Latest news with #Hodes
IOL News
12 hours ago
- Business
- IOL News
SA's manufacturing activity firmly in contractionary territory in May
The Absa Purchasing Managers' Index (PMI) released on Monday indicated that the seasonally adjusted PMI decreased by 1.6 points to 43.1 in May 2025. Image: Supplied The Absa Purchasing Managers' Index (PMI) released on Monday indicated that the seasonally adjusted PMI decreased by 1.6 points to 43.1 in May 2025. Absa said that the PMI remained in contractionary territory for a seventh consecutive month. The PMI suggests that the manufacturing sector continued to suffer in May, despite some flickers of activity and demand improvement, albeit at extremely low levels. 'However, a decline in the supplier deliveries index pushed the headline PMI lower. The business activity index indicated some improvement, increasing by 3.4 points to 43.4 in May. New sales orders also increased, by 2.2 points to 38.3 in May. This was likely due to domestic demand recovering slightly as export sales continued to deteriorate at a rapid rate.' Absa said the supplier deliveries index has been tricky to interpret since the Covid-19 pandemic. 'Across the globe, the traditional signal of an increase being positive (with the index being inverted, so slower deliveries are seen as a positive sign as they are caused by increased demand for supplies) was no longer valid, as supply-chain bottlenecks and delays, and not higher demand, caused slower deliveries.' The purchasing price index decreased by 7.9 points to 60.4 in May due to fuel price cuts at the start of the month. 'A lower Brent crude oil price and a stronger rand, despite the fuel levy increase, bode well for further fuel price declines at the start of this month.' Absa added that the index tracking expected business conditions in six months' time increased by a significant 13.9 points to 62.5 in May, the highest level since the end of 2024. 'Sentiment improved as global tariffs were suspended, and businesses showed faith that local political disagreements on policy within the government would be resolved.' Investec economist Lara Hodes said, "The slide in the index was partly underpinned by a decrease in the suppliers' delivery index, which fell from 56.6 to 49.0. According to the BER, the decline in the index (the index is inverted so a decline suggests faster deliveries) could technically mean that logistical constraints are easing.' Hodes added that the business activity and new sales orders' indices remained subdued, well below 50, but did pick up modestly in May, despite a continued weakening in export sales. 'Worryingly, the employment index fell further into contractionary territory in May with a reading of 40.0 (42.9 previously). It has been in negative territory for fourteen consecutive months. Hodes said addressing the country's unemployment crisis remains a key imperative of the government. 'However, to achieve this, we need a substantial lift in confidence, driving investment and accordingly economic growth. Purchasing prices declined notably in May by 7.9 points to 60.4, supported by a further cut in fuel prices. Favourably, the index measuring anticipated business conditions (in six months' time) moved back into expansionary territory, reaching the highest level since the end of 2024. It climbed 13.9 points to 62.5.' Dr Eliphas Ndou, an economist and author at Unisa's Department of Economics, said the latest Absa Purchasing Manager Index indicates the manufacturing sector is struggling and is susceptible to weak demand conditions, political and trade uncertainty, which has implications for economic growth and employment outlook in the country. 'The Absa PMI has a statistically strong and positive co-movement with economic growth and is a leading indicator of economic growth. This means an improvement in the indicator would signal an improvement in economic growth. Whilst a weakening in the Absa PMI signals a weakening in economic growth.' Professor Waldo Krugell, an economist at North-West University, said that the PMI is still in contractionary territory and this is worrying for the growth prospects of the economy. 'The expectations are that this week's quarter one growth figures are not going to look good, but the PMI has shown business struggling in April and May as well.' Professor Bonke Dumisa, an independent economic analyst said that he is not surprised about this negative Absa PMI. 'The buyers in most manufacturing companies are usually the most conservative in the business, believing it is safest to adopt a cautious approach and be accused of opportunity cost in case they run short of products. The global uncertainty created by Trump's tariffs, wars and other consequential impacts of his "Executive Orders" have resulted in most buyers becoming very pessimistic about the business conditions. BUSINESS REPORT
IOL News
4 days ago
- Business
- IOL News
Birdhaven's best-kept secret: a foodie's French-inspired paradise
Arbour Cafe & Courtyard offers a French dining experience through its Parisian-inspired decor, ambience and cuisine. Image: Supplied Every city has that hidden culinary gem in the suburbs. In Birdhaven, Joburg, Arbour Cafe & Courtyard is one such spot. Nestled within a charming yet lively shopping complex, it is well-known among foodies, worth their weight in salt, or anyone who enjoys delicious French-inspired dishes. This is a wonderful breakfast, brunch and lunch spot, with an extensive menu. Despite Arbour Cafe being open for almost a decade, I only recently visited. I am a procrastinator of note. Having heard positive feedback about Chef Precious Ntsalaze's culinary journey, where she worked her way from the scullery to the top, I took up the offer to try her dishes and see what the fuss was about. I was completely blown away, and I'll explain why shortly. First, a quick history of this place, which Larry Hodes owns. His years of experience in the food industry, helming franchises, drew him to the potential of this eatery. In October 2016, he purchased it from Robyn Timson. Despite the financial devastation wrought by Covid-19 restrictions that forced many businesses to shut down, Hodes attributes the restaurant's continued success to its unwavering consistency. When it comes to menus, Hodes knows the palate of his diners. His menu caters for every palate, with plenty of vegan and vegetarian options, too. And if you decide to take your furry friend along, there are a few options for them as well. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading I would recommend dining in the courtyard, which has a soothing water feature. The creamy white decor, metal details, and fresh flowers on each table create a welcoming ambience. In the evening, it is transformed into a picturesque venue for special events. It has also become the go-to spot for several prominent politicians and celebrities wanting an intimate setting for everything from birthday parties to baby and bridal showers. After two weeks of being cooped up at home with the flu, it was delightful to soak up the sun and be out and about. Depending on your preference, there's a wide selection of wines, beers, cocktails, hot beverages, cool drinks, iced coffees, smoothies, freshly pressed health juices and fresh shots. I opted for the latter but as a hot toddy option, with fresh ginger, turmeric and honey. I wanted to get all that healthy goodness in before tucking into the tempting dishes on the menu. When deciding on what to try out, my mother's words about my "eyes being bigger than my stomach" echoed in my head. I am a foodie. I can't resist tantalising dishes, whether I'm dining out or cooking at home. With such temptation before me, exercising self-control was not easy. The Roasted Butternut Squash with Sage & Orange soup was simply divine. Image: Debashine Thangevelo Interestingly, two guys at the table next to me were so blown away by my choices that they, despite ordering breakfast, reluctantly agreed to try some of my dishes as they didn't want to intrude on my meal. But coming from a family structure, I'm always of the opinion that the more the merrier. Also, it was great having unplanned company. In winter, soups are usually a winner. It's comforting, delicious and oh-so-satisfying. As such, I found myself in a dilemma choosing between the two options on the menu: Our Famous Roast Chicken & Veg (R87) and the Roasted Butternut Squash with Sage & Orange (R77). So I just had them both. When I first took a sip of that hearty shredded chicken soup, the rich, savoury broth was simply delicious. I didn't think my second choice could outshine it. I was wrong. The winner was the creamy butternut squash, sprinkled with pumpkin seeds. It was so rich, flavourful and decadent that I couldn't put my spoon down. The toast that accompanied the soups went untouched, though. I felt it was such a delicious treat without the carbs. The flavour profile of this Pan Seared Chicken will blow your tastebuds away. Image: Debashine Thangevelo For my mains, I opted to try the Pan-Seared Chicken. Now, before chastising me about not going for a duck option, of which there were a few - after all, this is a French-inspired menu, I can be a creature of habit, sometimes. Also, this dish was begging for me to try it. At R157, it was a substantial portion, which I asked to be halved. The succulent fillets were drenched in a creamy white wine sauce, with the sun-dried tomatoes, spinach and feta enhancing the flavour profile. As a side, I opted for the highly recommended roasted sweet potatoes with ginger and honey, which cost R37. The roasted soft potatoes were so scrumptious, I just couldn't stop eating them. They lived up to the hype, for sure. The Hand Pressed Beef Brioche Burger was a mouthful of goodness. However, you can choose different sides. Image: Debashine Thangevelo I also tried the Hand Pressed Beef Brioche Burger with an avocado add-on. Unfortunately, the usual fresh brioche roll was not in yet, but it didn't take away from the Wagyu-infused beef patty, which was topped by caramelised onion, melted Swiss emmental cheese, wild rocket, crisp butter lettuce, sliced tomato and red onion. Talk about a chunky bite, it was that and then some. I ordered it with deep-fried potato wedges (R32), which were okay, nothing really to rave about, and some green salad with precorina shavings (R37). The Salmon & Dill galette is a light, fresh bite that's a crowd pleaser. Image: Debashine Thangevelo Something I've not come across often was the Galettes, which are their signature French buckwheat pancakes. Another plus, they are gluten-free. Curious, I got a bit bougie and tried the Salmon & Dill (152). I also had it with avocado because everything is great with avocado. It was wrapped with a dollop of crème fraîche, a medium poached egg and red onion. This dish is light, fresh and divine. At this stage, even with the help of my new friends, I was stuffed. But given my sweet tooth, I soldiered on with the pièce de résistance - an Orange, Caramel Brandy Flambéed Crepe. I couldn't think of a better way to end my tasting. The crepe was buried in this delicious warm caramel sauce, topped with seared orange slices. It was citrusy goodness that needed more than one person to polish it off. If you have a sweet tooth, the Orange, Caramel Brandy Flambéed Crepe is a must-try. Image: Supplied
