News 16:00

BULLETIN 16 January 4 pm

Good afternoon. I am……..

In this bulletin:

# Team SA is optimistic as government and business align on a strategy for the World Economic Forum meeting
# Everest Wealth warns of potential tax hikes in the 2025 budget
# And Tennis: Jannik Sinner drops a set for the first time in 14 matches

# FirstRand CEO Mary Vilakazi says delivering on promises is essential to improving South Africa’s global positioning. Trade, Industry and Competition minister, Parks Tau echoed optimism, saying government and business are aligned ahead of next week’s Davos meeting in Switzerland. Speaking at a World Economic Forum breakfast in Sandton, Vilakazi said the South African delegation aims to showcase a unified vision at the forum, highlighting partnerships, capacity building, and economic resilience:

# According to Everest Wealth, South Africans should expect possible tax hikes in this year’s budget speech as Finance Minister Enoch Godongwana looks to address a 22-billion-rand revenue shortfall. Proposed changes may include a wealth tax, higher VAT, and removing medical tax credits. The National Health Insurance plan could add further pressure, with middle- and high-income earners already carrying a heavy tax burden. Everest Wealth CEO Thys van Zyl warns this is unsustainable amid weak economic growth and a shrinking taxpayer base.

# AfriForum, Solidarity, and the Solidarity Support Centre for Schools have launched legal action against the Bela Act’s declaration. AfriForum’s Kallie Kriel says that president Cyril Ramaphosa acted irrationally by ignoring Basic Education minister Siviwe Gwarube’s recommendation to postpone the act’s language and admission policies. He says that the legal letters demand resolution within ten days, or the matter will proceed to court:

# Rwanda says it had made its first oil discovery, with confirmation of 13 reservoirs in Lake Kivu, which makes up part of its border with the Democratic Republic of Congo. CEO of the Rwanda Mines, Petroleum and Gas Board, Francis Kamanzi says 13 exploratory wells had confirmed the presence of oil. He is confident of finding more, given the significant reserves found across the Great Lakes region by neighbours Uganda and the DRC. Rwanda has been carrying out tests and exploratory digs in Lake Kivu for more than a decade.

# Tennis: World number one Jannik Sinner dropped a set for the first time in 14 matches before surging back to keep his Australian Open title defence on track. The Italian top seed had no answers at the start against Australian wildcard Tristan Schoolkate, ranked 173, but found his groove to win 4-6, 6-4, 6-1 and 6-3 on centre court. It was his 16th consecutive victory in an ominous sign for next opponent Marcos Giron in round three.

# And the financial indicators: The dollar trades at 18-rand-86-cents and the euro at 19-rand-40-cents. One British pound costs 23-rand-2-cents and Bitcoin trades at 99-thousand-236-dollars. Gold sells at two-thousand-705-dollars-75-cents a fine ounce and Brent crude oil is quoted at 80-dollars-74-cents a barrel.

Stay tuned for more news………….