Free State municipalities on brink of financial collapse

20 October 2019, 3:51 PM
Several Free State municipalities are on the brink of financial collapse due to mounting debts running into billions of rand.
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Eskom
Post Office
SAPO wage bill described as ‘unsustainably’ high 15 October 2019, 4:09 PM

The South African Post Office's (SAPO ) wage bill is ridiculously high. That's according to SAPO Acting CEO, Lindiwe Kwele.

Stake in SAA should be offered to local investors: ANC 15 October 2019, 3:20 PM

The African National Congress (ANC) says any stake in South African Airways should be given to locals.

Corruption has cost SA close to R1 trillion: Ramaphosa 15 October 2019, 8:06 AM

President Cyril Ramaphosa says corruption has cost South Africa as much as R1 trillion. He has been in the United Kingdom (UK) to attend the Financial Times Africa Summit in London. Ramaphosa also delivered the keynote address.

CCMA warns of job losses 15 October 2019, 7:08 AM

The Commission for Conciliation, Mediation and Arbitration (CCMA) has warned that it will continue to see an increase in caseloads in the next few years as the labour market sheds jobs.

World Bank
World Bank cuts Sub-Saharan Africa’s growth forecast 15 October 2019, 6:24 AM

In a report released earlier this week, the World Bank said growth in Sub-Saharan Africa remained slow through 2019, hampered by persistent uncertainty in the global economy and the slow pace of domestic reforms.

Govt to make announcement regarding Eskom management soon: Ramaphosa 14 October 2019, 9:18 PM

President Cyril Ramaphosa says government will soon make announcements regarding the management of Eskom and the plans around the power utility's debt.

Cameron Morajane
CCMA records huge caseload increase over the 2018/19 financial year 14 October 2019, 6:45 PM

The Commission for Conciliation, Mediation and Arbitration (CCMA) says they have seen a huge increase in caseloads over the 2018/2019 financial years.

African Continental Free Trade Area agreement a milestone: President Ramaphosa 14 October 2019, 2:45 PM

President Cyril Ramaphosa has highlighted the importance of the upcoming launch of the African Continental Free Trade Area for the African economy.

Emirates president says he does not expect to take any Boeing 777x in 2020 14 October 2019, 10:04 AM

Emirates doubts it will receive any of the 115 Boeing 777-9s it has ordered next year, its president said on Monday, as the United States (US) planemaker grapples with challenges in building the jet.

SA to be a destination of choice for FDI: Ramaphosa 14 October 2019, 9:43 AM

In his weekly newsletter titled “From the Desk of the President”, President Cyril Ramaphosa has focused on the economy and initiatives government is taking to improve the country's competitiveness.

Ramaphosa to address the 6th Financial Times Africa Summit 14 October 2019, 7:24 AM

President Cyril Ramaphosa will deliver the opening address at the 6th Financial Times Africa Summit in London, on Monday morning, which focuses on the fortunes and the future of the African continent.

China’s foreign trade up 2.8 pct in first 9 months 14 October 2019, 6:51 AM

China's foreign trade volume rose 2.8 percent year on year in the first nine months of 2019 to 22.91 trillion yuan (about 3.24 trillion US dollars), the General Administration of Customs released Monday.

Millions of rands worth of counterfeit goods confiscated in Jhb CBD 13 October 2019, 9:07 PM

More than R14 million worth of counterfeit goods have been confiscated by police at the China Multiplex storage facilities in the Johannesburg CBD.

Rand
S Africans warned against short term investment schemes promising high returns 13 October 2019, 7:00 PM

The National Stokvel Association has urged South Africans to be weary of short term investment schemes promising high returns.

David Maynier
W Cape Government boasts 99 % of invoices paid within 30 days 13 October 2019, 4:11 PM

The Western Cape Government says it has paid 99 % of all invoices for goods and services within 30 days to all it's suppliers for the 2018/2019 financial year.

Bruised US banks expected to report third quarter earnings decline 13 October 2019, 11:47 AM

The biggest US banks are expected to kick off the earnings season on a sour note next week due to falling interest rates, which may have pressured net interest margins enough to cause the sector’s first year-over-year earnings per share decline in three years.

US outlines ‘Phase 1’ trade deal with China, suspends October tariff hike 13 October 2019, 8:37 AM

US President Donald Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done before an accord could be agreed.

Counterfeit goods
SARS confiscates counterfeit goods worth R1.3 million in W Cape 12 October 2019, 7:01 PM

South African Revenue Service (SARS) customs officials have confiscated counterfeit goods worth one-point-three million from a truck that was stopped and searched at the Rawsonville weighbridge, in the Boland.

Volkswagen mulling sale or stock listing for Lamborghini: Bloomberg 12 October 2019, 3:22 PM

Volkswagen is looking at options for its luxury brand Lamborghini, including a sale or stock listing, Bloomberg reported on Friday, citing people familiar with the matter.

Ramaphosa in UK investment drive 12 October 2019, 9:36 AM

President Cyril Ramaphosa is traveling to the UK this weekend to try and drum up foreign investment for South Africa. He'll also deliver a keynote speech at the Financial Times' Africa Summit, in London.

Percentage of audits completed has decreased by 9% 12 October 2019, 7:08 AM

The Auditor General's office says the percentage of audits it was able to complete has decreased from 94% in 2014-15 to 85% in 2018-19. This was revealed by the office when it briefed Parliament on its annual report.

Cosatu wants Eskom board axed 11 October 2019, 8:17 PM

The Congress of South African Trade Unions (Cosatu) has called for the immediate axing of the entire Eskom board and its senior management because it says they have failed to fix the power utility after two years at the helm.

Africa Oil and Power Conference
African governments must co-operate to develop gas sector: PetroSA 11 October 2019, 5:40 PM

National oil company PetroSA says African governments need to co-operate in order to be able to develop the gas sector.

Eskom to challenge latest Nersa tariff determination 11 October 2019, 3:34 PM

Eskom says it will challenge National Energy Regulator of South Africa’s (Nersa) latest tariff determination, citing failure by the regulator to adhere to guidelines.  

Khaya Sithole on Morning Live
Khaya Sithole explains how Old Mutual, Peter Moyo legal spat can affect investors 11 October 2019, 10:36 AM

Chartered Accountant and political commentator Khaya Sithole explains how the legal spat can affect the ordinary citizen investing with Old Mutual.

Huawei founder Ren Zhengfei attends a panel discussion at the company headquarters in Shenzhen.
Huawei’s side businesses keep it all in the family 11 October 2019, 6:21 AM

Huawei may be one of China’s most global companies - with more than 180,000 employees in more than 170 countries running a telecommunications that generates more than $100 billion annually - but it still has elements of a family firm.

Madoda Mxakwe
SABC CEO says money is to pay for programmes 10 October 2019, 7:16 PM

The SABC will spend over 75% of the government bailout to settle outstanding debt owed to content producers.

Agri-SA warns government against uncertainty on land reform 10 October 2019, 6:27 PM

Re-elected Agri-SA President Dan Kriek has warned that the continued uncertainty on land reform will continue to cripple economic growth in the country.

Eskom not going to be privatised: Ramaphosa 10 October 2019, 4:05 PM

President Cyril Ramaphosa has emphasised that Eskom is not going to be privatised. He is answering questions in the National Council of Provinces.

UK economy on track to dodge pre-Brexit recession but outlook weak 10 October 2019, 1:35 PM

Britain’s sluggish economy looks to have dodged recession in the run-up to its deadline for leaving the European Union this month, official data showed on Thursday.