News 09:00

BULLETIN 1 Augustus 9 am

Good morning. I am……..

In this bulletin:

# Trade and Industry department launches export support desk for companies affected by the US tariff hike
# Cosatu says the repo rate cut is a much-needed reprieve for many workers and their families
# And the ANC demands a probe into the physical assault of an EFF councillor

# Trade, Industry and Competition minister, Parks Tau, has launched the Export Support Desk. This serves as a direct point of contact for companies affected by the 30-percent tariff hike on South African exports to the US, which is in effect from today. The desk, amongst other things, will provide updates on developments and tailored advisory services to exporters on alternative destinations, and guidance on market entry processes. Tau says the tariff hike poses a direct threat to the country’s export capacity:

Meanwhile Canada’s Chamber of Commerce has slammed US president Donald Trump’s increased tariffs on the country. Trump signed an executive order on Thursday that increased tariffs on Canada from 25-percent to 35-percent. He attributed the increase in part to Canada’s inaction on the flow of illegal drugs across its border with America. On Wednesday, Trump had threatened that Ottawa’s move to recognise a Palestinian state would make agreeing on a trade deal difficult. The chamber’s president, Candace Laing, says more tariff turbulence does not advance North American economic security.

# Cosatu has welcomed the decision by the South African Reserve Bank’s Monetary Policy Committee to reduce the repo rate by 25 basis points. The repo rate, at which the central bank lends money to commercial banks, now stands at seven-percent, while the prime lending rate has been lowered to 10.5-percent. Cosatu’s spokesperson Zanele Sabela says this repo rate cut will help stimulate economic growth, create jobs and begin to eat away at the 43.1-percent unemployment rate:

# The ANC in Cape Town is calling for an immediate independent investigation into the violent incident involving an EFF councillor. Mzubani Dambuza was seen on video being choked unconscious by security personnel during his forceful removal from a Cape Town City council meeting on Wednesday. He has lodged a complaint of assault with the police. ANC Caucus spokesperson, Judy-Ann Stevens, says they strongly condemned this violent treatment of Dambuza:

# Tennis: Third seed Lorenzo Musetti crashed out of the Canadian Open in Toronto after the Italian suffered a 3-6, 7-6, 6-4 defeat by American Alex Michelsen in the third round. Norwegian eighth seed Casper Ruud reached the fourth round with a 7-6, 6-4 win against Portuguese Nuno Borges and will face Russia’s Karen Khachanov, who overcame American qualifier Emilio Nava, 6-7, 6-4, 6-1. In the women’s tournament in Montreal, top seed American Coco Gauff advanced to the fourth round with a 4-6, 7-5, 6-2 victory against Russia’s Veronika Kudermetova.

# And the financial indicators: The dollar trades at 18-rand-21-cents and the euro at 20-rand-80-cents. One British pound costs 24-rand-3-cents and Bitcoin trades at 115-thousand-419-dollars. Gold sells at three-thousand-292-dollars-71-cents a fine ounce and Brent crude oil is quoted at 71-dollars-75-cents a barrel.

Stay tuned for more news………….