News 17:00

BULLETIN 31 July 5 pm

Good afternoon. I am……..

In this bulletin:

# The repo rate is reduced by 25 basis points
# The Constitutional Court dismisses the MK Party’s bid against Ramaphosa
# And rugby: The Wallaby scrumhalf Nic White will retire after the final Test against the Lions

# The South African Reserve Bank has reduced the repo rate to seven-percent, effective tomorrow, just hours before US president Donald Trump’s expected announcement of a 30-percent tariff hike on South Africa. Reserve Bank governor, Lesetja Kganyago, cited weakening business and consumer confidence, with inflation at three-percent. While food prices are rising, inflation expectations remain stable. Kganyago emphasised the bank projects moderate growth supported by structural reforms:

# The Constitutional Court has denied former president Jacob Zuma and his MK Party direct access to the court to challenge president Cyril Ramaphosa’s decision to place Police minister Senzo Mchunu on special leave. The party and its leader also wanted the court to set aside the appointment of Wits professor Firoz Cachalia as acting minister. Justice Rammaka Mathopo ruled the application does not fall within the court’s jurisdiction:

# Trade, Industry and Competition minister Parks Tau says South Africa will continue to pursue inclusive economic policies despite uncertainty over looming US trade tariffs. With tomorrow’s deadline approaching, the government is still awaiting a response from Washington on a proposal to avoid a potential 30-percent tariff on South African exports. Tau told Newzroom Afrika the government is committed to supporting affected businesses through export support measures:

# Germany’s Foreign minister, Johann Wadephul, says Israel was increasingly isolated diplomatically over the humanitarian crisis in Gaza. In a statement before heading to Israel, he said the recent United Nations conference on a two-state solution to the Israeli-Palestinian conflict showed that Israel is finding itself increasingly in the minority. Germany is one of Israel’s staunchest diplomatic allies, but Wadephul noted that in view of the open threats of annexation by some in the Israeli government, a growing number of European countries are ready to recognise a state of Palestine.

# Rugby: The final Test between Australia and the British and Irish Lions will be the last international match for Wallabies scrumhalf Nic White. The 35-year-old played 72 Tests since 2013 and scored 46 points. White says he dreamt of pulling on the gold jersey as a young boy and is incredibly proud of what he had achieved, but now is the right time to pass the baton to the younger generation. He will wear the number nine jersey in Saturday’s Test in Sydney.

# And the financial indicators: The dollar trades at 18-rand-8-cents and the euro at 20-rand-64-cents. One British pound costs 23-rand-87-cents and Bitcoin trades at 118-thousand-263-dollars. Gold sells at three-thousand-309-dollars-40-cents a fine ounce and Brent crude oil is quoted at 71-dollars-53-cents a barrel.

Stay tuned for more news………….