News 11:00

BULLETIN 6 March 11 am

Good morning. I am……..

In this bulletin:

# Minister Godongwana warns sustained higher oil prices may fuel inflation amid the Middle Eastern war
# The DA welcomes the High Court ruling over the Value-Added Tax Act
# And motorsport: Charles Leclerc and Oscar Piastri set the pace in practice in Melbourne

# Finance minister Enoch Godongwana warns sustained higher oil prices resulting from the Middle Eastern conflict may push up South Africa’s inflation and affect economic outlook. The price of Brent crude jumped almost 16-percent this week as shipping flows ground to a halt in the Strait of Hormuz, which carries one-fifth of the world’s oil. Godongwana told Bloomberg Television South Africa has the resources to withstand the impact of the war:

# The DA has welcomed the Western Cape High Court’s declaration of a section of the Value-Added Tax Act unconstitutional and invalid. The party brought the application last year as part of a legal challenge to Section 7(4), which empowers the Finance minister to change the VAT rate. The DA’s Federal Council chairperson, Helen Zille, says this confirms their argument that the power to determine taxes cannot be delegated to the executive:

# Union federation Cosatu says the seven-year prison sentence for former Member of Parliament Vincent Smith sends a strong message that no-one is above the law. The federation welcomed the conviction for Smith’s role in the Bosasa state capture and corruption scandals, as it marks a milestone in the fight against corruption. Cosatu’s Matthew Parks says backing the National Prosecuting Authority, the Hawks, as well as the judiciary is essential to restore public trust:

# The Freedom Front Plus says Gauteng is facing a serious safety crisis, with the latest police statistics showing high levels of violent crime between October and December. While murders, house robberies, and business robberies dropped slightly, kidnappings, assaults, sexual offences, hijackings, and organised crime are on the rise. The party’s Jaco Mulder calls for stronger action against criminal syndicates, illegal firearms, and border security. He warns safety is essential for community stability, economic growth, and job creation.

# Motorsport: Ferrari set the pace in the opening practice at the Australian Formula One Grand Prix in Melbourne, with Charles Leclerc topping the timesheet. His teammate Lewis Hamilton finished second fastest, with Red Bull’s Max Verstappen third. In the second practice, Oscar Piastri was fastest for McLaren, followed by Mercedes drivers Kimi Antonelli and George Russell. McLaren’s reigning world champion, Lando Norris, finished 19th and seventh fastest, respectively. Sunday’s Grand Prix will be the first race under the new technical regulations.

# And the financial indicators: The dollar trades at 16-rand-57-cents and the euro at 19-rand-24-cents. One British pound costs 22-rand-15-cents and Bitcoin trades at 70-thousand-801-dollars. Gold sells at five-thousand-109-dollars-91-cents a fine ounce and Brent crude oil is quoted at 83-dollars-40-cents a barrel.

Stay tuned for more news………….