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Inflation outlook forecast is that prices will hover above the 4.5% midpoint target Siphelele Dludla siphelele.dludla@inl.co.za CONSUMER prices in South Africa will not be slowing down any time soon as headline inflation showed no signs of decelerating in February due to rising food and oil prices. Data from Statistics South Africa (StatsSA) yesterday showed that the annual consumer price inflation (CPI) held steady at 5.7 percent in February, unchanged from January. StatsSA said the annual food and non-alcoholic beverages inflation rose for the third month in a row in February, with the rate increasing to 6.4 percent from 5.7 percent in January. StatsSA director of CPI Lekau Ranoto said food inflation was driven primarily by grain-based products such as breads and cereals, and meat, which make up…
Siphelele Dludla siphelele.dludla@inl.co.za BIG BUSINESS in the tourism and hospitality industry has hailed the further easing of Covid-19 restrictions as a move that bodes well to resuscitate the crippled sector and boost economic activity. This comes as President Cyril Ramaphosa on Tuesday announced the relaxation of restrictions to manage Covid-19 amid a downward trend in infections. Ramaphosa increased the maximum number of people permitted to attend indoor and outdoor gatherings, and removed the mandatory requirement for a negative PCR test for vaccinated travellers to enter South Africa. The tourism and hospitality industry had been lamenting that the cost and inconvenience of mandatory PCR tests were exacerbated if travellers visit multiple destinations in southern Africa over the general two-week or 10-day holiday period. Otto de Vries, the chief executive of the…
Siphelele Dludla siphelele.dludla@inl.co.za PRESIDENT Cyril Ramaphosa will host the fourth South Africa Investment Conference today, as the government places more emphasis on public-private partnerships to generate economic growth post Covid-19. Naspers chief executive Phuthi Maha- nyele-Dabengwa yesterday welcomed the business-friendly tone of the investment conference. “In order to fully drive confidence, it is critical that business leaders and policymakers work together to create a consistent policy environment that encourages investment and supports local innovation, where South African tech companies and talent can thrive,” she said. The conference is in line with South Africa’s commitment to raise R1.2 trillion in five years in a bid to boost eco- nomic growth and stimulate employment. Since the first investment conference in 2018, South Africa has attracted R770 billion in commitments across…
Edward West edward.west@inl.co.za THE MAJOR banks have ticked some of the boxes on the Task Force on Climate-related Financial Disclosures’ (TCFD) detailed guidance but have ignored many of the recommended elements of reporting. This was according to the latest investor briefing by non-profit shareholder activism organisation Just Share, on an analysis by them of the most recent climate risk-related disclosures of Investec, FirstRand, Standard Bank Group, Nedbank Group and Absa Group, and assessing them against the recommendations of the TCFD. The TCFD, created in 2015, is a consistent climate-related financial risk disclosure standard for use by companies, banks and investors in providing information to stakeholders. “Recognising that all five banks are still in the early stages of TCFD reporting, we have highlighted what we believe to be the most important…
Edward West edward.west@inl.co.za BALWIN Properties’ core headline earnings per share is expected to increase by between 12 and 17 percent for the year to February 28, to between 80 and 83.6 cents per share, the group said in a trading update yesterday. Consolidated headline earnings per share was expected to rise between 2 and 7 percent to between 72.9 cents and 76.5c a share compared with 71.5c last year. The annual results are expected to be released around May 6. Management of the group that builds middle to higher income apartments said the results demonstrated a steady recovery from the previous year. Demand remained strong, and an approximate 16 percent revenue increase from apartments was recognised in revenue. The focus on the Green Collection developments…
Edward West edward.west@inl.co.za PPC, AFRICA’S biggest maker of cementitious products, said it expected sales for the 12 months to March 31, 2022, to increase by only 4 to 8 percent year-on-year, while double-digit volume growth in Zimbabwe and Rwanda was expected. However, management said in an operational update yesterday that low sales increases in South Africa and Bo- tswana cement was because volumes had normalised from a high base the year before. If PPC’s cement sales were compared with two years ago to the 12-month period to March 31, 2020, they were expected to increase by 11 to 15 percent, the group said. The group’s materials businesses also experienced a recovery in demand, with year-on-year growth in sales volumes. Cement sales volumes in South Africa and Botswana were expected…
