-Africa in light of the major blow last week when the Rand weakened drastically after Ramaphosa’s announcement

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Why the ANC is so desperate to nationalise the Reserve Bank even though it will be catastrophic for South-Africa in light of the major blow last week when the Rand weakened drastically after Ramaphosa’s announcement

President Cyril Ramaphosa delivered a major blow to the rand this week after making it explicitly clear that the ANC, and thus government, will move ahead with its goal to nationalise the South African Reserve Bank. Ramaphosa’s line in Parliament on Thursday (7 March) – in which he said that ANC had made its position..
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Just something to think about with regards to SA taxes that will leave you shocked!

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Just something to think about with regards to SA taxes that will leave you shocked!

Taxpayers should not foot the bill for ANC government’s failures.  We need to look deeper into our system of government, and how we allocate risk and reward, responsibility and accountability. At this moment, if you earned R100, you pay R33 income tax. You are left with R67. You buy R67 worth of fuel, pay 48%..
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Eskom’s request to increase electricity granted after poor administrators of SA-regime succumb to unrealistically high demands – annual revenue of the state entity will now increase by R784bn

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Eskom's request to increase electricity granted after poor administrators of SA-regime succumb to unrealistically high demands - annual revenue of the state entity will now increase by R784bn

The bankrupt power provider of South Africa, who has already stolen billions of rand from the taxpayers’ pockets, once again got its way. The poor administrators of our beloved SA have succumbed and allowed heavy increases to hit consumers in the next three years. The ANC government, under the leadership of the Energy Regulator of..
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Motorists in SA now have to fill the bankrupt ANC regime’s treasury – 60% of fuel price consists of taxes and levies

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Fuel users in SA now have to fill the bankrupt ANC regime's treasury - 60% of fuel price consists of taxes and charges

Almost 60% of the fuel price and taxes now goes towards the bankrupt ANC regime’s treasury. According to observers, tax has skyrocketed since 2008 when the fixed tax was R1.76 versus the R 5.63 currently applicable. That’s a 220% increase! With the 29 cents increase coming over the next two months, the percentage is even..
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