News 06:00

BULLETIN 14 June 6 am

Good morning. I am……..

In this bulletin:

# Fikile Mbalula says the ANC has engaged with about 17 parties
# The interest rate cut is expected later than predicted
# And tennis: The Wimbledon singles champions will take home more than 63-million-rand

# ANC secretary general Fikile Mbalula says they are not going to retreat on the concept of the government of national unity, as it represents the outcome of the elections. He briefed the media yesterday evening, after the party’s special national executive committee meeting in Cape Town. This is ahead of the first sitting of the National Assembly today. Mbalula says they have spoken with about 17 political parties, but are not yet in a position to give details of the negotiations:

Mbalula also says this is not a time for arrogance and tantrums, as a government of national unity is being formed. Mbalula says to the ANC, the government of national unity supports the outcome of the elections and they are in no position to govern alone. He adds that a national dialogue and political reflection is necessary:

# Economists now predict South Africa’s interest rate cut cycle will begin in November, later than the previously expected dates of March and September. According to BusinessTech, persistent inflation, which stood at 5.2-percent in April, above the Reserve Bank’s target of 4.5-percent, has pushed back the anticipated cuts. The first rate reduction, expected in November, is likely to be 25 basis points. This delay reflects cautious economic strategies amidst global uncertainty, exacerbated by the United States Federal Reserve’s recent decision to maintain interest rates.

# The City of Johannesburg is urging residents to heed calls to reduce electricity consumption to ensure a stable power supply and avoid a total collapse of the local grid. City Power is currently implementing load reduction as a temporary measure to avoid overloading the power system during peak hours. The city’s spokesperson, Virgil James, says City Power has recorded a significant increase in peak evening loads in some areas, with consumption rising by 65-percent compared to summer months:

# The Indian government confirmed at least 40 of its citizens died in a fire in a residential building in Kuwait yesterday. At least ten more people were killed and scores injured in the building in Mangaf which housed almost 200 foreign workers. Local media says the building may have been overcrowded. BBC News reports foreign workers make up two-thirds of Kuwait’s population since the Middle Eastern country is highly dependent on migrant labour. Human rights groups regularly raise concerns over their living conditions.

# Tennis: Wimbledon has announced an increase of almost 12-percent in prize money to 1.173-billion-rand, with the singles champions taking home just under 63.4-million-rand each. The organisers also increased the prize money for the wheelchair events by 35-percent to 23.5-million-rand. The chairperson of the All England Club in London, Debbie Jevans, says their profits go back into the sport, but they also give a lot to the players. Wimbledon starts on the first of next month.

# And the financial indicators: The dollar trades at 18-rand-43-cents and the euro at 19-rand-80-cents. One British pound costs 23-rand-52-cents and Bitcoin trades at 66-thousand-701-dollars-34-cents. Gold sells at two-thousand-305-dollars-80-cents a fine ounce and Brent crude oil is quoted at 82-dollars-24-cents a barrel.

Stay tuned for more news………….