There has been talk that the Fed might slow its aggressive monetary tightening
The latest heatwave will probably prolong the UK’s spending surge
Mineral resources minister Gwede Mantashe spoke after protests in parts of the West Rand about rising crime blamed on illegal miners
The premier announced her cabinet after a meeting with the ANC’s deployment committee and its alliance partners
The investment firm made an offer for the 40.5% stake in the country’s third-largest mobile phone company
Credit bureau sees more defaults ahead as central bank increases interest rates
The improved sentiment is a result of increased merchandise export and import volumes and more new vehicles sold, Sacci report says
The message is clear: the military will uphold China’s claim on Taiwan in a challenge to the US that will keep tension high and ramp up the risk of confrontation
Top swimmers have a rivalry that could develop into one of SA sport’s greatestt
Price cuts in petrol and diesel expected for the second month running
“When you see that in order to produce, you need to obtain permission from men who produce nothing; when you see that money is flowing to those who deal not in goods but in favours; when you see that men get richer by graft and by pull than by work; and your laws don’t protect you against them but protect them against you; when you see corruption being rewarded and honesty becoming a self-sacrifice; you may know your society is doomed.” — Ayn Rand, Atlas Shrugged, 1957.
Stage 6 load-shedding has been forced on us by workers who are entitled, overpaid, underworked but have seen power abused everywhere else and have taken their monopoly position to extort an unaffordable increase. Never in the pre-1994 history of Eskom (formed in 1928, 60 years ago) did this happen. What changed? The only significant change was government policy — cadre deployment, affirmative action and BEE.
Eskom has 10,000 too many employees; Transnet, the company that barely runs trains, employs 45,000 people. Most of these employees produce very little, a lot of them don’t go to work, and when they do, they are disruptive and poorly managed by people who, like our president, cannot make a hard decision. They walk all over everything, and when things don’t go their way, they throw their power around, because they can.
The leadership, institutional knowledge, work ethic and skills that carried these organisations has gone, retired or — where made unwelcome — just left. The ANC government has cut itself off from the skills that could help it implement its stupid policies, and now we all suffer.
I don’t see private companies acting like this. Why? Because they have to compete and produce to survive.
Rob TiffinCape Town
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.