Company news
Absa PMI falls
South Africa’s seasonally adjusted Absa Purchasing Managers’ Index fell sharply in March as business activity, new sales and inventories all declined, a survey showed yesterday, with the stronger rand hurting exports. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, fell to 46.9 in March from 50.8 in February, its lowest reading since December.
-Nampa/Reuters
IDB to finance US$185m projects in Tunisia
The Islamic Development Bank has agreed on Sunday to lend Tunisia US$185 million to finance developments including an electricity project, an official told Reuters.
The bank agreed to finance an electricity link worth US$150 as well as the construction of hospitals in Kasserine and Kef worth US$34 million.
The agreement will be signed on Thursday between Tunisia’s minister of development and the head of the bank, which holds its annual meeting in the country this year.
-Nampa/Reuters
Eskom to tackle bloated workforce
Cash-strapped power utility Eskom is finally tackling the controversial issue of its headcount.
After a decade of unprecedented growth in staff numbers, cash-strapped Eskom is finally tackling the controversial issue of its headcount.
The power utility, seen by Goldman Sachs as the biggest single risk to the South African economy, employed about 47 600 people as of March last year, compared with 32 600 a decade ago.
-Fin24
Uber-Grab deal flout rules - watchdog
The sale of Uber's Southeast Asian business to Singapore-based rival Grab may have infringed competition rules, a Singapore watchdog said on Friday, imposing restrictions on the deal while it carries out an investigation.
The sale announced on Monday ended a bruising battle between the ride-hailing behemoths and marked the US firm's latest retreat from international markets.
But the Competition Commission of Singapore (CCS) said both companies would face interim measures as it probes concerns Grab will have a virtual monopoly on the ride-hailing market - the first time such a directive has been issued in the city-state.
-Fin24
Cradle Arc to boost copper output in Botswana
Copper producer Cradle Arc is increasing output to 12 000 tonnes per year at a Botswana mine it has restarted and is seeking more mining assets in the African nation to take advantage of rising metals prices, the chief executive said.
Production was halted at Botswana’s Mowana mine in 2015, when copper prices fell, in line with a wider commodity crash.
Copper prices at around US$6 700 a tonne have risen more than 50% since falling to nearly US$4 300 a tonne at the start of 2016.
-Nampa/Reuters
South Africa’s seasonally adjusted Absa Purchasing Managers’ Index fell sharply in March as business activity, new sales and inventories all declined, a survey showed yesterday, with the stronger rand hurting exports. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, fell to 46.9 in March from 50.8 in February, its lowest reading since December.
-Nampa/Reuters
IDB to finance US$185m projects in Tunisia
The Islamic Development Bank has agreed on Sunday to lend Tunisia US$185 million to finance developments including an electricity project, an official told Reuters.
The bank agreed to finance an electricity link worth US$150 as well as the construction of hospitals in Kasserine and Kef worth US$34 million.
The agreement will be signed on Thursday between Tunisia’s minister of development and the head of the bank, which holds its annual meeting in the country this year.
-Nampa/Reuters
Eskom to tackle bloated workforce
Cash-strapped power utility Eskom is finally tackling the controversial issue of its headcount.
After a decade of unprecedented growth in staff numbers, cash-strapped Eskom is finally tackling the controversial issue of its headcount.
The power utility, seen by Goldman Sachs as the biggest single risk to the South African economy, employed about 47 600 people as of March last year, compared with 32 600 a decade ago.
-Fin24
Uber-Grab deal flout rules - watchdog
The sale of Uber's Southeast Asian business to Singapore-based rival Grab may have infringed competition rules, a Singapore watchdog said on Friday, imposing restrictions on the deal while it carries out an investigation.
The sale announced on Monday ended a bruising battle between the ride-hailing behemoths and marked the US firm's latest retreat from international markets.
But the Competition Commission of Singapore (CCS) said both companies would face interim measures as it probes concerns Grab will have a virtual monopoly on the ride-hailing market - the first time such a directive has been issued in the city-state.
-Fin24
Cradle Arc to boost copper output in Botswana
Copper producer Cradle Arc is increasing output to 12 000 tonnes per year at a Botswana mine it has restarted and is seeking more mining assets in the African nation to take advantage of rising metals prices, the chief executive said.
Production was halted at Botswana’s Mowana mine in 2015, when copper prices fell, in line with a wider commodity crash.
Copper prices at around US$6 700 a tonne have risen more than 50% since falling to nearly US$4 300 a tonne at the start of 2016.
-Nampa/Reuters
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