News 15:00
BULLETIN 17 April 3 pm
Good afternoon. I am……..
In this bulletin:
# Administrators race against time to implement changes before the launch of the two-pot retirement system
# National Treasury extends the deadline for infrastructure funding proposals
# And tennis: Rafael Nadal realises Alex de Minaur will be more difficult to beat
# The Association of Savings and Investment South Africa has warned of time constraints for pension fund administrators to implement changes before the two-pot retirement system launch. Senior policy advisor, Adri Messerschmidt, believes there is little time left to finalise implementation of systems changes and business processes. Both the Pension Funds Amendment Bill and the Revenue Laws Amendment Bill, which introduces the two-pot system, need to be promulgated before implementation of the system but neither has become law yet. Administrative hurdles include the Financial Sector Conduct Authority’s approval and finalising tax rules.
# The National Treasury has pushed back the submission deadline for proposals to the Budget Facility for Infrastructure to May 17. This aims to allow project sponsors more time to prepare and submit their proposals. The BFI was established to bolster the implementation of priority infrastructure projects through thorough planning and selection processes. The Treasury intends to utilise this extension to develop a pipeline of projects and programmes, to explore alternative financing models and close funding gaps.
# The Western Cape Education Department has received a record-breaking 102-thousand-680 Grade 1 and 8 admission applications for the 2025 academic year. This marks an increase of five-thousand-936 from the previous year. MEC David Maynier says late applications will now be considered, with schools having over a month to review all submissions. He says parents will be notified of application outcomes online starting on 30 May:
# Tennis: Twelve-time champion Rafael Nadal realises it won’t be easy to beat fourth-seeded Australian Alex de Minaur in the round of 32 at the Barcelona Open in his native Spain today. The 37-year-old made a triumphant return from injury in the first round yesterday, beating Italian Flavio Cobolli, 6-2, 6-3, in his second tournament of the year and first since January. The 22-time Grand Slam champion is using the tournament to prepare for the French Open, which he has won a record 14 times:
# The financial indicators: The dollar trades at 19-rand-2-cents and the euro at 20-rand-24-cents. One British pound costs 23-rand-70-cents and Bitcoin trades at 63-thousand-and-86-dollars-47-cents. Gold sells at two-thousand-387-dollars-74-cents a fine ounce and Brent crude oil is quoted at 89-dollars-42-cents a barrel.
# And finally: The Press Council has highlighted the critical role of the media during elections, as South Africa gears up for the May 29 polls. Under the Press Code, journalists are guided to report ethically and responsibly, ensuring reliable information for voters. Executive Director Latiefa Mobara stresses the importance of vigilance against misinformation. The code emphasises media independence and transparency, vital for fostering informed decision-making. Translated into six languages, it aims to uphold journalistic integrity amidst heightened scrutiny.
Stay tuned for more news………….