News 08:00

BULLETIN 1 May 8 am

Good morning. I am……..

In this bulletin:

# Fikile Mbalula says there was no legal victory, only a democratic resolution on the VAT reversal
# Minister Godongwana says only the president can fire him amid the VAT hike backlash
# And, a World Bank report indicates that global commodity prices could hit a six-year low by 2026

# The ANC says it will continue building consensus within the government of national unity to secure a progressive and transformative fiscal path. ANC secretary-general Fikile Mbalula says the reversal of the proposed VAT hike is not a legal victory for the DA and EFF, but a democratic resolution reached through consultation and political maturity. Mbalula added the decision reflects the Freedom Charter and that governance must follow the will of the people, not courts or media pressure:

Finance minister Enoch Godongwana meanwhile says only president Cyril Ramaphosa has the authority to remove him from office. This comes amid public and political backlash over the proposed VAT hike. The minister was responding to calls for his resignation, after initially announcing a 0.5-percentage point VAT increase, which has since been reversed. Godongwana told the media until the new budget is approved, the government will operate under interim rules allowing the use of up to 45-percent of last year’s budget:

# The World Bank has warned that global commodity prices are projected to fall to their lowest level since 2020, by 2026. The drop driven by ample oil supply and weaker growth may ease inflation but threatens two-thirds of developing economies. The bank reports that energy prices, including Brent crude oil and coal, are expected to plunge, while food prices fall modestly. Meanwhile, gold prices will hit record highs amid global uncertainty. The report warns of increasing volatility in commodity markets this decade.

# Cricket: Bangladesh won the second and final Test against Zimbabwe by an innings and 106 runs for a decisive victory in less than three days, to level the series. Zimbabwe scored 227 in their first innings after winning the toss, with Bangladesh scoring a formidable 444 in response. The visitors then collapsed for 111 in the second session of the third day in Chattogram. Mehidy Hasan Miraz starred with both bat and ball, scoring a century and then bagging 5 for 32 with the ball to hand Zimbabwe a crushing defeat.

# And finally, COSATU in Mpumalanga is holding the national May Day rally today at Kees Taljaard Stadium in Middelburg. The event highlights urgent worker concerns, including job losses, lack of decent work, austerity measures, and rising poverty. The federation is also raising alarm over gender-based violence, femicide, and child abuse. The federation is also calling for stronger protection for South African workers.

Stay tuned for more news………….