News 18:00

BULLETIN 3 December 6 pm

Good afternoon. I am……..

In this bulletin:

# FNB advises South Africans to adjust their fuel budgets amid the rising costs
# An economist calls for urgent economic reforms after the disappointing GDP figures
# And rugby: A new format at Cape Town Sevens means very little margin for error

# FNB warns that tomorrow’s fuel price hike, with 95-octane and 93-octane petrol increasing by 17-cents per litre and diesel by over 50-cents, is a blow to holidaymakers. The bank attributes the rise to a weaker rand, driven by global factors like the United States elections and higher international diesel prices. FNB senior economist Koketso Mano advises citizens to revise their fuel budgets and drive more efficiently to save on fuel costs during the festive season:

# North-West University Business School economist, Raymond Parsons, has called for urgent economic reforms following the disappointing gross domestic product growth figures for the third quarter, when it decreased by 0.3-percent. He highlights that economic prospects remain vulnerable due to adverse weather, weakened exports, and underperforming sectors, with agriculture particularly impacted by tough climatic conditions. Parsons calls for more investment and faster reforms from both the public and private sectors to drive job-rich growth and improve the economy:

# The Border Management Authority is facing a 4.3-billion-rand budget shortfall due to economic growth challenges. The shortfall is impacting its ability to secure borders. Despite this, the authority continues to operate, focusing on high-risk areas and reallocating resources strategically. Home Affairs minister Leon Schreiber pointed out that limited funding hampers the BMA’s effectiveness, but increased cooperation with other law enforcement agencies can enhance border security.

# Rugby: The Cape Town Sevens will apply a new format this weekend. Only 12 teams will compete in four groups, meaning every country will only play two group matches on Saturday. There won’t be a quarterfinal round, but the top-two teams in each group will go straight to Sunday’s semifinal round. This means very little margin for error, since a single loss could end a team’s chances of reaching the penultimate round. The Blitzboks play Ireland and Argentina in Group C.

# The financial indicators: The dollar trades at 18-rand-9-cents and the euro at 19-rand-3-cents. One British pound costs 22-rand-91-cents and Bitcoin trades at 94-thousand-339-dollars. Gold sells at two-thousand-652-dollars-94-cents a fine ounce and Brent crude oil is quoted at 72-dollars-80-cents a barrel.

# And finally: Former Formula One chief executive, Bernie Ecclestone, says he will sell his entire car collection. The collection is made up of 69 cars, including world championship-winning Ferraris raced by the likes of Michael Schumacher and Niki Lauda. The collection, which was assembled over more than five decades, will be sold through sports and race car dealer Tom Hartley Junior. Ninety-four-year-old Ecclestone says he loves all his cars, but the time has come for him to start thinking about what will happen to them when he dies.

Stay tuned for more news………….