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National Assembly To Meet Friday To Elect Speaker & President

SOUTH AFRICA
  • Chief Justice Raymond Zondo announced that the first sitting of the new parliament will take place on June 14, with lawmakers due to elect the Speaker, Deputy Speaker and President. Cyril Ramaphosa is expected to seek re-election as head of state. If parliament fails to elect the President, then the Chief Justice may adjourn the meeting for up to seven days and then resume voting. The process must be completed within 90 days, or else the National Assembly will get dissolved and a snap election will be called.
  • Coalition talks are in full swing, with News24 running a source report suggesting that IFP leader Velenkosini Hlabisa could be appointed the Second Deputy President in a potential ANC-DA-IFP government of national unity (GNU), serving alongside ANC's Paul Mashatile. The DA could take the National Assembly Speaker position. Separately, the Mail & Guardian reported that the ANC is looking to discipline members who criticise the decision to open talks with the DA.
  • TimesLIVE reported that this week the MK Party will hold back-to-back meetings with two potential coalition partners (EFF and NFP) in KwaZulu-Natal, where it claimed 45% of the vote. According to the Mail & Guardian, the NFP wants a seat in the provincial cabinet in return for its support.
  • The latest reading of SACCI Business Confidence will be published at 10:30BST/11:30SAST. Manufacturing production (BBG est. +1.6% Y/Y) will be released at 12:00BST/13:00SAST.
  • The National Treasury will offer ZAR1.25bn of 7.000% 2031 bonds, ZAR1.25bn of 8.250% 2032 bonds and ZAR1.25bn of 8.875% 2035 bonds at an auction today.
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