News 13:00

BULLETIN 5 September 1 pm

Good afternoon. I am……..

In this bulletin:

# DA urges the rule of law to prevail as court hears the case against Hlophe’s appointment to the Judicial Service Commission
# ActionSA warns Ithala Bank could collapse like VBS
# And rugby: Rassie Erasmus makes seven changes to the Springboks’ match-day squad

# The DA and civil organisations are urging the rule of law to prevail as the High Court in the Western Cape hears a case against John Hlophe’s appointment to the Judicial Service Commission. DA spokesperson Karabo Khakhau says the application seeks to block Hlophe from the JSC, arguing it’s irrational for a judge impeached for gross misconduct to serve on a judicial oversight body:

# ActionSA says it fears that without urgent intervention in several key areas of concern, Ithala Bank may collapse like VBS Mutual Bank. The Financial Sector Conduct Authority suspended the beleaguered KwaZulu-Natal development bank’s licence last month, as it had failed to meet financial soundness requirements. ActionSA’s Alan Beesley says the breakdown in the relationship between Ithala and the regulatory authorities has fostered significant conflict and mistrust:

# Sanlam is set to acquire a 25-percent stake in African Rainbow Capital Financial Services Holdings, which oversees TymeBank and other investments. Valued at 3.9-billion-rand, the deal includes a cash payment of around 2.4-billion-rand as well as a share swap. This acquisition is expected to enhance shareholder value and leverage TymeBank’s network for insurance distribution. This deal comes despite Sanlam’s shares falling by 4.1-percent. However, African Rainbow Capital Investments saw a 9.2-percent rise.

# Rugby: Rassie Erasmus has made seven changes to the Springboks’ match-day squad for Saturday’s Rugby Championship Test against New Zealand in Cape Town. Canan Moodie will start on the wing and Willie le Roux at fullback. There is a new halfback pairing with scrumhalf Grant Williams earning his first start of the season along Handré Pollard. Eben Etzebeth is back in the starting lock position, while captain Siya Kolisi is fit and starting as well. Included on the bench are World Cup winners Jaden Hendrikse and Lukhanyo Am.

# The financial indicators: The dollar trades at 17-rand-77-cents and the euro at 19-rand-73-cents. One British pound costs 23-rand-41-cents and Bitcoin trades at 56-thousand-970-dollars-83-cents. Gold sells at two-thousand-515-dollars-56-cents a fine ounce and Brent crude oil is quoted at 73-dollars-41-cents a barrel.

# And finally, the world’s second tallest man finally got a bed that fits him at the Paralympic Games in Paris. Morteza Mehrzad, who stands 2.46-metres in his socks, is a member of Iran’s sitting volleyball team. The organisers did provide two extensions to his bed in the Olympic village, but it still didn’t fit him and he had to sleep on the floor. They now added more extensions. Mehrzad has the condition acromegaly, which causes excessive growth hormone, and a bicycle accident left his right leg shorter than the left.

Stay tuned for more news………….