News 13:00

BULLETIN 6 August 1 pm

Good afternoon. I am……..

In this bulletin:

# The South African rand is steady as markets await signs of a US-Iranian peace deal
# TLU SA says higher diesel prices are compounding financial pressure on producers
# And rugby: The Boks get special jerseys for the All Blacks Test series

# The South African rand held steady against the US dollar in early trade as investors kept a close watch on developments in the Middle East. A weaker dollar and lower oil prices supported the local currency, while hopes of progress towards a US-Iranian peace agreement lifted market sentiment. Traders are also awaiting key US jobs data later this week for clues on the direction of interest rates. South Africa’s benchmark government bond strengthened slightly as yields edged lower in early trading.

Meanwhile, Agricultural organisation, TLU SA, warns the sharp increase in diesel prices will affect the agriculture sector. Diesel prices have gone up by between one-rand-23- and one-rand-38-cent-a-litre, while the petrol price decreased by 52-cent, aided by a reduction in the slate levy. TLU SA’s Bennie van Zyl says the increase in diesel prices is forcing higher operational and transport costs during active harvesting and as farmers are preparing soil for next year’s crops:

# State-owned defence company Denel says its turnaround strategy is progressing, however it is much slower than planned. Briefing Parliament’s standing committee on Appropriations, Denel said funding shortfalls and delays in disposing of non-core assets have hampered implementation. The group has secured 4.4-billion-rand of the 5.2-billion-rand needed for recovery. While operating costs have been reduced and new international contracts secured, revenue remains below target, with management warning that financial sustainability remains a significant challenge.

# Union federation Cosatu welcomes the tabling of the Employment Services Amendment Bill before Parliament. It seeks to strengthen the employment services framework, regulate the employment of foreign nationals, and strengthen enforcement mechanisms. Cosatu’s Matthew Parks says the bill enables the minister of Employment and Labour to set limits on the number of documented migrant workers that can be employed in a workplace, region and economic sector:

# Rugby: The Springboks’ jerseys for Rugby’s Greatest Rivalry against the All Blacks feature the lyrics of South Africa’s national anthem in the shape of the country’s flag. The words in isiXhosa, isiZulu, seSotho, Afrikaans and English will be carried on the players’ chests. SA Rugby’s CEO, Rian Oberholzer, explained this represents the convergence of South Africa’s diverse voices, histories and communities. The two countries will meet at Ellis Park, the Cape Town Stadium, the FNB Stadium in Johannesburg, and Baltimore in the US.

# And the financial indicators: The dollar trades at 16-rand-31-cents and the euro at 18-rand-82-cents. One British pound costs 21-rand-96-cents and Bitcoin trades at 64-thousand-722-dollars. Gold sells at four-thousand-280-dollars-65-cents a fine ounce and Brent crude oil is quoted at 82-dollars-80-cents a barrel.

Stay tuned for more news………….