News 16:00

BULLETIN 6 March 4 pm

Good afternoon. I am……..

In this bulletin:

# Tshwane is on review for a downgrade due to financial statement delays
# Tighter tobacco control laws could boost economies and foster job creation
# And rugby: Minister Kodwa meets the Springbok management and players at the first alignment camp

# Rating agency Moody’s has placed Tshwane on review for a downgrade, after the city missed a deadline to publish its financial results for 2022/23. This delay could lead to the suspension of trade in its listed debt instruments. Mayor Cilliers Brink says the city has met its commitments to the Auditor-General and is working to submit the audited financials by Tuesday. Meanwhile, Ekurhuleni has firmly rejected Moody’s recent unsolicited rating downgrade, stating it has no formal agreement for such evaluations. It’s considering legal options to address reputational damage from the unsolicited review.

Meanwhile, Brink says the strategy is to collect as much as they can on debt owed to the metro, starting with the top one-thousand consumers. This is part of Tshwane’s financial recovery plan. Mayoral committee member for Finance, Jacqui Uys, says they will intensify the #TshwaneYaTima campaign to recoup 23.3-billion-rand owed by various customers:

# The director of the National Council Against Smoking, Lekan Ayo-Yusuf, believes tighter tobacco control laws will boost economies and jobs. This counters the industry’s predictions of job losses and economic decline. According to South African and international studies, reduced tobacco and e-cigarette usage could stimulate job growth.  Ayo-Yusuf argues that declines in tobacco spending lead to increased spending elsewhere, thus creating employment opportunities. Research from Tobacconomics shows tobacco control policies might have no or even a positive effect on employment. Job losses in the sector are primarily due to mechanisation.

# Rugby: Minister of Sport, Arts, and Culture, Zizi Kodwa, has wished the Springboks well as they begin the cycle towards the 2027 Rugby World Cup. Kodwa met with the management and players in Cape Town. Spokesperson Litha Mpondwana says Kodwa welcomed Rassie Erasmus’s return as head coach and new additions to the coaching staff. He also encouraged the team to maintain their winning momentum: 

# The financial indicators: The dollar trades at 18-rand-85-cents and the euro at 20-rand-50-cents. One British pound costs 23-rand-99-cents and Bitcoin trades at 66-thousand-916-dollars-69-cents. Gold sells at two-thousand-133-dollars-44-cents a fine ounce and Brent crude oil is quoted at 82-dollars-50-cents a barrel.

# And finally: The son of renowned Afrikaans singer Steve Hofmeyr has announced he joined the United Independent Movement as its national youth leader. Devon Hofmeyr expressed his commitment to addressing the challenges facing South Africa, citing the urgent need for robust leadership for a better future. He affirmed his confidence in the UIM’s manifesto, work ethic, and leadership, particularly focusing on jobs and justice. Hofmeyr calls on the youth to join him in supporting the UIM’s vision for a prosperous and just South Africa.

Stay tuned for more news………….