News 18:00

BULLETIN 31 July 6 pm

Good afternoon. I am……..

In this bulletin:

# The DA is concerned as minister Tau is under pressure to secure a US trade deal before tariffs hit
# The repo rate is reduced by another 25 basis points
# And swimming: Pieter Coetzé breaks another African record to reach the final

# The DA’s Finance spokesperson, Mark Burke, says Trade, Industry and Competition minister Parks Tau has only hours to clinch a US trade deal before 30-percent tariffs kick in. Burke accuses Tau of proposing taxpayer-funded incentives instead of securing vital agreements, risking further debt and taxes. With 40-billion-rand already lost in customs subsidies last year, Burke says Treasury cannot afford to bankroll ANC foreign policy failures. He has opposed any bailout if negotiations collapse.

# 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:

# The Gauteng Department of Education says it has successfully paid over 426-million-rand of all outstanding municipal debts owed by schools as of 30 June. The department’s spokesperson, Steve Mabona, says this is representing 99.95-percent of the 426.45-million-rand that was owed to municipalities and Eskom. He says the department confirms that the remaining balance will be paid:

# Swimming: South Africa’s world champion swimmer Pieter Coetzé has broken another African record to qualify as the fastest finalist in the 200-meter backstroke at the World Aquatics Championship in Singapore. He won the gold medal in the 100-meter backstroke with another African record earlier this week. Kaylene Corbett stormed to fourth in her semifinal in the 200-meter breaststroke to qualify seventh fastest for the final. Both finals will take place tomorrow.

# And the financial indicators: The dollar trades at 18-rand-9-cents and the euro at 20-rand-67-cents. One British pound costs 23-rand-89-cents and Bitcoin trades at 118-thousand-146-dollars. Gold sells at three-thousand-297-dollars-49-cents a fine ounce and Brent crude oil is quoted at 72-dollars-2-cents a barrel.

Stay tuned for more news………….