News 18:00

BULLETIN 2 March 6 pm

Good afternoon. I am……..

In this bulletin:

# An economist warns the rising oil prices and Middle East tensions could hit the housing market
# The GOOD Party says South Africa’s minimum wage increase does not end poverty, but manages it
# And, Rise Mzansi backs the national online gambling tax reforms

# Economist John Loos cautions that rising oil prices amid the Middle Eastern tensions could create risks for the housing market. He says South Africa’s house price growth is expected to peak at six-percent, supported by modest interest rate cuts by the South African Reserve Bank, and a mild improvement in the economy. Growth is forecast to slow to around 4.1-percent next year as further rate reductions taper off. Loos says mortgage lending remains stable, and residential building activity is showing early signs of recovery.

# The GOOD Party says South Africa’s minimum wage is not justice. The country’s minimum wage increased from 28-rand-79-cents to 30-rand-23-cents an hour as of the first of March. GOOD’s secretary general, Brett Herron, says a woman can work 40 hours a week, cleaning homes, raising other people’s children, caring for the elderly, and still not earn enough to escape poverty herself:

# South Africa faces a growing gambling crisis, says RISE Mzansi, citing alarming Statistics SA and National Gambling Board data. The party supports the National Treasury’s 20-percent national online gambling tax but calls for reforms, including provincial revenue sharing, a provincial tax floor, and mandatory national licenses for online operators. The party’s Mabina Seabe stresses revenue must be ring-fenced for rehabilitation, while stronger measures are needed against illegal gambling operators nationwide:

# Rugby: SA Rugby says South Africa is unlikely to bid for hosting the World Cup anytime soon due to economic constraints. CEO Rian Oberholzer told SABC News the country cannot generate the revenue required by World Rugby to justify hosting. He says the focus is now on growing the Springbok brand in stronger markets, including establishing the Springbok brand in the US, serving the best financial interests of world rugby:

# The financial indicators: The dollar trades at 16-rand-16-cents against the rand and the euro at 18-rand-91-cents. One British pound costs 21-rand-65-cents and Bitcoin trades at 65-thousand-554-dollars. Gold sells at five-thousand-366-dollars-47-cents a fine ounce and Brent crude oil is quoted at 78-dollars-96-cents a barrel.

# And finally, South Africans struggling financially can legally claim maintenance from their financially-stable siblings under the Maintenance Act. Family law specialist Lucia Bugana says the law makes provision for blood siblings to claim from one another. Bugana says the provision has always existed but gained attention recently. Courts require proof of financial need and a sibling’s ability to pay. The National Prosecuting Authority says the law protects vulnerable dependents, covering essentials like food, housing, healthcare and education, regardless of age or gender.

Stay tuned for more news………….