News 15:00

BULLETIN 27 June 3 pm

Good afternoon. I am……..

In this bulletin:

# Geraldine Fraser-Moleketi says the 2024 elections exposed the widening cracks in South African society
# Consumer confidence continues to mend despite political uncertainties
# And Rugby: The new Wallabies coach says he’s never been so unprepared

# Thabo Mbeki Foundation chairperson, Geraldine Fraser-Moleketi, says the 2024 elections have revealed deepening societal divides in South Africa. Speaking at a media briefing hosted by nine foundations, including the Steve Biko Foundation and Chief Albert Luthuli Foundation, she highlighted issues such as the stark wealth disparity, the urban-rural divide, and inadequate governance. The foundations are calling for a national dialogue to unite the country, forge a shared vision, and strengthen South Africa’s democracy: 

# FNB Chief Economist Mamello Matikinca-Ngwenya has noted the uptick in the FNB/BER Consumer Confidence Index despite uncertainties around the composition of South Africa’s government of national unity. The index rose to minus-12 in the second quarter of 2024, from minus-15 index points in the first quarter, its highest level in 18-months. The uptick is driven by improved economic outlook and sentiments on durable goods purchases. Matikinca-Ngwenya highlighted that the increase primarily boosted confidence among middle- and low-income households, while high-income confidence remained unchanged:

# In May 2024, South African salaries showed a slight recovery, surpassing 2023 levels amid uninterrupted power supply and improved business conditions. The BankservAfrica Take-home Pay Index reported an average nominal salary of 15-thousand-888, marking a 10-percent increase from a year ago. Adjusted for inflation, salaries reached 14-thousand-and-15-rand, up 4.5-percent. Forecasts align with the Reserve Bank’s predictions, suggesting a positive trend for 2024 despite ongoing economic challenges like high interest rates and living costs.

# Johannesburg Water says the Rand Water maintenance work at the Zwartkopjes Pump Station and Daleside Booster Station has been completed and both systems are pumping at 100-percent. Johannesburg Water’s spokesperson, Nombuso Shabalala says systems supplied by the Daleside Pump Station including Orange Farm, Ennerdale, and the Lawley systems remain low but are steadily improving. Further improvement is expected in the next two to three days:

# Rugby: Wallabies coach Joe Schmidt tempered expectations ahead of his first match in charge against Wales next week, admitting he had never been so unprepared. The New Zealander was appointed in January to rebuild the team after Eddie Jones’ disastrous tenure and concedes he is still getting to know some of the players. Schmidt steered Ireland to the top of the rankings and then helped the All Blacks make last year’s World Cup final. He needs to whittle down a new-look 38-player squad to 23 and name a captain.

# And the financial indicators: The dollar trades at 18-rand-37-cents and the euro at 19-rand-66-cents. One British pound costs 23-rand-24-cents and Bitcoin trades at 61-thousand-115-dollars-92-cents. Gold sells at two-thousand-313-dollars-96-cents a fine ounce and Brent crude oil is quoted at 84-dollars-76-cents a barrel.

Stay tuned for more news………….