News 13:00

BULLETIN 1 October 1 pm

Good afternoon. I am……..

In this bulletin:

# Short-term debt and home or car expenses are the top reasons for the two-pot retirement system withdrawal requests
# Giwusa urges government to address the escalating cost of living and hunger crisis
# And tennis: A local wildcard stuns Andrey Rublev to advance to the semifinal of the China Open

# Discovery Corporate and Employee Benefits’ two-pot data shows that short-term debt at 21-percent, and home and or car expenses at 24-percent are the top reasons for withdrawal requests. Chief Commercial Official, Guy Chennells, highlights that many claimants also used funds for education at 20-percent. Most withdrawals occurred among people aged 35 to 45, with digital platforms being the preferred method for submitting requests. This new retirement system allows access to one-third of savings for short-term needs.

# The General industrial union Giwusa is urging government to tackle the rising cost of living and growing hunger crisis. They argue the latest household affordability index shows rising food prices, making it harder for families to afford essentials. The union advocates for a 15-thousand-rand minimum wage, a universal basic income grant, and better regulation of food prices to support struggling communities. Giwusa president Mametlwe Sebei says workers’ wages and social grants aren’t keeping up with inflation:

# The South African and Lesotho governments have expressed readiness for the six-month closure of the Lesotho Highlands water project tunnel. Water and Sanitation minister Pemmy Majodina and Lesotho minister of Natural Resources Mohlomi Moleko urge citizens to cooperate and conserve water and energy during this period to minimise disruptions. The department’s Mandla Mathebula says comprehensive measures are in place to ensure water security throughout the maintenance work:  

# Qatar Airways plans to acquire a 25-percent stake in Virgin Australia. This follows its recent purchase of a similar stake in South African airline Airlink, marking a strategic push to expand its presence in the global south. The investment is expected to boost competition in African and Australian aviation markets, offering consumers more travel options and value. The deal also strengthens Virgin Australia’s financial resilience, and the airline will launch long-haul international flights by middle next year. The acquisition is still subject to regulatory approval. 

# Tennis: Local wildcard Bu Yunchaokete is playing world number one, Italian Jannik Sinner, in the semifinal of the China Open in Beijing today. The 22-year-old Bu yesterday stunned world number six Andrey Rublev of Russia in straight sets after previously also getting rid of world number 19, Lorenzo Musetti of Italy. Sinner succeeded in beating Czech player Jiri Lehecka in straight sets. He or Bu will play for the title against Carlos Alcaraz of Spain, who beat Russian Daniil Medvedev in the other semifinal.

# And the financial indicators: The dollar trades at 17-rand-25-cents and the euro at 19-rand-17-cents. One British pound costs 23-rand-1-cent and Bitcoin trades at 64-thousand-43-dollars-39-cents. Gold sells at two-thousand-648-dollars-25-cents a fine ounce and Brent crude oil is quoted at 70-dollars-17-cents a barrel.

Stay tuned for more news………….