News 16:00

BULLETIN 19 August 4 pm

Good afternoon. I am……..

In this bulletin:

# The Competition Tribunal’s legal counsel details the alleged rand manipulation strategies
# Cricket: A comprehensive victory for the Proteas in the first ODI against Australia
# And ActionSA accuses the Health Department of misleading South Africans on vaping

# The Competition Tribunal’s senior legal counsel, Tembeka Ngcukaitobi, outlined five key strategies allegedly used by banks to manipulate the rand. These include coordinating trades, withholding or reversing trades, influencing the 4 pm currency fix, placing fake bids, and sharing sensitive market information. Ngcukaitobi argued these actions breached the Competition Act, amounting to market division and anti-competitive conduct. He argued in the Constitutional Court the conduct shows systematic collusion among local banks:

# The Bureau for Economic Research says South Africa’s economic outlook depends on whether the government and the South African Reserve Bank work together on a new three-percent inflation goal. In its latest report, the bureau warns strict government spending and high interest rates are slowing growth, with the gross domestic product expected to grow below one-percent this year. It says an early agreement on the target could lift growth to two-percent, but poor cooperation would keep inflation high, prolong economic stagnation, and increase unemployment.

# The South African National Taxi Council says it’s engaging with e-hailing platforms to ensure fair access and improve passenger safety. The talks aim to resolve conflicts over routes, licensing, and competition, while creating a safer, more regulated transport environment. The council’s president, Abnar Tsebe, told the media collaboration with all operators is key to protecting commuters and maintaining order in the industry:

# Cricket: Spinner Keshav Maharaj was the main destroyer for South Africa, helping the Proteas to beat Australia by 98 runs in the first one-day match in Cairns. He took five wickets for just 23 runs and the hosts were dismissed for 198. Earlier, Protea opener Aiden Markram top-scored with 82 while captain Temba Bavuma contributed 65 and Matthew Breetzke 57, with the visitors reaching 296 for eight. The second ODI will be played in Mackay on Friday and the last one on the same field on Sunday.

# The financial indicators: The dollar trades at 17-rand-60-cents and the euro at 20-rand-55-cents. One British pound costs 23-rand-79-cents and Bitcoin trades at 115-thousand-548-dollars. Gold sells at three-thousand-336-dollars-17-cents a fine ounce and Brent crude oil is quoted at 65-dollars-52-cents a barrel. 

# And finally: ActionSA says the Health Department is misleading South Africans with radio adverts claiming vaping is just as harmful as smoking. The party argues this is false propaganda and undermines Parliament while the Tobacco Bill is still under review. ActionSA’s Matthew George says the party has lodged a complaint with the Advertising Regulatory Board to withdraw the adverts and reported the department to the National Assembly for contempt.

Stay tuned for more news………….