- South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index expanded faster in February compared with January, supported by an increase in new sales and business activity. The index, a gauge of manufacturing activity in Africa’s most industrialised economy, rose to 53 points in February from 50.9 points in January, remaining above the 50-point mark that separates expansion from contraction. “The most encouraging outcome of the February survey was a continued improvement in new sales orders. … The improvement was supported by better export sales relative to the previous month, while the loosening of local lockdown restrictions likely also contributed to an uptick in domestic demand,” Absa said in a statement.
- South Africa’s diversified service provider Bidvest Group reported a 6.1% year-on-year rise in profit for the six months that ended on December 31st. Profit was lifted by the contribution from PHS – a UK-based hygiene company bought in 2019. Demand for hygiene and facility services, DIY products and bulk commodity services also boosted half-year earnings. Its normalised headline earnings per share, which excludes some items such as acquisition costs and Covid-19 related expenses, was 651 cents for the six months, up 6% from a year ago. Its revenue for the period grew by 3% to R44bn. The company declared an interim dividend of 290 cents per share, up 2.8%.
- Public consultations have begun on a policy document that will target nepotism, political interference and corruption in public service, South African President Cyril Ramaphosa said in his weekly letter to the nation. “We are proposing a number of far-reaching reforms, such as extending the tenure of heads of department, based on merit and performance, doing occupation-based competency assessments and involving the Public Service Commission in the interviews of directors-general and deputy directors-general,” Ramaphosa said. The public service must be staffed by men and women who are professional, skilled, selfless and honest, he added.
- Former French President Nicolas Sarkozy was found guilty of trying to bribe a magistrate, becoming the first president in the history of France’s post-World War II republic to face prison time. A Paris court convicted him on charges of influence-peddling and corruption, sentencing him to three years in prison. Sarkozy faces a one-year prison term, as the court suspended two years of his sentence.
Listen on iTunesÂ