SA factories enjoy jump in orders
Fin24 - Mar 2nd 2012, 07:45
Johannesburg - South Africa’s purchasing managers’ index (PMI) jumped to a two-year high of 57.9 in February from 53.2 in January, sponsors Kagiso Asset Management said on Thursday.
The seasonally adjusted business activity and new sales orders indices, which have the biggest weighting, drove the robust increase in February.
New sales orders, a leading indicator, and expected business conditions increased further, pointing to a supportive environment for business in the next few months.
Eurozone stuck in contraction territory
The eurozone’s manufacturing sector contracted for the seventh straight month in February, with factories in the bloc’s struggling indebted states facing some of the toughest conditions on record.
It looks increasingly possible that the 17-member eurozone is stuck in a mild recession, as new orders continue to fall and backlogs of work dry up, even in the region’s most healthy economy Germany.
Markit’s Eurozone Manufacturing Purchasing Managers’ Index rose to 49.0 last month from January’s 48.8 in line with a flash reading, but has now been below the 50 mark that divides growth from contraction since July.
“Whether the eurozone will sink back into recession in the first quarter remains highly uncertain. The periphery remains the major concern,” said Chris Williamson, chief economist at data provider Markit.
However, new factory orders for Asia’s manufacturing powerhouses perked up in February, easing some concerns about the global economic slowdown.
China’s factories grew more than expected in February as new export orders for big firms bounced back, according to a government PMI. The official PMI rose to 51.0, above expectations of 50.7 and higher than 50.5 in January.
Private sector PMIs on Thursday pointed to some improvements in factory activity in China, India and Taiwan, although in China it also showed smaller companies lagging a rebound at larger companies.
HSBC’s China PMI stood at 49.6, a shade higher than January’s reading of 48.8, but still under the 50-point threshold demarcating expansion from contraction.
Meatco and Witvlei bid for Norwegian meat quota, Namibia
22/10/2013 - 08:31
Meat processing companies, Meatco and Witvlei Meat, have once again bid for the lucrative beef export quota to Norway, which is set at 1600 tonnes per year and pays 72% more than exports to other parts of Europe. Earlier this month, the Meat Board of Namibia requested for bids for the Norway quota from local meat companies.
China’s consumer inflation rises
21/10/2013 - 10:58
hina's consumer price index (CPI), a key measure of inflation, climbed to 3.1 percent year-on-year in September, the government has said.
Shoprite boss puts blame on manufacturing
16/10/2013 - 11:06
Shoprite chief executive Whitey Basson has moved beyond blaming the usual suspects of unions and labour legislation for South Africa’s economic woes and has lashed out at the “declining” manufacturing sector for its lack of innovation and competitiveness.
Ghana’s public debt is fourth highest in Africa, World Bank
11/10/2013 - 09:02
Ghana has been ranked as the fourth country in Africa with the highest public debt in relation the total value of the economy.
Distell taps into China's cognac market
09/10/2013 - 10:23
Johannesburg - South African liquor company Distell Group Limited [JSE:DST] has acquired a 60% share in fast-growing liquor distribution company CJ Wines & Spirits‚ expanding its presence in the East.