News 12:00

BULLETIN 23 February 12 pm

Good afternoon. I am……..

In this bulletin:

# The banking sector signals a stronger outlook for South Africa ahead of the upcoming national budget
# Hungary will block the European Union’s 20th package of sanctions against Russia
# And Olympics: Norway tops the Winter Olympics medal table

# Bank of America and Standard Chartered have signalled a stronger outlook for South Africa following signals from the upcoming national budget, boosting investor confidence in the country’s public finances. In a Bloomberg survey, Standard Chartered’s chief economist for Africa and the Middle East, Razia Khan, says expectations of improved fiscal consolidation, narrower deficits and reduced borrowing have lifted sentiment. Financial markets have responded with higher demand for South African bonds, raising hopes of a positive outlook from ratings agencies Fitch and Moody’s.

# The Freedom Front Plus congratulated president Cyril Ramaphosa on appointing Wandile Sihlobo as the new agricultural envoy. Spokesperson Wynand Boshoff says he is well-known in agricultural circles and for his involvement with Agbiz and Stellenbosch University. Boshoff adds the appointment does raise concerns, as it is unclear how Sihlobo’s role differs from those of minister of Agriculture, John Steenhuisen, and minister of Rural Development and Land Reform, Mzwanele Nyhontso:

# The DA says minister of Trade, Industry and Competition, Parks Tau, now has a window of opportunity to rebuild trade relations with the US, secure a deal and protect jobs. The US Supreme Court struck down president Donald Trump’s global sweeping tariffs he pursued under a law meant for use in national emergencies. The DA’s Toby Chance says the repeal is a welcome relief for South Africa’s exporters:

# Hungary will block the European Union’s next package of sanctions against Russia. The EU is planning to adopt its 20th package today, covering energy, financial services and trade. Hungary’s Foreign minister, Peter Szijjarto, says they will not allow decisions important to Ukraine to move forward until Kyiv resumes oil transit to Hungary and Slovakia via the Druzhba pipeline. The EU’s chief of Foreign Policy, Kaja Kallas, says sanctions are working:

# Olympics: The Winter Olympics came to an end, with Norway topping the medals table with 41 – 18 gold, 12 silver and 11 bronze. Athletes from over 90 countries battled in 116 events in Italy over 16 days. The United States finished second with 33 medals – 12 gold, including a first in 46-years for the men’s ice hockey team, 12 silver and nine bronze. Hosts Italy finished third with 30 medals, with Germany and Japan rounding out the top five. South Africa failed to win any medals.

# And the financial indicators: The dollar trades at 15-rand-97-cents and the euro at 18-rand-87-cents. One British pound costs 21-rand-58-cents and Bitcoin trades at 65-thousand-681-dollars. Gold sells at five-thousand-132-dollars-16-cents a fine ounce and Brent crude oil is quoted at 70-dollars-51-cents a barrel.

Stay tuned for more news………….