News 06:00

BULLETIN 31 January 6 am

Good morning. I am……..

In this bulletin:

# The Reserve Bank cuts the repo rate to 7.5-percent
# The Special Investigation Unit probes two tenders in the Department of Defence
# And there are no survivors following the Washington air disaster

# The South African Reserve Bank has cut the repo rate by 25 basis points to 7.5-percent, effective today, with the prime interest rate at eleven-percent. Announcing the Monetary Policy Committee’s decision, Reserve Bank governor Lesetja Kganyago said the committee cited concerns over global economic uncertainty despite the reduction decision. He emphasised that the decision aims to support economic growth amid ongoing financial challenges:

Meanwhile, BetterBond has welcomed the Reserve Bank’s decision. National head of sales, Bradd Bendall, says the 25-basis-point reduction will ease bond payments for homeowners and provide relief for home buyers. He anticipates that the cut is expected to support affordability in the property market:

# President Cyril Ramaphosa has signed a proclamation authorising the Special Investigating Unit to probe allegations of serious maladministration related to two tenders in the Department of Defence. The tenders relate to inventory verification, continuous asset verification, and the supply, delivery, installation, and commissioning of an asset management system. The SIU says the investigation will also examine whether the payments for these contracts adhered to National Treasury guidelines and whether they were irregular, fruitless, and wasteful expenditures or financial losses for the department or the state.

# Richards Bay Minerals in KwaZulu-Natal has signed a third Power Purchase Agreement with Red Rocket South Africa ahead of the Overberg Wind Farm construction in the Western Cape. The project, set to begin this year, will reduce RBM’s greenhouse gas emissions by 30-percent. RBM will receive 230-megawatts of the farm’s 380-megawatts capacity. The company says that this agreement adds to its renewable energy efforts, as part of its commitment to achieving net-zero emissions by 2050.

# US president Donald Trump says there are no survivors following a midair crash between an American Airlines jet plane and a US Army Black Hawk helicopter in the Washington area. Sixty-four people were on the American Airlines flight and three on the military helicopter when they collided near Ronald Reagan National Airport, and then submerged into the Potomac River. At least 40 bodies have been recovered so far. Trump has described this accident as a tragedy of terrible proportions:

# Rugby: Sam Prendergast will start at fly-half for reigning champions Ireland when they begin their Six Nations title defence against England in Dublin tomorrow. The 21-year-old has been selected for his debut ahead of Jack Crowley, who moves to the bench. Prendergast will partner experienced scrum-half Jamison Gibson-Park behind a pack featuring captain Caelan Doris at number 8. Interim coach Simon Easterby has also recalled Ryan Baird to the back row, with Garry Ringrose preferred to Robbie Henshaw at outside centre.

# And the financial indicators: The dollar trades at 18-rand-57-cents and the euro at 19-rand-29-cents. One British pound costs 23-rand-7-cents and Bitcoin trades at 104-thousand-743-dollar-80-cents. Gold sells at two-thousand-795-dollars-7-cents a fine ounce and Brent crude oil is quoted at 77-dollars-5-cents a barrel.

Stay tuned for more news………….