News 12:00

BULLETIN 25 May 12 pm

Good afternoon. I am……..

In this bulletin:

# Oil prices plunge over five-percent amid optimism over a potential US-Iranian peace deal
# South Africa’s Monetary Policy Committee faces a difficult decision on interest rates as inflation pressures increase
# And SANParks boosts its security after the murders in the Kruger National Park

# Oil prices hit a two-week low today, plunging by over five-percent, fueled by growing optimism over a potential peace agreement between the US and Iran. Both countries signalled progress over the weekend in efforts to reach a deal, with the terms surrounding the reopening of the Strait of Hormuz and Tehran’s nuclear programme. In Asia, Brent crude’s price was down 5.5-percent, while US-traded crude was 5.9-percent lower. If an agreement is reached, analysts expect it could still take months for oil shipments through the strait to fully normalise.

Meanwhile, South Africa’s Monetary Policy Committee faces intense pressure ahead of Thursday’s interest rate decision. While consumers desperately hope for a rate cut to ease borrowing costs, stubborn global fuel shocks have driven annual consumer price inflation to four-percent. This sudden spike hits the absolute ceiling of the Reserve Bank’s tight target range. Independent economist John Loos says maintaining the repo rate on 6.75-percent would be the safest approach, as the markets demand price stability.

# SANParks says security is being strengthened in the Pafuri section of the Kruger National Park following the murder of two tourists. The bodies of Dina and Ernst Marais from Mossel Bay was found last week. Authorities believe their vehicle may have crossed into Mozambique. SANParks spokesperson JP Louw says additional rangers and monitoring resources will be deployed and surveillance technology upgraded. He reassures visitors the park remains safe despite the murders:

# The GOOD Party is calling for an urgent public explanation from the Department of Forestry, Fisheries and the Environment on the decline of the Kirstenbosch National Botanical Gardens in Cape Town. This follows allegations by environmentalist and long-time Kirstenbosch contributor, James Deacon, that the gardens are going through a phase of decay. GOOD’s chairperson, Matthew Cook, says Deacon’s account paints a devastating picture of institutional neglect:

# Tennis: Third-seeded Novak Djokovic kicked off his quest for a record-breaking 25th Grand Slam title with victory in the first round of the French Open. The Serbian beat Frenchman Giovanni Mpetshi Perricard. Seventh-seeded Taylor Fritz was stunned by fellow American Nishesh Basavareddy. Germany’s Alexander Zverev ‌started his campaign with a victory over France’s ‌Benjamin Bonz. In the women’s draw, British number one Emma Raducanu suffered a first-round defeat to Argentina’s Solana Sierra.

# And the financial indicators: The dollar trades at 16-rand-34-cents and the euro at 19-rand-2-cents. One British pound costs 22-rand-4-cents and Bitcoin trades at 77-thousand-227-dollars. Gold sells at four-thousand-554-dollars-64-cents a fine ounce and Brent crude oil is quoted at 96-dollars-40-cents a barrel.

Stay tuned for more news………….