Daily news update: State capture report, R22 million flag project and repo rate

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Daily news update 20 May

Ramaphosa hands over fourth state capture report to Parliament

President Cyril Ramaphosa has officially submitted part four of the Commission of Inquiry into Allegations of State Capture’s report to Parliament.

This was revealed during the National Assembly’s Programming Committee meeting on Thursday morning.

National Assembly deputy speaker Lechesa Tsenoli told MPs during the virtual meeting that Ramaphosa sent a letter informing Parliament on the matter, having already submitted part three of the State Capture Commission’s report.

State capture has destabilised our democracy, says Ramaphosa

President Cyril Ramaphosa has lamented the negative effects of state capture on the economy of the country.

Delivering the keynote address at the annual Black Business Council Summit Dinner on Thursday night, Ramaphosa said the effects of state capture have been felt across society.

“State capture has deeply damaged our economy, weakened our public institutions and destabilised our democracy. But it has also hurt the cause of black economic empowerment and the advancement of black professionals,” said Ramaphosa.

Ramaphosa emphasised that it was not black economic empowerment that enabled corruption and state capture.

More pain for indebted South Africans – SARB hikes repo rate by 50 basis points

Reserve Bank governor Lesetja Kganyago has announced a repo rate increase of 50 basis points (bps), after the bank’s May Monetary Policy Committee (MPC) meeting on Thursday.

The governor cited spiked global inflation for the decision, taking the bank’s key rate to 4.75% and the prime lending rate of commercial banks to 8.25%.

The repo rate was previously at 4.25%, while prime lending was 7.75%.

“Investor appetite for riskier assets is weaker, and asset value in major markets has declined,” said Kganyago.

KZN floods: Zikalala warns more flooding could hit the province

As flood-ravaged KwaZulu-Natal (KZN) braces itself for a cold front which is expected to bring more rain over weekend, Premier Sihle Zikalala has warned about the possibility of more flooding in the province.

Zikalala was addressing members of the media to provide an update on the work done so far to support affected families, rebuild the province and grow the economy since the flooding in KZN in April.

The briefing comes after a provincial executive council meeting held on Wednesday.

Stellenbosch University ‘deeply distressed’ after student arrested for alleged rape

A Stellenbosch University student has been arrested for alleged rape, the South African Police Service (Saps) has confirmed.

The suspect was arrested on Thursday morning after a 19-year-old girl reported the incident to the police.

According to the police, the alleged rape occurred at around 10:30pm on Wednesday at a residence on Victoria Street in Stellenbosch.

While 18-year-old suspect is due in court on Thursday, the alleged perpetrator will be suspended by Stellenbosch University from his residence.

After public outcry, Nathi Mthethwa to review R22 million flag project

Sport, Arts and Culture Minister Nathi Mthethwa is reviewing the decision to erect a R22 million South African flag at Freedom Park.

In a statement, the Department of Sport, Arts and Culture said Mthethwa has noted the public outcry over the envisaged flag.

The department said it is upholding the rights of citizens to be heard.

“The Minister of Sport, Arts and Culture has directed his department to review the process related to the Monumental Flag in its totality.”

PSL announces nominees for end-of-the-season awards

The premier Soccer League (PSL) on Thursday announced the list of nominees for the 2021/22 PSL Awards.

Mamelodi Sundowns’ Andile Jali and Peter Shalulile as well as Victor Letsoalo of Royal AM) will compete for the prestigious 2021/22 PSL Footballer of the Season award.

The DStv Premiership Players’ Player of the Season category was also dominated by Sundowns with the trio of Jali, Shalulile and Themba Zwane making the top three.

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