News 08:00

BULLETIN 26 February 8 am

Good morning. I am……..

In this bulletin:

# The Reserve Bank governor warns against a possible VAT hike
# The Communications Department welcomes the funding for the Post Office
# And Britain suspends financial aid to Rwanda

# South African Reserve Bank Governor, Lesetja Kganyago, has warned that global trade tensions and a potential value-added tax hike could derail two years of slowing inflation. Last week the national budget speech was postponed, after a last-minute disagreement within the government of national unity, about a proposal to hike value-added tax by two-percent. Speaking to CNBC Africa on the sidelines of a meeting of G20 finance officials in Cape Town, Kganyago says South Africa’s agenda this year centres around improving cross-border payments:

# The Department of Communications and Digital Technologies has welcomed the approval by National Treasury of a virement of 150-million-rand to assist the South African Post Office. The funds will help address the Post Office’s immediate financial pressures. This is a tiny fraction of the 3.8-billion-rand bailout the government had promised the entity. The department’s spokesperson, Tlangelani Manganyi, says work is continuing to finalise the business rescue process to provide clarity and stability for the Post Office’s future:

# The City of Tshwane says it has noted allegations made by former mayoral committee member for Finance, Jacqui Uys, regarding an alleged conflict of interest involving deputy mayor, Eugene Modise. Uys says a company named Triotic Protection Services started by Modise, is a service provider benefitting from the metro’s 300-million-rand a year security tender. Tshwane mayor’s spokesperson, Zintle Mahlati, says the contract in question was awarded during the 2016/2017 financial year, under a previous administration, and long before Modise assumed office:

# The UK government has suspended financial aid to Rwanda over its alleged support of the M23 rebels, who have now taken control of two major cities in the eastern Democratic Republic of Congo. The group has occupied the cities of Goma and Bukavu in recent weeks. The UK’s Foreign, Commonwealth, and Development Office says export licences for the Rwanda Defence Force are under review, and training for its soldiers has been suspended. The UK has also warned it may coordinate with partners on potential new sanctions designations.

# Tennis: Top seed Daniil Medvedev earned a hard-fought victory against Jan-Lennard Struff to advance to the second round of the Dubai Championships. The 29-year-old Russian defeated the German, 6-4, 7-6. Italian Matteo Berrettini marked his return to Dubai with a victory over France’s Gael Monfils, 7-5, 6-4. Marin Cilic of Croatia knocked out second seed Australian Alex de Minaur, 6-2, 3-6, 6-3. French qualifier Quentin Halys scored the biggest win of his career by defeating 2022 champion Andrey Rublev of Russia, 3-6, 6-4, 7-6.

# And the financial indicators: The dollar trades at 18-rand-42-cents and the euro at 19-rand-35-cents. One British pound costs 23-rand-31-cents and Bitcoin trades at 89-thousand-252-dollars. Gold sells at two-thousand-919-dollars-49-cents a fine ounce and Brent crude oil is quoted at 72-dollars-53-cents a barrel.

Stay tuned for more news………….