News 16:00

BULLETIN 14 August 4 pm

Good afternoon. I am……..

In this bulletin:

# Former Steinhoff boss Markus Jooste’s estate is declared provisionally insolvent
# Shell loses its offshore exploration bid
# And swimming: French Olympic medallist retires at 35

# The Western Cape High Court has declared the estate of former Steinhoff CEO Markus Jooste provisionally insolvent, more than two years after he died by suicide. News24 reports the application was brought by Reclamation Advisory, which acquired claims against the estate earlier this year. A provisional trustee will now be appointed to manage the estate and trace any remaining assets. If the court makes the order final, the assets can be sold to repay creditors.

# The Constitutional Court has ruled offshore oil and gas exploration led by Shell cannot proceed, dealing a setback to the oil company after years of legal challenges by affected communities and environmental groups. The ruling overturns a 2024 Supreme Court of Appeal judgment that had supported offshore exploration. The decision is expected to further delay oil and gas exploration along South Africa’s coastline. The ongoing legal battles have already dampened investor appetite and delayed offshore exploration projects.

# Communications and Digital Technologies minister Solly Malatsi has announced changes to the leadership of the black economic empowerment Information and Communication Technology sector council. Minki Mazibuko-Thulo has been removed as chairperson with immediate effect following concerns raised by council members and stakeholders, as well as findings from a departmental investigation. Malatsi says the changes are meant to improve the council’s work and help drive transformation in the ICT sector:

# Swimming: Six-time Olympic medallist Florent Manaudou of France has announced his retirement at the age of 35. His last competition was in October 2024, just after the Paris Olympics in his homeland. Manaudou won gold in the 50-meter freestyle at the Games in London in 2012. He also won three silver medals and two bronze in total at the Games in Rio and Tokyo. Manaudou claimed four world titles. His brother, Laure, is also an Olympic gold medallist swimmer.  

# The financial indicators: The dollar trades at 16-rand-16-cents and the euro at 18-rand-69-cents. One British pound costs 21-rand-88-cents and Bitcoin trades at 62-thousand-782-dollars. Gold sells at four-thousand-379-dollars-15-cents a fine ounce and Brent crude oil is quoted at 89-dollars-49-cents a barrel.

# And finally: The National Gambling Board urges citizens to safeguard their household finances and exercise caution when participating in gambling activities. According to Old Mutual’s latest Savings and Investment Monitor, 53-percent of working South Africans gamble, while 42-percent say they often gamble to help cover their expenses or debt. Sports betting is the most prevalent gambling form, followed by slots and the Lotto. Acting CEO Lungile Dukwana stresses the importance of responsible gambling:

Stay tuned for more news………….