Latest news with #R86
TimesLIVE
14-07-2025
- Automotive
- TimesLIVE
Nissan to supply cars to Honda in US
Nissan is in talks to supply cars to Honda in the USs, which would let the struggling Japanese carmaker put to use an under-used American plant, the Nikkei newspaper said on Friday without citing sources. The company is considering making Honda pickup trucks at its Canton plant in Mississippi, which turns out models such as the Frontier, the paper said. After Nissan's talks to merge with Honda to form the world's third-largest carmaker fell apart this year, the two said they would keep up an agreement to work together in areas such as electric vehicles. In a statement on Friday, Nissan said it had no additional updates, though it continued to work on projects with Honda. It said it would not comment on speculation. Honda officials were not immediately available for comment. Nissan reported a net loss of $4.5bn (R80,842,442,850) in the financial year that ended in March, and has been badly hit by dwindling sales as it grapples with an ageing vehicle lineup. It faces debt of about ¥700bn (R86,231,939,040) coming due this year and its debt ratings have been cut to junk by all three major credit ratings firms. New CEO Ivan Espinosa has unveiled a sweeping cost-cutting plan that includes closing seven factories worldwide and a cut of 15% in the global workforce. Like other legacy carmakers, Nissan and Honda face rising competition from Chinese players and difficulties stemming from US-Japan trade talks over car tariffs.
IOL News
21-06-2025
- Business
- IOL News
R1. 4bn wasted: Sapo's epic failure
THE SA Post Office (Sapo) has been declared financially 'unsustainable' and riddled with systemic mismanagement. Image: Independent Newspapers Archives THE SA Post Office (Sapo) has been declared financially 'unsustainable' and riddled with systemic mismanagement after receiving its fourth consecutive failed audit opinion from the Auditor-General of South Africa (AGSA), sparking outrage from MPs who demanded answers on why the failing institution keeps consuming public money. AGSA's damning report, presented to Parliament's Standing Committee on Public Accounts (Scopa) on June 11, exposed: R152 million lost to fruitless and irregular spending in 2023/24, with R136 million dismissed without repercussions. A dismal 13% achievement rate on performance targets, despite a R381m bailout from the Unemployment Insurance Fund (UIF) for staff salaries. R86 million paid to business rescue practitioners (BRPs) and advisors since 2023, with little progress to show. No stable leadership, severe staff shortages, and repeated violations of the Public Finance Management Act (PFMA). AGSA officials delivered a stark verdict: Sapo is being propped up by taxpayer funds. 'Costs keep outstripping income. Debts are mounting, and the organisation isn't earning enough to survive,' said AGSA's Makhai Motshekga. ActionSA's Alan Beesley was more blunt: 'It's time to pull the plug. Sapo cannot be saved.' The BRPs, brought in July 2023, have already burned through R86m, including payments to consultants, tax experts, and lawyers. The EFF's Ntombovuyo Mente-Nkuna demanded answers: 'Who are these advisors? What have they actually fixed? We can't keep throwing money at a sinking ship.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ AGSA's Nathan Lawnet said the BRPs — from firms SNG and Legae — were 'qualified' but admitted survival depends on 'new income sources and partnerships,' which still don't exist. MPs pressed AGSA on Sapo's unaccounted-for assets, with Mente-Nkuna noting rural branch closures force grant recipients to travel far. 'How many buildings does Sapo still control? Why aren't they helping our communities?' she asked. AGSA confirmed Sapo owns properties and old equipment, but said almost nothing has been upgraded in years. Postbank's separation from Sapo — required by banking laws — has created confusion. Though Postbank is now audited independently, it still depends on Sapo's failing systems. ANC's Gijimani Skosana warned: 'Postbank once helped fund Sapo. Now, both are drowning.' Wasteful spending continues unchecked, with R200m squandered since 2021. Mente-Nkuna slammed the impunity: 'R136 million just written off? Who checked this? Who was held responsible?' AGSA admitted probes were lacking, blaming write-offs on debt settlements, not internal crackdowns.
IOL News
12-06-2025
- Business
- IOL News
Scrutiny mounts over R86 million spent on South African Post Office business rescue
According to the AG report, Sapo is not meeting their payment commitments to their creditors, including statutory creditors, resulting in interest and penalties being charged on late or non-payment. Image: Independent Newspapers Archives Parliament's Standing Committee on Public Accounts (Scopa) has expressed serious concerns regarding more than R86 million paid to the South African Post Office (Sapo) business rescue practitioners (BRPs), Anoosh Rooplal and Juanito Damons, since their appointment in 2023. Members of Parliament on Wednesday questioned the revelation of zero consequence management at Sapo as wasteful and fruitless expenditure was sitting above R200 million since 2021. This comes as R152m remains unaccounted for in the current year, with further reports of R136m being written off by the BRPs. "I would like to understand that it is two people, that is already R86m spent on them, please Auditor-General, take us nicely. Did you have sight of what the R86m was paying for? What are the other consultants? What is the period of these people being there," asked MP Veronica Mente-Nkuna. "History has treated us badly with business rescue We saw with SAA that has turned itself around but the busines rescue process did hot have much contribution in turning it around." Executives for the Office of the Auditor-General (AG) clarified that the R86m paid to the two practitioners was regulated with caps and rates on what they could charge for, further explaining that they needed to contract independent expertise. Some of the key things were the actual turnaround plan and implementing the plan as well, They also needed someone on the ground to support management, closing the Section 189 legal involvement, and the involement of other practitioners such as tax, legal, evaluators and others. According to the AG report, Sapo is not meeting their payment commitments to their creditors, including statutory creditors, resulting in interest and penalties being charged on late or non-payment. The fruitless and wasteful incurred for the current year was R152m, however R136m was written off as result of the business rescue process for the current year. Similarly, the opening balance was decreased by R484m as a result of the business rescue process. Sapo's consequence management for fruitless and wasteful expenditure is inadequate, with delayed investigations, poor record-keeping, and weak disciplinary actions, undermining accountability and allowing financial inefficiencies to persist, the AG reported. "What is the Sapo's culture around fruitless and wasteful expenditure is marked by weak accountability, poor financial management—such as entering contracts without cash flow confirmation—and a tolerance for inefficiency, resulting in repeated financial losses," noted the AG report.. "Its consequence management is reactive and permissive, with delayed actions often justified by financial difficulties, undermining effective financial control." The AG said weak internal control environment around cashflow management, ineffective contract management, and lack of accountability were the main contributing root cause to the culture Sapo's fruitless and wasteful expenditure. Cash flow constraints further delay payments, leading to avoidable costs such as interest and penalties. The AG said weak consequence management stemmed from lack of leadership and oversight, delayed investigations, inadequate disciplinary action, and poor record-keeping of evidence supporting fruitless and wasteful expenditure cases, often excused by financial difficulties. The AG said executive management must enforce accountability on all responsible officials accountable for financial decisions and contract management through capacitating the Financial Misconduct Committee (FMC) in order to change the culture of fruitless and wasteful expenditure. It also recommended that the board to be appointed should strengthen oversight over the FMC, and the Department of Communications and Digital Technologies, together with the board, should ensure strict monitoring and consequence management. BUSINESS REPORT
The South African
11-06-2025
- Business
- The South African
Helen Zille's strategic move for Johannesburg mayor
Helen Zille has until 15 June 2025 to submit her name for the DA's Johannesburg mayoral candidacy. Democratic Alliance (DA) Gauteng chair Solly Msimanga confirmed the cut-off and said no late entries will be accepted. Zille informed BusinessTech that she is 'moving in that direction,' but she has not yet made a decision. She stressed how important it is to resolve the problems with governance in Johannesburg, which she calls 'very broken' on SABC NEWS. The mayor of Johannesburg, Dada Morero, said that the city's infrastructure needs R200 billion more than it has. The city's yearly operating budget is R86 billion. Belinda Kayser-Echeozonjoku, the Democratic Alliance (DA)'s Johannesburg caucus leader, spoke out against the city's budget, saying that water and electricity services were not getting enough funding due to the backlog. Helen Zille stressed the need to stabilise the city's finances to keep the economy from collapsing. Since the 2021 local government elections, the African National Congress (ANC) has had more seats on the council in Johannesburg than the DA. Political analyst Professor Theo Neethling asserts that a high degree of political turbulence characterises Johannesburg's coalitions. Herman Mashaba, the leader of ActionSA, said on eNCA that Zille's candidature shows that the party doesn't trust Black leaders. Sasabona Manganye, the secretary of the African National Congress (ANC) in Johannesburg, says that the Democratic Alliance (DA) is to blame for the city's financial challenges. Zille said that her opponents would use race politics to stop her. But she plans to focus on poverty instead of division. All parties agree that Joburg has serious structural problems. Zille has a lot of experience in the metro, but she needs to get coalition partners and the city's trust. Analysts believe that a new mayor would need to be politically smart and have the power to make changes. If she meets the 15 June deadline, her candidacy could change the Democratic Alliance (DA)'s position in Johannesburg. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news
The Citizen
05-06-2025
- Entertainment
- The Citizen
Event organiser demand over R80K refund after Pearl Thusi no-show
Pearl Thusi said she was unable to attend the 'Weekend in the East' festival, where she was scheduled to appear, due to 'intense and unforeseen circumstances'. Namibian event organiser Ludgerus Amushila is reportedly demanding a full refund of N$86,406 (R86,406) from Pearl Thusi's management, Africa Creative Agency (ACA). This comes after Pearl failed to attend the Weekend in the East festival last week. The event was held at AM Ludgerus Boutique Estate in Rundu, Namibia, on Saturday, 31 May. According to The Namibian, Amushila stated that the refund amount includes a N$40,000 booking fee deposit, N$19,346 for flight tickets, N$8,360 for visas, and N$18,700 for vehicle rental — a total amount that was spent specifically on Pearl's participation. Amushila told the publication that all communication and transactions were handled through ACA, not directly with Pearl. 'They confirmed the booking, received payment, and arranged logistics. 'Now that there's a breach, they're passing us on to a lawyer we were never introduced to during the process.' The Citizen has reached out to Africa Creative Agency for comment, but no response had been received at the time of publication. This article will be updated when the agency responds. Meanwhile, The Namibian reported that ACA's Yvette Gayle said the agency is not liable to pay the refund. 'As a talent agency acting solely in a representative capacity, we are not a party to our clients' contractual obligations nor guarantors of their performance… 'Our role is limited to facilitating bookings, negotiating terms, and collecting payments on behalf of our clients.' ALSO READ: WATCH: Pearl Thusi vacays with her daughter in Mozambique Pearl Thusi apologised ahead of the event Prior to the event, Pearl issued a public apology, announcing that she would not be able to attend due to intense and unforeseen circumstances. 'I was really, really looking forward to coming through to Namibia. A lot of people know how much I love travelling across the continent and spending time with different people from our beautiful Africa. Unfortunately, due to intense and unforeseen circumstances, I won't be able to attend,' she said in a video. FYA cc Pearl Thusi..🙏🏾 — Ab Pro (@AbAmushila) May 30, 2025 NOW READ: 'I'm not gonna lie, this is rocking me': Prince Kaybee opens up about health battle
