29.10.2020 03:40 pm
Despite the taxi industry being one of the key drivers of the economy – a major employer of about 300 000 drivers and 100 000 rank marshals – Ramaphosa said the unregulated nature of the industry impeded its growth potential.
In what he said should go down as the turning point in the history of the more than R50 billion South African taxi industry, President Cyril Ramaphosa on Thursday pledged the government’s support for formalising, regulating and empowering what he described as one of the country’s most important economic sectors.
However, the government allocation for the power utility has been reduced by R4.2 billion over the medium term.
The airline will receive R6.5 billion to settle its guaranteed debt and R10.5 billion to implement its business rescue plan.
‘Without a major reduction in public spending, debt will continue to accumulate and interest payments – which already consume 21 cents of every rand of main budget revenue – will crowd out other spending.’
Read the Finance Minister’s full mini budget speech here.
‘Additional options to be explored include harmonising the allowances and benefits available to public servants, reconsidering pay progression rules and reviewing occupation-specific dispensations.’
The medium-term budget policy statement tabled by Finance Minister Tito Mboweni on Wednesday listed social development as one of the government’s expenditure priorities.
How banks decide which loans to write off.
The JSE Top 40 in dollars has struggled to gain just 20%.
‘I think government is notorious for speaking with a forked tongue when it comes to changing its tune to suit its conflicting agendas.’ – Outa CEO Wayne Duvenage
But a critic says there is a lack of alignment between the interests of executives and those of shareholders.
Construction-listed market intelligence firm Industry Insight reports that its contractors index fell by 8.1% in September as confidence in the government’s ability to deliver on promises dries up.
The findings largely pointed to the cases of Zimbabwe, Mozambique and Malawi as top providers of migrants and Botswana, Namibia and South Africa as top recipients in the SADC region.
Mika said she has five staff and she was forced to rotate her staff daily so each of them could work three times a week because she cannot afford to pay each of them for a month’s work.