Gold reserves rise, but nerves twitch

SOUTH Africa’s net gold and foreign exchange reserves ticked higher to $41.59-billion in June from $41.519-billion in May, Reserve Bank data showed. Gross reserves also edged up, to $46.82billion from $46.44-billion. THE High Court in Cape Town has declared emolument attachment orders by unsecured lenders to be invalid. This landmark judgment could curb the issuing of such orders by other lenders. SAA plans to announce code-sharing agreements with airlines in Hong Kong and Brazil in the coming months, as the unprofitable state-owned carrier continues efforts to boost revenue and reduce costs. MINING production rose 2.7% year on year in May, with the highest positive growth rate recorded for platinum group metals, at 99.6%‚ partly as a result of the low base last year when the sector was hit by industrial action. FIRST-quarter cement sales jumped more than 15% as demand from small players made up for the slump in the building sector led by bigger companies. Sales rose to 2.87 million tons, according to a PPC report. SOUTH Africa’s business confidence index declined to 84.6 index points in June from 86.9 in May — its lowest level in more than 16 years, the South African Chamber of Commerce and Industry said. HULAMIN warned that earnings across the board were expected to fall about 40%, from an April warning of a more than 20% fall in both earnings per share and headline earnings per share, mainly because of power outages. FIXED-line telecoms operator Telkom said it had to eventually continue with its plan to lay off 4 400 staff after a court ordered it to halt job cuts until workers were consulted about the process. MANUFACTURING production fell for the second consecutive month as business activity remained under pressure. Output declined by 1.4% in May compared with May last year, after falling by 2.1% in April. SOUTH Africa’s credit regulator has asked the National Consumer Tribunal to conduct an audit and impose a fine on furniture retailer Lewis Group for “mis-selling” credit insurance, the regulator said.