News 16:00

BULLETIN 17 July 4 pm

Good afternoon. I am……..

In this bulletin:

# SARS targets import loopholes costing South Africa 3.5-billion-rand
# Many platinum mines may close prematurely due to financial constraints
# And, rugby: Phepsi Buthelezi says there are many leaders in the Springbok squad

# SARS commissioner Edward Kieswetter has highlighted 3.5-billion-rand in tax losses due to import loopholes used by online retailers. In an interview with News24, he emphasised that these loopholes give an unfair advantage to online platforms like Shein and Temu. Kieswetter says SARS is updating its tax rules to ensure fair tax collection. New regulations are also in place to tax imported parcels at the same rate as local retailers.

# Minerals Council South Africa’s vice president, Paul Dunne, has warned many platinum mines may close prematurely due to financial constraints. Speaking at the Shanghai Platinum Week, Dunne showed two global scenarios: a declining orange line for mines without financial constraints, and a darker line indicating collapse if current platinum group metals prices persist. Even without financial issues, production loss from old mines will not be offset by current investments. Similar projections were shown for palladium and rhodium, with all platinum group metals facing significant production declines.

# Western Cape dam levels have risen to an average of 87.5-percent following severe storms. The Department of Water and Sanitation reported several dams above 100-percent capacity, including Berg River and Buffeljags. Cape Town’s dams increased by 20-percent in a week, now at 95.2-percent. Despite the rain, Cape Town Water and Sanitation mayoral committee member Zahid Badroodien urges water conservation, emphasising investment in desalination and groundwater projects. The Weather Service predicts more rain, with a yellow level 2 warning for disruptive rainfall and damaging winds.

# Rugby: Loose forward Phepsi Buthelezi is one of seven debutants included in the Springbok squad for Saturday’s first ever Test against Portugal, played in Bloemfontein. The 25-year-old is included in the starting line-up at flank. Buthelezi has been in leadership roles at the Junior Springboks and the Sharks and says he is impressed with the way that leadership is shared at the Springboks:

# The financial indicators: The dollar trades at 18-rand-18-cents and the euro at 19-rand-88-cents. One British pound costs 23-rand-69-cents and Bitcoin trades at 64-thousand-906-dollars-92-cents. Gold sells at two-thousand-472-dollars-13-cents a fine ounce and Brent crude oil is quoted at 84-dollars-15-cents a barrel.

# And finally, the City of Johannesburg has launched its Vaya Smart Lift Club karaoke school competition. The winner will get two-thousand-500-rand cash and 50-thousand-rand for the school. The city’s spokesperson, Virgil James, says the competition aims to influence young minds to choose smarter, eco-friendly modes of transport such as carpooling, walking, and cycling:

Stay tuned for more news………….