South African state-owned enterprises set the stage for a sad affair. The sordid tale of bottomless funding vanishing under the unexplainable guise of ‘irregular expenditure’ – the millions become indiscernible from the billions, spoken of as fictitious currency. But the money is very real, and it trickles into government coffers through the tax tear in..
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State-owned enterprises: Which one costs South African taxpayers the most money?
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How is this even possible:- Eskom posts R2.3bn loss, R19bn in irregular expenditure
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Eskom suffered a net loss of R2.3-billion in 2018, the state-owned power producer revealed at it financial results presentation on Monday.
The power utility said its net cash from operations declined from R45.8-billion to R37.6-billion, as it struggled with leadership and operational challenges.
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SA Reserve Bank – Lending rates remain unchanged
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The SA Reserve Bank announced that the lending rate to banks remains the same at 6.5%. The prime lending rate will remain at 10%. The bank’s view of growth in the country for 2018 has been adjusted downwards to 1.2% which is still no motion of confidence in its own government. The Reserve Bank also..
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Brexit is warming up again: here’s how it affects South Africa
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You won’t have to look far to see news that Britain’s proposed exit from the European Union, or Brexit, has left Prime Minister Theresa May hanging by a thread, says Mica Townsend, business development manager at financial services provider, 10X Investments. “The resignation this week of Brexit Secretary David Davis and Foreign Secretary Boris Johnson..
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Broke’ Eskom Gives Senior Executives Unlimited Free Petrol
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Senior Eskom officials have reportedly been spending about half a million rand a month on their company cars, with unlimited free fuel, according to Business Day. Eskom also reportedly pays for their toll fees and the maintenance cost of their cars. This comes weeks after unions embarked on a protest because Eskom offered no wage..
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Brace yourself, tougher times are still ahead
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As temperatures plummeted across the county this week, fuel prices hit record highs of R16.02 for a litre of 95-octane petrol in Gauteng.
Taxi fares and the cost of basic foodstuffs are also expected to rise as a result. But beyond appealing to manufacturers and service providers to hold off on increases, there is no immediate plan for the government to help hard-hit consumers.
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Cash-strapped SAA go on spending spree to address skills shortage
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Embattled national carrier, South African Airways (SAA) has dug deep into its purse in a means to address a “severe” skills shortage. As the Mail & Guardian reports, the airline has splurged millions appointing executives and commissioning foreign consulting firm, shortly after it received its latest bailout amounting to R5 million. According to the publication,..
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I see a bad moon rising – ANC has embarked on a policy path of radical populism in order to stay in power
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There’s no doubt any more that the ruling ANC has embarked on a policy path of radical populism in order to stay in power in the next and possibly several more national elections. It has stolen most of the radical ideas from the Economic Freedom Fighters (EFF) leaving its leader Julius Malema with only pure..
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South Africa is at the Brink: A country governed by chaos, violence and malice – There is no rule of law
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South Africa is a country governed by chaos, violence and malice. There is no rule of law. Just a bunch of civil societies and weak-wine intellectuals pretending that everything is okay – when it really isn’t. We pretend that things are okay now that Jacob Zuma is no longer the President; that Cyril Ramaphosa will..
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Greedy World Bank Endorses Land Expropriation Without Compensation! Happy to Profit From Poor SA’s Misery, Debt and Destruction
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If ever there was proof that we are living in enforced debt slavery, the World Bank has just shown its hand. It is so greedy to create new debt it even endorses South Africa’s Racist Land Expropriation without Compensation Plan, which will surely destroy the country just like Zimbabwe!
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Former execs slapped the firm KPMG for R30m
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Two former KPMG directors who left because of the scandal involving the audit firm and VBS Mutual Bank have slapped the firm with multimillion-rand law suits for defamation and discrimination. But by doing so it has emerged that they were indebted to the embattled VBS — including for an almost R8‑million home loan.
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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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State-of-the-art school in Gauteng that cost the state R248‚159‚795 stands empty
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A state-of-the-art school built for children with special needs in Gauteng stands empty.
Where there should be the sound of children playing, there is silence. Where there should be learning, there are empty classrooms. Where there should be teaching, there are blank chalkboards.
This is the situation at the Nokuthula Centre and Special School in Lyndhurst, Johannesburg. Nokuthula is a “LSEN school”, meaning it caters for “learners with special education needs”.
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Has “South Africa” gone forever? Living as a stranger in your own country… no longer proudly South African!
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I was hoping it will not be necessary for me to write this, and have been putting it off, but I cannot hide this anymore. It is like a bad dream – a horrible nightmare. Every time when I open my eyes, think normally, think realistically, I shake my head in disbelief. “It cannot be true!”
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