News 12:00

BULLETIN 31 July 12 pm

Good afternoon. I am……..

In this bulletin:

# The Reserve Bank is expected to cut or hold the repo rate steady amid global trade tensions
# UNICEF says Gaza is a perfect storm of suffering for children
# And rugby: Wallabies star Rob Valetini is ruled out of the third Test against the Lions

# Economists are expecting the South African Reserve Bank’s Monetary Policy Committee to cut the repo rate by 25 basis points or keep it steady today. This is amid domestic and international economic uncertainties. Inflation increased by only 0.2-percent in June to three-percent from 2.8-percent in May and April. Aluma Capital chief economist, Frederick Mitchell, says while domestic conditions support a hold, the complex interplay of international uncertainties, trade policy risks, and domestic inflationary pressures makes any shift unlikely. 

Meanwhile, the Public Servants Association says with inflation currently within the central bank’s target range and economic growth remaining sluggish, a rate cut is justified and necessary. PSA says a reduction in interest rates would provide much-needed breathing room for workers and stimulate broader economic activity. It adds that a cautious but decisive rate cut would signal a commitment to inclusive economic recovery.

# Deputy minister of Electricity and Energy, Samantha Graham-Maré, says the transition to nuclear energy will require a strong financial commitment. Nuclear capacity remains constant in Africa, with the region’s only operational nuclear power plant, Koeberg, located in South Africa. Nuclear power accounts for about four-percent of the country’s electricity supply. Graham-Maré says nuclear energy is important to achieving energy security, reducing carbon emissions and supporting sustainability and energy affordability:

Moving abroad:

# The United Nations’ Children’s Fund, UNICEF, says humanitarian conditions in Gaza remain catastrophic, with children starving, aid workers overwhelmed, and fuel and water supplies critically low. More than 500-thousand people, nearly a quarter of the population, are enduring famine-like conditions, while the rest is facing emergency hunger levels. More than a thousand Palestinians have been killed by the Israeli military since late May while trying to access food aid. UNICEF’s Ricardo Pires says Gaza is a perfect storm of suffering for children:

# Rugby: Australia’s star loose-forward Rob Valetini has been ruled out of Saturday’s third and final Test against the British and Irish Lions due to a recurrence of his calf injury. He has been replaced by Tom Hooper. Taniela Tupou will make his long-awaited return for the Wallabies in place of the injured Allan Alaalatoa in the front row. Scrumhalf Nic White also comes into the side, replacing Jake Gordon, while Dylan Pietsch starts on the left wing in place of the injured Harry Potter.

# And the financial indicators: The dollar trades at 18-rand-4-cents and the euro at 23-rand-91-cents. One British pound costs 23-rand-86-cents and Bitcoin trades at 118-thousand-619-dollars. Gold sells at three-thousand-312-dollars-33-cents a fine ounce and Brent crude oil is quoted at 72-dollars-21-cents a barrel.

Stay tuned for more news………….