News 11:00

BULLETIN 9 February 11 am

Good morning. I am……..

In this bulletin:

# President Cyril Ramaphosa says SARS is a credible blueprint for rebuilding institutional capacity
# Hong Kong pro-democracy media tycoon Jimmy Lai is sentenced to 20 years in jail
# And cricket: The Proteas captain is confident ahead of the T20 World Cup opener against Canada

# President Cyril Ramaphosa says the South African Revenue Service is a standard-bearer for a capable state, and a credible blueprint for rebuilding institutional capacity in the wake of the state capture era. He visited SARS’ National Command Centre in Tshwane last week. In the last financial year, SARS achieved the highest revenue collection in the tax authority’s history, collecting 2.3-trillion-rand. In his weekly newsletter, Ramaphosa says just as state capture took place over a prolonged period of time, the work of rebuilding will not happen overnight. 

# Electricity tariffs are set to rise 8.76-percent in 2026/2027 and 8.83-percent in 2027/2028 after energy regulator Nersa approved additional revenue of 54.734-billion-rand for Eskom in a bid to correct Nersa’s regulatory asset base error. The increase will be implemented against Eskom direct customers from 1 April and municipal utilities from 1 July. Nersa’s spokesperson, Charles Hlebela, says the total additional revenue will be recovered in phases:

# The Public Protector is reportedly set to clear the Gauteng Department of Infrastructure Development in awarding three contracts to Ngwato and Manzi Group. The company is linked to the sons of deputy president Paul Mashatile, Thabiso Mashatile and Tinyiko Mvelase. The department paid NMG around 18-million-rand between November 2022 and November last year. The Public Protector’s Office told News24 the investigation found no factual evidence to substantiate the complaint that the department acted improperly, or that its conduct amounted to maladministration in the awarding of the contracts.

Moving abroad:

# A Hong Kong Court has sentenced media mogul and prominent pro-democracy activist, Jimmy Lai, to 20-years in prison for allegedly violating China’s national security law. The 78-year-old, founder of the now-shuttered Apple Daily newspaper, was convicted in December of collusion with foreign forces, endangering national security, and conspiracy to publish seditious materials. This is the heaviest penalty ever meted out under a Beijing-imposed national security law. Six former executives of the newspaper have also received jail sentences of between six and ten years.

# Cricket: Proteas captain Aiden Markram says they are confident heading into their opening T20 World Cup Group D clash against Canada in Ahmedabad, India, today. South Africa, who was runner-up in 2024, is one of the favourites to win the competition, following their World Test Championship triumph last year. Group D also consists of New Zealand, Afghanistan and the United Arab Emirates. Markram says they need to show due care when they face Canada:

# And the financial indicators: The dollar trades at 15-rand-97-cents and the euro at 18-rand-94-cents. One British pound costs 21-rand-74-cents and Bitcoin trades at 70-thousand-606-dollars. Gold sells at five-thousand-and-22-dollars-49-cents a fine ounce and Brent crude oil is quoted at 66-dollars-99-cents a barrel.

Stay tuned for more news………….