News 11:00

BULLETIN 30 July 11 am

Good morning. I am……..

In this bulletin:

# SALGA says the release of withheld municipal funds will safeguard essential services
# Donald Trump criticises the US Federal Reserve for leaving the interest rates unchanged
# And rugby: The Sevens Series and the World Championship schedule for 2027 is confirmed

# The South African Local Government Association says National Treasury’s decision to release the remaining 7.1-billion-rand in withheld July equitable share transfers will help protect critical municipal services while reinforcing the need for accountability. SALGA’s spokesperson, Motalatale Modiba, says while withholding transfers may encourage financial compliance, such measures must be carefully balanced against the constitutional obligation to ensure uninterrupted service delivery:

# South Africa has made progress in implementing Broad-Based Black Economic Empowerment over the past decade, but transformation efforts have slowed since the Covid-19 pandemic. This is according to the Economic Empowerment Commission’s latest report, which draws on empowerment scorecards and compliance reports from both public and private sector entities. The property sector recorded the highest non-compliance rate at 67-percent, followed by financial services and agriculture. These sectors failed to meet the minimum ownership targets for both black people and black women. Sectors including construction and transport recorded the highest levels of compliance.

# KwaZulu-Natal Transport and Human Settlements MEC Siboniso Duma says Road Traffic Inspectorate teams are closely monitoring weather conditions as snow falls over parts of the Drakensberg and light rain affects other areas. Teams are monitoring key routes, with graders on standby to clear snow. The department’s Ndabezinhle Sibiya says more than 170 rooms have been prepared at Montclair Lodge to accommodate families who may be displaced by flooding:

Moving abroad:

# US president Donald Trump has criticised the Federal Reserve for leaving interest rates unchanged, saying lower borrowing costs would further strengthen the economy. Policymakers voted 9-to-3 in favour of keeping rates between 3.5- and 3.75-percent. The decision comes amid growing uncertainty over the impact of the ongoing conflict in the Middle East on global oil prices and prices for consumers. Trump still supports the chairperson of the Federal Reserve, Kevin Warsh:

# Rugby: World Rugby has confirmed the 2027 Sevens Series and World Championship schedule, following a landmark 2026 competition which saw the Blitzboks win both competitions. The season will once again kick off in Dubai in November before visiting Cape Town, Singapore, Perth, Vancouver and New York, culminating in the World Championship across Hong Kong, Valladolid and Bordeaux. South Africa will look to defend their Cape Town crown on 5 and 6 December. World Rugby says the current season attracted more than 530-thousand fans, a 21-percent increase from 2025.

# And the financial indicators: The dollar trades at 16-rand-64-cents and the euro at 19-rand-5-cents. One British pound costs 22-rand-22-cents and Bitcoin trades at 63-thousand-988-dollars. Gold sells at four-thousand-and-45-dollars-19-cents a fine ounce and Brent crude oil is quoted at 93-dollars-53-cents a barrel.

Stay tuned for more news………….