SA’s economy could remain in the doldrums, survey shows
By Sunita Menon - Oct 5th 2018, 10:20
The Standard Bank PMI remained in contractionary territory for a third consecutive month.
Private-sector activity has remained subdued, indicating that the economy remained weak in the third quarter.
The Standard Bank purchasing managers index (PMI) showed that domestic business conditions improved slightly in September to 48 after dropping to a 29-month low of 47.2 in August.
The index looks at the whole economy and a score below 50 and indicates a contraction in business conditions. This is the third consecutive month of deterioration.
The PMI decline was broad-based as new orders, output, employment and inventories fell further. However, Standard Bank said the index was likely to improve as President Cyril Ramaphosa’s economic stimulus plan took hold.
“The recent improvements in the Mining Charter together with President Ramaphosa’s economic stimulus plan — which includes, among others, plans to reduce cost of doing business — should boost business confidence and investment and economic growth over the medium term,” Standard Bank economist Thanda Sithole said.
The Absa PMI, which measures sentiment in the manufacturing sector, also pointed to a weak economy in the third quarter. The index dipped to its lowest level in just over a year, slipping to 43.2 points in September from 43.4 in August.
This comes after the shock second-quarter GDP figures, which indicated that SA had entered a recession. The latest data has indicated that SA will continue to falter in the third quarter.Business Live
Pioneer Foods deal will be PepsiCo's biggest in Sub-Saharan Africa
22/07/2019 - 09:04
The US food and beverages company says the deal, worth about R24bn, will boost the SA economy.
Food and beverages giant PepsiCo makes offer to acquire Pioneer Foods
19/07/2019 - 10:18
In a vote of confidence about SA’s long-term prospects, New York-based food and beverages giant PepsiCo has made an offer to buy Pioneer Food Group, which makes Sasko breads and Ceres juices, in a deal worth at least R25.4bn.
AB InBev offloads Australian unit for $11.3bn
19/07/2019 - 09:03
Anheuser-Busch InBev (AB InBev), which shelved plans to list its Asia Pacific business in Hong Kong, said it will sell Australian subsidiary Carlton & United Breweries (CUB) to Japan’s Asahi Group for about $11.3bn (R157bn).
SAFW competitions offers entry into fashion industry
19/07/2019 - 08:41
It opened the door for David Tlale to showcase his designs at New York Fashion Work, Mmuso Maxwell to supply his garments to retail giant Woolworths and Clinton Lotter to take his work to the UK. Now, South African Fashion Week (SAFW) is once again looking to grow the fashion and creative industry by opening it to emerging designers.
Amazon offers $10 to Prime Day shoppers for access to their data
18/07/2019 - 09:53
Amazon.com has a promotion for US shoppers on Prime Day, the 48-hour marketing blitz that started recently: earn $10 of credit if you let Amazon track the websites you visit.