Latest news with #Blackmore
IOL News
6 days ago
- Business
- IOL News
All Eyes on SA Reserve Bank: What to expect from July's MPC meeting
If the MPC bases its decision purely on data, the country could enjoy a rate cut, however, many other factors are at play which could see interest rates remaining unchanged at the end of the month, offering no financial relief for consumers battling the cost of living crisis in the country. Image: Thobile Mathonsi / Independent Newspapers As South Africa's economic landscape shifts with increasing complexity, all eyes are on the South African Reserve Bank's (Sarb) Monetary Policy Committee (MPC) as it prepares for its pivotal interest rate decision at the end of July. If the MPC bases its decision purely on data, the country could enjoy a rate cut, however, many other factors are at play which could see interest rates remaining unchanged at the end of the month, offering no financial relief for consumers battling the cost of living crisis in the country. The current repo rate sits at 7.25%, following a slight reduction of 25 basis points earlier in May. Despite the central bank's move, Governor Lesetja Kganyago has continued to adopt a hawkish stance, underscoring the significance of maintaining price stability and addressing inflation risks. Recent data paints a somewhat brighter picture, with inflation now stabilising within Sarb's targeted range of 3%–6%. Notably, the headline Consumer Price Index (CPI) dropped from 5.6% in April to 5.2% in May, indicative of subdued demand-side pressures on the economy. Frank Blackmore Lead economist at KPMG told Business Report that there are several factors the MPC will need to consider ahead of the meeting, the most important being the current state of inflation in the country. "Inflation has remained below the lower band at 2.8%. Therefore, in a purely data-driven process, one might expect there to be room for a 25 basis-point reduction at the end of the month. However, the decision is not that straightforward. Inflation expectations are currently closer to the 4% mark," Blackmore said. "The Reserve Bank has also raised the possibility of lowering the inflation target, from the current midpoint of 4.5% within the 3–6% target band, down to 3%. If this is the case, and the aim is to bring inflation expectations down to that level, interest rates may need to remain slightly higher for longer. This could mean that rates remain unchanged until the end of the year to ensure inflation expectations are aligned with the revised addition, developments among our trading partners, particularly with countries like the United States, must be considered," Blackmore added. Neil Roets, CEO of Debt Rescue said that the country stands at a critical economic juncture. "The imminent threat of a 30% tariff on exports to the United States, currently set to take effect on 1 August, could have far-reaching consequences, including sharp decline in export demand, coupled with a weakening rand, which may increase the cost of imports, placing fresh upward pressure on prices, particularly on essentials like food and fuel," Roets said. Blackmore added, "Following the imposition of tariffs under President Trump, there is a market assumption that US inflation figures for June will show an uptick due to those tariffs. This would reduce the likelihood of any rate cuts in the US and, in turn, make a local rate reduction less likely as well. There are three key areas influencing the decision: 1. Current inflation and inflation expectations, which could support a rate cut; 2. The potential revision of the inflation target to 3%, which may justify holding rates steady; 3. External factors, such as the inflationary impact of US tariffs, which could also reduce the likelihood of a rate cut." Roets said that this comes at a time when most South Africans are already financially stretched. "At Debt Rescue, we continue to see how families are cutting back on even the most basic necessities. Food inflation stood at 4.8% in May, contributing significantly to overall inflation and further eroding household budgets. For many consumers, the financial margin has disappeared, leaving no space for savings, and mostly not enough to cover essentials," Roets said. "Sarb must now navigate a very delicate path. While inflation is currently within target and the repo rate sits above the neutral level, suggesting that there could be room for further easing, the global economic outlook is volatile. The U.S. tariff threats, shifting interest rate expectations abroad, and domestic price pressures all complicate the decision-making process. The upcoming Consumer Price Index (CPI) data, due on 23 July, will be one of many indicators informing the final call," the Debt Rescue CEO further added. Roets said, "A further rate cut would offer desperately needed relief to consumers, particularly the over-indebted, who are struggling to meet their monthly obligations. However, the Sarb's mandate is currency stability, and if risks to inflation mount, the Bank may be compelled to hold steady. While a cut would be welcome, especially by struggling households, the decision remains highly uncertain. With so many competing domestic and international pressures at play, predicting the outcome has become extremely difficult. The SARB will need to weigh a wide range of micro and macroeconomic factors before making its final decision." For businesses and consumers already navigating tight margins in this sluggish economy, a rate cut would provide much-needed relief. Reduced borrowing costs could stimulate demand for credit, boost consumer spending, and encourage greater business confidence, though the measurable impact would likely take time to manifest across the economy. Despite these pressures, experts maintain that the Sarb will remain vigilant, focusing on data rather than light-hearted reactions to short-term dynamics. Annabel Bishop, Chief Economist at Investec, summarised the sentiment concisely: 'We expect the Bank to remain cautious and data-dependent.' Yet, she noted, if inflation continues its downward trajectory, a cut could feasibly come as early as September. The forthcoming MPC decision is set to capture the attention of investors, businesses, and policymakers, with prevailing forecasts hinting at holding the rate steady at 7.25%. As stakeholders keenly await the meeting's outcomes, all eyes will be on the Sarb for any indications of the timing and nature of potential monetary easing. BUSINESS REPORT
Irish Daily Mirror
20-07-2025
- Sport
- Irish Daily Mirror
Delighted Rachael Blackmore sums up Tipperary's incredible All-Ireland win
Rachael Blackmore couldn't contain her excitement as she spoke to the BBC following her county's incredible All-Ireland hurling final win over Cork. Hardly anybody gave Tipperary a chance ahead of Sunday's decider, but a stunning second half performance saw them steamroll the Rebels and lift the Liam MacCarthy Cup for the first time since 2019. "It just shows you what sport is and what can happen is sport and I think that's just inspiring for everyone in any walk of life," a delighted Blackmore told the BBC. "It's incredible. They just came out in the second half and were just phenomenal." Blackmore was then asked how it was as a Tipp native experiencing the match live, but she couldn't hear the question through the wall of noise, saying: "I haven't heard a word you said. Woooo." Tipp trailed Cork by six points at half-time, but a second half blitz of scores saw them run out winners by 3-27 to 1-18 as they limited Cork to just two points in the second 35 minutes. It was the first ever All-Ireland final meeting of the sides and means Cork's wait for Championship glory will now extend to 21 years at least after they lost in the decider for the second year in a row.
Global News
27-06-2025
- Politics
- Global News
Saskatchewan commanding Mountie gets a new role in Ottawa
After being removed from her position as the commanding officer for the RCMP F Division, Rhonda Blackmore will now serve as the Assistant Commissioner of Indigenous Supports and Services in Ottawa. Her change in position came as a surprise by many when earlier this month RCMP confirmed her removal from her Saskatchewan position. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Blackmore was known in Saskatchewan as an officer who was working to restore ties between the indigenous peoples and the RCMP. FSIN Chief Bobby Cameron was shocked to hear the news surrounding Blackmore and the alleged anonymous complaints that she believes led to her removal from the F Division. To find out more and to see Chief Cameron's reaction, please watch the video above.
Saudi Gazette
25-06-2025
- Politics
- Saudi Gazette
UK aircraft carrier in Indo-Pacific on rare deployment
LONDON — A British aircraft carrier has docked in Singapore on a rare Indo-Pacific deployment which will see it call on Australia, Japan, Korea and take part in several multinational exercises. HMS Prince of Wales' visit comes weeks after two Chinese aircraft carriers concluded simultaneous drills in the region, in an unprecedented move prompting Japan's protest. The carrier strike group's commander James Blackmore says he does not expect conflict with Chinese counterparts, noting the UK and China each "has every right to sail its ships in international sea space". "I almost expect they'll want to come and want to watch what we're doing... Lots of other parties will wish to witness what we're doing," he tells the BBC. "But I do recognise it will be safe and professional. That's the way we operate in the maritime." Just last week, China had criticised another British warship HMS Spey's passage through the Taiwan Strait as an act of "intentional provocation" that "undermines peace and stability".HMS Spey is one of two British warships - the other being HMS Tamar - permanently on patrol in the Prince of Wales, which docked in Singapore on Monday, is one of the UK Navy's largest ships with a flight deck large enough to fit three football its eight-month deployment, HMS Prince of Wales will be supported by ships from Australia, Canada, New Zealand, Norway and Spain, among deployment begins with around 2,500 military personnel and will grow to over 4,500 for some key warship's presence in the Indo-Pacific also comes at a time when Washington has become more unpredictable, which introduces uncertainty to military alliances in the instance, it is now reviewing its multi-billion dollar submarine deal with the UK and how crucial the Aukus pact is to his carrier strike group's mission, Commodore Blackmore declined to comment, noting that the deal is "being entirely dealt with at a government to government level".The group is headed down under next month to participate in an Australia-led exercise which will involve the US and other regional will then sail through the Philippine Sea to Japan, where it will support Japanese authorities in developing the country's F-35 capability, Commodore Blackmore Prince of Wales' deployment demonstrates the UK's commitment to the region, he adds."It's about upholding a rules-based international order and recognising the importance of trade between a free and open Indo-Pacific and the European theatre," he its way home in September, HMS Prince of Wales will take part in the annual warfighting exercise of the Five Power Defence Arrangements - referring to defence pacts between Australia, Malaysia, New Zealand, Singapore and the UK established in last time a UK aircraft carrier joined these drills was in 1971. — BBC
IOL News
22-06-2025
- Business
- IOL News
South African consumers to face financial strain amidst Israel-Iran conflict
Rocket trails in the sky after Iran struck Israel with barrages of missiles, following a massive onslaught targeted the Islamic republic's nuclear and military facilities. The ongoing conflict between Israel and Iran is causing significant fluctuations in global oil prices, which could have dire economic implications for South African consumers. Image: Ayad Baba / AFP The escalating conflict between Israel and Iran is sending ripples through global markets, raising concerns over potential economic repercussions especially closer to home in South Africa and the impact on consumers in the country. Frank Blackmore, the Lead Economist at KPMG, said that the overall impact will hinge on two pivotal factors: the scale and duration of the conflict. Since the onset of the conflict, oil prices have already begun to rise, and Blackmore stressed the significance of this surge. 'An increase in oil prices traditionally translates to higher costs for transportation and goods, which the consumer ultimately endures,' he said. In South Africa, where the economy relies heavily on oil imports, subsequent price increases could put further strain on inflation rates, potentially leading the South African Reserve Bank (Sarb) to maintain elevated interest rates for an extended period. Blackmore further said, "If the conflict intensifies beyond what we are currently witnessing, the impact will be far more significant. If it is resolved swiftly, the effects on the markets will likely be limited. There are two avenues through which the impact will be felt. Firstly through the oil price. We have already seen an increase since the onset of the conflict. Secondly, through the exchange rate. The Rand has depreciated due to heightened uncertainty, which could lead to inflationary pressure on the local economy and the possibility of interest rates remaining higher for longer. Given that both oil and the exchange rate affect the impact of the cost of transporting people and goods around the economy, the inflationary impact will be shifted down onto the consumer in the form of higher inflation. The Reserve Bank may be forced to maintain elevated interest rates for an extended period." Nigel Green, CEO of independent financial advisory deVere Group, said the risks to global energy markets were growing, adding that even the threat of closure or interference would 'likely push oil well beyond $100 per barrel, reigniting inflation and altering the current trajectory of interest rate policy in developed economies.' 'Investors are clinging to a framework shaped by central bank support, solid earnings, and disinflation. But if energy prices rise sharply from here, that disinflation story evaporates. Rate cuts could stall. Market momentum could reverse,' Green said. Adding to the woes regarding interest rates, the US Federal Reserve held interest rates steady for a fourth consecutive meeting this past week. The possibility of interest rates remaining elevated along with the prospect of fuel prices increasing will leave South African consumers in a tough space. According to a survey conducted by Debt Rescue, two-thirds of South Africa's credit-worthy consumers stated that they cannot repay their debt due to macroeconomic pressures beyond their control. CEO of Debt Rescue Neil Roets, said that disturbing insights from the survey show that 41% of people have indicated that they have defaulted on their credit cards over the past year, while 30% have missed payments on retail store accounts. 'These are the two most commonly used forms of credit for day-to-day expenses because they are existing facilities which they have access to, which are now becoming increasingly unaffordable – while providing the only lifeline for many consumers,' Roets said. In addition, survey outcomes show that 24% of those polled cited defaults on personal loans, with 31% attributing this to unexpected expenses and 21% to loss of employment. 'This points to the widespread financial distress many South African households find themselves in, due to economic pressures which have seen living costs skyrocket over the past few years while there has been very little in the way of financial relief in terms of interest rates, cost of living and tax reductions,' Roets added. '65% of those surveyed said current economic conditions are significantly affecting their ability to repay debt,' he said. BUSINESS REPORT Visit:
