News 18:00

BULLETIN 30 January 6 pm

Good afternoon. I am……..

In this bulletin:

# Nersa approves a 12.7-percent electricity price hike for 2025/’26
# The Reserve Bank cuts the repo rate by 25 basis points
# And cricket: Thousands watch Virat Kohli playing his first domestic match in 12 years

# Energy regulator Nersa has approved a 12.7-percent electricity tariff increase for the 2025/’26 financial year, effective from the first of April. Municipal customers will see the hike from 1 July. Further hikes of 5.36-percent in 2026/’27 and 6.19-percent in 2027/’28 have also been approved. Nersa chairperson Thembani Bukula says the regulator had to balance Eskom’s financial sustainability with affordability for consumers:

Meanwhile, Eskom has announced that its half-year profit surged tenfold to 17.8-billion-rand by September from 1.68-billion-rand, driven by higher tariffs, improved cash flow, and state debt relief. Revenue rose nearly 16-percent to 183.7-billion-rand, while net finance costs dropped ten-percent to 17.75-billion-rand. The utility reported no power cuts this financial year, crediting its generation recovery plan for improved coal plant performance. If sustained, Eskom says this could record its first full-year profit since 2017.

# There is some good news for those South Africans with debt. The Reserve Bank’s monetary police committee cut the repo rate by 25 basis points to 7.5-percent. This means the prime lending rate will be lowered to 11-percent. The bank says the economy shrank in the third quarter, mainly due to a sharp decline in agricultural production. However, governor Lesetja Kganyago expects a rebound in the fourth quarter, driven by increased agricultural output, strong household spending, and withdrawals from the two-pot pension system:

# The family of a Thai farm worker held in Gaza wept with relief today as he was freed in a hostage-prisoner exchange between Israel and Hamas. Five Thais were freed along with three Israelis as part of a ceasefire deal aimed at ending the Gaza war. When Hamas attacked Israel on 7 October 2023, 31 Thais were abducted, with 23 released by the end of that year and two confirmed dead. Most of the estimated 30-thousand Thai citizens in Israel are working in the agricultural sector.

# Cricket: Thousands of fans filled a stadium in the Indian capital of Delhi for former captain Virat Kohli’s first domestic match in over 12 years. This followed the governing body’s decision that contracted players should play domestic cricket after their 3-1 loss to Australia in a recent Test series. Thirty-six-year-old Kohli’s form has dropped of late. He is playing for the hosts against Railways in a Ranji Trophy match. Earlier this week, a large crowd gathered when word spread that Kohli would join Delhi for training before the match.

# And the financial indicators: The dollar trades at 18-rand-48-cents and the euro at 19-rand-29-cents. One British pound costs 23-rand-4-cents and Bitcoin trades at 104-thousand-879-dollars. Gold sells at two-thousand-783-dollars-67-cents a fine ounce and Brent crude oil is quoted at 75-dollars-60-cents a barrel.

Stay tuned for more news………….