News 18:00

BULLETIN 18 July 6 pm

Good afternoon. I am……..

In this bulletin:

# The Reserve Bank maintains the repo rate at 8.25-percent
# Pelosi also doubts Biden’s chance of re-election
# And rugby: Lukhanyo Am is excited about the Springboks’ more attacking style

# The South African Reserve Bank’s Monetary Policy Committee has held the repo rate at 8.25-percent. Governor Lesetja Kganyago noted that four members favoured this stance, while two preferred a 25-basis-point cut. Headline inflation is expected to dip due to lower fuel and food costs. Kganyago emphasises that inflation is expected to stabilise at 4.5-percent while the prime lending rate remains at 11.75-percent:

# Black Business Council CEO Kganki Matabane isn’t expecting major policy changes as president Cyril Ramaphosa outlines plans to bolster the economy during tonight’s opening of Parliament. Matabane emphasised to Newzroom Afrika the need for continuity and acceleration of economic transformation as well as support of businesses. He urges the signing of the Public Procurement Bill to further support these efforts:

# The Financial Sector Conduct Authority awaits over 350 retirement funds to submit rule amendments for the two-pot retirement system, set to start in September. Head of fund governance, Zareena Camroodien, highlights the need for the FSCA to approve these amendments before funds can process member claims. Despite extending the submission deadline to July 31, the FSCA warns of delays for late submissions. The industry also anticipates president Ramaphosa signing the Pension Funds Amendment Bill into law, essential for the two-pot system’s implementation.

# Another prominent Democrat has cast doubt over US president Joe Biden’s plan for re-election. Former speaker of the House of Representatives, Nancy Pelosi, reportedly told Biden privately that polls suggest he won’t be able to defeat Donald Trump in November’s elections. She said he could destroy the party’s chances of winning. Biden apparently told Pelosi he had seen polls that indicate he can win. She said in a recent interview Biden should decide soon if he was going to stand because time was running out.

# Rugby: Centre Lukhanyo Am looks forward to starting for the Springboks for the first time in almost a year. Am will play in the midfield alongside André Esterhuizen in Saturday’s Test against Portugal in Bloemfontein. It will be his first Bok Test since August last year when he suffered a knee injury against Argentina. Am is excited about the more attacking style of rugby that the Springboks are trying to play:

# And the financial indicators: The dollar trades at 18-rand-21-cents and the euro at 19-rand-87-cents. One British pound costs 23-rand-63-cents and Bitcoin trades at 64-thousand-316-dollars-29-cents. Gold sells at two-thousand-462-dollars-44-cents a fine ounce and Brent crude oil is quoted at 84-dollars-56-cents a barrel.

Stay tuned for more news………….