SOUTH AFRICA: S. Africa's Committee Politics Continues As Ramaphosa Sets Up Panel For Logistics Crisis

Jun-01 13:03

President Cyril Ramaphosa has confirmed to lawmakers that he is establishing a special committee to address the national logistical crisis. Press reports suggest that the so-called NLCC will be chaired by Ramaphosa himself and will be responsible for overseeing the implementation of the Freight Logistics Roadmap.

  • Ramaphosa proposed the establishment of a logistics committee during a meeting with exporters some two months ago. Back then, the President described the current situation as "catastrophic," pointing to the need to improve the performance of South African ports and rail.
  • IOL reported that the committee "will prioritise establishing a transport economic regulator that will oversee third party access to the rail network as well as developing a devolution strategy for passenger rail."
  • The ongoing logistical crisis is one of the idiosyncratic stagflationary challenges faced by South Africa, alongside the energy crisis or diplomatic tensions surrounding the nation's stance on the war in Ukraine.
  • The creation of special committees seems to have become Ramaphosa's favourite strategy in addressing various crises. The electricity situation is being addressed by the National Energy Crisis Committee (NECOM), while Deputy President Paul Mashatile chairs a committee working on legal technicalities surrounding Russian President Putin's potential visit.

Historical bullets

US-CHINA: US Ambassador Burns: US Is Ready To Talk To China

May-02 13:03

Comments from US Ambassador to China, Nicholas Burns, hitting wires repeating calls by high ranking Biden administration officials to roll back tensions and resume regular diplomatic engagements.

  • Burns said: "The US is ready to talk to China," adding that Secretary of State Antony Blinken will visit China "when condition are appropriate."
  • Burns: "We need better channels of communication with Chinese."
  • Burns' comments follow recent high profile policy speeches from Treasury Secretary Janet Yellen and National Security Advisor Jake Sullivan which appeared to walk away from a hardline position on "decoupling" from China and urged the two countries work together to manage constructive competition.
  • Burns was among 70 ambassadors to president his credentials to Chinese President Xi Jinping last week after more than a year in the job. Washington downplayed the significance but some analysts have suggested it may be part of a broader thaw between the two powers.
  • Burns told Politico last week: We’d like to see [diplomatic channels] reliably stronger so that we can work together to head off any accidental conflict, any misunderstandings and deal with the normal business of government on a daily basis."

EQUITIES: Stoxx600 Bank Risk Reversal

May-02 12:59

SX7P (16th June) 130/160 RR, bought the call for 0.60 in 20k.

FRANCE T-BILL AUCTION RESULTS: 13/20/50-week BTFs

May-02 12:55
Type 13-week BTF 20-week BTF 50-week BTF
Maturity Aug 2, 2023 Sep 29, 2023 Apr 17, 2024
Amount E2.697bln E1.697bln E1.798bln
Target E2.3-2.7bln E1.3-1.7bln E1.4-1.8bln
Previous E2.594bln E1.897bln E1.997bln
Avg yield 3.089% 3.204% 3.254%
Previous 3.057% 3.216% 3.354%
Bid-to-cover 2.46x 3.84x 3.50x
Previous 3.42x 3.83x 2.77x
Previous date Apr 24, 2023 Apr 24, 2023 Apr 24, 2023