News 06:00

BULLETIN 29 May 6 am

Good morning. I am……..

In this bulletin:

# Lesetja Kganyago says maintaining credibility is crucial for economic stability
# The US accuses Iran of an ‘egregious ceasefire violation’ following the strikes in Kuwait
# And rugby: The Bulls captain says they have a lot of confidence before the URC quarterfinal

# The South African Reserve Bank says it remains focused on protecting inflation credibility amid ongoing global and domestic uncertainty. Governor Lesetja Kganyago warned that rising oil prices, geopolitical tensions and climate-related shocks are driving higher inflation and weaker growth. Kganyago says the bank’s priority is to keep inflation expectations anchored and to guide inflation back to its three-percent target over time, even if this requires tighter monetary policy in the short term:

Meanwhile, North-West University Business School economist, Raymond Parsons, says the South African Reserve Bank’s decision to raise the repo rate by 25 basis points to seven-percent is a precautionary move against future inflation. However, Parsons added that there is still limited evidence of stronger inflation expectations, and the timing of the hike is debatable given the weak growth outlook. He warns that higher interest rates will increase borrowing costs for households and businesses in an already struggling economy.

# Home Affairs minister Leon Schreiber says a major drug bust at the Beitbridge border in Limpopo is one of the most significant successes against cross-border drug smuggling in recent years. Yesterday a truck from Zimbabwe was intercepted carrying drugs worth nearly one-billion-rand, believed to be used in the production of Mandrax. Schreiber added the operation shows the effectiveness of using intelligence and technology to secure the country’s borders and clamp down on illegal activity.

# City of Ekurhuleni mayoral committee member for Finance, Jongizizwe Dlabathi, says the metro is facing mounting pressure on its ability to deliver services due to rising costs and high revenue losses. He delivered Ekurhuleni’s 71-billion-rand revenue budget for the 2026/2027 financial year yesterday. The budget includes widespread municipal tariff increases, with water tariffs increasing by eleven-percent and electricity by around nine-percent. Dlabathi says the current service delivery model is unsustainable without financial contributions from residents:

# The US Central Command says Iran’s attack on Kuwait yesterday was an egregious ceasefire violation. Iran’s Islamic Revolutionary Guard Corps confirmed that it targeted an American air base in the region. This is after the US shot down Iranian drones over the Strait of Hormuz and struck a military site in Bandar Abbas. The Iranian Foreign Ministry has condemned the US strikes, saying they constituted a violation of the ceasefire. CENTCOM says its actions against Tehran are measured, purely defensive, and intended to maintain the ceasefire.

# Rugby: Bulls captain Marcell Coetzee says they have been in play-off mode for several weeks, which makes the pressure of tomorrow’s United Rugby Championship quarterfinal against Munster in Pretoria much easier to handle. They won nine of their last ten group matches to turn their season around after a bad start. Coetzee is thankful for the experience of Springbok players such as Handré Pollard and Willie le Roux, and says they have a lot of confidence. Kick-off at Loftus is at one o’clock tomorrow afternoon.

# And the financial indicators: The dollar trades at 16-rand-21-cents and the euro at 18-rand-90-cents. One British pound costs 21-rand-80-cents and Bitcoin trades at 73-thousand-466-dollars. Gold sells at four-thousand-495-dollars-44-cents a fine ounce and Brent crude oil is quoted at 91-dollars-93-cents a barrel.

Stay tuned for more news………….