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Reporters at Ramaphosa's Friday presser tell us the embattled president intends doubling down on the Automotive Production and Development Programme, successor to the Motor Industry Development Programme. .A report in Business Day this morning says Ramaphosa described the motor industry as one of SA's 'crown jewels' arguing it supports an 'activist' economic role for the State. Pure Marianna Mazzucato, the lefty prof who is CR's high priestess of SA economic policy. .You have to wonder at the numeracy levels of those doing the celebrating. Or whether they've considered what underlies all this is that SA motorists pay an astonishing 30% more for their (locally-made) vehicles because of Govt-imposed duties. That subsidises those buying SA's uncompetitively built exported cars. .___STEADY_PAYWALL___.Plus, as a result of SA's 30% more expensive vehicles (and no annual roadworthy) they're on the road for longer. Unsafe vehicles play a direct role in SA's world record rate of road accident fatalities. Join the dots Cyril. Properly this time. Subsidies always carry serious unintended consequences. Sometimes deadly..Headline news of the moment – US inflation for May surged to a 40 year high, knocking asset prices hard on Friday. Graph courtesy of Stanlib's chief economist Kevin Lings. .More for you to read today: .Earnings Are Under Threat, Another Blow to Sagging Stock Market. Microsoft, Target warn results will be lower than expected as forecasts are trimmed across industries.Ukraine Fears Defeat in East Without Surge in Military Aid. Russia advances in Donbas region as U.S., allies prepare to discuss new heavy-weapons supplies for Kyiv.Elon Musk's sister woos viewers with a passion for romance. Tosca Musk is the founder of Passionflix, a romance streaming service that has raised almost $22 million so far..NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via Biznews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our helpdesk can assist – support@biznews.com

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