News 15:00

BULLETIN 27 November 3 pm

Good afternoon. I am……..

In this bulletin:

# Over 500-thousand non-compliant companies and closed corporations could be deregistered
# Pepkor acquires Choice Clothing to boost its adult fashion market share
# And cycling: Australia bans the Olympian Matt Richardson for life after switching his allegiance to Britain

# The Companies and Intellectual Property Commission is set to deregister over 500-thousand non-compliant companies and closed corporations. This follows a formal notification issued in September to companies that failed to file their annual returns and beneficial ownership declarations. The commission’s Ndileka Cola says affected companies must update their information by February or face penalties:

# Pepkor has announced the acquisition of Choice Clothing. The discount retailer has over 100 stores across South Africa and Namibia. The move strengthens Pepkor’s market presence in adult apparel, a segment where it currently holds a smaller share. Choice Clothing, known for its affordable fashion, operates under the Choice Clothing and Big Daddy brands, catering to the discount market. Pepkor plans to expand the business aggressively, potentially tripling its retail footprint. The transaction is still pending regulatory approval.

# The Financial Sector Conduct Authority expects the cost of implementing the two-pot retirement system to increase by 300-million-rand annually. Since its implementation on September first, the cost has reached 1.6-billion-rand, including expenses for additional staff, communication efforts, and new call centres. Presenting to Parliament’s standing committee on Finance, the Authority’s deputy commissioner, Astrid Ludin, highlighted that most costs stemmed from system changes and member communication to support the new system:

# France’s Foreign minister Jean-Noel Barrot indicated that some leaders could have immunity at the International Criminal Court under the Rome Statute that established the institution. The ICC issued warrants for Israel’s prime minister, Benjamin Netanyahu, former Defence minister Yoav Gallant, and Hamas military chief Mohammed Deif. Asked if France would arrest Netanyahu if he stepped on French territory, Barrot did not give a specific answer. He says the statute deals with questions of immunity for certain leaders. He says it’s ultimately up to the judicial authorities to decide.

# Cycling: Australia has banned Olympian Matt Richardson from representing the country for life after switching his allegiance to Britain. This happened just a few weeks after clinching three medals for Australia in Paris. The track cyclist was born in England and moved to Australia at age nine. AusCycling found his actions conflicted with the values of the governing body, the Australian national team and the broader cycling community. It alleges Richardson, world cycling body UCI and British Cycling colluded to keep his decision secret until after the Games.

# And the financial indicators: The dollar trades at 18-rand-13-cents and the euro at 19-rand-6-cents. One British pound costs 22-rand-85-cents and Bitcoin trades at 93-thousand-575-dollars. Gold sells at two-thousand-646-dollars-76-cents a fine ounce and Brent crude oil is quoted at 72-dollars-56-cents a barrel.

Stay tuned for more news………….