Posts tagged with 'Africa'

 

ANC’s 30,000 election posters cost R100 million

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The ruling party recently had a big shock when they received a bill of R100 million for the printing of 30,000 ANC election posters.

This indicates that a single poster cost about R3,000, which made the printing press rich overnight, but it seems like the ANC is hesitant pay such a bill.

Ezulweni Investments in Natal reportedly did the printing of the posters used by the ANC during the election, but the ANC said the bill would not be paid because no command was given for the order.

Fikile Mbalula allegedly said he knew nothing about the order given to the printing press, and now the printing press wants to drag the ANC to the Supreme Court.

An estimated R2 billion was spent by the political parties during the last election, and observers noted that printing companies probably received the best share of the money.

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Attackers armed with pangas and firearms have met their fate during failed murder spree, one is shot dead

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In a farm attack that occurred in the Eastern Transvaal region at least one attacker died during a failed murder spree. The black attackers where were armed with pangas and firearms.

The two elderly victims were powerless against the attackers, but Tommy Brown, who was visiting with his parents that night, shot at least one attacker, who later died about 150 meters away from the home.

The boy reacted only after being wounded by an attacker himself, after which an over and over shooting was started.

The thugs were still trying to take the wounded comrade with them while fleeing on foot, but had to abandon their attempt when it was discovered that he had been fatally wounded.

The three victims of the attack were then quickly taken to the hospital to receive urgent treatment.

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SA has a national debt of R3 trillion rand and tax deficit of R53 million

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Following the disappointing mid-term budget speech by Tito Mboweni, the Rand reached its lowest level in weeks. Eskom’s rescue plan has nowhere really figured in either Pravin Gordan’s submission or Mboweni’s budget reason.

The government’s financial situation is rapidly deteriorating with the national debt of R3 trillion and a tax deficit of R53 billion.

Moody’s is therefore expected to downgrade the country to negative from where it currently stands at stable.

However, there are fears that Moody’s will downgrade the country directly to junk status which will affect Government bonds as the Citigroup’s World Government Bond Index contains only investment-grade securities.

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SA, the country once known as the most prosperous one on the African continent, is downgraded by Moody’s to position near to junk status

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While Cyril Ramaphosa delights in the Rugby players’ victory in Japan, Moody’s downgraded the country’s financial position near to junk status.

In the next 12 to 18 months, the Ramaphosa regime will have to implement good plans otherwise there will be another major setback for the country that was once known as the most prosperous one on the continent.

Moody’s is the last of the three major rating agencies to still show patience and not like Standard & Poor, as well as Fitch had previously seen the SA economy as a loser, and downgraded the country to junk status.

It is now becoming increasingly difficult for SA to borrow money, and investors are now more than ever hesitant to invest in a poor economic environment.

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R6bn needed to renovate Gauteng hospitals – National Health Plan may be on ice

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It will cost the state more than R6 billion to complete 32 hospitals’ safety rating. The decline and deterioration of hospitals is particularly seen in electrical installations, fire protection equipment, elevator regulations and storage facilities.

The condition can be attributed to contractors who do not deliver quality work and poor maintenance programs. There is concern that none of the hospitals will be able to be part of the government’s National Health Insurance Program as they are not accredited by the Office of Health Standards.

Meanwhile, Minister Tito Mboweni indicated in the mini-budget that the Health Plan is off track due to the extremely poor state of the South African economy.

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Chinese is taking over SA, communists to build a natural gas plant in the Free State

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Chinese company Wester Shell Cryogenic Equipment Co. (WSCE) was contracted by natural gas producer Renergen to build a plant for the production of liquefied natural gas and liquid helium near Virginia in the Free State.

Since 2004, WSCE has been manufacturing small scale equipment for natural gas plants. The gas plant, which is expected to be operational in the first commercial natural gas plant in South Africa in the first half of 2021, will produce up to 2,700 gigajoules of liquefied natural gas and 350 kg of liquid helium per day. The plant is built in modules the size of standard containers for easy transport and installation.

Founder and CEO of WSCE, Dr. Jia Lin Xiang, has developed a helium cryogenic testing laboratory for the US space agency Nasa, and he was chief cryogenic engineer at the Brookhaven National Laboratory in New York for more than ten years, according to a Sens statement issued by Renergen on Monday .

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Eskom which is battling with R441 billion debt, won’t be privatized – ANC-regime’s plan to save the power supplier from ruin disappointing

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Public Enterprises Minister Pravin Gordhan yesterday unveiled the government’s latest blueprint to kickstart Eskom, which proposes major shifts in the ailing entity’s business model. Politicians, as well as political analysts and financial experts are disappointed in the plan, whose content can be vague and probably poorly implemented, as announced by the minister. Not only did he disappointed South Africa but also the credit rating agencies with his “plan” to save the power supplier from ruin.

Experts point out that the ANC will not privatize Eskom, because it is then out of their hands, and the fear exists that hundreds of ANC members will be fired because it is an overall overpopulated workforce.

Gordhan recommended, among other things, that the various power plants be divided into groups and have to compete with each other over who can generate the cheapest power, but experts say it will bring no harm to the entity’s financial position.

The turnaround plan
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E-toll system not going anywhere – According Finance Minister, Gautengers must just except their fate and pay up

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Finance Minister Tito Mboweni said on Wednesday during his interim budget speech that the offending e-toll project will continue and consumers will be held responsible for the costs, with payments now being tightened and regulated. The people of the Central Transvaal will have to fall in love with the fact that Minister  is not prepared to abandon the e-toll system.

The government will continue its strategy of keeping consumers accountable for the cost of maintaining Gauteng’s highways. The ANC’s policy of the user must apparently pay money only in the case of e-tolls applied on certain roads.

He further said that it is because of consumers who fail to support this project that the province’s roads are deteriorating further. “We can’t maintain the network.”

“I encourage South Africa to please settle their accounts. We need to establish a culture of payment because the government’s services can only continue if all consumers, who can pay, do pay, ”he added
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SA debt burden sky-high, municipalities bankrupt, SOE’s a huge burden on taxpayers’ shoulders, and ANC regime not capable to find solutions that are feasible and effective

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Finance Minister, Tito Mboweni issued a cold warning Wednesday in his Medium Term Budgetary Framework (MTBR), and said if action is not taken urgently, South Africa could end up in a debt trap, with rising interest payments on debt, higher interest rates and even higher unemployment. This admonition comes amid a sharp lower adjustment in the expected economic growth for this year – from 1.5% in February’s budget to just 0.5%.

Minister Mboweni painted a dark picture, but not as dark as it should be, economists say.

Rating agencies may welcome its offering, and markets may be somewhat upset about its view of certain aspects of growth and debt burden.

But it also ends there, because the same agencies and markets may react negatively because Mboweni provided a clear lack of broader details on how all the chaos would be reversed.

A shocking interim budget has hit South Africa because with a promise of a budget and growth that is 2% higher over the next three yea
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Taxpayers fork out millions for 703 vacant state-owned buildings

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The poor management of state-owned buildings costs the country’s taxpayers millions of rands annually.
The Department of Public Works and Infrastructure owns about 81,000 buildings, 703 of which are vacant. Only the property tax on these unused buildings amounted to R36 million in the 2018/19 financial year.

In addition, there is a major backlog with the maintenance of buildings and it is estimated to cost about R74 billion to fully renovate all the buildings.

To aggravate the problem, various government departments’ monthly rents are outstanding for a period of longer than five years. This amount is about R600 million. Treasury owes itself R127m in arrears.

If the Justice, Correctional Services and Higher Education Departments can pay their rent, the other departments can do so.

This crisis needs urgent attention and is resolved. The FF Plus will ask that the relevant portfolio committee deal with this to ensure that the outstanding fees are collected bef
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