News 09:00

BULLETIN 2 August 9 am

Good morning. I am……..

In this bulletin:

# The EFF says the interest rate case against Nedbank shows regulatory framework failures
# The DA is considering legal action to stop salary increases in Joburg
# And Olympic Games: The athletics programme starts in Paris today

# The EFF says the lack of adequate oversight over private banks and businesses in South Africa has allowed companies like Nedbank to operate with impunity. The Special Investigating Unit and Transnet are suing Nedbank over controversial interest rate swap transactions during the state-capture era. The SIU and Transnet believe the transactions resulted in the bank generating profits of over 2.7-billion-rand. The EFF says this lack of accountability underscores the systemic failures in the regulatory framework and the government’s inability to enforce justice against powerful private interests.

# Union federation Cosatu says it fully supports the National Education, Health and Allied Workers Union’s strike against the South African Bureau of Standards’ restructuring process. Workers are accusing the company of unilaterally changing the payment and employment structure. Cosatu’s spokesperson, Zanele Sabela, says these changes were made without consultation with the workers:

# The DA says it is considering all of its legal options to stop the planned salary increases in the City of Johannesburg. According to a notice served before the council this week, senior municipal managers in the city will receive salary increases backdated to July last year. The DA’s, Nicole Rahn, says this initial payment alone, will cost the ratepayer a staggering 1.5-million-rand. She adds that these increases are an indictment against the city:

# A New York appeals court has denied former president Donald Trump’s bid to have the gag order in his hush money criminal case lifted. He was convicted in May on 34 felony charges stemming from hush money paid to former adult star Stormy Daniels. Trump’s lawyers have previously argued that the gag order violated the former president’s constitutional freedom of speech. The gag order in place means Trump cannot comment publicly about individual prosecutors and others in the case until he is sentenced on the 18th of September.

# Olympic Games: The athletics programme starts in Paris today. South Africans who will take to the track and field include Ryan Mphahlele in the men’s one-thousand-500-metres, Prudence Sekgodiso in the women’s 800-metres, Kyle Blignaut in the men’s shot put, Adrian Wildschutt in the men’s 10-thousand metres, Wayde van Niekerk in the men’s 200-metres, Gerda Steyn in the women’s marathon, and Stephen Mokoka in the men’s marathon. There will be huge interest when Akani Simbine takes on lighting-fast American Noah Lyles in the 100-metres.

# And the financial indicators: The dollar trades at 18-rand-27-cents and the euro at 19-rand-73-cents. One British pound costs 23-rand-25-cents and Bitcoin trades at 64-thousand-555-dollars-69-cents. Gold sells at two-thousand-456-dollars-92-cents a fine ounce and Brent crude oil is quoted at 80-dollars-5-cents a barrel.

Stay tuned for more news………….