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IOL News
10 hours ago
- Business
- IOL News
Interest rates reduced: How the SARB's latest move impacts you
South African Reserve Bank announces a 25 basis point cut to the repo rate, providing much-needed relief for borrowers. Image: SA Reserve Bank. South African Reserve Bank (SARB) Governor Lesetja Kganyago said the Monetary Policy Committee decided unanimously to drop the lending rate by 0.25 percentage points given a backdrop of a stable inflationary environment. This will take the prime lending rate from banks to consumers down to 10.5%. The SARB has cut interest rates four times between September 2024 and May 2025, reducing the prime lending rate from 11.75% to 10.75% as of the end of May. The Monetary Policy Committee's reduction in interest rates comes as the US Federal Reserve held its benchmark rate steady on the back of economic uncertainty caused by US President Donald Trump's trade war. For the major central banks, policy is generally in a wait-and-see phase, said the Governor. "In the United States, there are signs of new inflationary pressures, from tariffs. Monetary policy remains 'modestly restrictive'. In Europe, by contrast, inflation is lower, and policy is more neutral. All the major central banks kept their policy rates unchanged at their most recent meetings," he noted. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Next Stay Close ✕ Investec chief economist Annabel Bishop's earlier this week aligned with that of other commentators, with Old Mutual Chief economist, Johann Els having said that there will likely be a 0.25 percentage point cut this week, while Standard Bank's group head of South Africa macroeconomic research, Dr Elna Moolman has also argued that there should be a cut. However, Bishop expects this to be the last interest rate cut this year. Kganyago said the bank expected headline inflation to rise over the next few months, averaging 3.3% for the year, in line with earlier forecasts. Prices then stabilise around the target objective over the rest of the forecast period. 'The risks to this outlook appear balanced,' he said, while noting that food prices were on the up, mainly due to meat. Els has said that inflation is expected to rise moderately through the rest of the year, approaching 4% by December, while Bishop previously said inflation for 2025 was expected at 3.3% year-on-year. June's consumer price index (CPI) rose to 3%, up from May's 2.8%, marking the first time in three months that inflation has returned to within the South African Reserve Bank's (SARB) 3% to 6% target range. Despite this small increase, inflation remains low by historical standards and well below the 5.2% seen a year ago. 'For policy, as we showed last time, lower inflation allows for lower interest rates,' said Kganyago. Kganyago said the recent data flow of economic indicators has been positive, suggesting that the economy picked up in the second quarter of the year. The International Monetary Fund this week said economic growth for this year would likely be 1%. 'Additional measures that would improve economic conditions include reaching a prudent public debt level, strengthening network industries, lowering administered price inflation, and keeping real wage growth in line with productivity gains,' said Kganyago, noting that the challenges to the 'global environment highlight the urgency of domestic reform for accelerating growth,' said Kganyago
IOL News
12 hours ago
- Sport
- IOL News
World Athletics brings in gene tests for female category eligibility
The sport of athletics has long considered introducing eligibility criteria for women's events, amid questions over biological advantages for transgender athletes and those with differences of sex development (DSD). Image: Snapwire/Pexels Track and field athletes aiming to take part in the female category in elite competitions will have to take a gene test from September, World Athletics has announced. The test will be in place in time for the World Championships which take place in Tokyo on September 13-21. "It is really important in a sport that is permanently trying to attract more women that they enter a sport believing there is no biological glass ceiling," said World Athletics president Sebastian Coe. "The test to confirm biological sex is a very important step in ensuring this is the case." The test for the SRY gene, which is part of the Y chromosome and causes male characteristics to develop, can be done by a cheek swab or a blood test. If the athlete tests negative for the Y chromosome they are eligible to compete in the female category in world ranking competitions. If it is positive, they can only compete in the female category in non-world ranking competitions or in another category other than the female one. The test will be administered by member federations. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ World Athletics says the test is "extremely accurate", adding: "The risk of false negative or positive is extremely unlikely." The SRY test is the same one adopted by World Boxing when it brought in mandatory sex testing for all competitors this year. Coe said in a statement on Wednesday: "We are saying, at elite level, for you to compete in the female category you have to be biologically female. "It was always very clear to me and the World Athletics Council that gender cannot trump biology." The sport of athletics has long considered introducing eligibility criteria for women's events, amid questions over biological advantages for transgender athletes and those with differences of sex development (DSD). Transgender women who have gone through male puberty are currently banned by World Athletics from competing in women's events, while the federation requires female DSD athletes whose bodies produce high testosterone levels to take medication to lower them in order to be eligible. AFP
IOL News
17 hours ago
- Entertainment
- IOL News
Unmasking the 'Hitmakers': the unsung heroes of your favourite pop songs
"Hitmakers" shines a spotlight on the talented individuals behind some of the world's biggest songs. Image: Instagram. Songwriters, who are often overlooked and underappreciated, are the true heroes of the pop music industry. Thanks to Netflix's new reality show, "Hitmakers", viewers get an inside look at the creatives behind some of the biggest songs on the planet. The series opens with a catchy phrase that perfectly encapsulates its premise: "You may not know us, but you definitely know our song." The show is produced by Done and Done Productions, the same company that gave us "Selling Sunset" and "The Hills". The aim is to shine a light on these talented individuals by showcasing their mastery in crafting songs for some of the biggest names in music, including John Legend, Usher, Shaboozey and Lisa from Blackpink. The show offers plenty of creative chaos, emotional stakes and personal breakthroughs from the featured songwriters, which include Jenna Andrews, who wrote on BTS's "Butter", Tommy Brown, who wrote on Arianna Grande's "Thank U, Next" and Trey Campbell, who has worked with Legend on "U Move, I Move". Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Other notable contributors include Ferras Alqaisi, who wrote for Dua Lipa, Sevyn Streeter, who has worked with Chris Brown, Bernard Harvey, who wrote on Justin Bieber's "Forever" and Nova Wav, who have written songs like Beyonce's "Cuff It". The songwriters are transported to luxurious locations like the Bahamas, Nashville and Cabo, where they engage in an intense songwriting camp, sipping champagne and enjoying gourmet meals as they attempt to craft the next big hit. As the show kicks off, viewers are quickly introduced to each songwriter's unique strengths and creativity. One would think that these masterminds would be rolling in money; however, off the bat, viewers quickly learn about the financial struggles many songwriters face when Campbell confesses that he still drives for Uber, despite being a Grammy-nominated writer. Although this theme is introduced, it fades into the background as the series progresses. During each writing session, songwriters engage briefly with the featured artists to gain insights into their visions for the new tracks. Then, divided into groups and with only six hours on the clock, these creative minds must come out with songs that can potentially scale the Billboard charts. While the show captures the essence of these high-pressure creative sessions, it leaves viewers wanting a more in-depth understanding of how these hits evolve from concept to completed work. At the end of each episode, the teams showcase their songs to the entire group at a listening party. Each team plays their song for the group and at the end of the season artists pick, chose and refuse which songs they will lend their voice to. Image: Instagram. While "Hitmakers" has the potential to deliver a gripping exploration of the music-making process, it often prioritises style over substance. The unique stories and struggles of songwriters deserve more attention. However, the series still manages to celebrate the artistry behind the scenes of pop hits, providing a visually engaging experience for viewers. Other interesting music shows to stream: "Beyoncé Bowl" The iconic Beyoncé takes the field for a special hometown halftime show on NFL Christmas Gameday from Houston, Texas. It features songs from her most recent album, "Cowboy Carter" with guest appearances from Tanner Adell, Brittney Spencer, Tiera Kennedy, Reyna Roberts, Shaboozey, and Post Malone. "Building The Band" This reality competition combines elements of dating shows with singing competitions. Contestants must select bandmates without seeing each other first, relying solely on musical compatibility before meeting face-to-face. The show features guest judges and mentors, including Kelly Rowland and the late Liam Payne of One Direction. "Rhythm + Flow" This reality series features up-and-coming hip hop singers vying for a chance at stardom. Chance the Rapper, T.I. and Cardi B are looking for new talent from their hometowns of Chicago, Atlanta and New York. Thirty selected contestants go on to compete in several elimination rounds, and the ultimate winner will win $250k and the opportunity to perform at Spotify's RapCaviar Live event. "Pop Star Academy: KATSEYE" The unscripted series features young women from around the world training and competing for a chance to form part of an international all-girl K-pop-styled group. It's a compelling portrayal of the journey to global stardom, including insight into the unique training and development program from HYBE and Geffen Records. "The Greatest Night in Pop" Directed by Bao Nguyen, the documentary is about the creation of the renowned pop song "We Are the World" and its recording in 1985. The film features new interviews with various people involved in the song, including Lionel Richie, Michael Jackson, Stevie Wonder, Bruce Springsteen, Huey Lewis, Dionne Warwick and Cyndi Lauper.
IOL News
a day ago
- Politics
- IOL News
WATCH: Chaos erupts in City Council as EFF leader assaulted
EFF Councillor Mzubani Dambuza choked by security personnel inside the City Council Chambers. Image: Screengrab EFF caucus leader in the City of Cape Town, Mzubani Dambuza, said he lodged a complaint of assault with police last night, after he was attacked and choked by security personnel inside the City Council Chambers on Wednesday. Calls have since gone out for Cape Town Speaker, Felicity Purchase, to step aside, with the GOOD Party saying she was responsible for the incident after unlawfully allowing a Point of Order during the oral question period following Mayor Geordin Hill-Lewis's address, which set in motion the chaos that followed. The confrontation was caught on film and shared widely on social media, showing Dambuza attacked and choked by security personnel, allegedly to the point of unconsciousness, during the Council sitting. Dambuza last night said he was doing fine after the assault. "As much as we don't agree with SAPS, we believe this is an attempted murder case," he said. In the video, other councillors are heard saying 'this is racism taking place", "get off him", and "why are you choking him? Stop choking him." Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The chaos allegedly started when Purchase ordered Dambuza to leave the house. It's alleged security got involved when Dambuza's party members tried to shield him from them. Hill-Lewis was also apparently asked during the incident to bring his security to order. The GOOD Party's Roscoe Palm, who likened it to the killing of George Floyd in the US, said Purchase failed in her duty to apply the Rules of Order fairly and consistently. 'The Cape Town Speaker, Felicity Purchase, must step aside. 'Her actions, inactions and biases have resulted in violence and thuggery that have endangered lives. 'Today's scenes in Council were unfortunate, but not unexpected. Once again, the Speaker of the City of Cape Town has failed in her duty to apply the Rules of Order fairly and consistently. 'What happened in Council today must be addressed. GOOD will be calling for an urgent investigation into the Speaker's handling of the session, and disciplinary action against all councillors who disrupted proceedings, regardless of political party,' he said. The City of Cape Town's speaker Felicity Purchase. Image: FILE The DA Western Cape declined to comment stating it was a matter for the City to respond. The City Wednesday said: "The City is aware of recent events during the Council meeting and notes the related footage circulating on social media. We are reviewing the matter carefully to gain a comprehensive understanding of the context." Purchase said Dambuza was repeatedly instructed to desist from disruptive behaviour, to resume his seat, and was given an opportunity to comply voluntarily. She said despite her instructions that he leave the Chamber, he refused. "Due to the severity and persistence of this conduct, and physical harm inflicted upon some of the designated peace officers, I was compelled to adjourn the sitting and temporarily reconvene the Council meeting in the Banqueting Hall. This decision was taken to allow for the removal of all disruptive EFF councillors from both the chamber and the broader precinct, thereby ensuring that Council could proceed with its mandated business. "My stance on councillors who deliberately engage in disorder for the sake of political theatre is a matter of public record. As Speaker, I will not permit a minority of councillors to hold the Council and its work to ransom. "Order, respect for democratic processes, and the integrity of Council proceedings will be upheld without exception," she said. ANC caucus Leader in the Western Cape, Ndithini Tyhido, said in response to the incident: 'The ANC caucus in the City of Cape Town strongly condemns the violent treatment of the EFF councillors by an identified group of armed men organised by the reckless speaker Felicity Purchase, the ANC recommits itself to the full application of council rules.' Get your news on the go, click here to join the Cape Argus News WhatsApp channel. Cape Argus
IOL News
a day ago
- Politics
- IOL News
MKP vs Ramaphosa: Judgment reserved in challenge over police minister appointments
The Constitutional Court has reserved judgment in the case brought by the uMkhonto weSizwe Party (MKP) against President Cyril Ramaphosa over his alleged protection of under fire police minister Senzo Mchunu. Image: GCIS Judgment has been reserved in the Constitutional Court matter between the uMkhonto weSizwe Party (MKP) and President Cyril Ramaphosa over the suspension of Police Minister Senzo Mchunu and the appointment of Firoz Cachalia in an acting position. Central to the case are questions about the limits of presidential power, the legality of acting appointments and whether Ramaphosa acted rationally when he established a judicial commission of inquiry into serious allegations of criminal infiltration of law enforcement agencies. On Wednesday, during the proceedings brought on an urgent basis by the MKP, lawyers representing the party argued that Ramaphosa has no right to appoint more than one minister of police at the same time after Ramaphosa chose to suspend rather than dismiss Mchunu and only rehire him once he has been cleared by the upcoming Commission of Inquiry set up to investigate alleged corruption within the criminal justice system. Ramaphosa placed Mchunu on special leave after serious allegations by KwaZulu-Natal police commissioner Nhlanhla Mkhwanazi that he colluded with a criminal syndicate, accepted illicit payments, interfered in investigations and disbanded a specialised task force into political killings. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The MKP wants Mchunu fired, while also contesting the appointment of Firoz Cachalia as acting police minister. MKP legal counsel, Mpati Qofa-Lebakeng, argued that the country's ailing economy cannot afford to have more than one minister and two acting ministers at the same time. 'We have dealt with cost implications related to three ministers of police and two deputy ministers. We are saying in the context of an economy like ours, there is no rational decision that would warrant the President having three Ministers of Police in his Cabinet. The cost implication does not limit itself only to the Minister of police's portfolio. It also goes to the second leg of costs that are occasioned by the establishment of the Commission of Inquiry. We are saying, just on that point alone, there is no way that the cost would be justifiable when the President has taken the decision which has already been alluded to," she argued. Also, arguing on behalf of the MK Party, Dali Mpofu stated that no President could appoint a minister from outside those who are already in Cabinet. "I think we agree that no President in his right mind would appoint an acting minister of police from outside the Cabinet. We can agree that it is wrong," Mpofu said. Anton Katz, also on behalf of the MKP argued that Chapter 5 of the Constitution grants no power to suspend, only to appoint or dismiss, saying there was nothing in between. "There is no vacancy when it comes to ministers, and for this purpose, I want to refer you to Chapter 5 of the Constitution. This part of the Constitution, its wording, content, and purpose, tells us one thing and one thing only: that there is no power to suspend. It is to appoint, dismiss, and nothing in between," he stated. Kate Hofmeyer, arguing for Ramaphosa, said that the Constitutional Court is the last court of resort, arguing that the MKP had abused the process when it approached the highest court in the land to argue this matter on an urgent basis. She also added that the powers to assign and appoint ministers also lie with the President, who has done right by the Constitution in this regard. "Former Chief Justice Mogoeng Mogoeng spoke out about the monopoly of this court. This court must be concerned about taking this matter. The President has both the powers and an obligation, and he has the right to exercise these powers subject to the strictures of the law," she argued. Advocate Griffiths Madonsela, arguing for Mchunu, described Mchunu as being 'ambushed' by Mkhwanazi's accusations and said the MKP's response to these allegations was to 'draw their spears' and to 'crucify him'.
