News 18:00

BULLETIN 20 November 6 pm

Good afternoon. I am……..

In this bulletin:

# Cosatu calls for aggressive interest rate cuts to alleviate workers’ financial strain
# Numsa slams Eskom’s coal costs amid the tariff hike proposals
# And rugby: A Wallabies centre is given a three-match ban for a dangerous tackle on the Welsh captain

# Union federation Cosatu urges the South African Reserve Bank to implement a larger-than-expected repo rate cut to help ease the financial strain on workers. Following the decrease in inflation to 2.8-percent in October, the federation believes a more significant rate reduction, beyond the anticipated 25 basis points, is needed to alleviate the burden on over-indebted households. Cosatu’s Zanele Sabela says high interest rates have forced workers to cut back on essentials like food:

# Numsa has expressed concern over Eskom’s escalating coal costs which have increased by 25-billion-rand from 2014 to 2023. The union rejected a 35-billion-rand hike in Eskom’s energy costs, calling the 30-percent increase in coal costs unjustified. Eskom’s reliance on expensive coal contracts, including a 104-percent price hike for Seriti Resources, has been a key issue during tariff hearings. Numsa argues that Eskom’s mismanagement and rising municipal debt show electricity is already unaffordable for South Africans.

# The Department of Home Affairs has dismissed 18 officials for various offences including fraud, corruption, and sexual harassment. These officials were involved in issues like granting fake identity documents, illegal marriage registrations, and improper visa approvals. Four others received warnings. Minister Leon Schreiber says these actions reflect the department’s ongoing crackdown on corruption, with criminal charges to follow where necessary:

# Jailed Hong Kong media tycoon Jimmy Lai insists his newspaper had championed democracy and freedom as he took the witness stand today for the first time in his trial for collusion with foreign forces. Lai’s case is one of the most prominent prosecuted under the national security law imposed by Beijing in 2020, with Western countries and rights groups demanding his release. The 76-year-old founder of tabloid Apple Daily is accused of colluding with foreign forces, a charge that could carry a sentence of up to life in prison.

# Rugby: Wallabies centre Samu Kerevi’s European tour is over after he was given a three-match suspension for his dangerous tackle on Welsh captain Jac Morgan during last weekend’s Test in Cardiff. Kerevi was sent off with a yellow card in his 50th match for Australia, and it was later upgraded to red. An independent disciplinary committee upheld the red card and imposed a six match-ban that was halved due to mitigating circumstances. The Wallabies play Scotland this weekend, and Ireland a week later.

# And the financial indicators: The dollar trades at 18-rand-13-cents and the euro at 19-rand-13-cents. One British pound costs 22-rand-97-cents and Bitcoin trades at 94-thousand-269-dollars. Gold sells at two-thousand-636-dollars-87-cents a fine ounce and Brent crude oil is quoted at 73-dollars-57-cents a barrel.

Stay tuned for more news………….