News 15:00

BULLETIN 12 March 3 pm

Good afternoon. I am……..

In this bulletin:

# VAT is to be increased by 0.5-percentage points this year as well as next year
# Another bus crash is reported in Ekurhuleni involving Sekgotlong Primary learners
# And motorsport: Oscar Piastri signs a new multi-year contract extension with McLaren

# Despite lots of opposition to the plan to increase value-added tax, Finance minister Enoch Godongwana has announced the rate will be increased by 0.5 percentage points this year and by a further 0.5 percentage points next year. The initial plan was to increase VAT by two percentage points. Personal income tax brackets and rebates are not adjusted for inflation this year. Godongwana said in his budget speech to provide relief to lower-income households, government proposes additional VAT zero-rating of essential food items and no changes to the fuel levy.

# Another bus crash has been reported in Wadeville, Ekurhuleni, on the Gauteng East Rand, involving a 65-seater bus transporting Sekgotlong Primary school learners. The bus collided with a truck’s trailer this morning, leaving 19 learners with injuries. The city’s Disaster and Emergency Management Services spokesperson, William Ntladi says, fortunately, no fatalities were reported, and the cause of the crash is under investigation:

# The Bureau for Food and Agricultural Policy says South African agricultural exports to Africa grew by 16-percent between October and December, reaching 30-billion-rand. The bureau says despite overall export stagnation, the Southern African Development Community remained the largest market, accounting for nearly 50-percent of exports. Key growth areas included Namibia, up by 23-percent, Zimbabwe 66-percent, and Madagascar 139-percent. Meanwhile, imports from Africa declined by ten-percent. The bureau warns that global uncertainties, including geopolitical tensions and trade agreements, could further impact agricultural trade this year.

# Armed militants in Pakistan’s Balochistan region attacked a train carrying more than 400 passengers and took a number of hostages. The Baloch Liberation Army says it had bombed the track before storming the Jaffar Express Train in the remote Sibi district. At least 16 militants have been killed, and 100 passengers were freed. Among those released are 17 injured passengers, who have been taken to hospital. The militants had threatened to kill hostages if authorities did not release Baloch political prisoners within 48 hours.

# Motorsport: Australian Oscar Piastri has agreed to a new multi-year contract extension with Formula One team McLaren. His current contract expires next year. The 23-year-old, who joined the team in 2023, finished a career-best fourth in the drivers’ championship last year, which played a key role in McLaren securing the constructors’ title for the first time since 1998. Piastri says it is a great feeling knowing that he is part of McLaren’s long-term vision:

# And the financial indicators: The dollar trades at 18-rand-34-cents and the euro at 20-rand-1-cent. One British pound costs 23-rand-75-cents and Bitcoin trades at 82-thousand-659-dollars. Gold sells at two-thousand-913-dollars-65-cents a fine ounce and Brent crude oil is quoted at 69-dollars-89-cents a barrel.

Stay tuned for more news………….