News 11:00

BULLETIN 5 June 11 am

Good morning. I am……..

In this bulletin:

# Minister Zizi Kodwa is arrested

# Fitch warns against an ANC-EFF-MK coalition government

# And motorsport: Sergio Perez will continue racing for Red Bull until 2026

# Sports, Arts and Culture minister Zizi Kodwa has been arrested and is expected to appear in the Palm Ridge Magistrate’s Court in Gauteng today. This is in connection with him allegedly receiving 1.6-million-rand in bribes.

# Ratings agency Fitch has warned that South Africa’s debt trajectory would face additional risks if the ANC enters into arrangements that rely on support from the EFF or the MK Party. The ANC failed to secure an outright majority in the general elections, leaving it in need of forming a coalition government with opposition parties. Fitch says an ANC-EFF-MK coalition could weaken investor confidence or erode governance. It adds that support for the ANC from the DA will likely result in the least significant changes to key credit metrics.

Meanwhile the South African Communist Party says it will engage alliance partners in discussions about coalition arrangements following the outcome of the elections. After reviewing the results, which saw the ANC maintaining its majority in several provinces but requiring coalition arrangements in others, the SACP’s political bureau is expected to discuss coalition options and the way forward. This meeting will explore options and outcomes before communicating decisions through the alliance consultative process.

# The City of Tshwane’s 2024/25 financial year budget makes provision for salary increments at 5.1-percent for its employees and five-percent for councillors. Mayoral committee member for Finance, Jacqui Uys, says the proposed increases are reasonable and in line with inflation targets. She says this increment will hopefully offer a little bit of relief:

# US president Joe Biden has announced new executive orders aimed at addressing surges of migrants crossing the US-Mexican border unlawfully. Under the new actions, immigration officials can deport large numbers of illegal migrants without processing their asylum claims. More than 6.4-million migrants have been stopped crossing into the US illegally during Biden’s administration. He says they are taking decisive action designed to strengthen the security of the southern border:

# Motorsport: Red Bull has extended Sergio Perez’s contract for two years, which will see him race for the Formula One team until the end of the 2026 season. The 34-year-old Mexican joined the world champions from Racing Point, now Aston Martin, back in 2021. Perez finished a career-best second behind teammate Max Verstappen in the drivers’ championship last season, helping Red Bull achieve a maiden one-two result alongside the constructors’ title.

# And the financial indicators: The dollar trades at 18-rand-71-cents and the euro at 20-rand-36-cents. One British pound costs 23-rand-92-cents and Bitcoin trades at 71-thousand-190-dollars-38-cents. Gold sells at two-thousand-331-dollars-83-cents a fine ounce and Brent crude oil is quoted at 77-dollars-40-cents a barrel.

Stay tuned for more news………….