Tourists warm to SA, locals feel chill

SOUTH Africa has climbed the rankings for the world’s most tourist-friendly countries‚ rising 16 rungs to 48th out of 141 nations on the World Economic Forum’s travel and tourism competitiveness index. THE JSE will receive another African boost when Botswana grocery retailer Choppies Enterprises lists on the main board at the end of this month, the fourth inward listing from the rest of the continent. AFRICAN Bank, which collapsed last year, has picked industry veteran Brian Riley, former head of FirstRand car financing group WesBank, to be CEO of its “good bank” containing its healthy assets. THE SA Chamber of Commerce and Industry’s business confidence index recovered 0.8 index points to 89.9 in April, although this level was 2.7 index points lower than the 92.6 recorded in April last year. THE HSBC purchasing managers’ index inched lower to 51.5 in April from 51.6 in March but remained above the 50 mark, with companies surveyed reporting improving demand and increases in new business. CONSUMER confidence fell back into negative territory in the first quarter, weighed down mainly by chronic power shortages, with the FNB/BER index dipping to -4 points after being flat in the fourth quarter. BULLION producer Gold Fields swung to a quarterly loss as production fell 10% quarter-on-quarter due to seasonal weakness in the Christmas break and safety closures. Gold production totalled 501 000 ounces. PLATINUM producer Lonmin is in talks with unions and employees to cut 3 500 jobs at its mines in South Africa, it said, highlighting the distress low prices are causing the country’s platinum industry. RANDGOLD Resources said first-quarter profit from mining fell 16%, hurt by lower gold prices and reduced production. Mining profit fell to $143.9-million (R1.7-billion) from $171-million a year earlier. Gold sales rose 1%. KUMBA Iron Ore flagged at least 20% lower first-half profit, hit by a plunge in the price of the steel-making product. The unit of global miner Anglo American expects to release its results on July 21.