News 06:00

BULLETIN 1 July 6 am

Good morning. I am……..

In this bulletin:

# The governor of the Reserve Bank pushes for a lower inflation target to protect the rand
# An Israeli strike on a Gaza seafront cafe kills at least 20 Palestinians
# En tennis: Lloyd Harris is through to the second round at Wimbledon

# South African Reserve Bank Governor Lesetja Kganyago says the current 4.5-percent inflation goal weakens the rand and doubles prices every 16 years. In the Reserve Bank’s annual report, Kganyago argues for a three-percent target, aligning with global norms. With inflation at 2.8-percent in May, Kganyago calls this an amazing opportunity for reform. The Reserve Bank and Treasury are expected to present policy review recommendations, which could also lower borrowing costs and improve price stability.

# The Congress of South African Trade Unions has welcomed significant progress in the Two-Pot Pension Reforms since its rollout on 1 September last year. Over 57-billion-rand has been paid to more than 3.5-million workers. While praising the relief brought by these reforms, the federation’s Matthew Parks slammed over seven-thousand-700 employers for failing to pay pension contributions. He proposes further reforms, including education loan access and tax relief for low-income workers:

# The Board of Healthcare Funders has urged Parliament’s Standing Committee on Public Accounts to include the Road Accident Fund’s refusal to reimburse medical schemes in its upcoming inquiry. They argue the fund’s non-payment for treating road accident victims, which began in 2022, violates court orders and undermines the fund’s legal obligations. The board’s Katlego Mothudi warns that the refusal has cost schemes hundreds of millions of rands, threatening their sustainability and access to private healthcare:

# The Gauteng Department of Education has confirmed possible delays in paying education and general assistants due to ongoing data verification. About eight-thousand assistants may be affected in the first payment cycle. The department’s spokesperson, Steve Mabona, says only verified individuals will be paid, and all payments are expected to be completed by the end of July:

# At least 20 Palestinians were killed in an Israeli air strike that hit a popular seafront cafe frequently used by activists, journalists, and local residents in western Gaza on Monday. A spokesperson for Gaza’s Hamas-run Civil Defence told the BBC that rescue teams evacuated 20 bodies and dozens of wounded from the Al-Baqa Cafeteria. He added that emergency crews were still searching through a deep crater left by the explosion. The attack came amid increasing pressure on Israeli Prime Minister Benjamin Netanyahu to refocus efforts to reach a ceasefire agreement.

# Tennis: South Africa’s Lloyd Harris is through to the second round of Wimbledon after winning his opening match against Zizou Bergs of Belgium.  Harris won 7-6, 7-6, 6-7, and 6-2 in a match that lasted just over four hours. It was a close match from the start, with the first three sets tightly contested. Harris won the first two, with Bergs taking the third set, but Harris dominated the fourth to take the win. He served 23 aces during the match and only registered four double faults.

# And the financial indicators: The dollar trades at 17-rand-71-cents and the euro at 20-rand-87-cents. One British pound costs 24-rand-31-cents and Bitcoin trades at 107-thousand-163-dollar. Gold sells at three-thousand-311-dollars-25-cents a fine ounce and Brent crude oil is quoted at 66-dollars-36-cents a barrel.

Stay tuned for more news………….