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Five things making headlines in South Africa today

Alexander Forbes interim results, mining and manufacturing data, employment stats, ex-Sars boss to hear fate.

Here’s what caught our attention on Tuesday:

1. Alexander Forbes results

Alexander Forbes released results under the leadership of its new CEO, Dawie de Villiers. For the six months ended September 30, 2018, the company is reporting a 23% decrease in headline earnings per share to 16.7 cents, from 21.7 cents in 2017. The company is, however, highlighting that operating income increased by 6% to R1 908 million but profit from continuing operations fell by 115% to R45 million. Against the backdrop of what the company says was a “difficult operating environment,” it has decided to declare a dividend of 18 cents per share, unchanged from 2017.

2. Mining data

Gold mining and mining figures for October is expected to be released on Tuesday. Mining production decreased by 1.8% in September following a downwardly revised 6.7% fall recorded in August. Gold production, on the other hand, continues to slow, falling by 19% in September from 15.9% in August.  

Update to follow.

3. Manufacturing production data

South Africa’s manufacturing production figures for October will be released on Tuesday. In September, manufacturing production marginally increased by 0.1% following an upwardly revised 1.5% gain in August.

Update to follow.

4. Quarterly employment stats

Stats SA will be publishing its findings on South Africa’s employment for the third quarter ended September on Tuesday. During the second quarter, employment decreased by 69 000 after decreases were reported in community services, manufacturing, mining and quarrying and transport industries, data from Stats SA shows.

Update to follow.

5.Tom Moyane to learn his fate

Ex-Sars commissioner, Tom Moyane will find out on Tuesday if his removal from the revenue services will be reversed. Moyane is asking the courts to overturn his dismissal and to prevent the Sars commission of inquiry from submitting its final report to the President. Moyane was removed by President Cyril Ramaphosa in November following recommendations by Judge Nugent’s interim report.

Update to follow. 

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