President Ramaphosa signs the National Health Insurance Bill into law amidst political tensions
Last week, President Cyril Ramaphosa signed the controversial National Health Insurance (NHI) bill into law ahead of a challenging election for his party. The bill aims to reform the healthcare system, ensuring equitable access and prohibiting private insurance for NHI-covered treatments. Despite opposition and claims of unconstitutionality, the government insists on addressing healthcare inequalities. The business sector, especially leading insurers like Discovery, criticises the bill as impractical and underfunded. The move has significant implications for the nation’s healthcare and political dynamics.
Checkers Sixty60 expands beyond groceries with beta testing of the enhanced app
Shoprite Checkers is beta testing an expanded version of its Sixty60 app, now featuring over 10,000 Hyper products like outdoor gear and home electronics, with same-day delivery within a 60-minute window. The test, which includes free delivery for Xtra Savings Plus subscribers, marks the supermarket’s move into a competitive market against giants like Takealot and Amazon. The success of its grocery delivery has primed it for this expansion, offering precise delivery times and real-time driver tracking. Initially available in select Cape Town areas, a national rollout is planned post-beta testing.
OpenAI Introduces GPT-4o: a unified, faster, and more accessible Artificial Intelligence Model
OpenAI has launched GPT-4o, an upgraded version of its GPT-4 model, which now processes text, audio, and images in a unified system. Revealed during a live stream, this update offers real-time interactions and will soon be accessible to users. GPT-4o features audio responses and instant translations, enhancing usability with functions previously only available to premium subscribers. This launch positions OpenAI as a strong competitor in the AI market, particularly as Google’s I/O conference approaches. Despite some glitches in the demo, OpenAI sees significant potential in GPT-4o to improve digital communication.
Market moves
South African markets closed higher on Friday, led by gains in mining and consumer staples sectors. Gold miners like Sibanye Stillwater, Harmony Gold, and AngloGold Ashanti saw significant advances, as did food companies RCL Foods and Astral Foods. Platinum miners and diversified miners also experienced gains. Technology firm Naspers fell by 4.1%. The JSE All Share index ended slightly higher, by 1.41% as at market close on Friday.
The week ahead
Today, South Africa will release leading indicators while the Eurozone and Japan will report on their respective Trade Balances. Moving to Wednesday, the United Kingdom will disclose Consumer Price Index (CPI) and Producer Price Index (PPI) data, alongside South Africa’s Consumer Price Index (CPI). Thursday will see the release of Manufacturing Purchasing Managers’ Index (PMI) data for India and additional Consumer Price Index (CPI) data for Japan. Finally, Friday will feature Retail Sales data for the United Kingdom and Consumer Sentiment data for the United States.
Source: FundFocus. Data as at 17 May 2024. Past performance is not a reliable guide to future performance. For illustrative purposes only and not indicative of any investment.
