News 07:00

BULLETIN 28 October 7 am

Good morning. I am……..

In this bulletin:

# President Ramaphosa says the ANC is determined to build branches that are not captured
# Tshwane is experiencing excessively high water consumption
# And Russia’s interest rate is now at its highest level since 2003

# ANC president Cyril Ramaphosa says the party’s main focus will be improving groundwork to ensure that it returns to its main mission, which is to serve the people of South Africa. He delivered the closing remarks of the special sitting of the ANC National Executive Committee meeting held at the Birchwood Conference Centre in Gauteng. Ramaphosa says the NEC is determined to build branches that are political and not transactional or captured for individual career advancement or sectional interest:

Ramaphosa also says the party’s NEC has called on the government to finalise a policy framework on spaza shops. Nine children died in Naledi, Soweto, and Mdantsane in the Eastern Cape due to suspected food poisoning. Ramaphosa says the government must adopt regulations for the legal operations of spaza shops:

# Acting Electricity and Energy minister Patricia de Lille has launched the Just Energy Transition Funding Platform in eMalahleni. The platform aims to disburse 600-million-rand in grants to 20 projects by 2025 and 1.5-billion-rand by 2026. The platform connects international grant funders with local beneficiaries, including small businesses, unions, and municipalities. With the application portal launching on 1 November, the initiative aims to support South Africa’s transition from coal to renewables while promoting community empowerment and economic diversification.

# The City of Tshwane says it continues to experience excessively high water consumption, likely putting consumers at risk of having no water during summer. Rand Water is currently pumping about 800-million-litres per day to Tshwane when it’s supposed to be pumping 662-million-litres per day. The metro’s spokesperson, Selby Bokaba, says this is about 18-percent more than the metro’s licence agreement with the water utility:

# Russia’s central bank hiked interest rates to 21 percent, taking borrowing costs to their highest level in more than two decades as Moscow’s Ukraine offensive triggered rapid price rises at home. The increase takes rates to their highest level since 2003. Despite the high inflation and Western hopes sanctions would cripple the Russian economy, the Kremlin is set to ramp up military spending yet again next year. Analysts say Moscow has enough money to keep fighting in Ukraine for the foreseeable future.

# Motorsport: Reigning champion Francesco Bagnaia won the Thai MotoGP to close the gap on championship leader Jorge Martin, who finished second. Rookie Pedro Acosta finished third. Spaniard Martin’s lead over Bagnaia of Italy was cut from 22 points to 17, with two races remaining. South Africa’s Brad Binder finished sixth. The remaining races are the Malaysian and Valencia Grand Prix.

# And the financial indicators: The dollar trades at 17-rand-69-cents and the euro at 19-rand-9-cents. One British pound costs 22-rand-92-cents and Bitcoin trades at 67-thousand-678-dollar-42-cents. Gold sells at two-thousand-730-dollars-73-cents a fine ounce and Brent crude oil is quoted at 75-dollars-91-cents a barrel.

Stay tuned for more news………….