South African Finance Minister Tito Mboweni delivers his medium-term budget policy statement at Parliament in Cape Town

South African business confidence index rises in October

JOHANNESBURG (Reuters) - South Africa's business confidence rose for a second consecutive month in October, bolstered by higher import volumes, vehicle sales and retail sales, a survey showed on Wednesday.

The South African Chamber of Commerce and Industry's (SACCI) monthly business confidence index rose to 95.8 in October from 93.3 in September, the business body said in a statement.

Six of the 13 sub-indices surveyed improved month-on-month, while six were unchanged and one deteriorated, SACCI said.

SACCI said the appointment of former central banker Tito Mboweni as finance minister was one of the significant events that impacted the domestic business climate.

President Cyril Ramaphosa on Oct. 9 appointed Mboweni, the country's fourth finance minister in two years, replacing Nhlanhla Nene who admitted to having meetings with the Gupta brothers, friends of former president Jacob Zuma who are at the centre of corruption allegations.

Zuma and the Guptas have denied any wrongdoing.

(Reporting by Nomvelo Chalumbira; Editing by Matthew Mpoke Bigg)

2018-11-07 11:55:34

© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.