News 11:00

BULLETIN 10 March 11 am

Good morning. I am……..

In this bulletin:

# South Africa secures World Bank support in its drive to accelerate infrastructure development
# Trump warns Iran about disrupting shipping in the Strait of Hormuz
# And rugby: The Sevens world series moves to New York

# The World Bank has approved the South African Blended Finance Platform for Resilient Infrastructure Programme, which will establish a credit guarantee vehicle designed to reduce investor risk and scale up funding for infrastructure projects. Over the next decade, the new vehicle, which will be a private non-life insurance company, is expected to mobilise about 160-billion-rand in capital. National Treasury will inject seed equity of two-billion-rand into the initiative. The World Bank says investment in infrastructure is central to South Africa’s efforts to restore growth and create employment.

# The Motor Industry Staff Association has expressed concern over the rising number of Polo Vivo recalls by Volkswagen South Africa. MISA says dealerships and sales staff often face consumer frustration despite having no control over manufacturing faults. The union’s Phakamile Hlubi-Majola says recalls reflect modern vehicles’ safety systems and are part of a global automotive safety culture. She calls on manufacturers to support workers while keeping motorists’ safety a top priority.

# Limpopo police are executing seven warrants of arrest today in relation to a ten-million-rand insurance murder for payout scheme linked to former police sergeant Rachel Kutumela. Suspects are believed to have taken out life and funeral policies on ten people who were later murdered. The victims were known to Kutumela and came from destitute and disadvantaged backgrounds. Police spokesperson, Athlenda Mathe, says three suspects have already been arrested this morning:

Moving abroad:

# US president Donald Trump warns Iran’s attempt to disrupt oil shipments through the Strait of Hormuz will trigger a response 20-times harder than previous strikes. Iran’s Revolutionary Guards have threatened to block oil shipments through the route which carries a fifth of the world’s oil, if the US and Israeli attacks continue. Trump says in the long run, oil supplies will be dramatically more secure without Iranian ships and missiles:

# Rugby: The sevens world series move to New York this weekend after South Africa won the Vancouver tournament in Canada on Sunday. The Blitzboks’ third title so far this season saw them catch up with Fiji, who was eliminated in the semifinals. Only a points difference makes the islanders edge out South Africa on top of the standings. South Africa will face Australia, France and New Zealand in Pool A in the American city, while Spain, Fiji, Argentina and Great Britain will do battle in Pool B.  

# And the financial indicators: The dollar trades at 16-rand-28-cents and the euro at 18-rand-94-cents. One British pound costs 21-rand-90-cents and Bitcoin trades at 69-thousand-936-dollars. Gold sells at five-thousand-175-dollars-96-cents a fine ounce and Brent crude oil is quoted at 89-dollars-64-cents a barrel.

Stay tuned for more news………….