Export orders up, as is import demand

SOUTH Africa’s seasonally adjusted HSBC purchasing managers’ index nudged up to 51.6 in November from 51.5 in October, partly as new orders increased. The latest reading was the strongest in 11 months. FINANCIAL services group Sanlam reported a 33% jump in normalised headline earnings in the 10 months to October compared with the same period a year ago. Investment market returns improved significantly, it said. MILLIONAIRES in Nigeria‚ Kenya and Angola will more than double by 2030‚ boosting private banking prospects in Africa‚ says research firm New World Wealth. South Africa will retain the highest number with 86 700. SOUTH Africa may delay the construction of more nuclear power plants and focus instead on coal, hydro and gas as alternative energy sources, the Department of Energy said in its latest energy plan report. PUBLIC Enterprises Minister Malusi Gigaba said that Transnet had awarded its contract for the supply of fuel for the next five years to nine black- and womenowned companies. It is valued at just more than R15.5-billion. SOUTH Africa’s current account deficit rose to 6.8% of GDP in Q3 from a revised 5.9% in Q2 as strong local demand for imports, combined with a weak rand, raised the country’s import bill, the South African Reserve Bank said. PERCEIVED levels of corruption in South Africa remain high, according to the 2013 Corruption Perception Index. Published by Transparency International, it ranks the country 72nd out of 177 countries. OFFSHORE investors sold a net R2.5-billion of South African bonds in the week ended November 29 and a net R2.4billion in stocks, according to data from the Johannesburg Stock Exchange. ALMOST half of South Africa’s 20.29 million credit-active consumers are struggling to meet their debt repayments‚ National Credit Regulator figures showed, reflecting the negative effect of high debt levels and a rising cost of living. SOUTH Africa’s business confidence index dipped further in November — to 90.8 points from 91.1 in October — as companies worried about the economy’s poor performance, the Chamber of Commerce and Industry said.