News 09:00

BULLETIN 29 May 9 am

Good morning. I am……..

In this bulletin:

# Saftu says the interest rate hike is economically reckless
# Standard Bank says the repo rate increase has deepened the pressure on farmers
# And tennis: Gauff and Sabalenka are safely through to the French Open third round

# The South African Federation of Trade Unions says the Reserve Bank’s Monetary Policy Committee decision to increase interest rates by 25 basis points, taking it to seven-percent from 6.75-percent, is economically reckless and socially destructive. The prime lending rate is now 10.5-percent. Saftu’s Asive Dyani says the rate hike decision is completely detached from the lived reality of millions of workers and poor people, who are already drowning under the weight of unemployment, debt, hunger and rising costs of living:

Meanwhile, Standard Bank says South Africa’s agricultural sector is facing renewed financial pressure following the increase in the repo rate. This is amid rising inflation, higher fuel prices, and concerns over a possible El Niño. Standard Bank’s Agribusiness for Business and Commercial Banking head, Brendan Jacobs, says the agricultural sector is particularly vulnerable because fuel and energy costs are closely tied to farming operations, logistics and food distribution networks:

# The Gauteng Health Department has issued an apology to student nurses affected by administrative delays in the payment of their stipends. Human Resources Management officials are finalising the capturing and verification of the required documentation. The department’s spokesperson, Steve Mabona, says the relevant files are being submitted to e-Government to enable the processing of stipend payments for approximately 500 affected students across four nursing colleges:

# The European Union has sanctioned four entities and three individuals, it says, who are “extremist Israeli settlers” responsible for serious and systematic human rights abuses against Palestinians in the West Bank. Under the sanctions, all individuals and entities are subject to an asset freeze and also face a travel ban. Among those designated is the Nachala Settlement Movement and its director, Daniella Weiss, whom the EU accuses of encouraging and facilitating coercive activities that contribute to the forced displacement of Palestinians.

# Tennis: Defending champion Coco Gauff and world number one Aryna Sabalenka are through to the French Open third round. American Gauff eased past Egypt’s Mayar Sherif, 6-3, 6-2, while Sabalenka of Belarus beat France’s Elsa Jacquemot, 7-5, 6-2. Sixth-seeded American Amanda Anisimova also advanced to the third round after Austrian Julia Grabher retired after losing the first set 6-0. In the men’s draw, 17-year-old Frenchman Moise Kouame defeated Paraguayan Adolfo Daniel Vallejo, 6-3, 7-5, 3-6, 2-6, 7-6, becoming the fifth-youngest man to reach the third round ‌of a Grand Slam.

# And the financial indicators: The dollar trades at 16-rand-23-cents and the euro at 18-rand-88-cents. One British pound costs 21-rand-81-cents, and Bitcoin trades at 73-thousand-299-dollars. Gold sells at four-thousand-509-dollars-95-cents a fine ounce, and Brent crude oil is quoted at 91-dollars-28-cents a barrel.

Stay tuned for more news………….