News 14:00

BULLETIN 19 June 2 pm

Good afternoon. I am……..

In this bulletin:

# The Public Investment Corporation meets with the minister of Finance to resolve ongoing governance issues
# UK prime minister Starmer’s main rival wins a seat in Parliament
# And cricket: The Proteas Women must correct their wrongs before facing India

# The Public Investment Corporation and the minister of Finance, Enoch Godongwana, met to resolve several ongoing governance issues relating to the fund’s investment decision and performance. The PIC manages the pension savings of 1.3-million civil servants and has endured serious governance breaches and financial losses due to investment decisions often linked to politically-connected people. The fund, which controls an estimated 3.6-trillion-rand’s investments, says in a statement the meeting agreed to develop a programme to address public and client concerns about legacy investments in the PIC’s unlisted portfolio.

# The International Trade Administration Commission of South Africa has recommended increasing the anti-dumping duty on plastic feedstock polymers, known as P-E-T, and imported from China, to 43.77-percent. P-E-T is a chemical polymer used extensively to manufacture everyday plastic items, most notably clear beverage bottles and food containers. South African polymer producer Safripol applied for a review and higher tariff, as well as proving that the previous 28.89-percent tariff was ineffective and could harm the local industry.

# The British Labour Party’s Andy Burnham has won the Makerfield by-election, paving the way for him to challenge prime minister Keir Starmer for the governing party’s leadership. The former mayor of Greater Manchester defeated Reform UK’s Robert Kenyon, securing 55-percent of the vote. Starmer congratulated Burnham, saying voters chose Labour’s campaign of hope and optimism over division and hate. Burnham says his victory could be the turning point for the party:

# Cricket: South Africa’s Women realise they have to be on top of their game in Sunday’s T20 World Cup match against India in Manchester, England. The Proteas’ loss to Australia in their first match put them under pressure as only the top-two teams in the two groups advance to the semifinals. South Africa squandered a brilliant start against Pakistan on Wednesday before scraping through with a two-wicket victory. Batter Annerie Dercksen admits they will have to figure out what they did wrong before facing the strong Indian side.

# The financial indicators: The dollar trades at 16-rand-48-cents and the euro at 18-rand-88-cents. One British pound costs 21-rand-79-cents and Bitcoin trades at 62-thousand-400-dollars. Gold sells at four-thousand-154-dollars-10-cents a fine ounce and Brent crude oil is quoted at 79-dollars-20-cents a barrel.

# And finally: Retired Justice Mbuyiseli Madlanga has called on legal practitioners to restore dignity, integrity and public confidence in South Africa’s legal profession. Speaking at the Wits School of Law, the chairperson of the Madlanga commission said lawyers must view themselves as officials of the court and champions of justice. He stresses legal ethics require honourable conduct. Madlanga acknowledges concerns about unethical behaviour, but maintains the vast majority of lawyers remain ethical and committed professionals:

Stay tuned for more news………….