The South African economy can recover, but then the Ramphosa-regime must admit that it does not have the capacity to do so. This is the opinion of an economic adviser who says the one big reason why the country stumbles economically is because the whole world sees how wrong the Ramaphosa regime is in times..
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Dawie Roodt: “SA economy can be restored if Eskom privatizes”
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Foreign investors sell R25bn worth of shares in SA
ANC regime just cant resist the old folks money – State still wants to use pensioners funds as a bailout for bankrupt SOE’s
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The PIC group announced that they will meet in November to consider options to help the bankrupt state entity Eskom with its debt. Pensioners were given the assurance that the value of pensions would not be “wasted”. PIC already carries almost R90 billion of Eskom’s debt and more than one million public servants’ pension is..
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Eskom’s municipal debt rises to R23.5 billion – Lets face it! Management and board of directors do not possess management skills to run this entity
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Eskom’s inability to function effectively has again emerged with the latest financial information released. Municipalities already owe Eskom R23.5 billion, according to the report released by Minister Pravin Gordhan. The disclosure shows that the debt to be paid to Eskom is still rising, and is a sign that the entity is not prepared to set..
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Eskom – in return for R59bn bailout from National Treasury, Eskom must recover Soweto, municipal debt
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National Treasury is set to impose 28 conditions on Eskom in return for a R59bn lifeline to keep the cash-strapped power utility afloat and enable it to pay interest on its mounting debt burden. Treasury updated Parliament’s appropriations oversight committee on the conditions attached to an appropriations bill on Wednesday. The bill, which has not..
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Eskom drowning in debt, will need R69 billion to service its overflowing liabilities
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Eskom chairman Jabu Mabuza during the power utility’s annual financial results presentation on November 28, 2018 in Johannesburg, South Africa. During the presentation, it was revealed that Eskom’s debt service costs have doubled in a one year to R45bn. Jabu Mabuza addressed the Portfolio Committee on Public Enterprises on Wednesday and announced Eskom is owed..
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Trade unions are rejecting ANC’s plans to sell non-performing SOE’s
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All indications are that the ANC is prepared to execute the Tito Mboweni plan and sell the non-performing entities. For the ANC it is like swallowing a prickly pear with thorns and all, because it is a testament to their inability to run certain entities profitably. The Ramaphosa government faces an enormous fiscal dilemma, and..
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Eskom problems not solved yet – Possibility of load shedding exists in the coming months
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The DA said in a statement on Thursday that it had reliably heard that Eskom had issued a warning to municipalities about the “strong possibility of load shedding in September and October” this year. Natasha Mazzone, DA’s shadow minister of public affairs, said in the statement that the opposition party has now written to Eskom..
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Thank you SA for voting ANC – SA is broke thanks to the thieving done by ANC cadres in government
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It’s official: the South African state is bankrupt. President Cyril Ramaphosa confirmed it three weeks ago when he responded to questions in parliament. Ramaphosa’s exact words were: “Our resources are now depleted.” In simple terms, this means the government has run out of money. In a normal country, such a statement by the head of..
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ANC-regime drowning in debt -, domestic debt burden exceeds R7 billion and all this for SOE bailouts
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The ANC government is drowning in debt, and its domestic debt burden is a disgrace that is inexcusable but also remains unacceptable. The state owes businessmen in the country more than R7bn, and the foreign debt burden causes the country to receive junk status. Gauteng is believed to be the biggest offender with a debt..
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Medupi and Kusile power stations are still “off the grid” due to poor construction work, corruption and cost overruns
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More than 600 senior officials from Eskom and some executives were informed of the entity’s “turnaround” plan. According to documentation, Eskom is sitting without cash and has almost completely collapsed on several occasions. R130bn has been loaned to the power provider and the state is expected to help as government announces increased tariffs. Eskom unbundling..
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Taxpayers will now have to bailout the Ramaphosa regime after Moody lost patience with SA’s poor economic situation and proposes a tax increase
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The poor economic conditions, unemployment, little foreign interest, the land grab program, Eskom and other entities’ financial inability are all reasons why the country is in such a mess. Moody’s has pointed out to the ANC-regime that it will have to raise taxes to fix the mess at Eskom, which is the first step to..
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#ParasiticParastatal – SA Express is just another bottomless pit swallowing taxpayers’ money
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It is disturbing to realise that recently another enormous lifeline was quietly given to SA Express while all the attention was on Eskom, the SAA and the SABC. According to the Free Market Foundation, SA Express received a lifeline of R1,24 billion from the government in November last year and was now given government guaranteed financing amounting to R300 million.
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Government employees face 10% salary cut to fund crippling Eskom since National Treasury’s box is empty
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National Treasury director-general Dondo Mogajane has said that the best way to fund the bailout of failing state-owned enterprises could be to cut the salaries of all government employees by 10%, according to a report in the City Press. The government has to find a way to close a R120-billion hole in its budget, which..
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Parasitic Parastatal Eskom, paralysing SA as the country runs out of money. Unless considered action is taken, not just talk – South Africa remains on the brink of destruction
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When Finance Minister Tito Mboweni on Tuesday told MPs government would have to review its funding requirements, he put into financial jargon that, actually, South Africa’s running out of money. And Eskom is to blame, in the main. Bluntly put, Tuesday’s Special Appropriation Bill is scraping together R59-billion extra for Eskom — that’s in addition..
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