News 08:00

BULLETIN 20 February 8 am

Good morning. I am……..

In this bulletin:

# BOSA says the budget postponement shows chaos in the government
# President Ramaphosa will today address the G20 Foreign Ministers’ meeting
# And the European Union agrees to more sanctions against Russia

# Build One South Africa says the postponement of Finance minister Enoch Godongwana’s budget speech on Wednesday, demonstrated the chaos within the government of national unity. The budget was postponed for the first time since 1994 after cabinet members pushed back against a proposed two-percent value-added-tax hike. BOSA’s spokesperson, Roger Solomons, says the government has put the economy in jeopardy and transparency and clarity are now needed:

Meanwhile, the unprecedented decision by the government of national unity to postpone the budget to March 12, will inevitably have unintended consequences for South Africa’s political economy. This is the view of North West University Business School economist, professor Raymond Parsons. Parsons says the delay could be worthwhile if the government gets agreed trade-offs and better outcomes for the economy as a whole:

# President Cyril Ramaphosa is expected to deliver the opening address at the G20 Foreign Ministers’ meeting at the Nasrec Expo Centre in Gauteng today. South Africa assumed the Presidency of the G20 on the first of December 2024, under the theme: Solidarity, Equality, Sustainability. G20 Sous-Sherpa ambassador, Xolisa Mabhongo, says the country’s G20 priorities are disaster resilience, debt sustainability, just energy transition, and critical minerals for inclusive growth:

# The European Union has agreed on a 16th package of sanctions on Russia for its full-scale invasion of Ukraine. The package includes restrictions on Russian banks, an asset freeze and travel ban to the EU for 48 individuals and 35 entities, a Russian aluminium import ban, and new export bans on chemicals, and chrome. EU Commission president, Ursula von der Leyen, has welcomed the sanctions, saying they are committed to keeping up the pressure on the Kremlin.

# Tennis: Four-time Grand Slam champion Carlos Alcaraz is through to the Qatar Open quarterfinals in Doha, following his, 6-1, 4-6, 6-3, victory against Italian qualifier Luca Nardi. The Spaniard will face Czech Jiri Lehecka next after he defeated Hungarian Fabian Marozsan, 6-4, 6-2. Italian Matteo Berrettini secured back-to-back wins on the ATP Tour for the first time since October 2024, defeating Dutchman Tallon Griekspoor 7-6, 6-7, 6-4. Britain’s Jack Draper, Russia’s Daniil Medvedev, and Australian Alex de Minaur are also through to the quarterfinals.

# And the financial indicators: The dollar trades at 18-rand-53-cents and the euro at 19-rand-32-cents. One British pound costs 23-rand-32-cents and Bitcoin trades at 97-thousand-023-dollars. Gold sells at two-thousand-943-dollars-32-cents a fine ounce and Brent crude oil is quoted at 75-dollars-48-cents a barrel.

Stay tuned for more news………….