News 06:00

BULLETIN 24 July 6 am

Good morning. I am……..

In this bulletin:

# Lesetja Kganyago warns fuel prices could keep inflation elevated
# The MK Party is going to lay criminal charges against Andrea Johnson and Shamila Batohi
# And rugby: The Cheetahs and Sharks kick off the weekend’s Currie Cup action

# The South African Reserve Bank has warned that rising global oil prices, driven by the conflict in the Middle East, could keep inflation higher for longer. Briefing the media, Governor Lesetja Kganyago said although local petrol and diesel prices have eased recently, sustained increases in oil prices remain a major risk. Kganyago added if oil prices stay high, interest rates may need to remain elevated for longer to keep inflation under control:

Kganyago also says ongoing global uncertainty, particularly the conflict in the Middle East and volatile oil prices, could keep borrowing costs higher for longer. Speaking after the Monetary Policy Committee left the repo rate unchanged at seven-percent, Kganyago said inflation risks remain elevated and future interest rate decisions will depend on incoming economic data, inflation trends and global developments:

# The MK Party says it will file a criminal case against the Investigating Directorate Against Corruption head, Andrea Johnson, following her testimony at the Madlanga Commission. She admitted to giving inconsistent testimony when she appeared before Parliament’s ad hoc committee last year, which investigated the underworld’s infiltration of the criminal justice system. The MK Party’s David Skosana has accused Johnson of committing perjury and wants this included in the committee’s draft report. The party will also open a case of perjury against former National Director of Public Prosecutions advocate Shamila Batohi.

# The City of Johannesburg has referred 13 alleged cases of financial misconduct, worth about four-billion-rand, to its independent disciplinary board for investigation. The allegations involve unauthorised, irregular, and wasteful expenditure linked to possible breaches of finance and supply chain laws. The city says the move is aimed at strengthening accountability and governance, stressing that no official has been found guilty and that all allegations will be investigated through the proper legal process.

# As renewed strikes between the US and Iran continue to escalate, oil prices hit one-thousand-679-rand-39-cents a barrel for the first time since May yesterday. Brent crude, the global oil benchmark, rose more than six-percent. Prices spiked after the Houthi militants based in Yemen struck two Saudi Arabian oil tankers in the Red Sea, days after the group announced a naval blockade on Saudi ships. This is a key export route that Riyadh has re-routed millions of barrels of its oil exports from the Strait of Hormuz.

# Rugby: Springbok scrumhalf Faf de Klerk will again headline the Cheetahs’ team when they and the Sharks kick off the weekend’s Currie Cup action in Bloemfontein this evening. The home team started their campaign with a nail-biting victory over the Lions, while the visitors beat the Pumas. Tomorrow afternoon, the Lions will welcome the Pumas to Johannesburg, while Griquas and the Blue Bulls will meet in Kimberley. On Sunday, the Cape derby will see neighbours Boland and the Stormers-23 face off in Wellington.

# And the financial indicators: The dollar trades at 16-rand-79-cents and the euro at 19-rand-12-cents. One British pound costs 22-rand-37-cents and Bitcoin trades at 65-thousand-131-dollars. Gold sells at four-thousand-49-dollars-47-cents a fine ounce and Brent crude oil is quoted at 94-dollars-43-cents a barrel.

Stay tuned for more news………….