News 13:00

BULLETIN 3 September 1 pm

Good afternoon. I am……..

In this bulletin:

# Solidarity is probing Amazon’s business programme which allegedly excludes white people
# A strong El Niño threatens to add to Africa’s price pressures
# And George Clooney criticises the Trump administration as a government run by the least qualified people

# Trade union Solidarity has launched an investigation into US company Amazon for allegedly excluding companies from a business development programme in South Africa based on their owners’ race. Amazon Web Services’ Equity Equivalent Investment Programme, which promotes diversity and inclusion, reportedly only accepts 100-percent black-owned businesses and disqualifies any company where a white person is a shareholder. Solidarity’s Connie Mulder emphasises race should not be a ticket to economic opportunity:

# The Foschini Group has announced plans to close about 280 stores across South Africa, the UK, and Australia by 2029 following a severe drop in global retail spending. The fashion giant, hit hard by international brand impairments, warns its full-year earnings per share could plunge by up to 65-percent. CEO Anthony Thunström says the strategic rationalisation is a necessary response to persistent economic headwinds across its primary markets. The closures will primarily impact underperforming locations .

# The Institute of International Finance says Africa is facing a potentially severe El Niño from a weaker economic position than a decade ago. Higher oil prices, a stronger dollar and tighter financing conditions are adding pressure. Forecasters warn the climate event could bring drought to Southern Africa and flooding in the east, damaging crops and pushing up food prices. Egypt, Zambia and Ethiopia are seen as particularly vulnerable. South Africa may be better cushioned after recording a record maize harvest.

# Award-winning American actor George Clooney has described US president Donald Trump’s administration as a ‘kakistocracy’, defining it as a government run by the least qualified people. He was speaking at the opening day of the Venice Film Festival, where he is to be awarded a Golden Lion for career achievement. Clooney says he is an optimist and believes America will get through this dark time and return to some normalcy:

# Tennis: Chinese lucky loser Bu Yunchaokete sent rising star Rafael Jodar packing in the first round of the US Open. Bu, ranked 124th in the world, beat the 12th-seeded Spaniard in straight sets in one of the biggest upsets of the Grand Slam tournament so far. Bu lost in the final qualifying round, but advanced to the main draw after Thanasi Kokkinakis of Australia withdrew through injury. He will next face local player Michael Zheng, who beat Hungarian Fábián Marozsán in the first round.

# And the financial indicators: The dollar trades at 16-rand-5-cents and the euro at 18-rand-62-cents. One British pound costs 21-rand-66-cents and Bitcoin trades at 77-thousand-783-dollars. Gold sells at four-thousand-432-dollars-94-cents a fine ounce and Brent crude oil is quoted at 98-dollars-12-cents a barrel.

Stay tuned for more news………….