News 14:00

BULLETIN 4 June 2 pm

Good afternoon. I am……..

In this bulletin:

# South Africa’s economy contracted in the first quarter of 2024 
# The Council on Foreign Relations praises South Africa’s democratic resilience post election
# And rugby: Warren Gatland says Wales is building towards the 2027 World Cup 

# South Africa’s economy contracted by a marginal 0.1-percent in the first quarter of 2024. This followed a revised 0.3-percent increase in the fourth quarter of 2023. Weaker manufacturing, mining and construction drove much of the downward momentum on the supply side of the economy, while the demand side witnessed a decline across all components. Six of the ten industries on the production side of the economy performed poorly in the first quarter with manufacturing the largest negative contributor. Agriculture was the largest positive contributor in the first quarter.

# The Council on Foreign Relations has praised South Africa’s democratic resilience after the ANC accepted election results despite losses. However, the council’s research fellow, Michelle Gavin, cautioned that coalition formations in the coming days and weeks will be crucial for the country. Gavin further expressed concern that parties like the EFF and MK Party may alarm US businesses operating in South Africa:

# South Korean president Yoon Suk Yeol fully suspended a 2018 tension-reducing military deal with North Korea following a bombardment of trash-carrying balloons. The agreement, signed during a period of warmer ties, was already largely void as Seoul had partially suspended it last year in response to the North putting a spy satellite into orbit. Seoul’s security officials say respecting even some portions of the deal was hindering their ability to defend against the North’s provocations, which include floating nearly one-thousand balloons carrying garbage across the border.

# Rugby: Wales coach Warren Gatland says his side is building towards the 2027 World Cup as he unveiled a training squad ahead of Tests against South Africa and Australia. Wales is looking to bounce back from a dismal Six Nations when they lost all five matches to finish bottom for the first time since 2003. Wales is set to be without their England-based players, including Six Nations captain Dafydd Jenkins, for the match against South Africa.

# The financial indicators: The dollar trades at 18-rand-72-cents and the euro at 20-rand-35-cents. One British pound costs 23-rand-87-cents and Bitcoin trades at 68-thousand-820-dollars-98-cents. Gold sells at two-thousand-333-dollars-36-cents a fine ounce and Brent crude oil is quoted at 76-dollars-78-cents a barrel.

# And finally: South Africa is hosting the eighth South African TB conference at the International Convention Centre in Durban, KwaZulu-Natal. The four-day event seeks to reduce new TB infections and deaths while tracking progress towards the United Nations’ 2025 targets. South Africa is among 30 high-burden TB countries contributing 87-percent of global cases. Health Department spokesperson Foster Mohale says the conference calls for united action to fight the preventable infectious disease:

Stay tuned for more news………….