IEC presents election report to Parliament
Does the IEC get a thumbs up or thumbs down vote?
We unpack this with vice chairperson of the IEC, Janet Love.
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The Citizen
a few seconds ago
- The Citizen
Weekly economic wrap: US tariffs, mining production and retail sales
The US tariffs have turned the global economy into a roller-coaster as it affects every part of economic growth and decline. In what was supposed to be a quiet week on the economic front, US tariffs kept people watching the economic news, while there was local news on mining production and retail sales. Lisette IJssel de Schepper, chief economist at the Bureau for Economic Research (BER), says the big global data prints of the week came on Tuesday, with better-than-expected Chinese GDP growth for the second quarter and US core inflation coming in lower than expected, but still (finally) reflecting some signs of tariffs being passed on to consumers. In South Africa, she says, the uptick in mining production and retail sales was positive for gross domestic product (GDP) for the second quarter. 'There was plenty of political news to digest. Globally, US President Donald Trump dished out more tariffs to be implemented on 1 August, while the push to essentially oust US Federal Reserve (Fed) chair Jerome Powell continued. 'Locally, President Cyril Ramaphosa placed police minister Senzo Mchunu on special leave, something which has never happened before, pending the outcome of another commission of inquiry.' ALSO READ: Devastating impact of US tariffs on SA automotive sector even before implementation Big story of the week: 30% US tariff on European Union She points out that the big story over the weekend was that the US plans to impose a 30% tariff on the European Union (EU), more than the 20% Liberation Day tariff announced in early April. Key training partners Canada (35%) and Mexico (30%) face similar hurdles, although some exceptions for trade covered by the United States-Mexico-Canada Agreement (USMCA) remain in effect. 'All countries have, so far, held off on immediate retaliation, but the EU finalised a list of countermeasures to strategically target US exports to the EU. It has held off on retaliating so that negotiations can continue, but plans to target €72 billion of imports, ranging from industrial goods (Boeing, cars and machinery) to agri-food products (including bourbon). 'Some EU countries pushed for the option to use anti-coercion instruments, which give broader powers to, for example, introduce taxes on US tech companies or restrict access to parts of the market.' ALSO READ: ArcelorMittal warns it might close without urgent solution to challenges Headlines in global markets written in halls of power, not just Wall Street Bianca Botes, director at Citadel Global, says this week in global markets the headlines were written not just on Wall Street, but in the halls of power from Washington to Beijing. 'Trade, technology and teetering central bank policies collided, reordering how investors see risk, reward and the future path of markets.' She says Trump's surprise announcement of potential sweeping tariffs on its key trading partners, South Korea, Japan, Brazil and Canada, sent waves through the commodity world and reignited concerns about global supply chains. 'Notably, a proposed hefty 50% tariff on copper imports, potentially starting 1 August, catapulted the red metal's futures prices. While previous tariff announcements sometimes triggered swift, knee-jerk selloffs, market reaction this time was more nuanced. 'Why? Investors are, by now, warier but also somewhat desensitised to the tug-of-war on trade. Rather than a wholesale equity retreat, money, instead, flowed into safe havens. Silver surged nearly 4% and select commodity classes outperformed as investors hedged their exposure. 'This sector-by-sector action underscores a key theme for 2025: the world is learning to trade around trade policy, analysing which assets get hit hardest and which might benefit.' ALSO READ: Government must intervene with US tariffs, act stronger with police corruption Oil and gold also affected by US tariffs Botes points out that oil steadied on supply worries, while gold dipped on strong data. 'Brent Crude hovered near $69.60/barrel, holding on to a 1.5% gain, after geopolitical tensions and tighter supply boosted prices. 'Meanwhile, gold hovered just below $3 340/ounce, heading for its first weekly decline in three weeks. The retreat follows stronger US data, with retail sales rebounding and jobless claims hitting a three-month low, thereby reducing the urgency for Fed rate cuts. 'Despite the policy tug-of-war within the Fed, gold remains underpinned by geopolitical risks and tariff uncertainty. With Trump's notification of tariff rates to over 150 trade partners, safe haven appeal remains intact.' According to Busisiwe Nkonki and Isaac Matshego, economists at the Nedbank Group Economic Unit, the rand is trading around R17.70/$ this afternoon, pulling back from R17.92 last Friday despite worries about the 30% import tariff on exports to the US. 'The rand benefited from positive sentiment that boosted emerging market currencies.' In commodity markets, the Brent Crude Oil price softened on concerns about the effects of the Trump tariffs on global demand, while gold continued to move around $3 340 and platinum jumped to the highest level since August 2014 as supply concerns worsened. ALSO READ: Does stronger economic activity indicate improved GDP? Will mining production perform better in the second quarter? Mining production increased by an above-consensus 0.2% in May, marking the first annual expansion since the start of this year, after a sharp 7.7% contraction in April. Iron ore was the largest positive contributor, while declines in manganese ore and coal production were the biggest drag. Nomvelo Moima, an economist at the BER, says that barring a sharp reversal in June, it appears the mining sector is likely to contribute positively to GDP in the second quarter. Mamello Matikinca-Ngwenya, Siphamandla Mkhwanazi, Thanda Sithole and Koketso Mano, economists at FNB, say the increase in seasonally adjusted mining output suggests a continued improvement in output in the second quarter, with production up 2.6% in the three months until May. 'Should this trend continue, mining production will contribute positively to GDP growth.' Nkonki and Matshego say the outlook remains murky. 'While most mining products will likely be exempted from the 30% US tariff on South African imports, the ongoing tariff war will hurt global growth in the quarters ahead, weighing on export demand and commodity prices.' ALSO READ: Retail sales: South Africans spent R19.6 billion on clothes and furniture in May Retail sales and motor trade faring better, but wholesale drags Statistics SA released a batch of domestic trade data for May, affirming that consumer spending remained solid during the second quarter. Real retail trade sales increased by 4.2%, while motor trade sales increased by 4.7%. However, the wholesale sector did not fare too well, as annual wholesale trade sales contracted for a fifth straight month in May by 4.3%. Matikinca-Ngwenya, Mkhwanazi, Sithole and Mano say retail activity over the past three months reflected no growth compared to the preceding three-month period, suggesting that household spending is losing momentum. 'However, any build-up in momentum in June will support GDP growth.' Nkonki and Isaac Matshego point out that only general dealers and hardware stores saw sales increase over the month, while sales at most other retailers, including online stores, declined in May. 'Despite the mixed results, sales remained well above last year's levels across the board. 'Retailers should benefit from the ongoing recovery in consumer demand as household incomes strengthen, inflation remains relatively subdued, and the recent interest rate cuts reduce borrowing costs and revive credit demand.'
The Citizen
a few seconds ago
- The Citizen
MK party takes Ramaphosa to ConCourt over Mchunu special leave decision
MK party has approached the Apex Court to challenge Ramaphosa's decision to place Police Minister Mchunu on special leave. The uMkhonto weSizwe (MK) party has approached the Constitutional Court seeking to have President Cyril Ramaphosa's decision to place Police Minister Senzo Mchunu on special leave set aside. The party made the announcement on Friday afternoon after intensifying its call for the president to fire Mchunu by leading marches in Pretoria. The marches were in support of KwaZulu-Natal Police Commissioner Nhlanhla Mkhwanazi following his explosive media briefing earlier in July, where he alleged a connection between Mchunu and crime syndicates. MK party escalates challenge against Ramaphosa in ConCourt The president placed Mchunu on special leave and appointed two acting police ministers in the space of four days. Ramaphosa first appointed Firoz Cachalia as acting police minister, then named Minister of Mineral Resources Gwede Mantashe to fill the role for the next two weeks until Cachalia formally takes office. ALSO READ: Mandela Day marches: Avoid these streets in Tshwane as traffic congestion expected In the court documents shared with the media, the MK party said the president's decision to place Mchunu on social leave and appoint Cachalia as acting minister was 'irrational', 'invalid', and inconsistent with obligations in the Constitution and Presidential Oath of Office. 'Declaring that the conduct or decisions of the president to establish the Judicial Commission of Inquiry is irrational and/or inconsistent with the obligations in section 83(b) of the constitution and/or the Presidential Oath of Office, read with sections 84(2)(f), 177, 178(4) and/or 180 of the constitution and is invalid,' the court papers read. The party calls for each to be set aside with immediate effect. 'Mchunu must be fired' MK party MP David Skosana told broadcasters that the party has made it clear that Mchunu must be fired. 'We want Ramaphosa to resign, and we want Senzo Mchunu to be fired,' Skosana said. ALSO READ: 'Cyril must fall': Organisations march against Ramaphosa to Union Buildings on Mandela Day Meanwhile, the party's move comes after it issued an ultimatum to the president demanding that he resign by 8am on Friday, Mandela Day. The party warned that if Ramaphosa misses the deadline, it will respond with a motion of no confidence, nationwide mass action, and constitutional litigation. Party 'disappointed but not surprised' that president didn't resign on Mandela Day Ramaphosa did not resign by 8am on Friday morning. The party spokesperson Nhlamulo Ndhlela told the media on Friday that MK party was disappointed but not surprised that the president didn't resign. [BREAKING NEWS] MK Party approaches the Constitutional Court seeking to have President Cyril Ramaphosa's decision to place Police Minister Senzo Mchunu on special leave set aside.#Newzroom405 — Newzroom Afrika (@Newzroom405) July 18, 2025 'We believe that Ramaphosa is not fit to lead this country and must do the honourable thing, as comrade Nelson Mandela would have done. He would have told him to resign,' stated Ndhlela. Ndhlela accused Ramaphosa of using commissions of inquiry as political tools to avoid accountability and called for immediate action against those implicated in corruption. ALSO READ: 'Where's the proof?': Calls for Ntshavheni to answer for coup claims 'When crime is exposed, we say crime must be dealt with effectively immediately,' he said. The spokesperson also accused the president of violating the constitution by bringing in Cachalia 'through the back door'. Phala Phala and CR17 Ndhlela also called out the president for the Phala Phala scandal and mentioned the CR17 bank statements. 'Ramaphosa must also have his day [in court] like President Zuma,' he said. Ndhlela concluded by reinforcing that MK party has approached the Apex Court and confirmed that marches will continue throughout the country, as well as the motion of no confidence against the president. NOW READ: MK party gives Ramaphosa until Mandela Day to resign
TimesLIVE
31 minutes ago
- TimesLIVE
Defiant Mchunu declares innocence, says he's ready to face inquiry
Police minister Senzo Mchunu says he is innocent of the allegations KwaZulu-Natal police commissioner Lt-Gen Nhlanhla Mkhwanazi made against him and is ready to give his side of the story. Mchunu was speaking on Friday for the first time publicly on the allegations after President Cyril Ramaphosa placed him on leave of absence. Ramaphosa said this was in response to Mkhwanazi's allegations that Mchunu interfered with sensitive police investigations and colluded with business people, including a murder accused, to disband the political killings task team based in KZN. According to Mchunu, everything has its own time. 'I am ready to explain my side and bring clarity,' said Mchunu. 'I am innocent of those allegations and I deny them, but let's wait for the commission. I've got lawyers, I've engaged lawyers on this matter.' Mchunu, who was speaking to the SABC during the Nelson Mandela Day celebrations in KZN, said the allegations were not only directed at him but also implicated government departments and elements of the justice system.
