News 15:00

BULLETIN 29 May 3 pm

Good afternoon. I am……..

In this bulletin:

# Cabinet supports the 2025 national budget, calling it a pro-poor budget
# UK celebrities call on their government to halt arms sales to Israel
# And Israel creates 22 new settlements in the occupied West Bank

# Cabinet has endorsed the revised national budget, calling it a pro-poor budget that prioritises the needs of the most vulnerable. It also highlighted a one-trillion-rand infrastructure investment over the next three years, citing the budget balances fiscal discipline with economic growth. The minister in the presidency, Khumbudzo Ntshavheni, told the media 61-cents of every rand in non-interest spending will go towards free basic services like electricity, water, education, healthcare, housing, and social grants:

# Absa has lowered its 2025 growth forecast for the South African economy by half and predicts two more rate cuts for later this year. The bank says it expects the economy to expand by only one-percent this year, down from a previous estimate of 2.1-percent. It also predicts the South African Reserve Bank will cut the repo rate by 25 basis points when it makes its rate decision announcement later today. An economist at Absa, Andiswa Nondudule, says this should take the repo rate to seven-percent.

# Pop star Dua Lipa joined some 300 UK celebrities in signing an open letter urging Britain to halt arms sales to Israel, after similar pleas from lawyers and writers. Actors, musicians, activists and other public figures wrote the letter calling on prime minister Keir Starmer to end the UK’s complicity in what they call the horrors in Gaza. Other signatories include actors Benedict Cumberbatch, Tilda Swinton and Riz Ahmed, and musicians Paloma Faith, Annie Lennox and Massive Attack.

Meanwhile, Israel announced the creation of 22 new settlements in the occupied West Bank, risking further strain on relations with the international community. Israeli settlements in the West Bank are regularly condemned by the United Nations as illegal under international law, and are seen as one of the main obstacles to a lasting peace between Israelis and Palestinians. Finance minister Bezalel Smotrich, himself a settler, wrote on X new communities will be established in Judea and Samaria, renewing settlement in the north of Samaria, and reinforcing the eastern axis of the State of Israel.

# Soccer: Chelsea manager Enzo Maresca is hoping that their UEFA Conference League triumph can be a starting point for a new era of success at the club. The Blues came from behind to beat Real Betis 4-1 in Wroclaw, Poland, securing their first trophy since 2022. Chelsea is also the first team to win all of Europe’s three major trophies. Maresca says he wants to build a winning mentality with his young squad:

# And the financial indicators: The dollar trades at 17-rand-84-cents and the euro at 20-rand-13-cents. One British pound costs 24-rand-2-cents and Bitcoin trades at 108-thousand-912-dollars. Gold sells at three-thousand-296-dollars-63-cents a fine ounce and Brent crude oil is quoted at 64-dollars-52-cents a barrel.

Stay tuned for more news………….