Hits & Misses

Inflation steady, but municipalities go backwards in audit findings

INFLATION, as measured by the annual change in the consumer price index, accelerated less than expected to 4.5% in April from 3.8% in March. Economists had expected inflation to heat up as the various tax and levy increases introduced in the 2018 budget took effect on April 1.

BARLOWORLD, a dealer for Caterpillar and other industrial brands, reported a 14% rise in first-half earnings as a pick-up in mining activity spurred sales of heavy equipment. The group’s order book for its Equipment Southern Africa business stood at R2.9-billion at the end of March, in line with its level in September 2017 but up from R1.9-billion a year earlier.

CORONATION, bloodied from a R14-billion loss on Steinhoff, was applying a “higher level of scepticism” to its investment approach, CEO Anton Pillay said, following the announcement of Coronation’s 2018 interim results.

THE overall audit outcomes of municipalities in South Africa had regressed, auditor-general Kimi Makwetu said on releasing the audit outcomes for the 201617 financial year. In his report‚ Makwetu said that of the 257 municipalities audited‚ 45 regressed and 16 improved. Only 33 received a clean audit.

THE R587-billion public sector wage bill had shot through the ceiling and the government would have to cut back on critical services if it failed to rein in pay increases, Public Service and Administration Minister Ayanda Dlodlo said.

ANGLOGOLD Ashanti, which has reduced its South African footprint to a single underground mine and a tailings treatment operation, will cut up to 2 000 jobs, said Chris Sheppard, Anglo Gold’s chief operating officer in South Africa. The job losses come as the local gold industry undergoes a major upheaval from a relatively low gold price.