News 09:00

BULLETIN 16 October 9 am

Good morning. I am……..

In this bulletin:

# The Reserve Bank says rising global energy prices and food costs pose risks to inflation in South Africa
# COSATU welcomes the move to block a fuel levy hike
# And, a Houthi missile strike kills five people at the Yemeni presidential palace

# South African Reserve Bank Governor Lesetja Kganyago warns that rising global energy and food prices could create additional inflationary pressures in South Africa, making it more difficult to bring consumer prices under control. Inflation is expected to average 4.4-percent this year, with the central bank projecting a gradual decline into its target range in 2027 before returning to its three-percent target in 2028. Kganyago has identified geopolitical tensions, increasing oil prices, higher fertiliser costs, and potential disruptions to grain supplies through the Black Sea as major threats to the inflation outlook.

# Union federation COSATU welcomes Transport minister Barbara Creecy’s bold intervention to stop yet another fuel levy hike. The minister has blocked a Road Accident Fund proposal to hike the RAF Levy to three rand per litre, saying consumers are under enough pressure. COSATU’s Matthew Parks says workers and the economy have been reeling from the massive fuel price hikes this past year. He has urged further relief for embattled commuters before the next fuel price adjustment at the beginning of November:

# Minister of Employment and Labour Nomakhosazana Meth has condemned the fatal shooting of three female managers at a Boxer Superstore in Eshowe, KwaZulu-Natal. Reports indicate that a 33-year-old unidentified former employee, who is on the run from police, locked the three managers inside an office. He then pulled out a firearm and fired a volley of shots at them, killing them instantly. The department’s spokesperson, Thobeka Magcai, says no one should fear for their personal safety while in the workplace:

# Iran-aligned Houthi rebels killed five people in a missile and drone attack at the presidential Al-Maashiq Palace in Aden, the headquarters of Yemen’s internationally recognised government. The attack was the first on the palace ⁠in the current conflict between ​the Houthis and Saudi Arabia. The deceased include two members of prime minister Shaya Al-Zindani’s security detail and civilian employees working at the government complex. Sixteen people were injured. The Houthis claim the strike was part of a declared strategy of targeting Saudi military deployments wherever they are located.

# Tennis: World number three Carlos Alcaraz will participate in the Vienna Open in Switzerland after Saudi Arabia’s Six Kings Slam had been postponed to December following terrorist attacks. The organisers say they immediately contacted the Spaniard’s management when indications about the postponement emerged. They describe Alcaraz’s commitment as a tremendous honour.  Russian Daniil Medvedev, Italian Flavio Cobolli and American Frances Tiafoe are the other world top-ten players already announced for Vienna, starting on the 26th.

# And the financial indicators: The dollar trades at 16-rand-45-cents and the euro at 18-rand-46-cents. One British pound costs 21-rand-87-cents, and Bitcoin trades at 81-thousand-909-dollars. Gold sells at four-thousand-178-dollars-60-cents a fine ounce, and Brent crude oil is quoted at 107-dollars-32-cents a barrel.

Stay tuned for more news………….