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<p>This Focus On episode, hosted at the ninth Forbes Woman Africa Leading Women Summit highlights the importance of International Women&#8217;s Day and the initiatives global payment technology company Visa is taking to advance women in business and society. Lineshree Moodley, Country Head at Visa South Africa and Vusi Fele, Chief Procurement Officer at Absa joins CNBC Africa to expand on their partnership on Visa&#8217;s initiatives.</p>


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Focus On Forbes Woman Africa: Absa, Visa partner to empower women-led businesses in South Africa

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<p>CNBC Africa puts the Focus On opportunities for mining in Africa, and embracing the power of positive disruption &#8211; coming from the 30th Mining Indaba in Cape Town.</p>


Absa Focus On Mining Indaba: Investment opportunities in Africa’s mining industry

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<p>From the 30th Mining Indaba in Cape Town, we look at the effect of at mineral export bans on investment opportunities and finding a balance between reducing mineral exports and feeding global demand.</p>


Absa Focus On Mining Indaba: Reflecting on Africa’s mining industry

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<p>At this year&#8217;s WEF meetings, South Africa is determined to establish itself as a thriving technological hub, enabling development through technological advancement and centering innovation at its core of governance and operations.</p>


DAVOS 2024: Focus On the development and progress of South African banking


<p><em>Despite a string of supply-side shocks to the manufacturing sector, Justin Schmidt, Head of Manufacturing Sector at Absa Retail and Business Bank, found a positive mood and encouraging interactions at the 2022 Manufacturing Indaba.</em></p>



<p>The mood from delegates and exhibitors at the 2022 Manufacturing Indaba was more positive than what the data is indicating. “Overall, the conference had surprisingly strong attendance, with some great engagements across the manufacturing sub-sectors,” says Schmidt.</p>



<p>According to Absa’s Q2 Manufacturing Survey – published just a day before the Manufacturing Indaba opened at the Sandton Convention Centre – confidence levels in the sector dropped by 14 points from the first quarter of the year to 29 in the second, following a string of bad-news events.</p>



<p>“After surviving the past two years, manufacturers continued their recovery despite the headwinds,” says Schmidt. “However, the additional shocks caused by the floods in KwaZulu-Natal (Africa’s second-biggest manufacturing hub), the increased intensity of load shedding and the knock-on effects of the Russia-Ukraine war have weighed heavily on manufacturers. Unsurprisingly, that resulted in this knock to confidence.”&nbsp;</p>



<h2 class="wp-block-heading" id="h-spillover-effects"><strong>Spillover effects</strong></h2>



<p>The quarterly survey covers approximately 700 businesspeople in the manufacturing sector and was conducted by Stellenbosch University’s Bureau for Economic Research in May. The confidence index ranges between zero and 100, with zero reflecting an extreme lack of confidence and 100 extreme confidence, where all participants are satisfied with current business conditions.&nbsp;</p>



<p>The manufacturing sector’s seasonally adjusted output for April 2022, as published by Statistics South Africa, also fell by 5.4% month-on-month. At the same time, Absa’s survey indicated a drop in both domestic and export sales, with manufacturers noting insufficient demand as a more serious constraint to current activities than at the start of the year.&nbsp;</p>



<p>“As consumers feel the pinch of rising food and fuel prices, along with increasing interest rates, the manufacturing sector may experience the spillover effect of reduced disposable income resulting in lower demand,” Schmidt notes.</p>



<p>Load shedding has also taken its toll. For manufacturers, Stage 2 load shedding – while difficult – is manageable because it allows for planning and scheduling, and it tends to happen at night. However, when South Africa moves into Stage 4 (as it did in Q2) or higher, it is a lot more difficult and costly for manufacturers to operate.</p>



<p>“Power is both the biggest enabler of, and the biggest constraint on, South Africa’s manufacturing growth going forward,” says Schmidt. “We must solve the power crisis – and while we are seeing some positive moves there, it needs to happen much quicker.”</p>



<h2 class="wp-block-heading"><strong>Reigniting economic growth through manufacturing</strong></h2>



<p>Manufacturers are fully aware of the constraints on and hindrances to production with shortages of raw material ranked as their second largest constraint to activity. “There remain overarching concerns around supply chain uncertainty and rising prices,” says Schmidt.</p>



<p>The Manufacturing Indaba included breakaway sessions focused on precisely those issues: energy, transport and logistics, localisation – and, of course, value chain integration in the age of the African Continental Free Trade Area. It’s a busy sector, and one that – as the event’s theme underlined – has the potential to “reignite economic growth”.</p>



<p>With that big picture in mind, Schmidt says the short-term sentiment for South Africa’s manufacturing sector remains generally positive. “Looking further ahead, we need to see structural reforms taking place to see long-term growth and recovery,” he says. “But overall, it’s a positive sector. Manufacturing has survived the shocks of the past two years, and the sector was showing an unexpectedly strong recovery into Q1 2022. It’s reasonable to expect that it will survive those Q2 shocks and bounce back in time.”</p>



<p></p>



<p>Justin Schmidt<br>Head of Manufacturing Sector at Absa Retail and Business Bank</p>



<p><em>“Power is both the biggest enabler of, and the biggest constraint on, South Africa’s manufacturing growth.” – Justin Schmidt | Head of Manufacturing Sector at Absa Retail and Business Bank</em></p>



<p></p>


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Mixed mood sets the tone at Manufacturing Indaba

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<p>East African countries yesterday presented their respective FY2021/22 budgets and S&#038;P Global Ratings affirmed Uganda’s B/B foreign and local currency long- and short-term sovereign credit ratings. Ridle Markus, Africa Strategist for Absa Corporate &#038; Investment Banking joins CNBC Africa for more.</p>


S&P Global affirms Uganda’s B/B foreign and local currency

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<p>The ABSA Purchasing Managers&#8217; Index rose to 57.8 points in May, the highest it’s been in 7 months. Absa says four of the five subcomponents remained well above the neutral 50-point mark with only the employment index dipping back into negative terrain. Joining CNBC Africa for more is Miyelani Maluleke, Macroeconomist at ABSA Corporate &#038; Investment Banking.</p>


ABSA May PMI jumps to 7-month high

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<p>The exit of Daniel Mminele from his post as Absa CEO has sparked conversation on transformation in banking.</p>


Evaluating transformation in SA’s banking sector

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<p>Absa Corporate and Investment Banking is hosting a virtual round table on the outlook on South Africa&#8217;s economy for the second quarter of this year. The bank says recent macroeconomic performance has surprised to the upside, with strong activity indicators, subdued inflation, robust trade surpluses and much better-than-expected tax collections. Now with no sign of the anticipated third wave of Covid-19, the future picture of our economy may be changing. Peter Worthington,  Senior Economist at Absa joins CNBC Africa for more.</p>


South Africa’s economic performance surprises on the upside

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<p>Last week former Absa CEO left the bank in a surprise exit after just 15 months at the helm. He cited the non-alignment on matters of strategy and culture transformation and the bank has since appointed Director, Jason Quinn as interim CEO. But Despite this there are still some questions about Mminele&#8217;s abrupt exit and the Association of Black Securities and Investment Professionals also has questions about this. The Association’s Treasurer General, Khaya Sithole joins CNBC Africa for more.</p>


What Mminele’s abrupt departure means for black professionals in SA’s financial sector

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<p>ABSA employees have been called to demonstrate over former CEO, Daniel Mminele&#8217;s abrupt exit from the bank, and to share their goodbye messages Mminele resigned from the bank earlier this week citing differences with the board on strategy, but unions say they are puzzled by this move. General Secretary of Banking and Finance Union SASBO, Joe Kokela joins CNBC Africa for more.</p>


SASBO questions ABSA interim CEO appointment

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<p>It&#8217;s the big news story of the day, Daniel Mminele, ABSA group CEO, could we on his way out. This after just a short 15 month stint at the helm at that bank. There are reports of differences in strategy with the board, joining CNBC Africa for further analysis is Wayne Mccurrie, Portfolio Manager at FNB Wealth and Investments.</p>


ABSA CEO Daniel Mminele to step down from position over strategic differences with board

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<p>The Absa Purchasing Managers’ Index rose for a third consecutive month, to reach 57.4 index points in March. This is from 53 the month before. The increase was supported by an improvement in all five subcomponents, relative to February. Joining CNBC Africa to unpack the latest numbers is Peter Worthington, Senior Economist at Absa.</p>


SA’s Absa PMI rises for third consecutive month

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<p>Absa says its purchasing managers’ index increased to 53 index points in February from 50.9 in the month before. The bank says the increase was supported by three of the five subcomponents gaining, when compared to January. Purchasing managers are said to be optimistic about the next 6 months with the expectation index unchanged at 59.2 per cent. Miyelani Maluleke, Economist at ABSA Corporate &#038; Investment Banking joins CNBC Africa for more.</p>


SA’s Absa PMI expands rapidly in February

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<p>Coming out with its latest Sub-Saharan Africa update, ABSA reports that Nigeria’s headline inflation climbed to 15.8 per cent year-on-year in December 2020. This marks a 38-month high, largely driven by a rise in food prices. Joining us for that update on Nigeria and more is Ridle Markus, an Africa Strategist at Absa Corporate &#038; Investment Banking.</p>


Rwanda ready to trade under the AfCFTA

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<p>Sub-Saharan Africa’s economy has begun to recover as Covid-19 measures imposed in the first half of the year have been lifted.</p>


Absa’s 2021 outlook for SSA economies

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<p>Zambia’s debt issues continue, as the country went into a sovereign default on Friday. Zambia’s Eurobond holders rejected a request from the government to defer interest payments. Zambia missed payment of a $42.5 million coupon last month. It had until the end of business on Friday, to pay. Zambia’s Vice President Inonge Wina had said that the country would not default. Joining CNBC Africa for the latest Sub-Saharan Africa update is Ridle Markus, Africa Strategist at Absa Corporate &#038; Investment Banking.</p>


Absa

Focus On Forbes Woman Africa: Absa, Visa partner to empower women-led businesses in South Africa

Absa Focus On Mining Indaba: Investment opportunities in Africa’s mining industry

Absa Focus On Mining Indaba: Reflecting on Africa’s mining industry

DAVOS 2024: Focus On the development and progress of South African banking

Mixed mood sets the tone at Manufacturing Indaba

S&P Global affirms Uganda’s B/B foreign and local currency

ABSA May PMI jumps to 7-month high

Evaluating transformation in SA’s banking sector

South Africa’s economic performance surprises on the upside

What Mminele’s abrupt departure means for black professionals in SA’s financial sector

SASBO questions ABSA interim CEO appointment

ABSA CEO Daniel Mminele to step down from position over strategic differences with board

SA’s Absa PMI rises for third consecutive month

SA’s Absa PMI expands rapidly in February

Rwanda ready to trade under the AfCFTA

Absa’s 2021 outlook for SSA economies

Zambia Eurobond holders reject request to defer interest payments

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Absa

Focus On Forbes Woman Africa: Absa, Visa partner to empower women-led businesses in South Africa

Absa Focus On Mining Indaba: Investment opportunities in Africa’s mining industry

Absa Focus On Mining Indaba: Reflecting on Africa’s mining industry

DAVOS 2024: Focus On the development and progress of South African banking

Mixed mood sets the tone at Manufacturing Indaba

S&P Global affirms Uganda’s B/B foreign and local currency

ABSA May PMI jumps to 7-month high

Evaluating transformation in SA’s banking sector

South Africa’s economic performance surprises on the upside

What Mminele’s abrupt departure means for black professionals in SA’s financial sector

SASBO questions ABSA interim CEO appointment

ABSA CEO Daniel Mminele to step down from position over strategic differences with board

SA’s Absa PMI rises for third consecutive month

SA’s Absa PMI expands rapidly in February

Rwanda ready to trade under the AfCFTA

Absa’s 2021 outlook for SSA economies

Zambia Eurobond holders reject request to defer interest payments

News Tips

Advertise With Us

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