There is a line in Finance Minister Tito Mboweni’s brutally honest 2019 Budget Speech that I can’t get out of my head. “We are borrowing R1.2bn a day.” Read that again. Let it sink in. If you ever doubted that South Africa’s economy was in deep, deep trouble, doubt no more. Some perspective: R1.2bn is..
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Mboweni’s truths: We are bankrupt and people will lose their jobs – If you ever doubted that South Africa’s economy was in deep, deep trouble, doubt no more
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Rothschilds the new Guptas? – Rothschild family accused of preying on South Africa’s state-owned enterprises
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South African unions have joined forces to take on the Rothschild family, which they have accused of being involved in attempts to ‘capture’ the country’s SOEs (State Owned Enterprises). According to the Citizen tabloid, the NUMSA (National Union of Metalworkers of South Africa) and the SACCA (South African Cabin Crew Association) released a joint statement,..
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You, the taxpayer are going to pay for Eskom’s failures and probably Soweto’s debt too – Tax increase on the cards
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President Cyril Ramaphosa said in his recent state of the nation address that Eskom is facing serious financial, operational, and structural problems. While Eskom has sufficient cash to meet its obligations until the end of October 2019, its financial position remains a matter of grave concern. “For Eskom to default on its loans will cause..
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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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Punishment doesn’t really fit the crime! – What the disgraced eThekwini mayor will earn while on special leave at the taxpayer’s expense after her toilet tender scandal
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The punishment doesn’t really fit the crime on this one. Zandile Gumede may be on “special leave”, but her salary payments won’t be taking a break. Embattled eThekwini Mayor Zandile Gumede begins 30 days of “special leave” on Monday, as mandated by the ANC’s Provincial Executive Committee Meeting this weekend. The members have claimed this..
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So you consider to leave South Africa, but be warned about the Canada immigration scam
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The scam has reported already cost a South African family hoping to immigrate to Canada R100 000. Residents of several African countries have been warned about an immigration scam doing the rounds on social media claiming Canada president Justin Trudeau is begging for new immigrants from the continent. Canada immigration scam The fraudulent ‘news’ article..
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Dear Taxpayer, brace yourself for some more SHOCKING news:- Eskom: Yet another taxpayer-funded bailout looms amid court action
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Dig deep, Mzansi. Eskom wants your tax money again. Rumors of a fresh bailout have been sparked after a Treasury official said it’s a case of “when, not if”. Power giants Eskom have suffered a double-blow this weekend after it emerged that they would need bailouts on top of bailouts to really get itself up..
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Can you believe this, the SAA requests R4bn government bailout, their ‘wings’ needs to be clipped NOW
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JOHANNESBURG – 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..
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See where your money goes! – R50 million a month is spent on salaries of 400 MP’s, some of which are sleepy in parliament, or just stay at home and do nothing on a working day
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The previous National Assembly speaker, Baleka Mbete, who was widely regarded as a somewhat inept person for the post she held, was worth R2,825,470 a year, amounting to a monthly fee of over R235,000. Then there is the deputy speaker who carries a R1,977,795 a year home that amounts to about R165,000 a month. The..
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China vows to take over Nigeria’s main assets over unpaid Loans – SA perhaps next in line on China’s list?
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Nigerian government is now at risk of losing its main state assets to China over unpaid huge increasing loans from Chinese government. But according to Nigerian government, the growing debt is sustainable, and the country is not at risk of losing state assets to China. Support Us at African Stand by following Us on Facebook..
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Well now DStv is busy with the ‘blame-game’ over loosing 100 000 Premium subscribers and is blaming “unregulated” streaming services
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The folks who operate DStv aren’t happy with the online streaming services popping up in South Africa. DStv is an expensive luxury. If you’re a sports fan, who wants access to everything, you don’t really have any (legal) alternative. But for those who don’t care about sport, there are alternatives… and DStv isn’t happy about..
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Badnews, here’s how much you can expect to pay for petrol next month (June)
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South Africa’s annual inflation slowed for the first time in three months, with the rate falling below the midpoint of the central bank’s target range after moderation in food-price growth tempered an increase in the cost of petrol. Annual consumer-price growth decelerated to 4.4% from a year earlier compared with 4.5% in March, Statistics South..
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South African Municipal Workers’ Union goes after corrupt officials for plundering R88m from workers’ coffers
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The embattled South African Municipal Workers’ Union (Samwu) said on Wednesday that it has mandated its national office bearers to open criminal cases against other persons and companies involved in stealing money from the union account. This as Samwu confirmed that the workers’ coffers had been plundered of almost R88 million in just three years..
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Horror find at South African farm:- 54 lions killed in two days
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It was the overpowering stench and the thick swarm of flies that told Reinet Meyer she had stumbled upon something truly horrific. Meyer, a senior inspector at the Society for the Prevention of Cruelty to Animals, had been tipped off that lions were being left in tiny cages at the Wag-‘n-Bietjie farm, 32km outside Bloemfontein..
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The ANC wants banks to be forced to fund SA coal mines, well you are not a party anymore, you are now BANK-ROBBERS and THIEF’S
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South Africa’s banks should be forced to invest in new coal mines in the country, the ANC’s head of economic transformation has said. Nedbank and Standard Bank have said “they are not going to put money in coal anymore,” Enoch Godongwana said in an interview on Carte Blanche. “To me, that’s an invitation for prescribed..
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