News 13:00

BULLETIN 25 May 1 pm

Good afternoon. I am……..

In this bulletin:

# A rate hike looms amid inflation pressure
# Tokyo Sexwale slams Cyril Ramaphosa over childish explanations regarding the Phala Phala saga
# And Enhanced Games: Only one world record was broken at the controversial Games

# The South African Reserve Bank’s Monetary Policy Committee is meeting this week as economists warn a rate hike is likely following rising inflation linked to the Middle Eastern war. Last month’s inflation climbed to four-percent from 3.1-percent in March, driven by higher transport and energy costs. FNB and Sanlam Investments says this has shifted market expectations, stating the central bank may tighten policy to protect its three-percent inflation target. 

Oil prices meanwhile 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 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.

# ANC veteran Tokyo Sexwale has criticised president Cyril Ramaphosa over the Phala Phala scandal, calling his explanation a childish non-story. The scandal, revealed by the former head of the State Security Agency, Arthur Fraser, is under parliamentary investigation with Ramaphosa facing an impeachment process. Speaking on SMWX podcast, Sexwale questioned claims that undeclared US dollars found at Ramaphosa’s farm came from a cattle sale to Sudanese businessman Hazim Mustafa:

# Tax Justice South Africa is calling for stricter laws against illicit cigarette trafficking. This comes after a 56-year-old Limpopo cigarette trafficker was sentenced to 13 years in jail last week. Toni Gumbo was found with 36 master cases of Remington Gold cigarettes concealed inside boxes. The illicit haul carried an estimated street value of 360-thousand-rand. TJSA leader Yusuf Abramjee says illicit traders must be treated as economic saboteurs rather than petty offenders:

# Enhanced Games: Greek swimmer Kristian Gkolomeev broke the only world record at the inaugural Enhanced Games in Las Vegas. He clocked 20.81 seconds in the 50-metre freestyle, but it won’t go into the record books as the Games allow performance-enhancing drugs that are banned in mainstream sports. The world record of 20.88-seconds was set by Australian Cameron McEvoy in a sanctioned event in March. About 42 athletes participated in the Games, with about 91-percent using testosterone and over 70 using human growth hormone.

# And the financial indicators: The dollar trades at 16-rand-32-cents and the euro at 19-rand. One British pound costs 22-rand-2-cents and Bitcoin trades at 77-thousand-465-dollars. Gold sells at four-thousand-560-dollars-58-cents a fine ounce and Brent crude oil is quoted at 95-dollars-42-cents a barrel.

Stay tuned for more news………….