News 11:00

BULLETIN 29 September 11 am

Good morning. I am……..

In this bulletin:

# Minister Godongwana confirms the former DA member Mark Burke’s company is under investigation
# Trump denies offering to relieve Iran of some sanctions and to unfreeze its funds
# And rugby: Codie Taylor will captain the All Blacks for the Bledisloe Cup series against the Wallabies

# Minister of Finance Enoch Godongwana says the South African Reserve Bank is investigating fintech company Kastelo. The company, co-founded by former DA Finance chairperson Mark Burke, allegedly misrepresented aspects of its business model. It also used clients’ single discretionary allowances and foreign investment allowances to move funds offshore for its own business purposes, including acquiring crypto assets. Foreign exchange transactions amount to approximately four-billion-rand. Godongwana says the bank has identified cases where certain clients were apparently unaware that foreign bank accounts had been opened in their names.

Meanwhile, Reserve Bank governor Lesetja Kganyago warns a major cyberattack could spark the next global financial crisis. He delivered a keynote address at the Mapungubwe Institute for Strategic Reflection’s Forum on Africa and geopolitics in Johannesburg. Kganyago says the worsening global disorder, driven by geopolitics, climate shocks, artificial intelligence risks, and high debt, raises policy risks and threatens financial stability. He calls for the establishment of robust regulatory and security guardrails to protect the financial system:

# Parts of the Johannesburg CBD and Marshalltown remain without power following Saturday’s major fire at the Johannesburg Central Substation. This hit just a day after electricity was restored following a two-week-long outage. City Power’s spokesperson, Isaac Mangena, says technical teams have found evidence of suspected cable theft and vandalism in the underground tunnels, including indications that copper cables had been cut. He says power will be restored in phases:

Moving abroad:

# US president Donald Trump has denied reports he offered Iran sanctions relief and the release of frozen funds in return for nuclear concessions. US and Iranian officials held separate talks with mediators yesterday. Iranian Foreign minister Abbas Araghchi has stated Tehran is fully prepared for the resumption of the war, but also for the possibility of renewed diplomacy. Trump remains confident they will win the war:

# Rugby: All Blacks coach Dave Rennie has named a strong 34-man squad for next month’s two Bledisloe Cup Tests against the Wallabies. Thirty-one players who were in the original 44-man squad for Rugby’s Greatest Rivalry series against the Springboks have been retained, as well as Richie Mo’unga, who joined the squad in South Africa as an injury replacement. Codie Taylor will captain the side, while Scott Barrett returns following a long injury layoff. Shannon Frizell will make his return for the first time since 2023.

# And the financial indicators: The dollar trades at 16-rand-42-cents and the euro at 18-rand-65-cents. One British pound costs 21-rand-73-cents and Bitcoin trades at 83-thousand-981-dollars. Gold sells at four-thousand-144-dollars-15-cents a fine ounce and Brent crude oil is quoted at 103-dollars-18-cents a barrel.

Stay tuned for more news………….