The World Bank has just adjusted South Africa’s projected economic growth to 0.9% for 2020 amid the uncertainty surrounding Eskom and load shedding. The 1.3% growth that the World Bank initially predicted for 2019 has now also been adjusted to 0.4%. In spite of these realities, the ANC clings to the ideology that got us..
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SA’s expected economic growth is adjusted to 0.9% for 2020 – ANC regime is responsible for SA being in such a mess
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Another stupid plan on the incompetent ANC’s table – Regime now wants to expand and manage shipping, while all the SOE’s are total failures
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The ANC government’s Minister of Transport, Fikile Mbalula, has just announced that his Department is looking into the possibility of expanding shipping and the ships will be managed by their incompetent department. Informed sources say the announcement comes simply as a distraction after it became known that Prasa is also bankrupt like almost every other..
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SA Reserve Bank’s worst-case scenario fast becoming a reality – economy to lose 1.1 percentage points in growth, leading to the loss of 125 000 job opportunities
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The SA Reserve Bank’s worst-case scenario, which would see the country’s economy lose 1.1 percentage points in growth and lead to the loss of 125 000 job opportunities, is fast becoming a reality. The central bank’s latest forecasts predict that the economy will sacrifice 0.4 percentage points in GDP growth if Eskom’s availability factor declines..
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SA’s economic decline has happened by design – The ANC’s obsession with disproved socialist/communist practices is at the root of the problems
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All the plans devised to reignite the economy of the country will be stillborn so long as the ANC continues to pursue its socialist/communist programme. Even as Tito Mboweni proclaims his plans for the recovery, the ANC persists with its plans for expropriation of property without compensation, compulsory equity transfers, control of the “commanding heights”..
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Transnet wasted almost R50 billion, most of which is used to buy trains that cannot be used in SA
14 SOEs rack up more than R1.4 billion in irregular expenditure
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Auditor General (AG) Kimi Makwetu said not one of the 14 big state-owned entities (SOEs) audited by his office received a clean audit, a poorer outcome than last year. Makwetu was revealing the results of the national and provincial audits for the past financial year at Parliament on Wednesday. He said the financial health 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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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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Ramaphosa lets the cat out of the bag: The bad news: ‘Our money’s up’
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Ramaphosa acknowledged in parliament on Thursday that South Africa’s financial resources were depleted while the country’s development needs were enormous. He did not say straightforwardly whether he supported “prescribed assets”, he said later, the pension fund industry and other stakeholders needed to talk about using pension fund assets to support the country financially. The country’s..
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ANC’s pension money proposal upsets economists – Government wants to use private and public pension funds to settle struggling SOE’s debts
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ANC Chairman on economic transformation, Enoch Godongwana, said during an interview with the Sunday Times that money from the country’s private and public pension funds should be used to pay off the debts of struggling state-owned enterprises such as Eskom and SAA. In response to the statement, economist Mike Schüssler said it was just another..
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SA collapses as a result of communist ANC regime – dire state of land now on the same level as Zimbabwe
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Political analysts say conditions in South Africa are now deteriorating by the day, and the bad conditions are now putting residents at the same level as in Zimbabwe. A police service that has lost thousands of rounds of ammunition without any action being taken against the culprits indicates the dire security situation that prevails. The..
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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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Cash strapped Denel asks ANC regime for cash injection of R2.8 billion to pay employees salaries and remuneration
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Weapon manufacturer Denel is one of several state-owned enterprises (SOEs) found amid allegations of corruption and statecapture. The entity finds itself in a deep financial crisis and was forced to ask government for a R2.8 billion bailout to pay suppliers and outstanding salaries. Public Enterprises Minister Pravin Gordhan announced that the company, with the help..
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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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If you are white, you are out as tenders go says Pravin Gordhan – there really are no good ANC politicians
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Ironic that Pravin Gordhan was the man who implemented the BBBEE regulations that contributed greatly to the demise of Eskom and other SOE”s and forbade business with any company not under black control. Ironic because, as the current minister for Public Enterprises, he now has to fix the problems he helped to create previously when..
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