News 14:00

BULLETIN 7 August 2 pm

Good afternoon. I am……..

In this bulletin:

# The proposed fuel stock policy may raise costs for importers
# The deputy Justice minister says the Judicial Matters Amendment Bill will strengthen judicial accountability
# And soccer: SAFA will invest the World Cup prize purse in soccer development

# Financial technology firm Verto has warned a proposed policy making strategic petroleum stockholding mandatory could strengthen South Africa’s fuel security, but increase costs for importers. The draft policy requires the state to hold 60 days of strategic fuel stocks, while wholesalers and importers must maintain 21 days of mandatory reserves. Verto says the additional inventory will tie up working capital, increase financing costs and heighten exchange-rate risks, urging businesses to assess the financial impact during the public consultation process.

# Deputy minister of Justice and Constitutional Development, Andries Nel, says the Judicial Matters Amendment Bill demonstrates the rule of law is not static and requires continuous maintenance and careful refinement. The bill, which has been tabled in Parliament, addresses practical implementation challenges, responds to Constitutional Court judgments, removes legal uncertainty and improves the administration of justice across a range of areas. Nel says the amendments strengthen three critical areas: judicial accountability, openness and transparency, and the fight against corruption.

# The City of Tshwane will establish an Informal Traders and Township Economy Forum to grow the economy. This follows a 33-percent growth in the informal and township economy, which created 57-thousand new jobs between September 2024 and September last year. Mayoral committee member for Economic Development and Spatial Planning, Sarah Mabotsa, says the forum will create a trader-led platform that will ensure the voices of informal trader organisations are heard in a structured and sustained manner:

# The GOOD Party has accused the City of Cape Town of hiding a massive 174-megawatt bulk electricity allocation for private data centres. It claims the Energy portfolio committee’s leadership is actively dodging transparency. GOOD’s Roscoe Palm says the proposed hyperscale Equinix data centre at King Air Industria will be a massive drain on Cape Town’s scarce energy and water resources to build corporate infrastructure that will yield little benefit to citizens:

# Soccer: Local governing body SAFA says more than 100-million-rand from its 218-million-rand World Cup prize money will be invested in soccer development and administration. Finance Committee chairperson Mxolisi Sibam says the decision reflects players’ wishes to strengthen grassroots soccer to produce future national stars. Local Premier League clubs will also benefit, with Mamelodi Sundowns and Orlando Pirates set to receive over 25-million-rand each for contributing players to the Bafana Bafana squad. Meanwhile, 65-million-rand is allocated for player bonuses and coaching staff shares.

# And the financial indicators: The dollar trades at 16-rand-24-cents and the euro at 18-rand-72-cents. One British pound costs 21-rand-83-cents and Bitcoin trades at 64-thousand-863-dollars. Gold sells at four-thousand-316-dollars-43-cents a fine ounce and Brent crude oil is quoted at 85-dollars-16-cents a barrel.

Stay tuned for more news………….