May 08, 2012

For Creamer Media in Johannesburg, I’m Reggie Sikhakhane.

Making headlines:

South African National Roads Agency Limited (or Sanral) CEO Nazir Alli has resigned, a week after a High Court ruling brought the controversial Gauteng e-tolling system to a halt.

Chairperson Tembakazi Mnyaka says the Sanral board accepted Alli’s resignation on Monday.

He has been employed at the roads agency since its inception in 1998 and will continue in his post until June 3.

Egypt's presidential elections committee says it will stop preparations for presidential elections due later this month after what it calls an insult to the committee by members of parliament.

The committee says it will not meet with presidential candidates and media figures pending suitable conditions for the meeting. The elections committee said members of parliament had expressed distrust and insulted its judges, and it called on the ruling army council to intervene to allow the panel to continue its work.

It isn’t clear whether this will affect the timeline for Egypt's landmark elections due on May 23 and 24.

Reserve Bank Governor Gill Marcus says there is little room to cut interest rates and that the bank has to be mindful of higher inflation despite the rand's volatility on foreign exchange markets.

In a speech at a business briefing in Zurich, Marcus said the domestic inflation trend suggests there is little scope for further accommodative monetary policy, if all other factors remain the same.

The next policy rate decision is expected on May 24.

Also making headlines:

Water and Environmental Affairs Minister Edna Molewa says municipalities are showing improvement in the management of drinking water quality.

And, Deputy Finance Minister Nhlanhla Nene says rising global oil prices and slower growth in key trading partners China and India pose a risk to South Africa's economic growth

That’s a round up of news making headlines today.