Ongoing

  1. ElectionsHot
  2. US mid-termsHeating up
  3. AICooling
NewsbriefSouth Africa, briefly.
JoburgJHB29°69%
CTCT21°90%
PretoriaPTA33°75%
DurbanDBN30°20°

KZN Finance MEC says failing SOEs may need to close

Published

KwaZulu-Natal Finance MEC Francois Rodgers said government must be ready to consider closing state-owned enterprises that lack a sustainable mandate. He spoke at a youth-in-business engagement, where he also urged young entrepreneurs to work hard and manage money soundly.

The event was held with the South African Institute of Professional Accountants (SAIPA) and Standard Bank. Rodgers told young entrepreneurs to build businesses on hard work, integrity and sound financial management.

Rodgers said South Africa does not lack policies, commissions or turnaround plans for state-owned enterprises (SOEs). He said the country needs political will and institutional discipline to carry out real reform.

He said continued bailouts put pressure on public finances. In his view, they divert money from schools, clinics, roads and water infrastructure. He added that government support may give temporary relief but cannot replace structural reforms.

Rodgers also said: "Public financial support cannot be a blank cheque."

Key facts

Who
Francois Rodgers (KwaZulu-Natal Finance MEC); South African Institute of Professional Accountants (partner in youth in business engagement); Standard Bank (partner in youth in business engagement)
What
At a recent youth-in-business engagement held with SAIPA and Standard Bank, KZN Finance MEC Francois Rodgers urged young entrepreneurs to build businesses on hard work, integrity and sound financial management. He also said South Africa needs political will and institutional discipline to reform failing SOEs, and that government must be prepared to consider closure where enterprises lack a…
When
27 October 2026
Where
KwaZulu-Natal, South Africa
Status
Reported

Related stories

Elections Hot

What you need to know

Voting in the 2026 Local Government Elections is under way at 23,696 stations, and the Electoral Commission of South Africa (IEC) reported a smooth start on 4 November. Stations opened at 7am and close at 9pm, and by 10am preliminary figures showed 3,523,691 voters had cast ballots.

There were problems: unused ballot papers were stolen from Mnyameni Secondary School near Durban, police opened a case, and the IEC relieved the station staff of duty. Some voters in Tshwane said they were turned away for wearing party shirts, but the IEC denied this and said only mayoral candidates' entourages were barred.

ANC chairperson Gwede Mantashe told members not to query the results or discredit the IEC, while the IEC said false online claims show routine procedures as fraud.

  1. BOSA's Solomons flags one-ballot problem at Cape Town voting stations
  2. Mashatile urges new councillors to put voters first
  3. IEC dismisses MK Party worry about dead people on voters' roll

See every update

US mid-terms Heating up

What you need to know

Democrats won back both the US House and Senate in the midterm elections held on 3 November, according to media projections. Exit polls showed voters were angry about high prices and the direction of the country, and rebuked President Donald Trump.

Before the vote, US forces struck targets on Qeshm Island in Iran, while Republicans struggled to defend the war against Iran on the campaign trail. Iranian officials said US voters rejected the war, and Tehran stayed on high alert for possible new US strikes.

Markets reacted, with the dollar hitting a one-month low and the rand firming to around R16.55, as analysts pointed to fears of gridlock in Washington.

  1. Iran welcomes Democratic wins in US midterm elections
  2. Democrats win US Congress in midterm vote, projections show
  3. Ramaphosa wants US trade deal after AGOA suspension

See every update

AI Cooling

What you need to know

Nvidia has told its cloud computing clients to sell at least 51% of their services to non-Chinese companies, according to five people with knowledge of the matter. Anthropic said it has committed to spend close to $900bn on AI infrastructure, and that its computing costs are rising faster than its revenues.

Elsewhere, reports from unnamed sources say OpenAI's latest funding round is falling short of expectations, and a judge let the NAACP pollution case against xAI proceed. In South Africa, the VAST AI investment scheme went offline on 30 October after withdrawals marked approved did not arrive, according to a news investigation.

  1. Accenture faces accusations over AI report with false citations
  2. CrowdStrike to buy two AI security startups
  3. Google lets schools turn off AI tools but limits Search

See every update