News 17:00

BULLETIN 18 November 5 pm

Good afternoon. I am……..

In this bulletin:

# Business Leadership SA praises the fiscal recovery but warns of Gauteng’s economic decline
# Modernising South Africa’s VAT system is the key to boosting revenue
# And soccer: COSATU calls on Western Cape residents to support Bafana Bafana’s game against South Sudan

# Business Leadership South Africa welcomed S&P Global Ratings’ positive credit rating outlook, crediting government’s financial control efforts, including a budget surplus and reduced debt costs. The organisation commended recent job growth, with 294-thousand jobs created in the third quarter. However, BLSA CEO Busi Mavuso, expressed concern over Gauteng’s economic decline, noting the province lost 66-thousand jobs during this period. Mavuso blamed poor service delivery and political instability for weakening the province’s role as an economic hub. 

# Modernising South Africa’s VAT reporting systems can enhance revenue collection and reduce non-compliance. The CEO of VAT Modernisation SA, Shannon Friedman, points to the benefits of automated e-invoicing in boosting efficiency, reducing fraud, and increasing tax revenue. Improved VAT systems are reportedly vital for building a capable state, enabling better public services like healthcare and education. Bizcommunity reports that countries like Italy and Brazil have demonstrated the success of similar systems, achieving significant revenue gains and reduced tax gaps

# The Department of Water and Sanitation says it is satisfied with the progress made in the maintenance project of the Lesotho Highlands water tunnel since it shut down 46 days ago. Deputy minister David Mahlobo says there will still be enough water supply to Gauteng and the Free State until the completion of the maintenance operations, with Sterkfontein Dam on standby to release water into the Vaal Dam should it reach a level of 18 per cent:

# A former Wallabies rugby coach and veteran Australian broadcaster, Alan Jones, was charged with sexually abusing seven men and a teenage boy. Eighty-three-year-old Alan Jones was arrested at his home in Sydney early this morning by detectives from New South Wales’ Police Child Abuse Squad, who searched the property and seized electronic devices. Jones, who coach the national team from 1984 to ’87, is described as one of Australia’s most influential media figures. He faces 24 charges over alleged incidents from 2001 to 2019.

# Soccer: Cosatu in the Western Cape has welcomed the decision by the South African Football Association to bring a Bafana Bafana game to the Western Cape for the first time since 2015. Cosatu’s Malvern de Bruyn says the federation is calling on its members and the people of the Western Cape at large to support Bafana Bafana when they face South Sudan at the Cape Town Stadium tomorrow night:

# And the financial indicators: The dollar trades at 18-rand-6-cents and the euro at 19-rand-5-cents. One British pound costs 22-rand-79-cents and Bitcoin trades at 89-thousand-29-dollars. Gold sells at two-thousand-598-dollars-20-cents a fine ounce and Brent crude oil is quoted at 71-dollars-16-cents a barrel.

Stay tuned for more news………….