News 18:00

BULLETIN 21 February 6 pm

Good afternoon. I am……..

In this bulletin:

# Government provides Transnet with a 47-billion-rand guarantee facility for its recovery plan
# Cricket: An exciting last-ball victory for Australia over New Zealand 
# And: London’s former tallest structure will be turned into a hotel

# The government has provided Transnet with a 47-billion-rand guarantee facility to support its recovery plan and meet immediate debt obligations. In his budget speech, minister of Finance, Enoch Godongwana says the guarantee comes with conditions that require Transnet to focus on its core activities, and for the entity to introduce private sector partnerships. Godongwana says a private partner has been secured to upgrade pier two of the Durban container terminal, aiming to increase private investment, enhance technological capability, and improve operational efficiency:

Meanwhile, the National Treasury has suggested a 6.7 and 7.2-percent tax hike on alcohol products’ excise duties. Minister Godongwana outlined the changes during the Budget speech, with cans of beer, cider, and alcoholic fruit beverages seeing a 14-cent increase, while wine and fortified wine prices rise by 28 and 47 cents respectively. Additionally, tobacco excise duties rise by 4.7 to 8.2-percent for various products:

And, staying with the Budget, the Freedom Front Plus leader Pieter Groenewald has voiced his concern about the state of South Africa’s economy. He cautions the proposed budget, which comes at a time when the country is heading into general elections, may change after the elections. Groenewald specifically mentions the possibility of an increase in taxes and fuel levies after the elections. He also raises concerns about the potential impact of global company taxes on investments:

# Cricket: Australia beat New Zealand by six wickets in an exciting first T20 in Wellington. The hosts posted 215 for three with Rachin Ravindra contributing 68 and Devon Conway 63. Australia still needed 35 off the last two overs with four wickets down. Mitchell Marsh and Tim David scored 19 runs off the 19th over. Then they needed a four off the last ball, and David did the honours. The remaining two T20s will both be played in Auckland, on Friday and Sunday.

# And finally: London’s iconic BT Tower will be turned into a hotel after it was sold for 6.5-billion-rand. The tower of 177-metre was completed in 1965 to be used by television broadcasters for sending signals, but its role diminished as technology changed. It was the British capital’s tallest building up to 1981. The new owners, MCR Hotels, admits it will take many years to redesign and repurpose the tower after the previous owners, BT Group, have vacated the premises. The company promised to engage with local communities.

Stay tuned for more news………….