News 12:00

BULLETIN 31 May 12 pm

Good afternoon. I am……..

In this bulletin:

# The seat calculation process is to begin once the election results are finalised 
# BetterBond is not surprised by the SA Reserve Bank keeping the repo rate unchanged 
# And tennis: A ban is placed on alcohol on the stands at the French Open after unruly behaviour 

# The Electoral Commission has announced that the seat calculation process will commence once all election results are captured and finalised. This involves ensuring the accuracy and validation of results through scanning, double-blind capture, and auditing by independent auditors. Chief electoral official Sy Mamabolo told the media the new public representatives will be determined, and the list handed over to the Chief Justice once the seat assignment is completed:

Meanwhile, government says the Electoral Commission is the only institution legally mandated to announce the election results, therefore people must exercise caution in prematurely proclaiming the results. Government’s spokesperson, Nomonde Mnukwa, says the IEC is being transparent in the manner in which the results are being captured and verified to ensure the integrity of the electoral processes is not compromised.

With just over 59-percent of the votes counted, the ANC remains in the lead nationally at 41.88-percent. The DA is currently second at 23.22-percent and the MK Party at 11.52-percent. In Gauteng, the ANC leads with 33.57-percent followed by the DA at 29.31-percent and the EFF at 12.55-percent. In the hotly contested KwaZulu-Natal, MK is at 43.95-percent, the ANC second with 18.98-percent and the IFP at 15.42-percent. In the Western Cape, the DA leads with 52.85-percent, followed by the ANC at 20.41-percent and the Patriotic Alliance at 8.96-percent.

# BetterBond says the South African Reserve Bank’s decision to hold the prime lending rate steady yet again, while not surprising, is a bitter pill for consumers to swallow. The bank has kept the repo rate unchanged at 8.25-percent and commercial banks’ prime lending rate remains at 11.75-percent. BetterBond’s CEO, Bradd Bendall, says the unexpected cooling of inflation had raised hopes that would mark the start of the Reserve Bank’s long-awaited cutting cycle:

# Tennis: The organisers of the French Open have put a ban on spectators drinking alcohol on pavilions to prevent unruly behaviour. This follows after Belgian David Goffin was booed following his victory over local player Giovanni Mpetshi Perricard on Monday, and world number one Iga Swiatek asking the crowd to be silent during rallies yesterday. Tournament director Amelie Mauresmo says chair umpires will also be stricter towards spectators.

# And the financial indicators: The dollar trades at 18-rand-86-cents and the euro at 20-rand-43-cents. One British pound costs 23-rand-96-cents and Bitcoin trades at 68-thousand-226-dollars-9-cents. Gold sells at two-thousand-340-dollars-94-cents a fine ounce and Brent crude oil is quoted at 81-dollars-65-cents a barrel.

Stay tuned for more news………….