Latest news and views in Brief
JOHANNESBURG (Reuters) – South Africa’s headline producer inflation accelerated more than expected to 8.8 percent year-on-year in April, from 8.2 percent in March, Statistics South Africa said on Thursday. Economists polled by Reuters had predicted PPI would only quicken to 8.4 percent. On a month-on-month basis, factory gate prices rose by 1 percent in April from 1.3 percent … Read more
By Xola Potelwa and Silvia Antonioli JOHANNESBURG/LONDON (Reuters) – Government-mediated talks began on Thursday in a bid to find a solution to an 18-week platinum strike inSouth Africa that threatens to push the continent’s most advanced economy into recession. The talks, at an undisclosed location, were put together by new mines minister Ngoako Ramatlhodi after they stalled on … Read more
JOHANNESBURG (Reuters) – South African fixed-line operator Telkom SA said on Thursday full-year earnings likely rose more than nine-fold, following a raft of belt-tightening initiatives and a hefty write-down last year. Telkom said headline earnings, the main measure of profitability in South Africa, likely totalled 772 to 789 cents a share in the year to end-March, from a restated … Read more
JOHANNESBURG (Reuters) – South Africa’s rand was softer on Thursday against the dollar, tracking a weaker euro and as the local unit struggles to recover from weak GDP numbers that signal Africa’s most advanced economy could go into recession this year. Tensions in Ukraine and Russia have also pressured risky assets like the rand, and most emerging market currencies tracked by … Read more
JOHANNESBURG (Reuters) – Standard Bank Group, Africa’s largest lender, said on Thursday that bad debts have ticked higher in the first four months of this year, the latest sign South African borrowers remain under pressure from a weak economy. Borrowers in Africa’s most developed economy are struggling with high unemployment and softer growth, making it harder for them … Read more
From SENS – Shareholders of Afrox have been advised that the Company has signed a five-year R55m contract to supply bulk and cylinder liquefied petroleum gas (“LPG”) to the leading South African hotel chain, Sun International. The contract will run until 2019. “Securing this major agreement against strong competition can be attributed to our excellent track record, national footprint … Read more
The salaries of middle to high income earners continued to grow despite “significant” stagnation in the economy, according the latest BankservAfrica Disposable Salary Index (BDSI) released on Wednesday. Monthly salaries of R100,000 or more were not considered when compiling the BDSI, regulated products CEO Brad Gillis said in a statement. However, the salary data indicated … Read more
The specialist staffing solutions company, Kelly Group, experienced a 13 percent rise in revenue to R786.3 million, according to results released on Wednesday. Operating profits increased by 117 percent to R10.4m and headline earnings per share improved to 5.7 cents from 0.4 cents, the company said in a statement, “Kelly Group has grown revenue in the … Read more
Lewis Group has released its year end results, following a contracted trading environment. The group has announced that it expects its trading environment to be strained going forward. Lewis Group holds a current market cap of R6.13 billion, with a PE ratio of 6.2 and a dividend yield of 8.27%. Highlights from the SENS report: Revenue up 1.8% Gross … Read more
JOHANNESBURG (Reuters) – New South African mining minister Ngoako Ramatlhodi said on Wednesday he understood that talks, mediated by a labour court judge, between platinum mining companies and the striking AMCU union had broken down. “It appears the mediation has come to a stop yesterday,” Ramatlhodi, who was sworn in as minister this week, told Johannesburg’s Talk … Read more