Loadshedding A Money-Making Scheme

Another report has shown that loadshedding which cost South Africa an estimated R300-billion, was engineered to benefit favoured companies. The Eskom manager given the job of buying more than R10-billion of emergency coal during the 2008 power crisis negotiated several “irregular” contracts – including one with a friend – and resigned shortly after an investigation was launched. News of the blackout investigation emerged only days after the emergence of a 2015 report by law firm Dentons, which also raised concerns about Eskom management, in particular that senior executives might have benefited from contracts and had paid up to 200% more than necessary for coal. Pres Zuma apparently received the report in 2014 and the guy who was said to have sanctioned the looting has never been charged.

Source : https://goo.gl/qod0Wz

Unemployment Drops To 26.5%

Unemployment stood at 26.5% of the labour force in the fourth quarter, down from 27.1% in the third quarter according to Stats SA. This amounted to 5.781 million people without jobs in the fourth quarter compared with 5.873 million previously. The expanded definition of unemployment, which includes people who have stopped looking for work, also decreased, to 35.6% in the fourth quarter, from 36.3% in the previous quarter.

Source : https://goo.gl/3uwFwI

Edward Zuma Whatsapp hints At Dudu Myeni Axing

Treasury on Tuesday, dismissed claims that Pravin Gordhan is set to fire SAA chairperson Dudu Myeni. This came after a whatsapp reportedly sent from Edward Zuma surfaced. the Whatsapp said, “Pravin Gordhan will finally fire the chairperson of the SAA Board, Dudu Myeni, at a board meeting expected to be held today. Gordhan is fed up with Myeni, who has been frustrating his plan to sell SAA to white capital. Once Myeni is removed, it is said SAA will rapidly be sold to both the national and international white monopoly capital.” Treasury has denied this and claimed there isnt even a board meeting today.

Source : https://goo.gl/19nVnJ

Peugeot-Citroën Close To Buying Opel

PSA Group, maker of Peugeot and Citroën cars, says it’s exploring a possible takeover of Opel from General Motors. Combing PSA Group with Opel and its British brand Vauxhall would create the second-largest carmaker by market share in Europe, with 16.6% of sales according to 2016 figures. i just hope they let Opel carry on designing their own cars because Peugeot’s and Citroen’s are truly hideous looking cars.

Source : https://goo.gl/3wg42y

Nigeria Lost More Than $100bn To Oil Pipeline Attacks

Nigeria said it lost out on as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. Production fell by 1 million barrels a day to 1.2 million a day at the peak of the attacks. Last year, Nigeria suffered its first full-year recession since 1991 as a resurgence of armed conflict in the delta, combined with lower oil prices, blighted the economy.

Source : https://goo.gl/cUY0hC

Comair Profits Almost Double 

Comair said its earnings a share and headline earning a share went up to 42.8cents during the period, compared to 18c and 13.1c respectively last year. Cash generated from operations was R448 million for the period. “The oil price remained relatively stable over the past 12 months, and the oil hedges that gave rise to a loss of R71 million in the comparative period all matured by December 31, 2015, with no subsequent hedges being entered into,” the company said.

Source : https://goo.gl/aCfL7L




Author: The Turk Report

Simplifying complex money matters

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