News 09:00

BULLETIN 31 January 9 am

Good morning. I am……..

In this bulletin:

# The ANC welcomes the repo rate cut as a boost for economic relief and growth
# Everest Wealth says a rate cut in March is unlikely
# And the flight data and cockpit voice recorders from the Washington air disaster are recovered

# The ANC has welcomed the South African Reserve Bank’s decision to cut the repo rate by 25 basis points, bringing the prime lending rate down to eleven-percent. The decision was split, with two of the six monetary policy committee members voting for an unchanged rate. The ANC’s spokesperson, Mahlengi Bhengu-Motsiri, says this much-needed adjustment provides relief to South African households and businesses struggling with high borrowing costs:

Meanwhile, Everest Wealth says despite the Reserve Bank’s decision to cut the repo rate, further cuts remain uncertain. Governor Lesetja Kganyago warned of inflation risks, with two Monetary Policy Committee members opposing the cut. Everest Wealth’s Riaan Grobler says another cut in March is possible, but unlikely. South Africa’s rates have dropped 75 basis points since September, but remain high.

# ActionSA in Ekurhuleni says it is deeply disturbed that an EFF political appointee working in the Office of the Municipal Speaker has not been suspended following his arrest. The official was arrested for fraud after allegedly forging signatures of the City manager to seek funding. He is currently out on bail. ActionSA’s, Siyanda Makhubo, says immediate disciplinary action must be taken against the official:

# The US National Transportation Safety Board says the flight data and cockpit voice recorders have been recovered from the American Airlines flight, which crashed with a military helicopter near Washington. All 67 people aboard both the American Airlines flight and the army Black Hawk helicopter are presumed dead, as the collision is being called the deadliest aviation disaster in the US since 2001. At least 40 bodies have been recovered from the Potomac River. The Safety Board says a preliminary report on the crash will be issued within 30 days.

# Soccer: Manchester United defeated FCSB two-nil in Romania to advance directly to the last 16 of the Europa League. Second-half goals from Diogo Dalot and Kobbie Mainoo ensured United finished third in the group stage. An injury-hit Tottenham Hotspur beat Elfsborg three-nil, while Rangers saw off Union Saint-Gilloise two-one to progress to the round of 16. United manager, Ruben Amorim, says this win was important, as they have avoided a two-legged play-off round in February:

# And the financial indicators: The dollar trades at 18-rand-54-cents and the euro at 19-rand-26-cents. One British pound costs 23-rand-2-cents and Bitcoin trades at 104-thousand-506-dollars. Gold sells at two-thousand-795-dollars-44-cents a fine ounce and Brent crude oil is quoted at 75-dollars-95-cents a barrel.

Stay tuned for more news………….