News 07:00

BULLETIN 22 November 7 am

Good morning. I am……..

In this bulletin:

# The Presidential Infrastructure Commission condemns extortion on construction sites
# Everest Wealth says the interest rate cut is a festive season boost
# And the European Union says the International Criminal Court rulings must be respected

# The Presidential Infrastructure Commission Council says crime and extortion on construction sites must be condemned in the strongest possible terms. President Cyril Ramaphosa hosted the council’s inaugural meeting, to discuss amongst other things a plan for dealing with crime and extortion, and priority infrastructure projects. Currently, 82 strategic integrated projects valued at 437-billion-rand are in construction. The council says law enforcement must be allocated more resources to deal with criminal activity and violence on construction sites, and policy reforms in the construction sector be prioritised.

# BetterBond has welcomed the 25 basis point repo rate cut to 7.75-percent. Head of Sales, Bradd Bendall, says slowing inflation is fostering a more favourable lending environment, by continuing the rate-cutting trend. Bendall says the decision provides relief for homeowners burdened by rising bond costs since November 2021. BetterBond reports a 30-percent jump in home loan activity in October, signalling a property market recovery:

Meanwhile, Everest Wealth CEO Thys van Zyl says the interest rate cut offers relief for consumers and boosts spending ahead of the festive season. Despite the cut, Van Zyl also called it a missed opportunity for greater economic momentum, suggesting a 50 basis point reduction could have been more impactful. Van Zyl expects further cuts in January and March, enhancing disposable income. He notes possible improvement in business confidence, investor sentiment, and credit outlook amid signs of economic recovery.

# The Johannesburg High Court has set the pretrial date for Sondolo IT director, Trevor Mathenjwa’s BOSASA-linked case to 7 February next year. Mathenjwa faces corruption charges of over 300-thousand-rand alongside the late Dudu Myeni. She allegedly received gratification from Bosasa’s subsidiary, Sondolo IT, offered by Mathenjwa. Investigating Directorate spokesperson Henry Mamothame says Mathenjwa is currently out on ten-thousand-rand bail:

# The European Union’s Foreign Policy chief, Josep Borrell, says the rulings of the International Criminal Court are not political and must be implemented. His comments came after the ICC issued arrest warrants for Israel’s prime minister Benjamin Netanyahu, former Defence minister Yoav Gallant, and Hamas military leader Mohammed Deif. The court says there are reasonable grounds the three men bore criminal responsibility for alleged war crimes and crimes against humanity in the war between Israel and Hamas. Borrell says the ruling must be respected:

# Golf: Wynand Dingle opened with a seven-under-par 65 to share the first-round lead with Stals Swart in the South African PGA Championship at St Francis Links in the Eastern Cape. They are both two strokes clear of their nearest challengers in Estiaan Conradie, Heinrich Bruiners and JJ Senekal. Three-time winner Jaco van Zyl opened with a round of four-under-par 68. He is aiming to join Harold Henning as the only other player to win South Africa’s second-oldest professional tournament four times.

# And the financial indicators: The dollar trades at 18-rand-8-cents and the euro at 18-rand-93-cents. One British pound costs 22-rand-76-cents and Bitcoin trades at 98-thousand-210-dollar-40-cents. Gold sells at two-thousand-678-dollars-34-cents a fine ounce and Brent crude oil is quoted at 74-dollars-55-cents a barrel.

Stay tuned for more news………….