News 15:00

BULLETIN 25 July 3 pm

Good afternoon. I am……..

In this bulletin:

# The Referendum Party calls for the repeal of race-based legislation
# Stanlib warns of challenges in maintaining a 4.5-percent inflation rate
# And, Olympic Games: Coco Gauff and LeBron James will be the US flag bearers at the opening ceremony

# The Referendum Party has called on president Cyril Ramaphosa to repeal all race-based legislation, supporting his commitment to non-racialism expressed in Parliament. Spokesperson Phil Craig argues that race-based policies have failed over three decades, by avoiding to address the root causes. Craig calls on government to create equal opportunities for all, stating that the ANC has undermined non-racialism by pursuing outdated policies. He insists on action to back the president’s words.

# Stanlib Asset Management warns that the Reserve Bank may struggle to maintain a 4.5-percent inflation rate due to infrastructure backlogs and fiscal constraints raising essential service costs. Inflation has exceeded 4.5-percent for over three years, despite discussions of lowering the target to three-percent. Chief economist Kevin Lings notes that escalating costs for electricity, water, and healthcare will continue to drive inflation. There are growing concerns about state-set prices keeping inflation and interest rates high, impacting the central bank’s ability to achieve a lower inflation rate.

# FNB says life cover is commonly used to settle outstanding debts, fund children’s education and maintenance, or cover estate taxes. FNB Integrated Advice Product Head, Ester Ochse, says according to the Financial Sector Conduct Authority’s 2022 financial sector outlook study, 42-percent of adult South Africans reported having funeral cover in 2021, down from 53-percent in 2019. Ochse says in addition, only 10-percent have life insurance, down from 12-percent in 2019:

# The City of Cape Town’s Human Settlements Directorate has issued more than 16-thousand flood kits to dwellings in informal settlements. The Weather Service has issued an advisory for orange level five disruptive rainfall over Cape Town and surrounding municipalities on Saturday. Mayoral committee member for Human Settlements, Carl Pophaim, says an important focus is on areas where the water will not dissipate over the next few weeks:

# Olympic Games: Tennis star Coco Gauff will be the woman flag-bearer for the United States at the opening ceremony of the Paris Games. The reigning US Open champion will join NBA superstar LeBron James during tomorrow’s ceremony along the River Seine. The 20-year-old Gauff will be compete in her first Games. They were chosen as flag-bearers after a vote by fellow Team USA members.

# And, the financial indicators: The dollar trades at 18-rand-47-cents and the euro at 20-rand-4-cents. One British pound costs 23-rand-78-cents and Bitcoin trades at 64-thousand-216-dollars-59-cents. Gold sells at two-thousand-375-dollars-64-cents a fine ounce and Brent crude oil is quoted at 80-dollars-61-cents a barrel.

Stay tuned for more news………….