News 16:00

BULLETIN 12 November 4 pm

Good afternoon. I am……..

In this bulletin:

# President Cyril Ramaphosa warns that injustice could weaken democracy
# TLU SA supports the National Motorcycle Ride against farm attacks
# And: Woolworths shares tumble after disappointing food sales

# President Cyril Ramaphosa says the gap between the promise of justice and people’s lived experiences must be closed to protect democracy. Speaking at the International Access to Justice Conference in Sun City, North West, he warns that repeated injustice erodes public confidence in democratic institutions. Ramaphosa says when poor people believe the law protects the wealthy, while corruption and criminality go unpunished, trust in the justice system is weakened:

# Agricultural organisation TLU SA says it appreciates every individual and organisation that helps bring the harsh reality of farm attacks in the country into the public eye. The organisation has expressed its support for the National Motorcycle Ride against farm attacks, which will take place at various locations across the country on the sixth of December. TLU SA’s Bennie van Zyl says this is not about political parties or personal interests, but it’s about standing with farmers:

# Woolworths shares yesterday fell almost 9 percent after a trading update showed its food business delivered just 1.9-percent turnover growth. With prices rising by three-percent, sales volumes appear to have declined, while comparable-store growth was flat. Portfolio manager and research analyst at Gryphon Asset Management, Casparus Treurnicht, described the food division’s results as among its worst in a long time. The company’s Fashion, Beauty and Home division also recorded a 0.3-percent decline in sales. Woolworths blamed the results on a challenging trading environment in South Africa.

# Meat Corporation of Namibia says its monthly wage bill for nearly 800 employees is unsustainable without export income. This follows the suspension of international beef exports in September due to the foot-and-mouth disease outbreak. International markets historically account for approximately 85-percent of Meatco’s earnings. The company has suspended slaughter operations until its financial and operational circumstances allow for their sustainable resumption. Meatco spokesperson Undamuje Hambira says the board is exploring options to protect jobs and restore sustainable operations:

# Cricket: Australia’s captain, Pat Cummins, has succumbed to pressure and vowed to speak out about former teammate Usman Khawaja’s revelations about the infamous sandpaper scandal in South Africa in 2018. Khawaja alleged the whole team knew about the plan to rough the ball with sandpaper during the Test series, although only captain Steve Smith, vice-captain David Warner and bowler Cameron Bancroft were sanctioned. Cummins was also part of the team. He says he took time to better understand the allegations and would reply tomorrow.

# And the financial indicators: The dollar trades at 16-rand-65-cents and the euro at 18-rand-46-cents. One British pound costs 22-rand-8-cents and Bitcoin trades at 72-thousand-991-dollars. Gold sells at three-thousand-948-dollars-24-cents a fine ounce and Brent crude oil is quoted at 94-dollars-54-sents a barrel.

Stay tuned for more news………….