START YOUR MORNING BY LISTENING TO TODAY’S BIZNEWS BREAKFAST BRIEFING – Tesla beats expectations, sells Bitcoin; Tech stocks keep rolling; Why Cele must go; Solidarity Fund cash only paid to black businesses
I was rather taken aback, as you surely will be, to discover that SA’s supposedly public benefit organisation called the Solidarity Fund is only disbursing post-July-riot cash to 100% black-owned businesses. That is the thrust of my colleague Mike Appel’s excellent interview with Sakeliga’s Piet le Roux.
___STEADY_PAYWALL___You have to wonder whether Mary Oppenheimer knew that was what she was signing up for when injecting R1bn into the fund with the specific directive that it would support SMMEs. Her donation, incidentally, was ten times what the SA Government put into the fund.
Ditto Fancourt’s German owner Hasso Plattner who donated R100m and the R50m each given by Douw Steyn and the Allan Gray Foundation. To say nothing of thousands of lesser heeled South Africans who answered the call, contributing to a cumulative R3.5bn raised by the cruelly misnamed fund. Solidarity? Yeah right.
Yesterday Cyril Ramaphosa publicly called on SA corporates to double up on his race-base agenda by supporting the 500-ANC favourites in its Black Industrialist programme. High time someone donate a book on economics to Phala Phala’s owner. Or explained how subsidies to special interests have never worked for the public good. And never will.
If you thought education was expensive, try ignorance.
More for you to read today:
- Rishi Sunak and Liz Truss Compete to Be Next British Prime Minister. Conservative Party lawmakers choose ex-treasury chief and the U.K. foreign secretary for runoff vote by party members.
- Tesla Ends Streak of Record Quarterly Profits After China Factory Shutdown. Elon Musk’s electric-vehicle maker also is grappling with soaring inflation and supply-chain disruptions.
- Renewing the ANC. Mugabe Ratshikuni writes on #Adiwele, an intra-party movement of those impatient for meaningful change in the ANC and SA.
- China Evergrande Prepares to Shed Light on Restructuring as Creditors’ Patience Wears Thin. The embattled property giant has yet to reach an agreement with bondholders, but still plans to release an update on restructuring talks in July
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