News 15:00

BULLETIN 5 May 3 pm

Good afternoon. I am……..

In this bulletin:

# Paul Mashatile says black ekonomic empowerment remains a vital part of the economic landscape
# Israel’s security cabinet approves the expansion of military operations in Gaza
# And motorsport: Lewis Hamilton is left frustrated after team orders ruined his race in Miami

# Deputy president Paul Mashatile says economic redress and transformation has been given practical impetus through a plethora of legislation, which includes the B-BBEE Act of 2003, as amended in 2013. He says black economic empowerment remains a vital part of the country’s economic landscape. Mashatile says over the past 22 years, B-BBEE has evolved its policy, legislative and regulatory instruments to address challenges and opportunities in promoting an inclusive economy for all South Africans:

Meanwhile, business groups Sakeliga and the National Employers’ Association of South Africa, NEASA, have slammed the new Employment Equity Amendment Act as unconstitutional, impossible, and harmful. They argue the sectoral numerical targets amount to unlawful race-based quotas that could destroy economic value. This adds to the DA’s legal action claiming the law violates equality rights. Government insists the targets are flexible, aiming for equity. Sakeliga and NEASA plan a joint legal action, warning of deep economic and social damage if the law is enforced.

# Electricity and Energy minister Kgosientsho Ramokgopa has announced the launch of a new South African transmission company to improve the national electricity grid. The National Transmission Company of South Africa, a subsidiary of Eskom, will manage and expand power lines, helping to stabilise supply and support renewable energy. He reiterated that the initiative aims to attract private investment and modernise the country’s energy infrastructure.

# Israel’s security cabinet approved the expansion of military operations in Gaza including the conquest of the Palestinian territory. The Army called up tens of thousands of reservists for the offensive. The plan, approved overnight, includes the holding of territories in the besieged Gaza Strip and comes alongside Israel’s promotion of Gaza’s residents to leave. Israel resumed major operations across Gaza on 18 March amid a deadlock over how to proceed with a two-month ceasefire that had largely halted the war with Hamas, which was sparked by the militants’ October 2023 attack.

# Motorsport: Seven-time Formula One world champion Lewis Hamilton says much of his frustration over the team radio during yesterday’s Miami Grand Prix was caused by Ferrari’s general struggles. He became frustrated when he closed on teammate Charles Leclerc with superior pace, but was not immediately let through to attempt to chase down the Mercedes of Kimi Antonelli for sixth. Hamilton ultimately finished eighth and Leclerc seventh. Hamilton says he will work it out internally with the team:

# And the financial indicators: The dollar trades at 18-rand-28-cents and the euro at 20-rand-75-cents. One British pound costs 24-rand-35-cents and Bitcoin trades at 94-thousand-158-dollars. Gold sells at three-thousand-313-dollars-59-cents a fine ounce and Brent crude oil is quoted at 60-dollars-45-cents a barrel.

Stay tuned for more news………….