News 09:00

BULLETIN 15 October 9 am

Good morning. I am……..

In this bulletin:

# Business Leadership SA says a systemic change is needed to tackle Eskom’s municipal debt
# The Communications Workers Union is outraged at the SABC’s expenditure on executive directors
# And the IMF lifts its outlook for global economic growth

# Business Leadership South Africa says the hard work that the National Treasury has put into the municipal debt relief programme is not resulting in an improvement in municipal payments. Municipalities collectively owe Eskom 94.6-billion-rand. The number of municipalities with an arrear debt balance of more than 100-million-rand has increased to 75. BLSA CEO Busiswe Mavuso says what is needed is a direct intervention in how municipalities manage their finances to enforce payment to Eskom, before the revenues that are collected from electricity distribution are used for anything else.  

# The Communications Workers Union has expressed outrage that the SABC’s total expenditure on executive directors ballooned to 10.3-million-rand up from 9.9-million-rand in the 2024/2025 financial year. The public broadcaster recorded a net loss of 253.3-million-rand compared to 197.8-million in 2024, as modest total revenue growth of 1.3-percent was outpaced by a three-percent rise in expenditure. CWU’s spokesperson, Moffat Seutlwadi, says the SABC CEO, Nomsa Chabeli, earned a total package of 5.576-million-rand in the 2024/2025 financial year:

# The GOOD Party says the work done by the City of Tshwane’s multi-party coalition government to turn around the metro’s finances is remarkable. Mayor Nasiphi Moya says reducing Eskom debt, fielding a funded budget, and rebuilding services are some of the progress they have achieved after one year in office. GOOD’s secretary general, Brett Herron, says the metro has reduced unemployment by 4.5-percent and created more jobs, demonstrating the phenomenal success of the coalition’s economic strategy:

# The International Monetary Fund lifted its outlook for global growth this year, flagging a milder-than-expected economic hit from President Donald Trump’s tariff policies while warning of risks ahead. In its flagship World Economic Outlook report, compiled before the most recent US-China tariff spat, the IMF hiked its 2025 global growth forecast to 3.2-percent, up from 3-percent in July, while leaving its prediction for 2026 unchanged at 3.1-percent. The global inflation rate is expected to remain elevated at 4.2-percent this year, and 3.7-percent in 2026.

# Soccer: FIFA president Gianni Infantino has congratulated South Africa for qualifying for the 2026 FIFA World Cup. Bafana Bafana defeated Rwanda 3-0, claiming the top spot in Group C ahead of Nigeria and Benin. South Africa is the ninth African team to qualify for the expanded 48-team tournament, joining Morocco, Tunisia, Egypt, Algeria, Ghana, Cape Verde, Ivory Coast, and Senegal. Infantino says that for Bafana Bafana to secure their first qualification for the global showpiece since 2002 is a great achievement:

# And the financial indicators: The dollar trades at 17-rand-32-cents and the euro at 20-rand-17-cents. One British pound costs 23-rand-12-cents and Bitcoin trades at 112-thousand-207-dollars. Gold sells at four-thousand-177-dollars-39-cents a fine ounce and Brent crude oil is quoted at 61-dollars-93-cents a barrel.

Stay tuned for more news………….