News 09:00

BULLETIN 4 June 9 am

Good morning. I am……..

In this bulletin:

# Cosatu says unemployment remains South Africa’s existential threat
# Saftu rejects the celebration of the 0.1-percent growth in the GDP
# And Lee Jae-myung is South Korea’s new president

# Cosatu says unemployment remains South Africa’s existential threat, which is a ticking time bomb that the government, working with business, labour, and society, must pull out all stops to defeat. The federation union has noted with concern the tepid economic growth of 0.1-percent for quarter one of this year. Cosatu’s spokesperson, Matthew Parks, says a bold and decisive Marshall Plan is required to drive South Africa’s economic growth and create the decent jobs the working class desperately needs:

# The South African Federation of Trade Unions says it rejects the shallow celebration by government of the marginal 0.1-percent gross domestic product growth recorded in the first quarter of this year. It says this so-called growth is neither inclusive nor transformative. Saftu’s spokesperson, Newton Masuku, says fiscal, monetary, and trade policy will have to be radically reoriented if the economy is to register growth levels significant enough to reduce the stubbornly high unemployment rate:

# The Freedom Front Plus in Gauteng says the re-tabled by the MEC for Finance and Economic Development, Lebogang Maile, does not differ much from last year’s, except for an increase of 886.6-million-rand. The budget for the 2025/2026 financial year is 172.3-billion-rand. The FF Plus’, Anton Alberts, says it will meet with Maile to discuss the equitable distribution of the budget to ensure funds are not allocated to just one group:

# The Democratic Party’s Lee Jae-myung has won South Korea’s snap presidential election, securing almost 50-percent of the vote. His main rival, Kim Moon-soo of the incumbent conservative People Power Party, has conceded defeat, saying he accepts the people’s decision. The election comes after former president Yoon Suk Yeol was impeached and dismissed following his declaration of martial law in December. Lee, who was sworn in as president today, has promised to unite the country and work to restore the economy.

# Rugby: Former England boss Stuart Lancaster is the new head coach of Ireland’s Connacht. The 55-year-old has signed a two-year contract and will oversee pre-season training in July. Lancaster was appointed England head coach in 2011 before leaving following a dismal home World Cup in 2015. He was most recently head coach of French club Racing 92, having worked as a senior coach at Leinster between 2016 and 2023.

# And the financial indicators: The dollar trades at 17-rand-84-cents and the euro at 20-rand-30-cents. One British pound costs 24-rand-13-cents and Bitcoin trades at 105-thousand-682-dollars. Gold sells at three-thousand-360-dollars-51-cents a fine ounce and Brent crude oil is quoted at 65-dollars-22-cents a barrel.

Stay tuned for more news………….