News 08:00

BULLETIN 30 May 8 am

Good morning. I am……..

In this bulletin:

# The Prosecuting Authority rejects a bid to drop charges against  a witness in the Mapisa-Nqakula case
# Raymond Parsons says the repo rate cut is the right decision
# And Hamas says it will reject the new US proposal for a ceasefire in Gaza

# The National Prosecuting Authority has confirmed it will proceed with fraud charges against defence contractor Nombasa Ntsondwa-Ndhlovu, a key witness in the corruption trial of former National Assembly speaker, Nosiviwe Mapisa-Nqakula. According to News24, Ntsondwa-Ndhlovu, who turned state witness, had asked for the 100-million-rand tender fraud case against her to be dropped, but NPA head Shamila Batohi has refused. The NPA says the two cases are separate and the decision to prosecute will not affect the case against Mapisa-Nqakula. Ntsondwa-Ndhlovu has indicated she will take legal action against Batohi’s decision.

# North West University Business School economist, professor Raymond Parsons, says the South African Reserve Bank Monetary Policy Committee’s decision to resume its interest rate-easing cycle is right. The committee has cut the interest rates by 25 basis points. This brings the repo rate down to 7.25-percent and the prime lending rate to 10.75-percent. Parsons says that at this stage, even a small reduction in interest rates can have a positive impact on the national economic mood and confidence levels:

In addition to that, FNB says the South African Reserve Bank Monetary Policy Committee’s decision to cut interest rates highlights a greater focus on domestic fundamentals. The committee has cut the interest rates by 25 basis points, bringing the repo rate down to 7.25-percent and the prime lending rate to 10.75-percent. FNB’s product head for integrated advice, Ester Ochse, says they are seeing a more positive inflation outlook for the rest of the year, along with growing urgency to boost economic activity:

# Hamas will reportedly reject the latest US proposal for a new Gaza ceasefire and hostage release deal. The proposal, which Israel has accepted, calls for the release of ten living hostages and 18 deceased hostages in Gaza, the release of Palestinian prisoners in Israeli jails, as well as a 60-day ceasefire. A senior Hamas official told the BBC that the proposal did not satisfy core demands, including a permanent end to the war. Almost four-thousand people have been killed in Gaza over the past ten weeks.

# Cricket: The Royal Challengers Bengaluru are through to their first Indian Premier League final since 2016 after an eight-wicket victory against the Punjab Kings. Josh Hazlewood and Suyash Sharma took three wickets each as Punjab were bowled out for 101 in 14.1 overs. In reply, Phil Salt scored an unbeaten 56 off 27 balls as RCB reached the target with ten overs to spare. Punjab will play the winners of today’s match between Gujarat Titans and Mumbai Indians on Sunday, with the victors making the final.

# And the financial indicators: The dollar trades at 17-rand-82-cents and the euro at 20-rand-23-cents. One British pound costs 24-rand-1-cent and Bitcoin trades at 106-thousand-43-dollars. Gold sells at three-thousand-300-dollars-67-cents a fine ounce and Brent crude oil is quoted at 62-dollars-98-cents a barrel.

Stay tuned for more news………….