News 06:00

BULLETIN 4 April 6 am

Good morning. I am……..

In this bulletin:

# ActionSA and the UDM urge for alternatives to a VAT hike
# The South African Minerals Council says key exports escape the US tariffs
# And Volvo will increase its production of vehicles in the US

# ActionSA says it acknowledges the ANC’s commitment to implementing parliamentary recommendations. The party calls for constructive engagement in the 30-day process to finalise alternative revenue proposals. ActionSA’s Matthew George insists the 0.5-percentage point VAT hike be scrapped and inflation adjustments for personal income tax be maintained. He urges all parties to work transparently to generate the needed revenue without further burdening South Africans:

Meanwhile, the United Democratic Movement has refuted claims that it voted for the 0.5-percentage point VAT increase, stating it supported the 2025/26 Budget Fiscal Framework under strict conditions. UDM deputy president, Nqabayomzi Kwankwa, says the party insists on expenditure savings and the need for financial balance while maintaining essential welfare programmes like the social relief of distress grant:

# The Minerals Council South Africa has expressed concerns over the potential impact of the US’s new 30-percent tariffs on some exports. While key minerals like platinum, gold, and coal are excluded from the tariffs, items such as iron ore and diamonds will be affected. The council’s Allan Seccombe warns global trade disruptions could hurt business sentiment and economic growth, especially in mining, but the stronger gold price and weaker rand may provide some relief:

# The National Director of Public Prosecutions, advocate Shamila Batohi, says the acquittal of televangelist pastor Timothy Omotoso is a travesty of justice that they cannot accept. He and his two co-accused have been acquitted of all charges, including rape and human trafficking. Batohi has requested a report from the Eastern Cape Director of Public Prosecutions, Barry Madolo, on the judgement and the adverse findings made by the judge against the prosecution team. She says they are still considering whether to appeal the judgement.

# Sweden’s Volvo Cars, owned by China’s Geely, will increase its production of vehicles in the United States and probably produce an additional model there, following US president Donald’s Trump’s introduction of tariffs. As of yesterday, cars manufactured outside the United States are subject to a 25-percent tariff, while a tariff on spare parts is also set to gradually come into effect. Volvo Cars assembles its EX90 electric model at its plant near Ridgeville in South Carolina as well as Volvo spinoff Polestar’s Polestar 3.

 # Tennis: World number 11, American Emma Navarro, says she co-signed a letter asking for a big increase in Grand Slam prize money to ensure players receive equal treatment. The world’s 20 best men’s and women’s players demanded a more equitable distribution of revenue from the organisers of the Australian, French and American Open, and Wimbledon. They say lower level players often struggle due to a lack of steady sponsorship, and big expenses. Navarro believes it’s good to come together and make sure everyone is treated fairly.

# And the financial indicators: The dollar trades at 18-rand-74-cents and the euro at 20-rand-69-cents. One British pound costs 24-rand-54-cents and Bitcoin trades at 83-thousand-16-dollar-40-cents. Gold sells at three-thousand-115-dollars-16-cents a fine ounce and Brent crude oil is quoted at 69-dollars-89-cents a barrel.

Stay tuned for more news………….