News 18:00

BULLETIN 23 July 6 pm

Good afternoon. I am……..

In this bulletin:

# The Reserve Bank keeps interest rates unchanged at seven-percent amid global uncertainty
# Kgalema Motlanthe reiterates the calls for African unity to tackle migration
# And, rising temperatures now even affect desert camels

# The South African Reserve Bank’s Monetary Policy Committee has kept the repo rate unchanged at seven-percent, citing ongoing inflation risks and global uncertainty linked to the conflict in the Middle East. Four members preferred a hold, while two favoured an increase of 25-basis points. Governor Lesetja Kganyago told the media inflation remains above the three-percent target, while economic growth is expected to slow in the coming months due to weaker consumer and business confidence:

# Former president Kgalema Motlanthe says African countries must strengthen economic cooperation to address migration challenges across the continent. Speaking at the Kgalema Motlanthe Foundation’s Winter Seminar in Johannesburg, he said migration is not a new phenomenon, but the current handling of immigration has sparked concern. Motlanthe stressed that South Africa’s economy is closely linked to the rest of Africa. He called for collaborative solutions that promote regional growth:

# Thungela Resources says artificial intelligence is improving efficiency in coal mining without replacing workers. Speaking at the Coal and Energy Transition Day, CEO Moses Madondo dismissed concerns that AI would lead to widespread job losses, saying technological advances have historically created more employment by growing industries. Madondo added that AI is helping extend the life of lower-quality mining operations. He also reaffirmed Thungela’s commitment to coal while pursuing responsible decarbonisation and selective investments, including a gas project in Lephalale.

# Camels are famously known as the ships of the desert, but even these hardy animals are not being spared from the extremes of rising temperatures in Africa. The Afar region of north-eastern Ethiopia is one of the hottest and driest places on earth, where nomads often lead camel caravans carrying salt through the desert. A camel herder from Semera in Afar, Ali Umer, told the BBC he can see his camels suffer from extreme heat, with blisters on their feet and the hot sand burning their skins.

# Rugby: New Wallaby coach Les Kiss retained Harry Wilson as captain when he named his first squad after taking over from Joe Schmidt this week. Reds centre Isaac Henry is the only uncapped player in the group for two away Tests against Japan early next month. Kiss omitted veteran James Slipper, who reversed his retirement recently when Schmidt experienced a prop crisis. The 37-year-old is apparently being rested after playing all three Nations Championship Tests against Ireland, France and Italy.

# And the financial indicators: The dollar trades at 16-rand-72-cents against the rand and the euro at 19-rand-9-cents. One British pound costs 22-rand-28-cents and Bitcoin trades at 65-thousand-5-dollars. Gold sells at four-thousand-48-dollars-10-cents a fine ounce and Brent crude oil is quoted at 93-dollars-99-cents a barrel.

Stay tuned for more news………….