News 16:00

BULLETIN 29 May 4 pm

Good afternoon. I am……..

In this bulletin:

# The Reserve Bank cuts the repo rate by 25-basis points
# The cabinet celebrates unity across the 10-party coalition as the GNU marks one year
# And the NPA welcomes the landmark sentencing in the Joslin Smith case

# Some good news for debt-ridden South Africans: the Monetary Policy Committee of the Reserve Bank announced a cut of 25-basis points in the repo rate to 7.25-percent. This means the prime lending rate will be cut to 10.75-percent.

# Minister in the Presidency Khumbudzo Ntshavheni says cabinet is happy to mark the first anniversary of the government of national unity as a major milestone in South Africa’s democracy. She says the ten-party coalition, formed just 14 days after last year’s elections, has shown a strong commitment to unity, stability, and inclusive governance. Ntshavheni added despite political differences, the GNU remains focused on national unity and building a more prosperous and equitable South Africa:

# The DA has slammed the ANC’s proposed 100-billion-rand Transformation Fund, calling it a looting fund. The DA’s Trade and Industry spokesperson, Toby Chance, says the fund benefits a select few and undermines true transformation. Chance calls for quality education, less red tape, and stronger export markets to empower entrepreneurs, create jobs, and fight poverty. He insists the proposed fund will not deliver real results for South Africans:

# The National Prosecuting Authority has welcomed the life sentences handed to Kelly Smith, Jacquen Appollis, and Steveno van Rhyn in the disappearance of Smith’s young daughter, Joslin, on the Cape West Coast in February last year. NPA spokesperson Eric Ntabazalila says the Western Cape High Court’s ruling is a rare but historic conviction for trafficking for exploitation. He says the sentences, handed down during Child Protection Week, sends a strong message that prioritise the rights and protection of children:

# A retired Russian commander who led air strikes on the Ukrainian port city of Mariupol died in a blast in Stavropol in southern Russia. Thirty-four-year-old Zaur Gurtsiev received several medals for participating in Russia’s assaults on Mariupol and Avdiivka. Authorities did not say what caused the explosion, but also did not rule out that Ukraine was responsible. A string of high-profile Russian servicemen have been killed in Russia since the Kremlin launched its full-scale military offensive on Ukraine in February 2022.

 # Cricket: A place in the final of the Indian Premier League is at stake in today’s first qualifier between Punjab Kings and Royal Challengers Bengaluru in New Chandigarh. The two teams, who ended in first and second place on the log, respectively, are both searching for their maiden title in the competition. Today’s winner goes straight through to Tuesday’s final, while the loser still has a chance in Sunday’s second qualifier against the winner of tomorrow’s eliminator between Gujarat Titans and Mumbai Indians.

# And the financial indicators: The dollar trades at 17-rand-84-cents and the euro at 20-rand-14-cents. One British pound costs 24-rand-4-cents and Bitcoin trades at 108-thousand-600-dollars. Gold sells at three-thousand-310-dollars-25-cents a fine ounce and Brent crude oil is quoted at 64-dollars-36-cents a barrel.

Stay tuned for more news………….