News 12:00

BULLETIN 9 January 12 pm

Good afternoon. I am……..

In this bulletin:

# The Competition Commission’s rand manipulation case is dealt a massive blow
# Green Connection is pleased that Karpowership has lost grid space
# And Rugby: Owen Farrell’s possible move away from Saracens would be a big loss

# The Competition Commission’s rand-rigging case has been dealt a massive blow, as the Competition Appeals Court has dismissed the inclusion of 23 of the 28 commercial banks implicated in the probe. The commission had claimed that the banks and financial institutions were involved in a single overall conspiracy to manipulate the rand-dollar exchange rates between 2007 and 2013. The court found that the commission relied on vague evidence and insufficient facts to support its case. Only five commercial banks, Investec, JPMorgan Chase, HSBC, BNP Paribas, and Credit Suisse, now face possible prosecution.

# The Green Connection says it is pleased that Turkey’s Karpowership has lost its grid space reserved by Eskom because it did not meet the deadline for financial close on 31st December last year. Karpowership were last year granted access to the three ports of Durban, Ngqura and Saldanha Bay for a period of 20 years as part of the solution to the country’s energy crisis. Green Connection’s, Liz McDaid, says Karpowership has been a costly and controversial project:

# Crime experts have warned that South Africa’s police force is facing a losing battle against crime, with only 150-thousand members for a population of 62-million people. This is significantly lower than the over 2.7-million registered private security company employees in the country. South Africa has one of the highest violent crime rates globally. IRS Forensic Investigations’ Chad Thomas discussed the challenges with eNCA, highlighting the need to address the skills shortage:

# The South African Revenue Service has issued a warning, stating the tax season for provisional taxpayers will conclude on 24 January. This deadline pertains to finalising affairs for the 2022/23 tax year. BusinessTech reports unlike non-provisional taxpayers who already submitted returns between July and October last year, provisional taxpayers, defined as those receiving income other than remuneration, have until later this month to submit returns. SARS clarifies that the deadline does not align with the 2023/24 provisional tax return dates, avoiding confusion.

# Rugby: England’s Jamie George says Owen Farrell’s service to English rugby has given him the right to leave Saracens on his own terms. French club Racing 92 (RA-sieng) is reportedly in talks to sign the England captain, but no agreement has been reached yet. Farrell’s contract with Saracens expires at the end of the 2023/2024 Premiership campaign. George says if Farrell does leave Saracens it will be a big loss because of the player and character he is. If Farrell joins Racing 92, he will be ineligible for selection for the national team.

Stay tuned for more news………….