News 14:00

BULLETIN 12 June 2 pm

Good afternoon. I am……..

In this bulletin:

# Research finds that BEE compliance has cost the South African economy five-trillion-rand
# President Cyril Ramaphosa announces four new flagship hydrogen projects for cabinet approval
# And ActionSA calls for an audit of drainage systems following the recent floods in the Eastern Cape

# The Free Market Foundation and Solidarity Research Institute claim black economic empowerment compliance has cost South Africa over five-trillion-rand in lost economic growth. In a new report, they argue BEE compliance is costing up to 290-billion-rand a year and has led to the loss of nearly four-million jobs. The study claims the system mainly benefits a small elite while hindering overall growth and employment. The foundation is calling for a shift from race-based policies to broader economic freedom and opportunity.

# President Cyril Ramaphosa has announced that four new flagship green hydrogen projects are being prepared for submission to cabinet. Speaking at the Africa Green Hydrogen Summit in Cape Town, Ramaphosa said these projects will build on progress already made, including the Coega Green Ammonia Project in the Eastern Cape and the Sasolburg pilot project in the Free State, which is already producing green hydrogen for local use:

# ActionSA in the Eastern Cape is calling for a full audit of bridges, roads, and drainage systems in high-risk municipalities in the province following recent floods. The party says the floods claimed dozens of lives in the OR Tambo District alone. ActionSA’s Luzuko Gedze says they demand that the Eastern Cape government, in conjunction with National Treasury and the Department of Cooperative Governance, urgently publish a disaster response and infrastructure rehabilitation plan:

# The Parys Magistrate’s Court in the Free State has postponed the double farm murder case against a 34-year-old accused to next week Wednesday for a bail application. Police spokesperson Josephine Rani says on Saturday, the police responded to a scene where two men aged 27 and 34 years old were found dead at a local farm. She says so far, police arrested Mpho Tsimane and he appeared in court on murder charges:

# Motorsport: Aston Martin’s Lance Stroll will return to action at the Canadian Grand Prix this weekend. The 26-year-old withdrew from the last race in Spain to undergo a medical procedure after experiencing pain in his hand and wrist. The team said the pain was related to a procedure he underwent ahead of the 2023 season after a fall from his bike, which injured his wrist. Stroll says he is excited to get back behind the wheel in front of his home crowd in Montreal.

# And the financial indicators: The dollar trades at 17-rand-83-cents and the euro at 20-rand-64-cents. One British pound costs 24-rand-21-cents and Bitcoin trades at 107-thousand-447-dollars. Gold sells at three-thousand-372-dollars-85-cents a fine ounce and Brent crude oil is quoted at 68-dollars-26-cents a barrel.

Stay tuned for more news………….