News 14:00

BULLETIN 12 June 2 pm

Good afternoon. I am……..

In this bulletin:

# The Reserve Bank probes gambling giant Betway for allegedly breaching regulations
# Steve Letsike presents a report to Parliament on the elimination of discrimination against women
# And: Elon Musk’s SpaceX raises 75-billion-dollars ahead of the world’s biggest stock market launch

# Gambling giant Betway is facing an investigation by the South African Reserve Bank for allegedly breaching the South African Exchange Control Regulations. According to amaBhungane Centre for Investigative Journalism, the probe is regarding the way Super Group’s South African operations paid for software licences and other services from other parts of the multi-national group. Super Group, which owns Betway, says this is regarding historical transactions involving the transfer of funds from the company to foreign entities. Last year, Super Group made more than 11.5-billion-rand in revenue in South Africa.

# Deputy minister in the Presidency for Women, Youth and Persons with Disabilities, Steve Letsike, has briefed Parliament on South Africa’s sixth periodic report on the Convention on the Elimination of All Forms of Discrimination against Women. Letsike clarified that Cabinet has not yet approved the final report. She said the report shows progress and challenges in advancing gender equality between 2015-2025, highlighting impact of Covid-19, unemployment and inequality on women:

# The GOOD Party says the Auditor-General’s findings regarding procurement processes within the City of Cape Town have vindicated concerns that residents, community activists, and opposition parties have been raising for years. The party’s Suzette Little says the metro’s regression from a clean audit outcome to an unqualified audit with findings is not a minor administrative matter. She says the AG’s findings that weaknesses existed in the evaluation of bids and compliance with procurement requirements are deeply concerning:

# SpaceX has raised 75-billion-dollar from financial firms ahead of it becoming a publicly traded company in what is expected to be the highest-value stock listing in history. The space exploration and artificial intelligence company said it came from selling shares at 135-dollar each. Based on the SpaceX share price estimates, the firm’s initial stock market value will be nearly 1.8-trillion-dollar, which will make CEO Elon Musk the world’s first trillionaire. If shares sell at or above 135-dollar when trading opens today, SpaceX will immediately become one of the most valuable public companies in the world.

# Motorsport: Mercedes’ George Russell says he is hoping that his misfortunes in the past few races will change at this weekend’s Barcelona-Catalunya Grand Prix. He scored no points in Canada due to a technical problem and the same in Monaco due to a late drive-through penalty. The Briton arrives in Barcelona 68 points behind his teammate Kimi Antonelli in the drivers’ championship standings. Russell says he is hoping for a normal race:

# And the financial indicators: The dollar trades at 16-rand-26-cents and the euro at 18-rand-83-cents. One British pound costs 21-rand-84-cents and Bitcoin trades at 63-thousand-577-dollars. Gold sells at four-thousand-206-dollars-95-cents a fine ounce and Brent crude oil is quoted at 86-dollars-72-cents a barrel.

Stay tuned for more news………….