News

 

SAA cash crunch deepens as suppliers have still not been paid

Leave a comment

South African Airways (SAA) appears to have exhausted its available cash reserves following news that suppliers have still not been paid for work done in July. The airline has thirty-day terms with a number of suppliers that provide essential services to it. They had not been paid at the end of last week, a week..
Continue reading…

Enjoyed this post? Share it!

 
 

Unemployment fund’s assets currently valued at R110bn – Hopefully the government will keep their hands off

Leave a comment

The Unemployment Insurance Fund (UIF) currently has assets valued at R110-billion‚ Labour Minister Mildred Oliphant disclosed on Monday. In a written reply to a parliamentary question by Democratic Alliance labour spokesman Michael Bagraim‚ Oliphant said that while the projected monthly contributions from September 1 2017 to August 31 2018 were expected to total R1.58-million‚ the..
Continue reading…

Enjoyed this post? Share it!

 
 

Lessons to be learnt from the rest of the African continent

Leave a comment

While South Africa had “a head start in the level of its development compared to other African economies” there was much to learn from the rest of the continent, many of who were “making greater progress, despite starting from a low base.” South Africa also had a role to play in contributing to the continent’s..
Continue reading…

Enjoyed this post? Share it!

 
 

ConCourt rules on new owners’ historical debt.

Leave a comment

The Constitutional Court on Tuesday ruled that new home owners are not liable for historical debt taken over from previous owners. Municipalities such as Tshwane, eThekwini and Ekurhuleni — as well as the cooperative and governance minister — argued against a landmark high court judgment in 2016, which made a similar ruling. The high court..
Continue reading…

Enjoyed this post? Share it!

 
 

Gigaba lashes out against ‘hysteria’ over SAA bailout

Leave a comment

Finance Minister Malusi Gigaba has spoken out against what he termed hysteria that has been created around the options government is considering to recapitalise South African Airways (SAA). He was speaking at a briefing at Treasury following a meeting with the steering committee of the CEO Initiative on Friday. He emphasised that government is still..
Continue reading…

Enjoyed this post? Share it!

 
 

Eskom wants to give Molefe R11-million golden handshake

Leave a comment

Public Enterprises Minister Lynne Brown this week quashed yet another bid by Eskom’s board to pay former CEO Brian Molefe a multimillion-rand golden handshake. The request to pay Molefe a settlement of R11.2-million was made to Brown by interim board chairman Zethembe Khoza. It came just months after the minister rejected an initial bid to..
Continue reading…

Enjoyed this post? Share it!

 
 

Did Guptas sell mines they didn’t own? The Zuma and Guptas stories is just getting interesting day by day.

Leave a comment

Many questions remain about the Gupta family’s announcement on Wednesday that it was selling Tegeta Exploration, a company with coal mines that, according to Eskom, are critical for keeping the lights on in the country. But two questions stand out: Who is buying Tegeta, and who is selling it? Neighbours in the vicinity of the..
Continue reading…

Enjoyed this post? Share it!

 
 

Guptas get bailed out of another SA business after Swiss Company is investing R2,97b

Leave a comment

Oakbay flogging Tegeta for amazingly quick profit of nearly R800million. A United Arab Emirates businessman using a Swiss shelf company is investing R2.97-billion to buy the Gupta family’s Tegeta mining company, which is under investigation for dubious dealings in its purchase of the Optimum colliery. Tegeta Resources and Exploration will be sold by Oakbay Investments,..
Continue reading…

Enjoyed this post? Share it!

 
 

Are the Guptas starting to feel the heat?

Leave a comment

Gupta-owned Oakbay Investments has sold Tegeta Exploration and Resources to Swiss-based Charles King SA for R2.97-billion, it announced on Wednesday. The firm is at the centre of former Public Protector Thuli Madonsela’s State of Capture report, which found irregularities with its dealings with Eskom. Brian Molefe stepped down as a result of the report in..
Continue reading…

Enjoyed this post? Share it!

 
 

Energy fund faces ruin if state mining company moves to Zwane’s department.

Leave a comment

The Central Energy Fund (CEF) faces financial ruin when Energy Minister Mmamoloko Kubayi hands the state’s mining company, African Exploration Mining and Finance Corporation, to the department of mineral resources. This will take place in the few months left of this financial year. Sources in the department have told the Mail & Guardian it will..
Continue reading…

Enjoyed this post? Share it!