Drop in PMI is bad news for manufacturing
South Africa’s seasonally adjusted purchasing managers’ index (PMI) weakened in August, a survey showed yesterday, pointing to weak demand which should weigh on manufacturing output in the third quarter of this year. The index lost 0.8 index points to 50.2 in August – barely holding above the 50 mark which separates expansion from contraction – from 51 in July, sponsor Kagiso Tiso Holdings said. The New Sales Orders index lost 5.3 points to 46.9 while the expected business conditions index shed 1.1 points to 52.9. “We are seeing a clear downward trend in the demand for factory goods,” said Abdul Davids, the head of research at Kagiso’s asset management division. “Supply continues to exceed demand and this does not bode well for manufacturing sector production.” – Reuters page 22
DBSA fund to help create 451 jobs
Thirty-six Western Cape craft enterprises would receive investment funding of R14.5 million over the next three years, through the Development Bank of South Africa (DBSA) jobs fund programme, the Cape Craft & Design Institute (CCDI) said in a statement yesterday. This investment, which should create 451 sustainable, long-term jobs in the craft and design sector, is a result of an application by the CCDI for project funding through the jobs fund’s first enterprise development funding window in 2011. Under the programme, the DBSA jobs fund covers 80 percent of the new intervention costs, with the craft enterprises making up the balance. – Staff Reporter
Chamber of Mines’ Barker passes on
The chief executive of the Chamber of Mines of SA, Bheki Sibiya, yesterday said Frans Barker, the Chamber of Mines’ chief operating officer, had passed away. “His death has robbed me of an experienced and dedicated colleague who had served the chamber and the mining industry with distinction in many areas of critical importance. Our deepest… condolences go to his family and loved ones.”. – Staff Reporter