News 13:00

BULLETIN 11 April 1 pm

Good afternoon. I am……..

In this bulletin:

# China raises tariffs on US goods to 125-percent as the trade war with Trump ramps up
# FNB says the manufacturing output weakness extends into February
# And motorsport: The F-I-A’s deputy president resigns over a fundamental breakdown in governance standards

# China has announced a new 125-percent tariff on US imports in keeping with the pattern emerging in this trade war, where China has been matching the tariff increases set by the US. China’s president Xi Jinping called on the European Union to join Beijing in opposing bullying from the US on tariffs, as China faces a 145-percent levy on some of its goods imported into the US. US president Donald Trump is still hoping to secure a deal with Beijing that’s good for both countries.

Back home: 

# FNB senior economist, Thanda Sithole says manufacturing output declined by 3.2-percent year-on-year in February, matching the contraction recorded in January, though slightly revised from an initial estimate of a 3.3-percent decline. Seasonally adjusted manufacturing output grew by 0.3-percent month-on-month. Sithole says over the three months to February, output contracted by 2.3-percent, indicating a potential drag on overall gross domestic product growth in the first quarter of this year:  

# South African-based engineering and mining contractor Murray and Roberts has confirmed the sale of its global mining businesses following creditor approval of its business rescue plan. Key assets, including Cementation and Terra Nova, will be sold to a consortium led by Differential Capital. Proceeds will settle secured debts and retrenchments, though unsecured creditors may only receive partial payouts. The sale leaves Murray and Roberts Holdings commercially insolvent. The board will propose a voluntary wind-up of the group.

# The Public Service Association has submitted a memorandum to Trade, Industry, and Competition minister, Parks Tau, calling for immediate and decisive action to prevent a further decline of the National Lotteries Commission. President Cyril Ramaphosa recently signed a proclamation authorising the Special Investigating Unit to probe corruption at the commission. PSA’s Claude Naiker says the commission’s current administration has introduced an era of exploitation, discrimination, and victimisation:

# Motorsport: Robert Reid blames a fundamental breakdown in governance standards within world governing body the F-I-A for his decision to resign as a deputy president. This follows after he opposed the recent stature changes. Reid says he took on the role to serve the members and not to serve power. He says he had over time saw a steady erosion of the principles they promised to uphold, with decisions being made behind closed doors. Read believes the sport deserves accountable, transparent and member-driven leadership.

# And the financial indicators: The dollar trades at 19-rand-29-cents and the euro at 22-rand-2-cents. One British pound costs 25-rand-26-cents and Bitcoin trades at 81-thousand-667-dollars. Gold sells at three-thousand-216-dollars-45-cents a fine ounce and Brent crude oil is quoted at 62-dollars-98-cents a barrel.

Stay tuned for more news………….