Politics

 

Zuma will make an 85% profit on his Nkandla home after repaying the state R7.8m

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NEWS ANALYSIS: President Jacob Zuma has until the end of August to repay the state R7.8-million for taxpayer-funded improvements to his Nkandla home. But, ironically, that amount represents – conservatively – an 85% profit for Zuma. Combining the findings of the treasury with a 2014 report by the Special Investigating Unit (SIU) shows that the..
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Cabinet Ministers set for 4% pay rise as reward for tanking the economy

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Unfortunately, it’s not April Fool’s Day. We are deadly serious when we tell you that political heavyweights who’ve overseen a slump in the South African economy are set to receive a 4% pay rise. In a year of recession, junk-status and a declared tax shortfall of R50bn, it seems like our top brass have found..
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State capture fiasco shows why collaboration is key to tackling global crime networks

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Lord Peter Hain tabled a series of allegations in the UK’s House of Lords relating to the possible role of British banks in alleged money laundering and illicit financial transactions centred around President Jacob Zuma and the Gupta family. The Conversation Africa’s Charles Leonard asked him to explain why he took the step. Hain, who..
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Parastatal waste equals tax shortfall: Treasury will need to find new resources to close the budget gap

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The R50‑billion shortfall in tax revenue that the treasury will need to find elsewhere to plug the budget gap is close to how much state-owned entities (SOEs) have thrown down the drain in the past financial year. The auditor general, Kimi Makwetu, released national and provincial audit results on Wednesday. Although the number of clean..
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February’s Main Budget Could Be A Total ‘Bloodbath’ Judging Gigaba’s Mini-Budget

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The biggest day in Malusi Gigaba’s political career so far was strongly contrasted yesterday by a vehemently negative market reaction. While being honest in his assessment of the state of the South African economy, the Finance Minister provided little hope that he has a plan to halt the bleeding. And as Matthew Lester points out below, if Gigaba remains Finance Minister until..
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February’s Main Budget Could Be A Total ‘Bloodbath’ Judging Gigaba’s Mini-Budget

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Matthew Lester The biggest day in Malusi Gigaba’s political career so far was strongly contrasted yesterday by a vehemently negative market reaction. While being honest in his assessment of the state of the South African economy, the Finance Minister provided little hope that he has a plan to halt the bleeding. And as Matthew Lester points out below, if Gigaba remains Finance..
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‘Pay back the money! She is a thief!’ ANC chants at De Lille during council meeting

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Patricia De Lille on Thursday said she has not stolen a single cent, insisting she had enough money to even consider lending money to the City of Cape Town – at a low interest rate – to deal with its water crisis. “I don’t need money from anyone,” she said ahead of her address during..
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The only thing falling faster than the Rand is the Presidents eyelids: Zuma caught napping during Gigaba’s mini budget speech

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A screenshot of Jacob Zuma taking a nap during Malusi Gigaba’s mini-budget speech has gone viral. Gigaba delivered his “maiden” budget speech on Wednesday – and the forecast was pretty grim. But if you’re hoping that President Jacob Zuma was going to zoom in to try and boost the confidence of consumers and investors, you’re..
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Junk status looms after mid-term budget fails to inspire confidence – It is not looking good for SA

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Economists have warned that South Africa could be in line for a credit downgrade to junk status – possibly before the end of the year. Their fears come in light of Malusi Gigaba’s mid-term budget speech, delivered to parliament on Wednesday. “It is not in the public interest, nor is it in the interests of..
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Gigaba’s first test: Can he ace the mid-term budget?

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Finance Minister Malusi Gigaba is in an unenviable position. In his maiden budget – today’s medium-term budget policy statement – he must confront, among other things, low economic growth, a tax revenue hole big enough to fly a plane through and the budgetary consequences of struggling state-owned enterprises. These issues are some of the chief..
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