Hits&Misses

Just as balance rights itself, Trump trade fiat puts SA jobs on line

SOUTH Africa’s trade balance returned to a surplus in March as exports of metals and vegetables climbed, while imports of mineral products declined. The R9.5-billion surplus compared with

February’s revised deficit of R600-million and a record R27-billion shortfall in January, SARS said.

AFTER falling sharply in March, the Absa purchasing managers’ index beat analysts’ expectations and rose above the neutral 50 mark again in April. The index, which rose four points to 50.9, is compiled by the Bureau for Economic Research and gauges future manufacturing activity.

MONDI Group will buy Egypt-based National Company for Paper Products and Import & Export for €23.7-million in a deal that further strengthens its position in the Middle East. Mondi is a major producer of industrial bags in the Middle East, operating four plants in the region.

THE US’s decision to reject South Africa’s application for exemption from President Donald Trump’s import duties on steel and aluminium may threaten about 7 500 jobs. Trump signed proclamations granting permanent exemptions to a select number of countries and extended by one month the steel and aluminium tariff duty exemptions for others. South Africa was not among them.

BARCLAYS Africa Group dropped KPMG’s South Africa unit as one of its two auditors, the first major local bank to do so, in another blow to the accounting firm’s hopes of survival in the country. It is struggling to stem further loss of business after becoming embroiled in evolving scandals.

PAN African Resources succumbed to a sustained low rand gold price, shutting its underground mine at Evander, retrenching 1 600 people in a sector bleeding jobs and cutting metal output.