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Cape Town - Commentators took a wide-angle view on the situation in SA this week, criticising the dismal state of state-owned enterprises and lack of integrity in government institutions.
According to reports this week, SA's mineral resources sector is facing an economic downturn with widespread job losses forecast in the near future. In the top comment spot, Fin24 commentator Arthur A Lilford summed up the situation with a set of simple but elegant equations.
The state of SOEs was brought under the spotlight after ANC secretary general Gwede Mantashe said the government should focus on institutions and not individuals.
In response, user Lawrence Robert Atkinson said SOEs are economic black holes that are destroying wealth and creating little in retun.
The allegation of academic fraud by the Passenger Railways Agency (Prasa) head engineer did little to help the image of individuals at the highest SOE levels. User Jan van Riebeeck called for a "full qualification audit of all government, semi-government and related departments".
Below is the weekly dose of top ten Fin24 user comments - selected for their wit, value-add to the topic at hand and contribution to healthy debate in a country so much in need of constructive dialogue.
Top ten user comments on:
Jobs ‘bloodbath’ hits SA, mining companies cut costs:
1. Arthur A Lilford -
Eskom = Load shedding
Water Affairs = water shedding
ANC = money shedding
Trade unions = job shedding
Prasa = passenger shedding
PetroSA = energy shedding
SABC = truth Shedding
SAA = profit shedding
ANC asks mining firms to reconsider job cuts:
2. Isaac Newtonian - If you don't do the retrenchments, the businesses lose money and when the world economy is in upswing again, the businesses won't have the money to expand the business activities, to create new businesses, because they have been carrying people, they haven't saved money.
There's a business cycle. Study economics and businesses. There is a reason businesses make profit and save money: it's to start new businesses, to open new businesses, to drive the upswing in the world economy.
There's a business cycle that determines investment decisions and job creation in the economy! That's why savings are important; the more savings, the longer the business expansion cycle, the more money is available inside the banks for loans during the business cycle. It's all about saving money and investing money in production.
Focus on SOE crises, not individuals, ANC tells govt:
3. Bertus Pretorius - Disillusioned to say the least...
Where is any SOE doing well? SAA, the Post Office, Transnet, SABC and Eskom are total failures - once renowned globally.
And to focus on individuals is exactly what's needed. Then head engineers with fake qualifications won't get to spend R600m on trains we can't use. CFOs with only beautician skills won't run SOE finances to the ground. CEOs with only matric won't line their greedy pockets with exuberant salary increases.
Wake up, you ignoramus, throwing more money and people at a problem won't solve the disasters our SOEs are in when key management is corrupt and incompetent to the core.
4. Lawrence Robert Atkinson - State-owned enterprises are economic black holes that are destroying wealth and creating little. Each one is run by individuals, overseen by the ANC. To say otherwise is to lie.
South Africa’s steel industry is on the ropes:
5. Tshepo Masima - South Africa is fast becoming an importing country instead of being a mainly producing and an exporting country. How will this ensure economic growth when we're busy pleasing the Chinese at our expense?
6. Michael Warwick - I keep on saying, whites and apartheid is no longer the enemy. Technology is! Until South Africans realise this, we're fighting a losing economic battle. Maths and science are the future and a 30% pass rate is not going to cut it. Time to embrace a new world. No place for unions and genetically retarded cadres.
7. George Foley - Why should we protect a private company's interests? When prices were up worldwide, did they keep locally produced steels price down here, no! Now the tide has turned and now they want protection, HELL NO!! But I'm sure a sizeable donation to Zuma's or the ANC's coffers will get it for them.
Prasa's head of engineering quits:
8. Jan van Riebeeck - Why did it take an investigation by the media to reveal his lack of qualifications? I propose that the DA request a FULL qualification audit of all government, semi-government and related departments.
9. Paige Turner760 - Will he have to pay back the money he earned for having a bogus doctorate? Name and shame the HR person who OK'd his employment at Prasa. And how far will they get with that "fraud" case against him? It will probably disappear into the mists of time.
10. Gary James Murphy - What is really sad is that people who are genuinely doing their degrees sacrifice so much and have to work hard to get them, while these people lie cheat and get these jobs and still run when they're caught... If he is man enough to cheat and lie, then he must be man enough to face charges and admit his faults.
Disclaimer: All letters and comments published in MyFin24 have been independently written by members of the Fin24 community. The views are therefore their own and do not necessarily represent those of Fin24.
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