News 11:00

BULLETIN 13 March 11 am

Good morning. I am……..

In this bulletin:

# The IMF endorses South Africa’s ongoing efforts to strengthen its fiscal framework
# Three people are shot dead and four others wounded in Bishop Lavis, Cape Town
# And the US temporarily allows the sale of Russian oil stranded at sea to ease global energy markets

# The International Monetary Fund says strong management of fiscal risks remains of paramount importance to secure South Africa’s fiscal sustainability, given the history of negative budget shocks from state-owned companies. The fund conducted an assessment of the country’s fiscal framework and considered options for the design of a fiscal anchor. The IMF says the plan to establish a principles-based fiscal framework in legislation is an appropriate first step toward policy credibility and debt-reduction objectives. But it adds this will require the support of strong public financial management institutions.

# The South African National Defence Force has defended the legality of its deployment to five provinces to combat gang violence and illegal mining. The chairperson of Parliament’s portfolio committee on Police, Ian Cameron, has questioned the legality of the military entering residential areas after soldiers conducted raids in Eldorado Park, Riverlea, Westbury, and Sophiatown earlier this week. The SANDF’s Mpho Mathebula says the legal basis for this deployment is derived from Section 201, Subsection 2 of the Constitution:

# Western Cape police’s anti-gang unit detectives are investigating a shooting incident that left three people dead and four others injured at Kalksteenfontein in Bishop Lavis, Cape Town, yesterday evening. Police spokesperson, Novela Potelwa, says seven men were sitting outside a house drinking, when a vehicle emerged with three armed men, who started shooting randomly at the group. Potelwa says the suspects fled the scene immediately after the incident:

Moving abroad:

# The US Treasury Department has temporarily authorised countries to purchase sanctioned Russian oil and petroleum products already loaded on vessels at sea. This comes as the Iranian blockage of the Strait of Hormuz has stopped one-fifth of the world’s oil supply from reaching global markets. Treasury Secretary Scott Bessent says this measure is to promote stability in global energy markets and keep prices low as they address the threat and instability posed by Iran. He adds this short-term waiver will remain in effect until April 11.

# Tennis: World number one Carlos Alcaraz of Spain is through to his fifth consecutive Indian Wells semifinal after beating Britain’s Cameron Norrie. He will face Russia’s Daniil Medvedev, who beat defending champion Jack Draper of Britain. World number two Jannik Sinner earned a straight sets victory over American Learner Tien. The Italian will face Germany’s Alexander Zverev, who defeated Frenchman Arthur Fils. In the women’s draw, world number one Aryna Sabalenka of Belarus beat Canada’s Victoria Mboko to make the semifinals.

# And the financial indicators: The dollar trades at 16-rand-85-cents against the rand and the euro at 19-rand-36-cents. One British pound costs 22-rand-43-cents and Bitcoin trades at 71-thousand-361-dollars. Gold sells at five-thousand-and-88-dollars-55-cents a fine ounce and Brent crude oil is quoted at 98-dollars-39-cents a barrel.

Stay tuned for more news………….