News 06:00

BULLETIN 5 May 6 am

Good morning. I am……..

In this bulletin:

# The South African rand weakens against a firmer dollar
# The Madlanga Commission faces mounting pressure with its workload
# And, Australia begins with hearings into the Bondi Beach attack

# The South African rand weakened on Monday, pressured by a firmer US dollar and a jump in oil prices, as escalating tensions between ‌the United States and Iran weighed on global market sentiment. At midday, the rand traded at 16-rand-69-cents against the dollar, down 0.5-percent from its previous close. The US dollar edged higher against a basket of currencies, while oil jumped over 3-percent to more ⁠than 110-dollar a barrel. The rand has been at the mercy of global market sentiment since the US and Israel launched their war on Iran and Tehran retaliated.

# The National Student Financial Aid Scheme has been placed under administration following serious governance, financial, and operational challenges within the institution. In a media briefing, minister of Higher Education and Training, Buti Manamela, announced the appointment of Tshwane University of Technology’s professor Hlengani Mathebula as administrator to take over the running of the scheme. Manamela says the intervention aims to stabilise the entity and ensure continued student support, with funding, allowances, and appeals continuing without interruption:

# The Madlanga Commission of Inquiry says it is under mounting pressure as it handles a heavy workload. Spokesperson Jeremy Michaels says a long list of witnesses is still to testify, with security concerns limiting details. Michaels adds delays, including a lost day due to legal challenges, have increased the strain. Despite this, he emphasises that the commission remains focused on completing its mandate within the set timeframe of 31 August:

# The DA says the sanction imposed on Tshwane deputy mayor and mayoral committee member for Finance, Eugene Modise, is inadequate. He has been fined the equivalent of two months’ salary after it was found that he financially benefited from a municipal security contract. The contract in question was awarded to 22 different companies, including one owned by Modise, despite being flagged as irregular multiple times before the tender was officially granted. The DA’s Jacqui Uys says more than a year later, Modise is finally exposed:

# Australia began public hearings in an inquiry into the Bondi Beach mass shooting in December, which killed 15 people, with Jewish Australians giving evidence of their experience of rising domestic antisemitism. The retired judge leading the wide-ranging national inquiry known as a royal commission, Virginia Bell, says the first block of public hearings will investigate the nature and prevalence of antisemitism. A second block of hearings later this month will focus on the circumstances leading up to the Bondi Beach attack and issues raised in the interim report.

# Rugby: Irish giants Leinster and Ulster’s qualification for the final of the Champions Cup is said to be positive for the Stormers and the Lions’ chances of reaching the United Rugby Championship playoffs. Leinster is currently fourth in the URC standings and Munster fifth, and both will have to continue preparing on two different fronts. The Lions play Leinster this Saturday and Munster next week, while the Stormers will face Munster this Friday, also in Ireland. The Stormers are currently top of the log and the Lions third.

# And the financial indicators: The dollar trades at 16-rand-78-cents and the euro at 19-rand-61-cents. One British pound costs 22-rand-70-cents and Bitcoin trades at 80-thousand-277-dollars. Gold sells at four-thousand-519-dollars-95-cents a fine ounce and Brent crude oil is quoted at 111-dollars-96-cents a barrel.

Stay tuned for more news………….