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What did South-Africans used before candles? Electricity! – Eskom is apparently technically bankrupt and its R420bn debt currently accounts for 15% of the country’s debt – will no longer exist at the current projection by April 2019

Posted on 05/11/2019 Leave a comment

The Portfolio Committee of Public Enterprises heard at the hearing of the Department of Public Entities that Eskom was “technically bankrupt”.

Eskom will no longer exist at the current projection by April 2019.

The power supply’s R420bn debt burden currently accounts for 15% of the country’s debt and its revenue has increased fourfold since 2007 but its expenses, especially with staff overload, have exceeded revenue. Staff alone increased from 32,000 to 48,000 in eleven years.

Despite the increase in staff, critical knowledge was lacking, which resulted in 40% of interruptions at the different power stations being attributed to “human factors”.

The original article can be read in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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ANC regime announces that experts from Italy have been called in to restore poor service to Eskom, while South Africa is swarming with extremely capable whites who can do the job

Posted on 05/11/2019 Leave a comment

Minister Pravin Gordhan’s nine-point plan to get the bankrupt Eskom back on track are welcomed by industrialists and businessmen who are currently deeply concerned about the extremely poor functioning of this state entity.

An expert dealing with the dilapidated Eskom says the minister’s plans can contribute to possible recovery of Eskom.

He says although it looks like reasonable plans, the lot of money and a lot of time is going to ask the struggling industry to stand on its own again.

The expert believes it will cost at least R10bn and a team of experts to effectively operate the industry.

Meanwhile, it is announced that experts from Italy have been called in to try and recover the poor service.

Observers say it is clear that the ANC government will not use the expertize of whites in South Africa, as it will be a direct blow to the faces of the regime.

Read the original article in Afrikaans on Die Vrybuger

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ANC has been accused of exploiting land expropriation without compensation issue as an electoral tool to garner votes – this political party suddenly decides land issue is urgent and must be tackled before election

Posted on 05/11/2019 Leave a comment

ANC chief whip Jackson Mthembu has made an about-turn by announcing on Tuesday that parliament will begin the process of amending the constitution in this current term.

Mthembu was addressing the joint sitting of parliament debating President Cyril Ramaphosa’s state of the nation address.

“We are fast-tracking land reform by implementing our resolution on the expropriation of land without compensation. Parliament is already in the process of crafting a constitutional amendment to amend section 25 of the constitution to make it explicit that our constitution allows expropriation of land without compensation,” he said, opening the debate.

“An hour ago, Honourable Thoko Didiza was elected chair of the ad-hoc committee tasked with amending section 25 of the constitution. We congratulate her and wish the committee well as they embark on this historic process,” added Mthembu.

He also made reference to the revised e
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BE WARNED SOUTH-AFRICANS!! After the load-shedding come water shortages – Still people will be voting for the ANC this coming election

Posted on 05/11/2019 Leave a comment

It’s not just load-shedding you have to worry about, the city of Johannesburg has warned. You could also be in for water cuts.

The metro warned that water shortages could follow load-shedding.

“As we continue to experience load-shedding across the country, Johannesburg Water is working alongside City Power to ensure that residents do not have to face water cuts as well,” said MMC for environment and infrastructure services Nico de Jager.

He says that when load-shedding of four or more hours is experienced, some areas could have water shortages or low water pressure.

“This is because Johannesburg Water uses electricity to pump water from the reservoirs into the towers,” he said.

Posted by Johannesburg Water on Thursday, February 14, 2019

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SA motorists brace yourself for big fuel tax increases the coming months – seems like the ANC-regime wants to recoup their loses by taxing you more on fuel levies

Posted on 05/11/2019 Leave a comment

Minister of Finance, Tito Mboweni, will deliver the Budget Speech 2019 in Cape Town on 20 February.

Expectations are high that he will balance competing expenditure priorities to stimulate economic growth in spite of fiscal consolidation measures.

However, the former central banker’s task is formidable and he will likely have a difficult balancing act on his hands.

One of the key balancing acts will be how Mboweni tackles the issue of the fuel levy.

In an analysis of the upcoming budget, PwC tax experts noted that the general fuel levy has been increased significantly in each of the four previous budgets as a means of raising additional tax revenues.

“The general fuel levy is only slightly progressive and was previously seen as being less politically sensitive than VAT,” PwC said.

“This perception has, however, changed with the increased attention resulting from the VAT increase in 2018. As such, it may no longer be
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According to Senzo Mchunu, one of ANC president Cyril Ramaphosa’s confidantes, black managers are too blame for the bankrupt Eskom

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An ANC member of the party’s National Executive Committee, Senzo Mchunu, says it is black executives who are responsible for the condition at Eskom.

He says all that they have achieved was to do well in the failures.

Senzo Mchunu is one of ANC president Cyril Ramaphosa’s confidantes who are now out against Eskom’s “black managers”.

In an interview, he added that they would still regret some of their black managers who were praised as excellent executives and trusted by the ANC.

Opinion polls say the ruling concludes that Italians from whites must correct the chaos at Eskom while many highly skilled drivers are finding whites in South Africa but hated and therefore will not be used.

Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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SA sugar industry in crisis – ANC regime has been warned two years ago, however, the government remains indifferent to the industry by importing sugar more cheaply from abroad

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The SA Sugarcane Association has, by way of Graeme Staibank, declared that 350,000 jobs are at stake if problems are not addressed.

Inconsistent rainfall, low sugar prices, little protection from cheap sugar imports and a fall in demand after the introduction of sugar taxation is one of the problems facing the industry.

The government has been warned two years ago that the industry is experiencing problems but farmers are increasingly experiencing the indifference of the government that does not want to understand the importance of the food producer.

Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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SAA pay Comair R1,1 billion, where does the bankrupt state entity get the money from?

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SAA conceded that it had violated the Competition Act and announced that it would pay R1,1 billion to Comair.

The dispute has been in existence for a period of 10 years after SAA’s travel agents operated bonus schemes.

The bonus systems were against the rules of the Competition Council, and Comair has set a claim against SA Airways for losses.

Observers have noted that they are not sure where the bankrupt entities will get the money since minister Pravin Gordhan does not show much sympathy towards the state airline

Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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South Africa’s new state-owned bank could be a big R7 billion mistake, National Treasury has warned of the possible harmful effects of introducing a state-owned bank into South Africa’s current financial system

Posted on 05/11/2019 Leave a comment

In a presentation to the Standing Committee of Finance on Tuesday (5 February), Treasury warned that a number of recent banking failures – including the failures of African Bank and VBS Mutual Bank – showed that a banking licence should not be handed out lightly.

It also warned of previous issues with state-owned banks, highlighting that the South African Post Office used depositors’ funds to finance postal operational losses in the late 1990s.

“International experience and South Africa’s own experience suggests that state ownership of banks has (the) potential to undermine prompt corrective action by prudential regulators,” it said.

“Prudential regulators sometimes forebear (i.e. they do not apply full regulatory measures) when faced with failing state banks due to the reluctance to frustrate what could be viewed as government policy or programs.”

Treasury added that the traditional rationale for introducing a state bank
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While National Treasury and SARS scramble for money, a new focus has been placed on the revenue service’s plans to tax SA expats working abroad , who could face having 45% of their earnings over R1 million fed back to government

Posted on 05/11/2019 Leave a comment

South Africa’s expat tax is coming – and there’s only one way to legally avoid it.

Speaking on The Money Show this week, personal financial advisor at Galileo Capital, Warren Ingram said that even though the actual rules around the tax are yet to be finalised, they are planned to come into effect in March 2020.

The new legislation has many expats riled up, with much confusion and uncertainty around the new laws, and many believing that it will not apply to them or that it will be unenforceable.

It has also brought into question whether young South Africans who are working abroad for a short time are tax compliant.

According to Ingram, many South African expats who are working abroad are currently – unintentionally – flouting the country’s tax laws, and may already owe SARS money.

“One thing (expats) don’t do is tell SARS, ‘I am no longer a tax resident’ – this isn’t a process that happens automatically, wher
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