News 14:00

BULLETIN 1 July 2 pm

Good afternoon. I am……..

In this bulletin:

# The South African Chamber of Commerce and Industry hopes the new government will address poverty, unemployment, and inequality
# The Financial Sector Conduct Authority reports significant regulatory actions and penalties
# And Olympics: Simone Biles is heading to Paris

# The South African Chamber of Commerce and Industry urges political parties in president Cyril Ramaphosa’s government of national unity to prioritise the country’s interests and maintain stability. They hope the new cabinet will address poverty, unemployment, and inequality. SACCI CEO Alan Mukoki calls for a transparent, merit-based selection process and effective conflict management to ensure successful governance and the achievement of the United Nations’ sustainable development goals:

Meanwhile, Al Jama-ah has congratulated its leader, Ganief Hendricks, on his appointment as deputy minister of Social Development. National spokesperson Shameemah Sali highlights Hendricks’ commitment to social justice and his advocacy for social welfare. Sali says Hendricks is set to enhance social policies, uplift vulnerable communities, and promote sustainable development. She says Al Jama-ah pledges full support for his new role:

# The Financial Sector Conduct Authority has reported substantial regulatory actions in the past year, enforcing consumer protection and market integrity in finance. Highlights include 943-million-rand in penalties to 31 individuals, 156 debarments, 104 public warnings, and the suspension of one-thousand-and-61 licences. Notable cases involved market abuse and illegal deposit-taking, reflecting a proactive stance against financial misconduct. The FSCA also addressed rising threats like scams and impersonations, emphasising vigilance in financial transactions.

Staying with business news: The two-pot retirement system, starting on 1 September, will help young South Africans save significantly more for retirement by addressing immediate financial needs while preserving long-term savings. Research by Keri-lee Edmond of Old Mutual Corporate Consultants shows young workers could save up to 9.5 times their annual salary by retirement. The system also ensures two-thirds of savings are used to purchase an annuity, providing financial security. Employers are urged to promote financial education to maximise the benefits of this new system for all employees.

# Olympics: Four-time gold medallist Simone Biles has booked her spot in the Paris Games. The American gymnast earned a third trip to the Games after a resounding all-around victory at the US gymnastics trials. The 27-year-old will compete alongside Suni Lee, Jade Carey, Jordan Chiles and Hezly Rivera. Biles makes a return to the Olympics having cut short her Tokyo Games campaign to prioritise her safety and mental health.

# And the financial indicators: The dollar trades at 18-rand-3-cents and the euro at 19-rand-39-cents. One British pound costs 22-rand-85-cents and Bitcoin trades at 62-thousand-830-dollars-86-cents. Gold sells at two-thousand-329-dollars-63-cents a fine ounce and Brent crude oil is quoted at 85-dollars-27-cents a barrel.

Stay tuned for more news………….