Weekend Thing: Budget body blows dealt to Eskom, Zille leaves not with a bang, but a whimper

[Click here for the web version of this email]( [Daily Maverick]( Saturday, 23 February 2019 [Wallet Snaps Shut]( "Isn't it about time the country asks the question: 'Do we still need these enterprises?'" Tito Mboweni, on the constant outstretched hands of state-owned enterprises. In sum Finance Minister [Tito Mboweni's inaugural budget speech]( held a few punches in delivery, yet still contained a surprise or two. In a nutshell: Cuts to the left, cuts to the right, and, most critically, an end to the blank cheques for SOEs. Eskom On One big anxiety hanging over the national consciousness was just how much financial assistance Eskom would get to smoothe over its many-hundred-billion rand wrinkles. Mboweni, and Treasury for that matter, made it patently clear: a small budgetary injection to facilitate the splitting of the SOE into three and, well, that's it. Eskom will have to bail itself out, clean its own mess, and do so with a smile on its face. SO-Eeeegh The R23 billion per year for several years hence to Eskom was the tip of the belt-tightening iceberg. Mboweni [highlighted how virtually all SOEs were asking for funding]( and, given the current economic state of the country, very real existential questions on their usefulness in the national framework needed to be asked. Mboweni, on behalf of a grateful nation, asked. Why should you care? At this point in the post-Zuma blood-letting, knowing exactly how the Finance Minister is planning to help a crippled economy will impact the ordinary South African beyond the customary sin tax increases. Fuel, food, power and a number of other government services are influenced by the need for government to bail out unwieldy SOEs and stem the flow caused by corrupt government practices. — Growth Finance, Specialised Asset Finance & Bridging Finance. [Click for more…]( [This weekend we're watching]( A new short by Pixar about a kitten and a pitbull. Box of tissues supplied separately. [Western Capers]( 1 The number of opposition members remaining following Helen Zille's State of the Province Address reply. Land of Chenin and Honey Helen Zille's final SOPA address last week left [plenty to shout about]( on Tuesday and Thursday during the responses. Rather than a strong theme and focus on the province itself, electioneering and back-bencher antics dominated the entire affair, ultimately leaving an evacuated chamber and an acrid whiff upon the air. Bo-Slaap Zille's opponents[railed against the DA's apparent failure]( to address critical spatial issues within the province and city of Cape Town. The creeping scourge of gentrification in Bo-Kaap and general inequality within the city were big topics. Zille, who had launched a tear-jerking soliloquy about a "refugee" fleeing the ravages of the Eastern Cape for the Western Cape, painted a picture of Cape Town as the proverbial Shangri-la, Chenin Blanc provided upon exiting the Huegenot Tunnel. The multi-day verbal bunfight ended with an ANC and opposition exodus, mud on everyone's faces and, for Zille, a somewhat underwhelming end to a long career as Premier. — Growth Finance, Specialised Asset Finance & Bridging Finance. [Click for more…]( [Bowser takes Nintendo]( When Nintendo America's COO retires, a new regime takes grip of the likes of Mario and Zelda. Enter Bowser. Doug Bowser to be exact. The perfectly-named incoming executive will soon be taking the reins of the company behind your favourite plumber. Presumably, no fireballs are spewed from Mr Bowser's mouth, however. — Key Reading [Sheriff raids Adriano Mazzotti’s home and premises to pay taxman]( By Pauli Van Wyk High Court Sheriffs are in the process of attaching and removing all movable property in cigarette baron Adriano Mazzotti's house in Hyde Park, as well as at a warehouse in Kya Sands, in order to pay his company's debt to the taxman. SARS obtained a High Court warrant of execution on 18 February, to attach Mazzotti's movable property to the value of R33,955,228,22. Mazzotti stands accused of being involved in smuggling cigarettes and falsifying documents in an attempt to hide the smuggling. SARS claims Mazzotti owes the taxman R71.9-million in VAT, excise duties and other taxes in this specific case. Bacterial Blowout Blowing out the candles on a birthday cake can increase bacteria by 1400%. [Unlike Eskom - We Won’t Keep You In The Dark]( Tito had his say, we've had our say, and now it's your turn. Comments are back! Logged in users can view comments and Maverick Insiders can post comments. As a member, you'll not only be able to enjoy this new online feature, but you'll also receive ad-free browsing, discounted tickets to events, a member's only newsletter and partner benefits. Most importantly, you'll get that warm fuzzy feeling of knowing that your membership contribution is making a difference to South Africa. Now that's money well spent. [Sign up here and let the witty repartee begin.]( Weekend reading [Mboweni confirms Eskom’s R150bn bailout, amortised over a decade]( [Mboweni confirms Eskom’s R150bn bailout, amortised over a decade]( BY Marianne Merten [It is perfectly legitimate to scrutinise Ramaphosa’s business buddies during his presidency – here’s why]( [It is perfectly legitimate to scrutinise Ramaphosa’s business buddies during his presidency – here’s why]( BY Rebecca Davis [‘We live like peasants in our own country’ – tales from the forgotten people of South Africa]( [‘We live like peasants in our own country’ – tales from the forgotten people of South Africa]( BY Bheki C. Simelane Growth Finance, Specialised Asset Finance & Bridging Finance. [Click for more…]( [FORWARD THIS EMAIL TO A FRIEND]( Copyright © 2019 Daily Maverick, All rights reserved. You are receiving this mail because you are awesome and on the Daily Maverick Afternoon Thing subscriber list. 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