Top South African businessmen called upon to help save ailing state-owned companies are abandoning their posts, frustrated by indecision and political interference.
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South African business leaders are becoming frustrated with the pace of reform under President Cyril Ramaphosa. His cabinet choices and spending pledges haven’t helped.
Denel has received a loan to pay its staff their full salaries this month, according to public enterprises minister Pravin Gordhan, giving the company a short-term reprieve from a cash crisis.
A meltdown at some of South Africa’s biggest state companies is intensifying, placing the nation’s finances at risk and frustrating President Cyril Ramaphosa’s efforts to attract new investment and resuscitate a moribund economy.
The South African Revenue Service has encouraged taxpayers to submit income tax returns via e-filing or a new MobiApp when the tax season commences on 1 July.
State-owned arms manufacturer Denel said it doesn’t have enough cash to pay its staff their full salaries this month, joining other government-owned companies clamouring for support in South Africa.
The merged departments of communications and telecommunications & postal services will in future be known as the department of communications & digital technologies.
Communications minister Stella Ndabeni-Abrahams has welcomed the first meeting of the Presidential Commission on the Fourth Industrial Revolution (4IR) as a step towards achieving its objectives.
South Africa’s central bank won’t bail out the country’s troubled state-owned companies including power utility Eskom because it would fuel inflation, the governor, Lesetja Kganyago, said.
South African Airways CEO Vuyani Jarana has quit the financially stricken state-owned company, citing a lack of funding and drop in government support for the carrier’s turnaround plan.