News 14:00

BULLETIN 29 May 2 pm

Good afternoon. I am……..

In this bulletin:

# The rand is at its best level in months after a rate hike and reports of a ceasefire deal
# Paul Mashatile is looking to strengthen bilateral relations with India during a working visit
# And soccer: Lionel Messi is called up for his sixth World Cup for Argentina

# The rand this morning traded at its strongest level since early March. It followed a weakened dollar amid reports that the US and Iran reached an agreement to extend the ceasefire in the Middle East by another 60 days, and lift restrictions on shipping through the Strait of Hormuz. South Africa’s monetary policy committee yesterday hiked the repo rate by 25 basis points to 7-percent, the first increase since 2023. Higher interest rates make South African assets more attractive to investors seeking returns.

# Deputy president Paul Mashatile has embarked on a working visit to India. The last official visit by a Head of State from South Africa was in January 2019 when president Cyril Ramaphosa was Chief-Guest at India’s Republic Day celebrations. The Presidency says that as part of Mashatile’s visit, he is expected to cement the bilateral relations with the business leaders and investors from India. This will be through a roundtable discussion, which aims to attract more investment for both countries. Mashatile will conclude his working visit next Wednesday.

# The General Industries Workers Union of South Africa says the South African Reserve Bank’s Monetary Policy Committee’s decision to increase the repo rate by 25 basis points is a continuation of class exploitation by means of usurious extortion. The committee’s decision comes amid rising consumer prices caused by the conflict in the Middle East. GIWUSA president, Mametlwe Sebei, says working-class representation on the MPC and all price regulators is necessary, and the finance industry needs to be nationalised under democratic workers’ control:

# A multidisciplinary crime prevention operation in Atteridgeville and Laudium, Tshwane, yesterday resulted in the arrest of 340 suspects. They were apprehended for various criminal offences, including murder, attempted murder, and armed robbery. Police spokesperson, Johan van Dyk, says 49 undocumented foreign nationals were also detained and handed over to immigration authorities for further processing and deportation:

# Soccer: Lionel Messi will play in his sixth World Cup after being confirmed in Argentina’s 26-man squad despite injury concerns. The 38-year-old, who led his country to a third World Cup triumph in Qatar four years ago, has been suffering from muscle fatigue in his left hamstring. Other notable players included in the squad are Aston Villa’s goalkeeper Emiliano Martinez, Atletico Madrid’s Julian Alvarez, Liverpool’s Alexis Mac Allister and Chelsea’s Enzo Fernandez. Argentina are in Group J with Algeria, Austria and Jordan.

# And the financial indicators: The dollar trades at 16-rand-23-cents and the euro at 18-rand-90-cents. One British pound costs 21-rand-77-cents and Bitcoin trades at 73-thousand-569-dollars. Gold sells at four-thousand-538-dollars-98-cents a fine ounce and Brent crude oil is quoted at 90-dollars-65-cents a barrel.

Stay tuned for more news………….