Mining pain ripples out but inflation loses pace

SOUTH Africa’s headline consumer inflation slowed to 6.2% year on year in April from 6.3% in March, data from Stats SA showed. On a month-on-month basis, prices rose 0.8% after increasing by a similar percentage the previous month. FAST-food restaurant chain Famous Brands would take a 51% stake in recently launched local firm Salsa Mexican Grill in a drive to extend its presence in the casual dining sector, it said. It did not disclose financial details. PRIVATE hospital group Netcare posted an 11% rise in halfyear profit as a strong showing at home offset weak demand in the UK, where it runs BMI Healthcare. Headline earnings per share rose to 90.3c from 81.4c a year earlier. THE government and the mining industry had reached agreement on most of the sticking points in the new draft Mining Charter and would now deal with the “nitty-gritty”‚ Mineral Resources Minister Mosebenzi Zwane said. BARLOWORLD, the largest dealer of Caterpillar mining trucks in Southern Africa, posted a 9% fall in interim profit as a slowdown in mining activity hurt its equipment business in the region. Headline earnings per share fell to 335c from 367c a year before. FURNITURE retailer Lewis Group said it expected a drop in full-year profit of up to 29% after sales slowed in the second half due to a weak economy. Headline earnings per share would be 600c-642c, compared with 845c, it said. RETAIL sales grew by 2.8% year on year in March after expanding by a revised 4% in February, Stats SA data showed. On a monthon-month basis, sales rose by 0.2%. Analysts had forecast a 3.6% year-on-year increase. THE Chamber of Mines said about half of its members were in loss-making territory as a result of weakening commodity prices, rapidly rising costs, falling productivity and regulatory issues.