Shuttleworth wins landmark case, will use money for good

Billionaire businessman Mark Shuttleworth has been awarded back his R250 million with interest after winning his appeal against the South African Reserve Bank. The money was taken from him in the form of an exchange control levy when he moved to the Isle of Man a few years ago. Shuttleworth announced that he will put the returned funds plus interest into a trust to underwrite constitutional court cases on behalf of those whose circumstances deny them the ability to be heard where the counterparty is the State. Shuttleworth’s victory is…

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Motshekga’s luxury vehicles seized

Basic Education Minister Angie Motshekga and her director-general’s luxury motor vehicles have been seized by government after their department failed to pay more than R28 million to teachers in the Eastern Cape. There are thousands of vacant teaching posts in the province, which last year recorded the lowest matric pass rate in the country, at 64.9%. The Department of Basic Education failed to implement a court order made in March, settled in favour of 32 Eastern Cape schools that had been promised 132 teachers and reimbursement of the costs of…

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Price hikes expected all around

South African consumers will not only be paying more for electricity in the months to come. Two of South Africa’s top economists are predicting that the rand may slide as low as R11.60 or weaker to the dollar in the near future, which will have a serious impact on everything from the price of food to imported vehicles. Further downgrades from ratings agencies are likely, which will almost certainly force the SA Reserve Bank to increase interest rates. The economists also predicted substantial rise in fuel prices, increases in value…

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Electricity tariffs to go up by 12.69% next year

Bulk buyers of electricity will pay Eskom 12.69% more from April 1 next year and the increases will be passed on to consumers from 1 July 2015. Electricity regulator Nersa decided to implement the electricity-tariff hikes to help Eskom recover R7.8 billion in revenue over the 2015/2016 financial year. The implementation of the decision over one year rather than two or three is aimed at improving Eskom’s sustainability and forms part the government’s aid-plan to Eskom. The R50 billion increase in government’s guarantee to Eskom is not enough if the…

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Bad scorecard for Prasa despite big profit

Even though the Passenger Rail Association of SA posted R336 million profit for the financial year ending in 2014, the number of passengers travelling long-distance by train has dropped to below one million from three million per year in 2010. The number of operational trains decreased from 6 000 per annum to below 3000 currently. The delay and cancellation in train performance was five percent below the planned target of 85%, and of a planned target of 50 learners in a signalling programme, none had been trained. Operating revenue rose…

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