ANC promises reducing municipal power, water debt by 30% by 2031
The ANC’s local government election manifesto, released yesterday, pledges the party to reducing municipal debt owed to state-owned enterprises such as Eskom and the country’s water boards by at least 30% by 2031. Speaking at the launch, ANC president Cyril Ramaphosa said: “Over the next five years, the ANC will complete the review of the local government funding model, restore the financial health of municipalities and ensure that financial accountability translates into better services.” The manifesto also sets a target of at least 50% of municipalities achieving clean or unqualified audit outcomes and promises that municipal workers and compliant suppliers will be paid on time.
Markets jittery after US threatens “economic D-Day” against Iran
Asian stock markets declined while oil prices also fell as markets waited for details of threatened US sanctions on Iran due later today. This after the US threatened Iran with what it called “the greatest financial offensive ever marshalled” as it prepared to roll out economic sanctions targeting Iran’s trade partners. Iran in turn vowed to shut down all oil exports from the Gulf “if the economic war continues”. US Treasury Secretary Scott Bessent was to hold a press conference later today. Bessent wrote in an opinion piece in the Financial Times yesterday: “At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary.”
Autoparts manufacturers under pressure as SA car makers cut production
South Africa’s National Association of Automotive Component and Allied Manufacturers, which represents automotive component manufacturers and allied suppliers, says cuts in production at car makers have meant that suppliers of parts who had committed capital to meet the initial production estimates are now facing job cuts and possible closures. Some 7,500 jobs were lost in the sector in the past three years and about 13 businesses closed. The industry wants government to increase incentives to aid producers of locally made components.
New Zealand to consider banning social media access to under-16s
Fines of up to 10% of a platform’s global revenue for non-compliance are to form part of a bill New Zealand prime minister Christopher Luxon says his party will introduce that seeks to ban children under 16 from using social media. Luxon said in a statement: “We simply cannot accept the harm being done to a generation of New Zealand children. Social media is exposing them to harmful content, addictive technology and pressures they are not equipped to deal with and it’s affecting their family life, mental health, sleep and education.” The bill would require social media platforms to take reasonable steps to verify users’ ages, including by using existing account information, facial technology and digital identity documents.
Maradona’s “hand of God” ball auctioned for $3.3m
The football which Diego Maradona famously punched past goalkeeper Peter Shilton in Argentina’s 2-1 quarter-final win over England at the 1986 World Cup – later telling reporters the goal had been scored “a little with the head of Maradona and a little with the hand of God” – has been sold at an auction in the United States for $3.3m. The ball had been expected to fetch nearer $10m. Maradona later scored what became known as the ‘goal of the century’ in the same game, dribbling past five England outfield players before slotting the ball past Shilton.
Sources: Business Day, News24, Reuters, BBC, The Guardian