News 17:00

BULLETIN 21 October 5 pm

Good afternoon. I am……..

In this bulletin:

# Government debt stabilises as the Treasury reports stronger revenue
# Media houses oppose the blanket secrecy in a National Intelligence Co-ordinating Committee Official’s testimony
# And: Russia releases an American citizen Stephen Hubbard after more than four years in detention

# South Africa’s government debt has stabilised for the first time in nearly two decades, according to Finance minister Enoch Godongwana’s medium-term budget policy statement. Debt stood at 78.4-percent of gross domestic product in the 2025/2026 financial year. The National Treasury says stronger revenue collections and lower debt-servicing costs helped government perform better than expected. Godongwana says revenue and other receipts are now forecast to exceed February’s estimates by 54.1-billion-rand:

Meanwhile, Treasury is planning the first comprehensive overhaul in 23 years of the law governing municipal finances. Minister Godongwana says the changes will require municipalities to adopt properly funded budgets, improve revenue collection and strengthen accountability. The amendments will also give Treasury stronger powers to investigate financial misconduct, recover losses and intervene earlier when municipalities face financial distress. Godongwana says the reforms are intended to improve financial management while protecting basic services for poorer households:

# Media organisations have opposed a blanket closed-door hearing for acting National Intelligence Co-ordinating Committee Coordinator Ntandazo Sifolo at the Madlanga Commission. Representing Daily Maverick, Media24 and amaBhungane, Advocate Ben Winks argues that secrecy should be limited to genuinely sensitive information. They propose identifying confidential names, dates and locations before testimony, and using code names where possible. He says the media houses request for closed proceedings must be properly justified:

Moving abroad:

# Russia has released American citizen Stephen Hubbard, a retired teacher who had been imprisoned for more than four years on accusations of fighting for Ukraine. Russian President Vladimir Putin announced the release during talks with US envoy Steve Witkoff in St Petersburg. The 74-year-old Hubbard was sentenced to almost seven years in prison after a closed trial in 2024. The United States had designated him as wrongfully detained. Witkoff thanked Putin for the release, but it remains unclear whether any agreement or concessions were involved.

# Tennis: World number nine, Iga Swiatek of Poland, has ended her season early after withdrawing from the Ningbo Open in China due to a thigh injury. This means she has failed to qualify for the WTA Finals for the first time since 2019. She also ends her season without a Grand Slam title for the first time since 2021. Swiatek hopes to be ready for next season, starting with the Australian Open in January, where she will get the opportunity to complete a career Grand Slam.

# And the financial indicators: The dollar trades at 16-rand-36-cents against the rand and the euro at 18-rand-37-cents. One British pound costs 21-rand-91-cents and Bitcoin trades at 83-thousand-520-dollars. Gold sells at four-thousand-134-dollars-11-cents a fine ounce and Brent crude oil is quoted at 109-dollars-26-cents a barrel.

Stay tuned for more news………….