News 13:00

BULLETIN 24 February 1 pm

Good afternoon. I am……..

In this bulletin:

# Banks face a class action over the sale of repossessed properties
# Today marks four years into Russia’s full-scale invasion of Ukraine
# And cricket: Australia returns for a Test at Newlands for the first time since Sandpaper-gate in 2017

# South Africa’s major banks are facing a legal challenge over how repossessed homes are sold. Homeowners argue when they fall behind on mortgage payments, banks often sell properties for prices close to the outstanding bond amount, rather than their true market value. The case, which began in February 2020, is being heard in the High Court in Johannesburg. The court is currently hearing arguments to decide if the case meets the legal requirements for class action certification.

# Forum for South Africa demands the dissolution of corrupt units within the Department of Home Affairs. This follows a probe by the Special Investigating Unit which revealed that South Africa’s immigration system was effectively turned into a marketplace where permits and visas are traded for cash. FOSA leader, Tebogo Mshilompane, says there are serious irregularities in the visa, asylum seeker, and permanent residence processes:

# The Public Service Association is calling on president Cyril Ramaphosa and National Treasury to act swiftly on the promise of allocating additional resources to the South African National Defence Force. The union says the SANDF faces rising operational demands, an evolving security environment, and resource constraints. PSA’s Claude Naicker says they have for years raised concerns about the impact of budget cuts on military personnel, infrastructure, equipment, and operational readiness:

Moving abroad:

# Today marks four years since Russia launched a full-scale invasion of Ukraine in 2022, the biggest European invasion since the end of World War Two. The past four years have been marked by a failed counter-offensive and a brief incursion into Russia’s Kursk region that claimed thousands of lives. Moscow has gained about ten-percent of Kyiv’s territory. It is estimated over 56-thousand civilian casualties have been recorded since the war started. President Volodymyr Zelensky says Ukraine will do everything to achieve peace.

# Cricket: Australia will play a Test at Newlands in Cape Town for the first time since the infamous Sandpaper-gate incident in 2017. Captain Steve Smith, vice-captain David Warner and bowler Cameron Bancroft were sanctioned after television cameras picked up Bancroft using sandpaper to rough the ball during the third Test against South Africa. The Proteas went on to win the match by 322 runs and clinch the series 3-1. October’s first two Tests will be played in Durban and Gqeberha, and the final one at Newlands.

# And the financial indicators: The dollar trades at 15-rand-98-cents and the euro at 18-rand-84-cents. One British pound costs 21-rand-57-cents and Bitcoin trades at 63-thousand-103-dollars. Gold sells at five-thousand-170-dollars-46-cents a fine ounce and Brent crude oil is quoted at 71-dollars-15-cents a barrel.

Stay tuned for more news………….