News 17:00

BULLETIN 5 July 5 pm

Good afternoon. I am……..

In this bulletin:

# Inflation expectations for the next two years decline ahead of the Reserve Bank’s policy meeting
# A union addresses the impact of the Public Enterprises Department’s closure
# And rugby: The new Wallaby captain expects a tough Test against Wales tomorrow

# South African inflation expectations for the next two years declined, aiding the Reserve Bank’s efforts ahead of its policy meeting. According to a survey by the Bureau for Economic Research the average inflation expectations over the next two years will fall from 5.2- to 4.9-percent. All social groups lowered their forecasts for the three-year horizon. The five-year inflation forecast dropped below five-percent for the first time since the fourth quarter of 2021. Analysts expect the key interest rate to be kept at 8.25-percent on July 18, with future rate cuts anticipated later this year.

# Union Nehawu will approach the Public Service Coordinating Bargaining Council regarding the transfer of workers affected by the closure of the Department of Public Enterprises. This follows president Cyril Ramaphosa’s announcement of the department’s closure after the general election. Various entities including Eskom and Transnet are expected to be transferred to other ministries. Nehawu spokesperson Lwazi Nkolonzi expresses workers’ anxiety regarding their future to the SABC:

# The ANC Youth League in Gauteng has called for the government of provincial unity to allocate 50-percent of senior positions to the youth. League convener Ntsako Mogobe urges Gauteng’s youth to participate in a July dialogue on youth development, emphasising the importance of youth inclusion in decision-making and economic enhancement. He also encourages young people to support the government of provincial unity’s stability and to hold them to account:

# Britain’s head of state, King Charles, officially appointed Labour leader Keir Starmer as prime minister during an audience at Buckingham Palace. A photograph released by the palace shows the monarch shaking hands with Starmer, whose party won a landslide election victory. The king earlier accepted the resignation of Conservative leader Rishi Sunak. The palace says the king received Starmer today and requested him to form a new administration.

# Rugby: New Wallaby captain Liam Wright expects a tough Test against Wales in Sydney tomorrow, with both teams under tremendous pressure. Australia couldn’t qualify for the World Cup knock-out phases for the first time in France last year, while the Red Dragons lost their last seven matches. New Wallaby coach Joe Schmidt surprised yesterday by giving Wright the captain’s armband after playing the last of his five Tests in 2020. Wright says they have an exciting team with lots of enthusiasm amongst the debutants.

# And the financial indicators: The dollar trades at 18-rand-19-cents and the euro at 19-rand-70-cents. One British pound costs 23-rand-30-cents and Bitcoin trades at 55-thousand-229-dollars-8-cents. Gold sells at two-thousand-375-dollars-10-cents a fine ounce and Brent crude oil is quoted at 87-dollars-64-cents a barrel.

Stay tuned for more news………….