News 07:00

BULLETIN 22 October 7 am

Good morning. I am……..

In this bulletin:

# Treasury proposes new rules to strengthen the control of government debt
# Macron accuses foreign leaders of exploiting the riots in France
# And cricket: The Proteas are in a position to level the Test match series against Australia

# National Treasury has released draft legislation for public comment aimed at making long-term fiscal discipline a formal part of South Africa’s public-finance system. The proposed fiscal anchor would require each new administration to set its own financial objectives in line with its electoral mandate and explain significant departures to Parliament. Finance minister Enoch Godongwana says the legislation is expected to be tabled in Parliament next year:

Meanwhile, the ANC has welcomed the budget, specifically praising the ten-billion-rand fuel relief and the continued backing for over 18-million social grant recipients. ANC Secretary-General Fikile Mbalula says the minister is correct to say that the goal is not simply to spend more; it is to spend better, and every rand must work harder for the people:

And still on the topic of the budget: The EFF has accused Godongwana of misusing his fiscal policy powers by arbitrarily increasing or decreasing the fuel levy without parliamentary approval. The levy will be reduced by three-rand per litre for diesel and one-rand-50-cents per litre for petrol next month. The EFF’s Sinawo Thambo says Godongwana is using the state’s powers to enhance a political party’s electoral chances:

# The Organisation Undoing Tax Abuse calls for an independent investigation into a 70-million-rand tender awarded by Merafong Municipality in Gauteng. According to the organisation, the contract was awarded to a company whose bid was almost 35-million-rand more expensive than the bidder recommended by the municipality’s evaluation committee. It also raised concerns about conflicting technical reports and the municipality’s failure to provide procurement records. OUTA’s Rudie Heyneke says the municipality must explain the tender decision amid ongoing water and electricity problems.

# French president Emmanuel Macron has accused foreign leaders of making “stupid comments” about the country’s unrest for political gain. Protests over the state of education and cost of living in France have since spiralled into nationwide violence and rioting, with more than two-thousand people arrested this past weekend alone. US president Donald Trump claimed migrants, jihadists and communists were fueling the unrest. Israeli prime minister Benjamin Netanyahu said France had been hit by an “invasion of extremist Islam”. Macron also accused leaders of amplifying misinformation.

# Cricket: Australia reached 156 for four in their second innings and trail South Africa by 170 runs at stumps on the penultimate day of the second Test in Gqeberha. The Proteas bowlers skittled out the visitors for 99 in their first innings, to enforce the follow-on, with Marco Jansen taking five wickets. South Africa declared on 425, securing a mammoth 326-run first-innings lead. Travis Head will resume unbeaten on 87 today, and Scott Boland on two, as they look to keep Australia in the Test match.

# And the financial indicators: The dollar trades at 16-rand-38-cents and the euro at 18-rand-39-cents. One British pound costs 21-rand-93-cents and Bitcoin trades at 83-thousand-693-dollars. Gold sells at four-thousand-114-dollars-84-cents a fine ounce and Brent crude oil is quoted at 111-dollars-37-cents a barrel.

Stay tuned for more news………….