- After an encouraging rise in August, the Absa Purchasing Managers’ Index (PMI) is on an upward trend, increasing to 58.3 from 57.3 index points in September. The easing of lockdown mid-month likely drove the further improvement in business conditions in the local manufacturing sector. Purchasing managers are cautiously optimistic about the future, saying that conditions are still far from normal.
- International tourism has resumed in South Africa, as of October first. The country’s government has released a list of banned countries, based on the fact that their infection rates are higher than ours. Tourists from countries that are ‘high risk’ will not be allowed to enter South Africa in an effort to control the spread of the virus. Travellers are required to wear face masks, practice social distancing and have a negative Covid 19 test, no older than 72 hours from the time of departure. All African countries are considered low risk and passengers will be monitored for symptoms of the virus. To date, South Africa has had just over 680 thousand recorded cases of Covid 19 and is ranked 10nth globally by number of infections.
- Sasol announced on Friday that chemical company LyondellBasell Industries has agreed to acquire a 50% stake in a unit of its US-based business for 2 billion US Dollars, helping the petrochemicals company reduce its debt from 10 Billion to 8 Billion US Dollars. The unit will become a joint venture between the Johannesburg based company and US-based giant, LyondellBasell.
- Mpumi Madisa who was announced as Bidvest’s CEO designate in March last year, has finally taken the helm. On October 1st Mpumi took the reigns from Lindsay Ralphs and officially became CEO. She described the day as celebratory and said that the highveld thunderstorm at the end of her first day was a good omen. Ms. Madisa is the first female CEO of the group and one of only two female black CEOs of JSE Top 40 companies.
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