News 14:00

BULLETIN 26 March 2 pm

Good afternoon. I am……..

In this bulletin:

# The acting speaker accepts the DA’s no-confidence motion against Nosiviwe Mapisa-Nqakula 
# An expert warns withdrawals from the two-pot retirement system are subject to taxation 
# And rugby: The Lions are looking to continue their good United Rugby Championship run

# Acting National Assembly speaker Lechesa Tsenoli has approved the DA’s motion of no confidence against speaker Nosiviwe Mapisa-Nqakula. The motion, submitted by DA chief whip Siviwe Gwarube, alleges improper conduct. This follows allegations that she took millions of rand in bribes while she was minister of Defence and Military Veterans. Parliament’s spokesperson, Moloto Mothapo, says the scheduling of the motion will be announced following consultations with Gwarube:

# Allan Gray legal adviser Jaya Leibowitz has warned that withdrawals from the savings component of the two-pot retirement system are subject to taxation. She stresses the need for careful financial planning, suggesting that individuals should establish a separate emergency fund instead of solely relying on the new retirement system. Starting from September 1, this system allows access to a third of savings, with contributions divided into retirement and savings components. Leibowitz says withdrawals from the latter can potentially push individuals into higher tax brackets.

# South Africa’s consumer confidence has slightly improved in the first quarter of 2024, but remains under pressure, with First National Bank and the Bureau for Economic Research’s Consumer Confidence Index at minus-15. This uptick is attributed to improved economic and household financial outlooks, but is offset by a decline in confidence regarding the purchase of durable goods. Factors affecting confidence include inflation, job losses, fuel price hikes, and fiscal policy tightening.

# Kenyan authorities are due to release the bodies of several people linked to a doomsday starvation cult in a case that shocked the country and the world. The remains are the first to be handed over to their families after nearly a year of painstaking work to identify them using DNA. Hundreds of bodies, including those of children, have been exhumed from shallow mass graves discovered in April last year in a remote wilderness inland from the Indian Ocean town of Malindi.

# Rugby: The Lions will continue their quest to make the top eight of the United Rugby Championship when they take on Ospreys in Wales on Saturday. Their campaign was given a major boost with a 38-14 win at Connacht in Galway this past weekend, despite playing with 14 men for more than an hour. The Johannesburg side is now eighth on the log and assistant coach, Ricardo Loubscher, says they want to continue their good run:

# And the financial indicators: The dollar trades at 18-rand-90-cents and the euro at 20-rand-54-cents. One British pound costs 23-rand-95-cents and Bitcoin trades at 70-thousand-897-dollars-57-cents. Gold sells at two-thousand-193-dollars-89-cents a fine ounce and Brent crude oil is quoted at 85-dollars-71-cents a barrel.

Stay tuned for more news………….