News 08:00

BULLETIN 15 July 8 am

Good morning. I am……..

In this bulletin:

# The rand is under pressure amid global market uncertainty
# Over 100 Eastern Cape municipal officials are facing disciplinary action over irregular expenditure
# And soccer: Spain is through to the World Cup final after defeating France

# The South African rand has weakened to its lowest level in almost three weeks as rising tensions in the Middle East boosted the US dollar and increased expectations of higher American interest rates. The local currency yesterday at one stage traded just below 16-rand-50-cents to the dollar ahead of the release of South Africa’s mining production figures and key US inflation data. Higher oil prices and uncertainty over global markets have put pressure on emerging market currencies.

# Parliament’s ad hoc committee investigating allegations of criminal infiltration in the justice system has cleared most high-profile witnesses of any criminal conduct or links to cartels in the disbanding of the Political Killings Task Team. The committee deliberated on its draft report yesterday, in which no criminal findings were made against the likes of Police minister Senzo Mchunu and suspended Deputy National Police Commissioner Shadrack Sibiya. ANC’s Khusela Sangoni says some recommendations in the report appeared to have been diluted during the drafting process:

# The Eastern Cape government says disciplinary processes have been initiated against about 100 officials in Buffalo City over irregular and unauthorised expenditure. National Treasury has withheld equitable share payments for July to 69 municipalities nationwide, including six in the Eastern Cape: Buffalo City, Nelson Mandela Bay, Makana, Sundays River Valley, Inxuba Yethemba, and Port St Johns. Provincial Cooperative Governance and Traditional Affairs MEC, Zolile Williams, says without the equitable share, municipalities like Makana will face cash flow challenges:

# US president Donald Trump has threatened to strike Iranian power plants and bridges next week if Tehran does not make a deal. This comes as the US military launched its fourth consecutive day of strikes on Iranian targets yesterday. In retaliation, Tehran struck US military assets in Jordan. In an interview on Fox News, Trump reiterated that Iran has no choice but to make a deal:

# Soccer: European champions Spain are into the World Cup final after beating France 2-0 in Dallas. Mikel Oyarzabal’s penalty and a goal from Pedro Porro secured the victory for Spain, who have equalled Italy’s record for the longest unbeaten run in international soccer with 37 matches. Spain will face either an England side they beat in the Euro 2024 final or world champions Argentina in Sunday’s final. Meanwhile, a third-place play-off awaits France on Saturday to bring an end to Didier Deschamps’ 14-year tenure.

# And the financial indicators: The dollar trades at 16-rand-35-cents and the euro at 18-rand-70-cents. One British pound costs 21-rand-91-cents, and Bitcoin trades at 64-thousand-565-dollars. Gold sells at four-thousand-31-dollars-30-cents a fine ounce, and Brent crude oil is quoted at 84-dollars-83-cents a barrel.

Stay tuned for more news………….