News 13:00

BULLETIN 12 December 1 pm

Good afternoon. I am……..

In this bulletin:

# ActionSA says the bloated cabinet expansion costs over one-billion-rand
# FNB expects inflation to stay around three-percent in December, driven by rising fuel prices
# And soccer: The 2030 World Cup will have matches in six countries across three continents

# ActionSA has reiterated its calls for a lean, effective cabinet of no more than 20 ministers, with all deputy minister positions abolished. The party has revealed that the country’s bloated cabinet expansion, which will burden taxpayers with an additional 239-million-rand annually, cumulatively exceeds one-billion-rand over the current term. The formation of the government of national unity saw cabinet expand from 30 to 32 ministers and from 36 to 43 deputies. ActionSA’s Athol Trollip says this is an outrageous financial burden on taxpayers:

# FNB predicts inflation will remain close to three-percent in December, primarily due to increasing fuel prices. While food inflation is expected to stay subdued, higher housing costs and other core inflation components could add some pressure. Despite this, headline inflation is not anticipated to surpass four-percent until late next year. FNB economist Koketso Mano says global risks and a weaker rand may affect inflation, but gradual interest rate cuts are still expected:

# The Independent Communications Authority of South Africa has gazetted amendments to the 2014 Call Termination Regulations, setting a three-year glide path for wholesale voice market rates. From July next year, dominant operators must lower fixed call rates to five-cents, reaching one-cent by 2027. Mobile call rates will drop to seven-cents in 2025, decreasing to four-cents by ’27. Smaller operators and new market entrants will also follow reduced rate schedules. Icasa says the changes aim to boost competition and affordability.

# Soccer: 2030’s men’s World Cup will take place in six countries across three continents. World governing body Fifa awarded the tournament to Morocco in Africa and European countries Spain and Portugal, while certain matches will also be played in Argentina, Paraguay and Uruguay in South America to commemorate the first World Cup on that continent 100-years ago. Fifa awarded the 2034 tournament to Saudi Arabia while the global extravaganza goes to Canada, the US and Mexico in 2026.

# The financial indicators: The dollar trades at 17-rand-65-cents and the euro at 18-rand-55-cents. One British pound costs 22-rand-52-cents and Bitcoin trades at 100-thousand-943-dollars. Gold sells at two-thousand-717-dollars-84-cents a fine ounce and Brent crude oil is quoted at 73-dollars-46-cents a barrel.

# And finally: Rebel fighters found a signed picture of Queen Elizabeth the second and Prince Philip among the souvenirs in the packed treasure room of ousted Syrian leader Bashar al-Assad. The hand-signed picture is dated 2002. The visit took place two years after Assad became president, and before he became a pariah for his brutal crackdown on the pro-democracy Arab Spring protests of 2011 and the civil war that followed. A garage full of luxury cars, including a rare Ferrari worth about 68-million-rand, was also uncovered.

Stay tuned for more news………….