Manufacturing picks up, unlike Brazilians’ thirst

THE economy is showing signs of recovery, with the Absa manufacturing purchasing managers’ index registering 52.5 points in February, above the 50point neutral mark. This was its best reading since June 2016. The gains point to a recovery in manufacturing.

NEW Europe Property Investments, which is listed on the JSE, raised R1-billion in capital through an accelerated book-build to finance its first acquisition in Croatia. Due to better-than-expected demand Nepi raised more than planned.

MPs approved an antimoney-laundering bill that will increase scrutiny of the bank accounts of “politically exposed people”, three months after President Jacob Zuma sent it back to parliament over concerns about constitutionality.

THE Vaal Dam, which supplies water to Pretoria and Johannesburg, reached 100% capacity on Monday for the first time in six years, the Department of Water and Sanitation said, resulting in plans to lift water restrictions.

ANHEUSER-Busch In-Bev, the world’s largest brewer and which has a secondary listing on the JSE, suffered its first decline in core earnings since its formation over a decade ago as recession-hit Brazil depressed beer sales by even more than expected.

COAL-truck drivers, whose employers are members of the Coal Transportation Forum, brought traffic to a standstill around Pretoria on Wednesday as Eskom said it would not renew their contracts because of an electricity surplus.

BRITISH American Tobacco said it may close South Africa’s only cigarette plant if plans to ban branded tobacco packaging are implemented. BAT operates its eighth-largest factory globally in Heidelberg, southeast of Johannesburg.

THE Competition Commission recommended a fine equal to 10% of Unilever’s local turnover for price-fixing after finding that Unilever and Sime Darby had agreed not to compete on certain margarine and edible oil products.