News 08:00

BULLETIN 12 June 8 am

Good morning. I am……..

In this bulletin:

# The Reserve Bank says South Africa’s financial system is holding steady
# The National Assembly passes the Defence Amendment Bill
# And, Donald Trump claims the US and Iran have reached a ‘great settlement’

# The South African Reserve Bank says the country’s financial system remains resilient overall, despite tighter financial conditions and monetary policy stemming from the Middle East war. The Reserve Bank’s latest half-yearly financial stability review says the country’s susceptibility to volatile capital flows has gone up, as non-resident investors sell domestic assets in search of safe havens. SARB governor Lesetja Kganyago says the oil price shock is expected to continue to exert inflationary pressure:

# The National Assembly has passed the Defence Amendment Bill, which amends the Defence Act of 2002 to ensure compliance with a ruling of the Constitutional Court. The court found that sections of the Defence Act are unconstitutional, to the extent that they permit members of the Executive to establish boards of inquiry to investigate military judges and the content of their judicial decisions. It stated that such powers undermine the separation of powers and threaten judicial independence. The bill will now be referred to the National Council of Provinces for concurrence.

# A coalition of civil society groups, including the Organisation Undoing Tax Abuse, business chambers, and residents’ associations, has served legal papers demanding proof of an agreement between the City of Johannesburg and Eskom. Two weeks ago, Johannesburg mayor Dada Morero and the minister of Electricity and Energy, Kgosientsho Ramokgopa, announced a partnership between City Power and Eskom that will keep the lights on while servicing the metro’s 5.2-billion-rand debt. OUTA says paying residents and businesses should not be punished for governance and financial failures within the metro and City Power.

# President Donald Trump claims the US has reached an agreement with Iran to end the war, but there has been no confirmation from Tehran. He has made similar claims in the past. Despite having agreed a ceasefire in April, the US and Iran have exchanged intermittent fire, including two rounds of strikes this week alone. He told reporters in the Oval Office that the two sides have agreed to a very strong memorandum of understanding to stop the fighting:

# Golf: South Africa’s Haydn Porteous shot an opening round five-under-par 67 to lead after the first day of the Mopani Zambia Open at the Nkana Golf Club. Last year’s Sunshine Tour Comeback Player of the Year leads by one stroke over Chile’s Martin Leon. South Africa’s Rigardt Albertse and Pierre Viallaneix from France opened with respective rounds of three-under-par 69 and are in joint third place. Defending champion Samuel Simpson of South Africa signed for a three-over-par 75.

# And the financial indicators: The dollar trades at 16-rand-29-cents and the euro at 18-rand-84-cents. One British pound costs 21-rand-85-cents, and Bitcoin trades at 63-thousand-318-dollars. Gold sells at four-thousand-198-dollars-51-cents a fine ounce, and Brent crude oil is quoted at 88-dollars-61-cents a barrel.

Stay tuned for more news………….