Truworths HY retail sales up 2%

Truworths International reported a 5.1% drop in half-year earnings, weighed down by weak consumer confidence and lower spending at home and Brexit uncertainty overseas, where it runs footwear chain Office. It reported diluted headline earnings per share for the 26 weeks to December 30 of 360 cents, down from 379.3 cents. Truworths CEO Micheal Mark discusses the numbers with Nompu Siziba. Read more: Truworths first half earnings drop on lower spending  Source: Money Web

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Suid-Afrika staan op die punt van verdere rommelstatus

Moody’s, die enigste een van drie van die groot graderings-agentskappe wat Suid-Afrika nog nie as rommelstatus afgeskryf het nie, was nie tevrede met Minister Tito Mboweni se begrotingsrede nie. Om die brandpunt te bespreek, gesels Andries van Zyl met Dr. Conrad Beyers, graderingskenner en voorsitter van die Absa leerstoel in aktuariele wetenskap by die Universiteit van Pretoria & Johan Gouws oor die morbiede prentjie wat die land in die gesig staar. Source: Money Web

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Truworths first-half earnings drop on lower spending

South African fashion retailer Truworths International reported a 5.1% fall in half-year earnings on Thursday, weighed down by weak consumer confidence and lower spending at home and Brexit uncertainty overseas. Truworths, which also runs British footwear chain Office, said diluted headline earnings per share for the 26 weeks to December 30 fell to 360 cents from 379.3 cents. That was slightly above the average estimate of 357 cents returned by a Refinitiv poll of 11 analysts. Headline EPS, a widely watched profit measure in South Africa, strips out certain one-off, non-trading items.…

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Higher spending limit will not weaken policy credibility – Moody’s

Ratings agency Moody’s said on Thursday that it did not believe that South Africa’s decision in its 2019 budget to raise the expenditure ceiling by around R16 billion ($1.14 billion) over three years would weaken fiscal policy credibility. Moody’s, the last of the big three ratings agencies to rate South Africa in investment grade, is scheduled to review that rating next month. It added in a note on the budget that South Africa’s contingent liability risks remained sizeable and that the country’s government debt burden was now expected to exceed 60% of gross domestic product by the…

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Eskom support will weigh on South Africa’s finances – S&P Global

South Africa’s support plan for struggling state-owned electricity firm Eskom will put further strain on the country’s finances, rating agency S&P Global said on Thursday, although it should be offset to a degree by easing external pressures. In his maiden budget speech on Wednesday Finance Minister Tito Mboweni outlined a R69 billion ($5 billion), three-year bailout for Eskom, which has been suffering major power outages in recent months. The cash call has reignited worries about South Africa’s last remaining investment grade rating with Moody’s. But S&P, which has stable ‘outlooks’ on both its…

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