World Bank grants South Africa a $1.5B loan for infrastructure upgrade and green energy transition
JOHANNESBURG — The World Bank granted South Africa a $1.5 billion loan to upgrade transportation infrastructure and help it transition toward a low-carbon economy, the country's National Treasury said Monday.
Deteriorating rail systems, jammed ports and frequent blackouts have hindered vital industries like mining and auto manufacturing in South Africa , contributing to slow economic growth over the last decade in Africa's most developed economy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Wall Street Bigwig Says He's Confused How He Ended Up Funding an Armed Coup in African
Who among us hasn't stumbled headfirst into a violent coup attempt involving millions of dollars of black market weaponry? That's the argument Robert Granieri, multimillionaire cofounder of trading firm Jane Street, is invoking after being caught funneling hoards of cash to an opposition party in South Sudan. The funding allegedly included millions of dollars in backing to purchase rifles, Stinger missiles, bulletproof vests, and grenades meant to topple South Sudan's government. Granieri says he was "duped" into providing the funds by a man claiming to be an activist in the region. "Granieri is a longtime supporter of human rights causes," his lawyer told Bloomberg. "In this case, the person Rob thought was a human rights activist defrauded Rob and lied about his intentions." Jane Street is notably the launchpad of financial fraudster Sam Bankman-Fried before he launched his now-cratered cryptocurrency platform, FTX. Granieri, meanwhile, has a record of donations to NGOs like Ideas Beyond Borders in Afghanistan, which have been accused of treating third-world violence and suffering as "ample photo opportunities" with which to attract donors. The Wall Street hotshot's role in the plot was uncovered amidst the prosecution of Peter Ajak, a Sudanese political activist who was indicted last year for trying to smuggle the massive weapons cache from the US to the war-torn region. Though Ajak and his co-conspirator, Abraham Chol Keech, are alleged to be the masterminds behind the dramatic plot, it hadn't been fully explained who was funding the expensive venture. Far from the Mr. Magoo scenario that Granieri's attorneys are claiming, Ajak's lawyers paint a picture of a Wall Street financier who was "vital to the plan." In May, the Sudanese rebel's lawyers claimed that "without the significant financing that Mr. Granieri could and agreed to provide, the alleged conspiracy would have been impossible." Perhaps the most bizarre twist is the alleged involvement of Soviet chessmaster Garry Kasparov, who came to know both Granieri and Ajak through his work as chair of the Human Rights Foundation, according to Bloomberg. For his part, Kasparov denies involvement, saying that his "record and values are clear, and they remain unchanged." South Sudan officially separated from Sudan in 2011, following years of upheaval amidst a broader struggle by the United States and China for control over resources in the region. In 2021, a military coup toppled the transitional Sudanese government, leading to mass unrest and a resurgence of state violence. In the few short years since, over 10 million Sudanese residents have been displaced by war, while nearly 17 million people are considered food insecure. If Granieri is found guilty of knowingly funding the coup, he'll be the latest in a long list of American moguls caught meddling in the affairs of foreign lands — and unleashing devastating consequences on sovereign people in the process. More on Wall Street: This May Be the Most Terrifying Sign of Global Warming Yet
Yahoo
2 hours ago
- Yahoo
How to Budget Weekly Pay When Freight is Inconsistent
Inconsistent freight isn't just a market trend—it's a reality every small fleet owner has to face head-on. One week you're running $3.20/mile on solid round trips. The next, you're fighting for $2.10/mile spot market loads and dealing with detention that doesn't pay. But your bills? They don't care. Driver pay, insurance, maintenance, truck payments, and fuel all come due whether rates are up or down. The key to surviving this market isn't chasing perfect loads—it's building a budget system that works even when things get volatile. This isn't about spreadsheets you forget to update. It's about tactical, real-world money management that gives you control week after week. Before you even start looking at loads or lanes, you need to know what your bare minimum weekly costs are. These are the numbers that don't change whether your truck rolls 500 miles or 2,500 miles. Truck payment (divide monthly payment by 4.33 to get weekly) Insurance (physical damage, cargo, liability, occupational) Trailer payment (if financed) ELD and tech subscriptions Permit and license fees (spread out over the year) Back office support or dispatch fees (if applicable) Create a list and total it up. That's your weekly baseline. Let's say it's $1,900. That means before fuel, tolls, or food, you owe $1,900 just to exist. Use a whiteboard in your office or cab with that number written in red. You should see it every Monday morning. Next, calculate your per-mile variable expenses, which fluctuate based on how much you run: Fuel (based on current MPG and price per gallon) Maintenance reserve (set aside $0.15–$0.20/mile minimum) Tires and repairs Driver pay (if not salaried) Tolls and scales Track this over a 30-day rolling period to get your real average. If you're running 2,200 miles a week and spending $2,000 on fuel and $300 on driver pay, your variable cost per mile might be close to $1.20–$1.40. Multiply that by your target miles each week. That gives you your operating cost floor. Instead of chasing 'good paying loads,' set a minimum weekly revenue target that keeps your business above water. It's not just about getting to $2.50/mile. It's about generating enough revenue to cover your fixed and variable costs and put profit in your pocket. Here's a formula that works: (Fixed Costs + Variable Costs + Profit Goal) = Weekly Revenue Target If your fixed cost is $1,900 and you expect to run 2,200 miles at $1.30/mile in variable costs, that's $2,860. Add a $1,200 profit goal. You now need $5,960 in gross revenue that week. This number is your true benchmark—not whatever the rate boards are throwing at you. Some weeks you won't hit your target—and that's where most carriers fall apart. Instead of scrambling and cutting pay or skipping bills, plan for the inconsistency. Allocate 10–15% of weekly profit into a savings buffer Hold back one week of payroll in reserve at all times Use a separate business savings account for slow-week coverage This buffer becomes your shock absorber when brokers cancel, weather hits, or rates crash mid-week. Name the account something motivational like 'Freight Survival Fund' or 'Keep the Wheels Turning.' You're more likely to protect it. Too many small carriers only look at cash flow once a month—by then, it's too late. Weekly review gives you real-time clarity. Total gross revenue collected (not invoiced—collected) Fuel spend (from receipts or fuel card data) Repairs and unexpected costs Driver pay issued Outstanding invoices (watch your aging!) This review takes 30 minutes every Sunday. Do it like it's your pre-trip. If you pay yourself or your drivers a fixed amount each week, but your revenue swings wildly, you're going to burn out—or go broke. Instead, create a tiered pay system that adjusts based on weekly gross: Under $4,000 — minimum survival pay only $4,000–$6,000 — base pay + % bonus Over $6,000 — full pay + performance incentives This protects your cash on weak weeks and rewards strong performance on better ones. Communicate clearly with drivers so they understand the structure—and always be transparent about why it exists. Budgeting in trucking isn't about spreadsheets or perfection—it's about discipline and visibility. When the market is unpredictable, your budget is your stability. Build a real system that covers fixed costs, manages variable ones, and creates margin even when freight is inconsistent. Don't let the market write your paycheck. Take control. Build a weekly system that keeps you in the black—no matter what the boards look like. Because when you manage your money like a carrier with 20 trucks, you won't just survive the ups and downs. You'll start building the kind of operation that outlasts them. The post How to Budget Weekly Pay When Freight is Inconsistent appeared first on FreightWaves.
Yahoo
2 hours ago
- Yahoo
Oregon lawmakers rush to finalize $11B transportation package
PORTLAND, Ore. (KOIN) – Time is running out on the Oregon legislative session, and lawmakers are still working on a . With just three days to go, questions remain about what it will include and if they can finish in time. Wyden doubles down on fight to keep Trail Blazers in Portland in Rolling Stone interview On Wednesday night, a was introduced under House Speaker Julie Fahey's name. Republican lawmakers said they are not thrilled about the timing. The Joint Committee on Transportation Reinvestment met Thursday for a public hearing and work session to discuss the amendment — the committee elected to advance the plan with the amendment on Thursday evening. This new version cut out a lot of tax increases the original had, but it still would raise over $11 billion over 10 years. The amendment includes a bump to the gas tax. The original would raise it to 55 cents by 2028, but the new version raises it to 52 cents next year. KOIN 6 News asked what sticking points remain as the deadline approaches. 'I think it's just the size and the scope of the tax,' Sen. Bruce Starr (R-Rural Polk & Yamhill Counties) said. 'It's a massive tax, over $11 billion that they're going to pull out of Oregonians' pockets. I think that's really the issue.' 'Not working': Gov. Kotek responds to criticism over attempt to ditch Preschool for All Democrat Sen. Khanh Pham, the co-chair of the transportation committee, shared the following statement. 'Ultimately, is a compromise bill that provides some resources, at least for the next few years, to maintain our existing roads and keep our buses running at just current service levels, no extension, and just invest in safer streets in our communities.' If this bill does pass the House, it still has to go through the Senate. Stay with KOIN 6 News as this story develops. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
