Nationwide airlines closes for business at 13h00 29April2008

Another one bites the dust!: Nationwide closes for business at 13h00 29April2008 - right before a long weekend!

From their web site: "Our cash-flow has become critical and as a result have decided to voluntarily cease all flight operations until further notice."

Nationwide announced yesterday that it would close for business (see here for more details). Nationwide staff were even calling radio stations (CapeTalk) to check if their reports were true, and if they still had a job! - so they were not told of the closure! Customers were still paying for tickets on the web site on 29April too!

This is hot on the heels of other companies that I have heard of: TicketConnection and LightEdge technologies.

So, times are tough - very tough.... (especially when you lose an engine!).... but what still bugs me, is that another company can glibly file for liquidation and ignore their debt - management can go and start up another company in the same line of business! IT companies are "famous" for this.

What happens to the employees? - they lose their jobs on the spot - no retrenchment packages even!
What happens to the owners? - they probably still drive around in their fancy vehicles, live in their mansions, and start up another similar company next door!

Zimbabwe inflation hits 165,000%, so how much will something cost in a week, month, year?

CapeTalk and BBC reported this am that Zimbabwe's inflation has hit 165,000%, and I was wondering what this would mean if I was suddenly put into a financial environment suffering with that kind of burden! Taking a loaf of bread as an example, say it cost R7.00 then what would it cost next year, next month, next week, next quarter, tomorrow? {Assuming a linear inflation rate increase!}

I have created an inflation calculator to see the figures on paper! And yes, it's very, very, very scary!

Now	Tomorrow	Next week	Next month	Next quarter	Next year
7	39	221	970	3,857	11,557

Click here: for my Inflation Calculator and see how other prices will increase...

See here for another view on inflation calculations: Zimbabaloola in Zimbabwe

I don't think the new ZW$10 million will help nor last long! {see BBC for a photo of a handful of ZW$s}

TicketConnection files for liquidation.... and its web site is now empty/non-functional to prove it too!

I thought I was dreaming when I heard that another company has decided that it can't pay its bills so it's filing for liquidation! www.iol.co.za reports that "TicketConnection, the ticketing agent for the failed Celine Dion and cancelled Josh Groban concerts in South Africa, has voluntarily applied for liquidation..... concert promoter Duncan Heafield of Kusasa-Commodities Entertainment had refused to reimburse the public for the events.... "All customers who purchased web, call centre and group-booking tickets for the Josh Groban event should contact the promoter to be refunded directly.... TicketConnection was not in a position to refund Groban fans because they had not received the cash paid for tickets."
{See my blog on the technology (not) used at the Celine concert}

What bugs me, is that another company can glibly file for liquidation and ignore their debt - management can go and start up another company in the same line of business! IT (hardware) companies are "famous" for this (perhaps to get away from their warranty "load"?!).
What happens to the employees - they lose their jobs on the spot - no retrenchment packages even!
What happens to the owners - they still drive around in their fancy vehicles, live in their mansions, and start up another similar company next door!

I hear too that the concert promoter (Duncan Heafield) has been arrested in Durban and will be taken to Sandton to face charges (good news!).
See here for more: 94.7 Highveld Stereo
"
Concert promoter back in Gauteng today 16/04/2008 07:55:42
Concert promoter Duncan Heafield is expected back in Gauteng today after spending the past two nights at Durban central police station.
Heafield was arrested on Monday afternoon on fraud charges relating to the Celine Dion concert which took place in February.
It's understood police are investigating more claims against Heafield that have surfaced since his arrest.
He is due to be brought to the Sandton police station where the fraud charges were laid.
The charges stem from agreements that were entered into between Heafield and businessman Solly Krok for the Celine Dion concert.
He may also face charges over his involvement in the Josh Groban postponed tour
"

The TicketConnection web site now states: "Due to the actions of the Celine Dion and Josh Groban concert promoter, TicketConnection has been forced to close. Please watch the media for further details. For Celine Dion and Josh Groban refunds, please contact the promoter directly Kusasa entertainment: 011 234 6776 or vanessa@kusasasa.co.za"