Toyota thinks big, but Standard Bank looted

CARMAKER Toyota had invested R6.1-billion to expand the production of its Hilux and Fortuner models in South Africa, country CEO Andrew Kirby said. Toyota South Africa aimed to increase output at the plant by 20 000 units a year and boost exports.

THE Reserve Bank’s leading business cycle indicator rose 0.3% month on month in March, snapping a two-month decline, as the price of dollarbased commodity exports rose and real money supply accelerated, data showed.

HOTELS and gambling operator Tsogo Sun Holdings said a recovery in its home market of South Africa in the past three months helped it achieve a 12% rise in full-year profit. Headline earnings per share were 196.5c (from 175c).

PRODUCER inflation slowed to 7% year on year in April from 7.1% in March, data from Stats SA showed. On a month-on-month basis, prices at the factory gate were up 0.8% compared with a 0.7% increase the previous month.

THE Reserve Bank warned lenders to be vigilant after criminals in Japan stole millions of dollars from ATMs using fake credit cards from Standard Bank. The South African bank estimated its total loss at R300-million.

FURNITURE retailer Lewis Group said full-year profit fell 26.5% as its lower- to middle-income customers continued to battle tough economic conditions. Headline earnings per share fell to 621.7c from 845.3c last year, it said.

FINANCE Minister Pravin Gordhan said it was still unclear whether South Africa’s debt could be downgraded by Standard & Poor’s and Fitch after holding discussions with the ratings agencies last week.

TASTE Holdings‚ which recently opened the first Starbucks outlet in South Africa, reported a substantial drop in full-year profit because of higher costs associated with expansion. Core headline earnings per share tumbled 91% to 1.5c.