News 18:00

BULLETIN 27 May 6 pm

Good afternoon. I am……..

In this bulletin:

# The DA accuses president Cyril Ramaphosa of abusing the presidency for electioneering 
# The Ackerman family steps down as majority shareholders of Pick n Pay 
# And rugby: The Blitzboks are hoping to reign in Spain at the first ever Sevens Grand Final weekend 

# The DA is pursuing legal action against president Cyril Ramaphosa for allegedly violating the Electoral Code of Conduct. The party alleges Ramaphosa abused his position by using a national address on the SABC for electioneering, providing the ANC with unfair airtime. The party argues such manipulation undermines democracy, and it seeks to hold Ramaphosa accountable in the Electoral Court. DA leader John Steenhuisen urges voters to participate in the elections to end the ANC’s impunity and restore integrity to South Africa’s democracy.

Meanwhile, the IFP has expressed outrage over the Central Energy Fund’s sudden purchase of crude oil refinery SAPREF in Durban from Shell and BP. The party criticises the lack of transparency in the decision-making process, and suggests it may be a ploy to gain last-minute votes. The IFP’s Narend Singh highlights environmental concerns and says past health studies showed high cancer rates in communities near the refinery. Singh notes reports stating the refinery’s purchase price was just one-rand. This has sparked concerns over hidden taxpayer costs:

# The Ackerman family is stepping aside as majority voting shareholders of Pick n Pay Stores amid a major revamp. Board chairperson Gareth Ackerman announced his retirement next year after 14 years in the role and 40 years with the company. He will remain on the board. New CEO Sean Summers aims to revive the core supermarket business, which has struggled with profit declines and lost market share to competitors over the past decade.

# Olive oil prices are expected to rise, with one litre costing up to 300-rand. The South African Olive Industry Association’s CEO, Wendy Petersen, cites drought and extreme heat in Spain, Greece, and Italy as major contributing factors. She says global production has dropped, increasing demand as reports from the European Union indicate a 75-percent price hike over three years. Petersen notes South Africa’s 1.6-million-litres of production could benefit the local market, but warns of reduced olive oil imports due to higher global prices.

# Rugby: The Grand Final of the Sevens Series will take place in Spain this weekend. Only the top eight men’s and women’s teams will compete in Madrid. After seven rounds, Argentina and New Zealand were named men’s and women’s league winners, before the new stand-alone tournament in the Spanish capital. The Blitzboks will face Ireland, Fiji and New Zealand in their pool matches. Coach Phillip Snyman says there will be no easy games:

# And the financial indicators: The dollar trades at 18-rand-33-cents and the euro at 19-rand-90-cents. One British pound costs 23-rand-42-cents and Bitcoin trades at 68-thousand-963-dollars-85-cents. Gold sells at two-thousand-356-dollars-20-cents a fine ounce and Brent crude oil is quoted at 82-dollars-85-cents a barrel.

Stay tuned for more news………….