News 06:00

BULLETIN 8 May 6 am

Good morning. I am……..

In this bulletin:

# President Ramaphosa launches Operation Vulindlela Phase Two
# The financial watchdog launches a probe into South Africa’s bank charges
# And cricket: The Proteas Women suffer a defeat to India

# President Cyril Ramaphosa has officially launched the second phase of Operation Vulindlela. This joint initiative between the Presidency and National Treasury aims to expedite structural reforms across key sectors. Phase II introduces 30 priority reforms focusing on municipal service delivery, urban densification, and digital transformation. He emphasised that the operation seeks to modernise network industries, enhance economic competitiveness, and foster inclusive growth:

Ramaphosa also says the Electricity Regulation Amendment Act will create a competitive power market, cutting costs and boosting efficiency. He announced reforms to restructure Eskom and expand transmission infrastructure. He also confirmed Transnet’s rail network will soon welcome private operators, and a National Water Agency will be formed to manage and invest in water resources:

# The Financial Sector Conduct Authority is set to investigate bank charges amid growing public concern over high fees. The watchdog’s probe will examine whether banks are engaging in anti-competitive practices or overcharging customers for basic services. This follows previous scrutiny of PayShap transaction fees and calls from members of Parliament for greater transparency in banking costs. The investigation aims to ensure fair pricing and protect consumers from potential exploitation. Further details on the scope and timeline of the probe are expected soon.

# Johannesburg mayor Dada Morero says 3.03-billion-rand has been allocated for infrastructure over the next three years. On Wednesday, he delivered the State of the City Address under the theme, The Jo’burg We All Want. The funds will go towards upgrading eight of the most underserved areas, Diepsloot, Southern Farms, Ivory Park, Orange Farm, Soweto, Riverlea, Zandspruit, and Eldorado Park. Morero says investing in deprived and marginalised areas will help address deep infrastructure backlogs and transform these settlements into sustainable communities for the future.

# Spain will present a draft resolution at the UN General Assembly aimed at proposing urgent measures to stop the killing of innocent civilians and ensure humanitarian aid in Gaza. Prime minister Pedro Sanchez told the Spanish parliament that the international community cannot remain indifferent to what is happening in the Palestinian territory, where Israel resumed its offensive against Hamas in March after a two-month ceasefire. The Socialist premier has been one of the most outspoken critics of Israel’s devastating war in Gaza, which has caused shortages of food, water, fuel and medicine.

# Cricket: Proteas Women’s stand-in captain Chloe Tryon says they must start doing the basics well. South Africa suffered a 23-run defeat to India Women in their ODI Tri-Series match in Colombo, ruling them out of contention for Sunday’s final. India posted 337 for nine with Jemimah Rodrigues top-scoring with 123. In reply, the Proteas were restricted to 314 for seven with Annerie Dercksen scoring 81. Tryon says, that despite the defeat, the team showed a lot of character. South Africa will face hosts Sri Lanka tomorrow.

# And the financial indicators: The dollar trades at 18-rand-22-cents and the euro at 20-rand-61-cents. One British pound costs 24-rand-21-cents and Bitcoin trades at 97-thousand-5-dollar-40-cents. Gold sells at three-thousand-374-dollars-69-cents a fine ounce and Brent crude oil is quoted at 61-dollars-3-cents a barrel.

Stay tuned for more news………….