News 12:00

BULLETIN 20 March 12 pm

Good afternoon. I am……..

In this bulletin:

# Minister Gwede Mantashe says developing South Africa’s gas and oil potential could be a game changer
# Cosatu calls on the Reserve Bank to cut the interest rate today
# And athletics: Bayanda Walaza breaks the South African Under-20 200-meter record

# Mineral and Petroleum Resources minister, Gwede Mantashe, has reiterated that developing South Africa’s oil and gas potential could be a game changer for economic growth. Exploration has found that South Africa’s coastal and adjoining waters hold approximately nine-billion barrels of oil and a further 11-billion barrels of oil equivalent of natural gas. Mantashe says considering the increasing demand for natural gas, government is speedily finalising the Gas Master Plan to achieve a stable and growing economy. Mantashe adds that the plan is designed to complement existing energy policies.

# Union federation Cosatu is urging the South African Reserve Bank’s Monetary Policy to cut the repo rate by 25 basis points when it announces its decision today. Some economists believe the rate will remain unchanged this time around while others believe there’s still room for another 25 basis point cut. Cosatu’s Zanele Sabela says a cut will help working-class families cope with the current high cost of living:

# A legal battle between e-hailing platform Wanatu and Tshwane authorities is gaining momentum. The company’s legal battle follows the impoundment of two of its vehicles by the Tshwane Metro Police Department. The case puts the National Roads Traffic Act into the spotlight. More than 20-thousand e-hailing drivers are still waiting for their road carrier permits, and new permit applications have been suspended. Wanatu believes a court ruling in their favour could set a major legal precedent, forcing authorities to address the permit crisis fairly.

# South African airline Airlink is expanding its regional operations. From 1 April, a new route between Cape Town and Gaborone in Botswana will launch, operating three times a week. Additionally, flights between Johannesburg and Nairobi in Kenya, as well as Johannesburg and Lusaka in Zambia, will increase from 30 March. The added Nairobi flights will include night services, while Lusaka flights will expand to 21 per week. Outgoing CEO Rodger Foster says the expansion aims to enhance connectivity for business and leisure travelers across Africa.

# Athletics: Teen sensation Bayanda Walaza broke the South African Under-20 200-meter record at the Athletics SA Grand Prix in Johannesburg last night. The 2024 Olympic silver medallist won the item in a new personal best time of 20.08-seconds, taking 0.02-seconds off the national record of 20.10 set by Clarence Munyai in March 2017. Lucky Moleyane finished second with former World Championships finalist Luxolo Adams in third place. Walaza says he is continuously working on his form:

# And the financial indicators: The dollar trades at 18-rand-16-cents and the euro at 19-rand-74-cents. One British pound costs 23-rand-56-cents and Bitcoin trades at 85-thousand-942-dollars. Gold sells at three-thousand-and-40-dollars-73-cents a fine ounce and Brent crude oil is quoted at 70-dollars-87-cents a barrel.

Stay tuned for more news………….