News 16:00

BULLETIN 21 May 4 pm

Good afternoon. I am……..

In this bulletin:

# Botswana calls for stronger regional cooperation
# South Africa’s infrastructure spend will surpass 9.5-trillion-rand by 2050
# And rugby: The versatile Lions forward Ruan Venter’s season is cut short by a serious knee injury

# Botswana president Duma Boko says African nations must strengthen cooperation to withstand global economic and geopolitical challenges. He was speaking at the the sixth South Africa-Botswana bi-national commission summit. Boko highlighted rising living costs, energy insecurity and climate change as key concerns. He urges African countries to invest in innovation and knowledge generation to drive inclusive economic growth. Boko says Africa’s young and growing population positions Africa to lead globally:

# PwC’s Global Infrastructure Outlook 2025 to 2050 report forecasts that South Africa’s infrastructure spending will exceed 9.5-trillion-rand by 2050. The report says transport, resources and power will account for 63-percent of total investment over the next 25-years. Annual infrastructure spending is expected to rise 39-percent to 26-billion dollars by 2050. PwC says growing demand for artificial intelligence, digital networks and urbanisation will drive investment, while Africa is projected to record the world’s fastest-growing infrastructure investment rate.

# Union federation Cosatu says it is concerning that the Unemployment Insurance Fund has not shut down its old website. This has resulted in thousands of unemployed South Africans sending their UIF claims through an outdated online system. Cosatu’s spokesperson, Zanele Sabela, says the old platform remains live and gives no indication that it is no longer valid:

Moving abroad:

# The owner of social media platforms such as Facebook and WhatsApp, Meta has started its latest round of layoffs this week, cutting ten-percent of its workforce, roughly eight-thousand staff. Workers affected so far include those in cybersecurity, integrity, and content design. Meta says the job cuts are all part of its continued effort for more efficiency, and to allow it to offset the other investments it is making, including in artificial intelligence. Meta has already cut around two-thousand workers in two smaller rounds of layoffs this year.

# Rugby: The versatile Lions forward Ruan Venter’s season is over after sustaining a serious knee injury in the United Rugby Championship match against Leinster earlier this month. He underwent a successful operation, and faces up to nine months out. Twenty-three-year-old Venter, who played a one-off Test for the Springboks in 2024, says he was gutted by the longterm injury, but thankful that the procedure went well. He is described as one of the Lions’ standout performers this season who would’ve likely be in Bok contention again.

# And the financial indicators: The dollar trades at 16-rand-55-cents and the euro at 19-rand-19-cents. One British pound costs 22-rand-20-cents and Bitcoin trades at 77-thousand-58-dollars. Gold sells at four-thousand-508-dollars-63-cents a fine ounce and Brent crude oil is quoted at 104-dollars-5-cents a barrel.

Stay tuned for more news………….