News 07:00

BULLETIN 25 June 7 am

Good morning. I am……..

In this bulletin:

# The deputy Finance minister says the World Bank loan won’t undermine South Africa’s sovereignty
# The Joburg mayor says the ANC-led coalition has the numbers to defeat the no-confidence motion against him
# And the head of the UN nuclear watchdog urges Iran to resume co-operation

# Deputy Finance minister David Masondo has defended the 27-billion-rand loan from the World Bank, saying it aligns with the National Treasury’s commitment to responsible and sustainable borrowing. The loan will support urgently needed structural reforms in the country’s infrastructure sectors, with a particular focus on energy and freight transport. Speaking on the sidelines of the Supreme Audit Institutions meeting in Johannesburg on Tuesday, Masondo assured the country that borrowing in itself is not bad:

# The EFF expresses concern about the rising trend of foreign-denominated loans, particularly when there is sufficient liquidity in the domestic financial market. This comes as the government has signed a 27-billion-rand loan agreement with the World Bank to bolster infrastructure spending and support structural reforms. The EFF says South Africa’s debt-service costs have ballooned to over 426-billion-rand per year, but the National Treasury has failed to ensure that this debt translates into jobs or public infrastructure benefits. It notes that these loans appear to be politically motivated.

# The Youth Chamber of Commerce and Industry has sounded the alarm over what it calls a national collapse driven by youth unemployment. The organisation’s CEO, Denise Rapitsi, says over half of South Africa’s youth are unemployed, with many facing depression, poverty, and rising suicide rates. Rapitsi added that  the chamber is launching a national action agenda to tackle the crisis through job creation, enterprise support, and mental health services.

# Johannesburg mayor Dada Morero says he is confident the motion of no-confidence tabled against him in council will fail today. The DA filed motions against the mayor and chief whip, Sithembiso Zungu, citing ongoing service delivery challenges. Morero says the ANC-led coalition holds the numbers to defeat the motion and remains united despite internal criticism. The mayor has accused the opposition of deliberately mischaracterising lawful processes for political mileage.

# United Nations International Atomic Energy Agency head, Rafael Grossi, says the ceasefire between Iran and Israel will hopefully open the door for renewed cooperation on Iran’s nuclear programme. Agency inspectors have remained in Iran throughout the conflict. Grossi says there has been extensive damage at several nuclear sites in Iran, including its uranium conversion and enrichment facilities. He says Iran must allow the IAEA to inspect the nuclear sites and account for the stockpiles of uranium:

# Cycling: Two-time former winner Jonas Vingegaard will lead Visma-Lease a Bike at this year’s Tour de France. The 28-year old Dane won the Tour in 2022 and 2023, and will be joined in the set-up by all-rounder Wout van Aert as they attempt to de-throne Tadej Pogacar. Matteo Jorgenson, Simon Yates, Sepp Kuss, Tiesj Benoot, Victor Campenaerts and Edoardo Affini make up the rest of their team. This year’s Tour de France starts on 5 July in Lille and ends on 27 July in Paris.

# And the financial indicators: The dollar trades at 17-rand-74-cents and the euro at 20-rand-61-cents. One British pound costs 24-rand-16-cents and Bitcoin trades at 106-thousand-244-dollar. Gold sells at three-thousand-330-dollars-89-cents a fine ounce and Brent crude oil is quoted at 67-dollars-2-cents a barrel.

Stay tuned for more news………….