News 13:00

BULLETIN 18th July 1 pm

Good afternoon. I am……..

In this bulletin:

# A Standard Bank economist is optimistic about interest rate cuts to boost retail sales
# Cape Town issues more than ten thousand flood kits, as even more rainfall is expected
# And, Olympics: Large parts of Paris go into security lockdown before the start of the Games

# Standard Bank Group head of South Africa Macro-economic Research, Elna Moolman, is hopeful the Reserve Bank will cut interest rates soon, to improve sluggish retail sales. Moolman noted the year-on-year growth rate remained at 0.8-percent in May, but anticipates better consumer indicators in the second half of the year should inflation eases further:

# The City of Cape Town’s Human Settlements Directorate says it has already issued more than ten-thousand flood kits since last week. The city has experienced unprecedented levels of rain in the past two weeks, leading to flooding. Mayoral committee member for Human Settlements, Carl Pophaim, says kits are distributed across the metro, but especially in informal settlements where residents have often settled in flood-prone areas or wetlands:

# Agriculture minister John Steenhuisen expressed confidence that South Africa will meet its sustainable goals to reduce hunger by 2030. Steenhuisen emphasised maintaining sustainable agriculture and reducing food costs. The minister calls for expanding tax-free foods to ensure more people access nutritious food, and highlights the importance of protecting agricultural land to boost food production. He also notes that South Africa remains a net exporter of food:

# Olympics: Large parts of central Paris have gone under security lockdown in anticipation of next Friday’s opening ceremony along the River Seine. Athletes have started arriving in the French capital, while the city also expects up to ten-million spectators. The security measures include people wanting to enter the highest-security grey zone along the banks of the Seine, such as residents and visitors with hotel reservations, needing a QR code security pass. Many Metro stations will also be closed until next Saturday.

# The financial indicators: The dollar trades at 18-rand-21-cents and the euro at 19-rand-92-cents. One British pound costs 23-rand-66-cents and Bitcoin trades at 64-thousand-830-dollars-49-cents. Gold sells at two-thousand-466-dollars-15-cents a fine ounce and Brent crude oil is quoted at 85-dollars-3-cents a barrel.

# And finally, anti-apartheid stalwarts Cas Coovadia, Neeshan Balton, and Mavuso Msimang, have expressed concern that the current ANC leadership has deviated from Nelson Mandela’s philosophy. Today marks Nelson Mandela International Day. The stalwarts accuse the leaders of abandoning Mandela’s values of selflessness, to prioritise their own personal interests. Coovadia is calling on the government of national unity to reclaim Mandela’s principles, while Balton and Msimang stress the importance of unity and fulfilment of unrealised economic goals.

Stay tuned for more news………….