News 09:00

BULLETIN 28 May 8 am

Good morning. I am……..

In this bulletin:

# The FF Plus says there is no end in sight to BEE, which is destroying the economy
# Saftu says SA’s G20 presidency must champion the interests of the global South
# And OPEC eyes further oil output hike amid rising global demand

# The Freedom Front Plus says after 31 years, there is still no end in sight to black economic empowerment, which it opposes. The party’s, Corne Mulder, says the ANC’s race-based policy has resulted in an unemployment rate of 32-percent. He says that after decades under ANC rule, it is evident that BEE only paves the way for corruption and cadre enrichment, leading to reduced productivity and investment losses:

# South African Federation of Trade Unions’ general secretary, Zwelinzima Vavi, says the country’s G20 Presidency must champion the interests of the global South. South Africa’s presidency, which ends on the 30th of November, is under three themes: Solidarity, Equality, and Sustainability. Vavi says as part of the G20 presidency, South Africa should also rebuild momentum behind the United Nations Tax Convention, and challenge the Organisation for Economic Co-operation and Development’s dominance and G7 bullying tactics.

# Cosatu in Gauteng has welcomed premier Panyaza Lesufi’s decision to revive the Nasi Ispani programme to benefit young people in the province. Thousands of people were left jobless when their temporary Nasi Ispani contracts abruptly ended due to budget constraints. Cosatu’s provincial chairperson, Amos Monyela, says they are mindful that these are not decent jobs, but with the economic stagnation and high unemployment rate, any job created is welcomed:

# OPEC+ is likely to agree to another 411-thousand barrels-per-day oil output hike for July. According to Reuters, the decision is expected on Saturday when eight members meet, following larger-than-expected hikes in May and June. The report indicates that today’s broader 22-member review is not expected to alter current policy. The move comes as OPEC+ works to meet rising demand and regain market share after major cuts since 2022. Oil prices have since rebounded to approximately one-thousand-162-rand per barrel.

# Cricket: Royal Challengers Bengaluru will face table-toppers Punjab Kings in Qualifier 1 on Thursday, after a six-wicket win over the Lucknow Super Giants in the Indian Premier League. Rishabh Pant’s unbeaten 118 off 61 balls powered Lucknow Super Giants to 227 for three in their 20 overs. In reply, stand-in captain Jitesh Sharma’s unbeaten 85 helped RCB chase down the target with eight balls and six wickets to spare. This is the third-highest successful run chase in the tournament’s history.

# And the financial indicators: The dollar trades at 17-rand-96-cents and the euro at 20-rand-30-cents. One British pound costs 24-rand-20-cents and Bitcoin trades at 108-thousand-689-dollars. Gold sells at three-thousand-295-dollars-8-cents a fine ounce and Brent crude oil is quoted at 63-dollars-83-cents a barrel.

Stay tuned for more news………….