News 12:00

BULLETIN 30 May 12 pm

Good afternoon. I am……..

In this bulletin:

# The ANC leads in the preliminary national election results 
# Interest rates are likely to remain high for a longer period 
# And rugby: The Blitzbok captain is optimistic about their chances in Madrid 

# Preliminary results from the Electoral Commission show the ANC leading with 42.48-percent after 16.65-percent of votes have been counted. The DA follows with 25.76-percent and the EFF is on 8.5-percent. The MK Party and the Patriotic Alliance are among the top five nationally, with 8.01- and 4.43-percent respectively.

Meanwhile, the ANC’s Gauteng chairperson Panyaza Lesufi is confident the party will surprise many amid talks of a possible coalition government. He dismissed the coalition speculations. Despite tough competition, Lesufi believes the party’s efforts will pay off. The ANC aims for 60-percent in Gauteng, having secured 50.1-percent in 2019. Lesufi highlighted the campaign’s challenges and the party’s resilience. He emphasises the need for a new approach to tackle pressing issues in the province.

# Consumers will have to bear the pain of high interest rates for longer as the Reserve Bank is expected to keep rates unchanged at its meeting today. Despite inflation falling within the three- to six-percent target band, reaching the 4.5-percent objective is taking time. Everest Wealth CEO Thys van Zyl cites ongoing inflation risks and electoral uncertainties as reasons for no immediate rate cuts. Van Zyl asserted that significant cuts may only happen in 2025. He says consumers face pressure from stagnant wages, rising living costs, and high debt repayments.

# Trade union Solidarity has accused the Department of Social Development of racial prejudice in subsidy payments to welfare organisations. They condemn the non-payment of funds and demand urgent action to address the crisis, particularly in Gauteng. The union received complaints from organisations that were promised subsidies last week but have not been paid. Solidarity’s Bianca Smit warns that the impact of unpaid subsidies extends beyond welfare organisations, affecting efforts to improve society:

# Rugby: Blitzbok captain Selvyn Davids says they are heading with optimism into the Grand Final of the Sevens Series in Spain this weekend. Only the top eight men’s and women’s teams will compete in Madrid. After seven rounds, Argentina and New Zealand were named men’s and women’s league winners, before the new stand-alone tournament in the Spanish capital. South Africa will face Ireland, New Zealand, and Fiji in the group stage. Davids says their performances in the last two tournaments gave them confidence:

# And the financial indicators: The dollar trades at 18-rand-72-cents and the euro at 20-rand-24-cents. One British pound costs 23-rand-77-cents and Bitcoin trades at 67-thousand-185-dollars-28-cents. Gold sells at two-thousand-333-dollars-4-cents a fine ounce and Brent crude oil is quoted at 83-dollars-4-cents a barrel.

Stay tuned for more news………….