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IOL News
2 days ago
- Business
- IOL News
Absa Manufacturing Survey reveals decline in business confidence amid economic challenges
The Q2 2025 Absa Manufacturing Survey indicated that the Business confidence declined marginally to 33 points, down from 34 in Q1, an outcome some noted could have been significantly worse given prevailing conditions. Manufacturing business confidence dipped in the second quarter amid domestic and global uncertainty. This was revealed in the second quarter 2025 Absa Manufacturing Survey. Business confidence declined marginally to 33 points, down from 34 in quarter one, an outcome some noted could have been significantly worse given prevailing conditions. The manufacturing survey was conducted by the Bureau for Economic Research (BER) drawing insights from approximately 700 manufacturing businesses. Economists have echoed similar sentiments The confidence index ranges from 0 (no confidence) to 100 (extreme confidence). Absa said domestically, manufacturers also faced several challenges. These included subdued product demand, rising electricity tariffs and water supply disruptions – particularly in Gauteng, compounding to the sector's strain. Sachin Chanderdhev, a sector specialist for the Manufacturing Sector at Absa Business Banking said during the survey period, gross domestic product (GDP) forecast downgrades, the evolving Budget 2.0/3.0 and political tension within the Government of National Unity contributed to heightened local uncertainty. 'Internationally, geopolitical concerns also persisted, notwithstanding the high-profile White House engagement between South Africa and the United States,' Chanderdhev said. Domestic and export sales deteriorated sharply, falling by 22 and 32 points, respectively. Similarly, new domestic and export orders dropped by 25 and 35 points, indicating sustained demand-side pressure amid constrained consumer purchasing power. Survey indicators - tracking sectoral constraints including insufficient demand, political uncertainty and skilled labour shortages - also worsened during the period. Transport, capital and chemicals subsectors were the main contributors to the overall drop in sentiment. Notably, confidence in the Transport subsector declined steeply to 3 points, down from 27 in quarter one, which Chanderdhev suggested may reflect concern around US tariff increases and uncertainty regarding the continuity of multinational production operations in South Africa. Conversely, the furniture and metals & glass subsectors recorded confidence gains of 16 and 9 points, respectively. The latest indicators follow a two-point decline in quarter one, indicating that the manufacturing sector remained under pressure in the first half of 2025 as demand remains constrained. Gross value added by the South African manufacturing sector declined by -2% quarter-on-quarter in the first quarter, following a 1.1% contraction in quarter four. Waldo Krugell, an economics professor at North-West University, said the survey shows some really worrying numbers indicating weak demand and local and international uncertainty. 'My worry is that this again means low investment and no economic growth. The recent GDP numbers showed that if investment in machinery and equipment is excluded, private investment is now 30% lower than before the Covid pandemic," said Krugell. "There is not much that South Africa can do about real wars and trade wars elsewhere, but it is clear that we need more certainty and a lot more speed with the reforms that are underway in SA.' He said a drop of confidence in the transport sector is telling of too slow progress being made at Transnet. North West University Business School economist Professor Raymond Parsons said the Absa survey again confirms that South Africa's economic recovery is slow and uneven. 'Whilst the manufacturing sector outlook remains uncertain, retail sales in April, on the other hand, were strong. The Absa survey is a further reflection of the extent to which global and domestic uncertainty is still hampering SA's incipient economic recovery in a key business sector, Parsons said. "It emphasises why the hesitant economic upturn needs maximum policy support.' Efficient group chief economist Dawie Roodt said, 'It is clear the confidence in the broader economy is not what it is supposed to be. When we talk about manufacturing what has been happening in South Africa for many decades is we are having deindustrialisation, which means we are closing down factories.' Professor Bonke Dumisa, an independent economic analyst, said unfortunately the manufacturing sector has been negatively affected globally. 'There are significant global market jitters because of the US tariff wars. It is against this background that manufacturing, mining, and other sectors have been so negatively affected.' BUSINESS REPORT
News18
02-06-2025
- Politics
- News18
One Year Of Modi 3.0: India's Aggressive National Security Policy Modi 3.0's Major Shift
Aggressive national security policy, major shift in India's response to terror - Modi 3.0 completes one year on June 9Modi 3.0 and explore the government's aggressive national security policy and major shift in India's response to terror. From key policy decisions to significant actions, we'll take you through the highlights of this new era in Indian politics. What does this mean for India's future, and how will it impact national security? Watch to find out!@GrihaAtul | n18oc_india News18 Mobile App -
India Today
30-05-2025
- Business
- India Today
EPFO 3.0 to launch with UPI integration and ATM withdrawals: Launch date, features and all you need to know
Employees Provident Fund (EPF) members are in for a big breather in terms of ease of use and convenience from June of this year. A major digital overhaul is on the cards for India's retirement savings system as EPFO prepares to launch its next-generation platform, EPFO 3.0, starting on June 1, 2025. With over 9 crore active members, the organisation is now set to make provident fund access easier, faster, and more in sync with the digital upgrade comes on the heels of Union Labour and Employment Minister Mansukh Mandaviya's earlier statement confirming that the rollout would take place between May and June 2025. The new platform marks a significant shift in how EPF services are delivered. It is backed by a modern IT infrastructure aimed at reducing paperwork and manual processing. Let's dive deeper into the details of the upcoming 3.0: Launch dateStarting June 1, 2025, a wave of important financial changes are set to roll out across India, bringing updates that will affect everything from personal savings to credit card regulations and access to provident fund accounts. At the heart of these developments is the much-anticipated launch of EPFO 3.0, EPFO's newly upgraded digital platform. Designed to make the system more user-friendly and efficient, EPFO 3.0 will be rolled out on June 1, Aside from the EPFO update, June will bring a number of other financial changes. Major banks such as HDFC, Axis Bank, and Kotak Mahindra Bank are tweaking credit card rules, while consumers must also keep an eye on upcoming deadlines for Aadhaar updates, TDS certificate issuance, and special FD scheme 3.0 upcoming featuresUPI and ATM withdrawals: One of the most anticipated features of EPFO 3.0 is the introduction of ATM-like access to EPF funds. At present, withdrawing money from your Provident Fund (PF) account typically means filing an online claim and then patiently waiting for approval from an EPFO field office — a process that can often stretch over several days, if not weeks. But that's all set to change. With the introduction of UPI integration and ATM-based withdrawal facilities, the entire process is about to become far quicker and considerably more the new system, members of the Employees' Provident Fund Organisation will no longer need to endure lengthy delays. Instead, they'll be able to access up to Rs 1 lakh almost instantly. Additionally, they'll be able to transfer funds to their bank accounts on the spot, bypassing the usual claim-processing essence, the days of cumbersome withdrawal procedures are correction: Another major advantage of the upgraded system is the shift to digital self-service options. Members will now be able to update account details such as their name, date of birth, or contact information online, without having to submit forms or visit an EPFO support these updates securely, the new system will feature OTP-based verification, streamlining the process and ensuring data accuracy with minimal addition, the EPFO is introducing a revamped grievance redressal system to handle complaints more efficiently. With a digital interface and better tracking, the new mechanism is expected to deliver quicker resolutions and reduce frustration among with other schemes: EPFO 3.0 is also being positioned as a gateway to wider social protection, with plans to integrate other government schemes such as the Atal Pension Yojana (APY) and Pradhan Mantri Jeevan Bima Yojana (PMJJBY). This integration could significantly benefit workers in the unorganised and informal sectors, bringing multiple financial safety nets under one platform.
India Today
30-05-2025
- Business
- India Today
From UPI and ATM withdrawals to online corrections: 5 expected features of EPFO 3.0
The way you withdraw your EPF money is about to change—and for the better. Starting June 2025, the Employees' Provident Fund Organisation (EPFO) may roll out a new version of its services, called EPFO 3.0. This new system aims to make PF withdrawals quicker, smoother, and more members might soon be able to withdraw their money instantly using UPI or even directly from ATMs. No more waiting for days or filling out long claim modernisation effort is being executed with the backing of the Ministry of Labour and Employment and has secured approval from the National Payments Corporation of India (NPCI). Here's a simple look at what EPFO 3.0 might UPI AND ATM WITHDRAWALSThe integration of UPI and ATM services is expected to significantly expedite the withdrawal process for EPF members. At present, withdrawing PF money involves online claims and waiting for approvals, which can take several days or even weeks. With the UPI feature, you'll be able to withdraw up to Rs 1 lakh instantly, especially helpful during also be able to check your PF balance through UPI apps and once your claim is approved, you might be able to withdraw your PF just like you withdraw cash from a bank ATM. This will make access to your savings much easier and CLAIM SETTLEMENTSadvertisementEPFO 3.0 will likely have an automatic claim settlement system. This means less paperwork and fewer delays, as your claims will be processed by the system directly, without manual checks in most CORRECTIONS MADE EASIERIn addition to financial transaction enhancements, EPFO 3.0 will allow subscribers to make digital corrections to their account details online. This includes updates such as changes in name or date of birth, which can now be done seamlessly without the need for traditional form-based OTP-based verification will be introduced to enhance security and convenience for information GRIEVANCE REDRESSALA faster and more responsive grievance redressal mechanism is another feature of the revamped system. This change is intended to address subscriber complaints more swiftly and effectively, providing a better service experience to EPF new system promises to handle grievances with increased efficiency, reducing the frustration often associated with prolonged complaint WITHDRAWAL SCOPECurrently, EPF withdrawals are limited to specific life events such as medical emergencies, housing needs, education, and updated EPFO 3.0 system proposes to broaden this scope, allowing employees to access their PF savings for additional critical life events. This expansion is designed to offer more financial flexibility and responsiveness to the evolving needs of employees, ensuring that they can better manage financial EPFO 3.0 is aiming to put more power in your hands, giving you quicker access to your own money and improving how the system works for Watch
India Today
29-05-2025
- Business
- India Today
From PF access to free Aadhaar update: 5 key financial changes in June 2025
Starting June 1, 2025, several significant financial changes will take effect across India, impacting aspects such as savings, credit card rules, and provident fund (PF) access, among 3.0 GOES LIVEAmong the most notable changes is the launch of the upgraded EPFO 3.0 system by the Employees' Provident Fund Organisation from June new system aims to simplify the process of PF withdrawals, streamline Know Your Customer (KYC) updates, and expedite claim processing. A key feature of this update is the introduction of ATM-like cards, facilitating easier and quicker access to EPF funds for FIXED DEPOSITS RATES Suryoday Small Finance Bank joins other financial institutions in lowering interest rates on fixed deposits (FDs). From June 1, 2025, the bank will offer interest rates ranging from 4% to 8.4% for deposits below Rs 3 crore, with the highest rate applicable to tenures between 30 to 36 the interest rate for 5-year FDs will decrease by 60 basis points, dropping from 8.6% to 8%. This shift reflects broader market trends as banks adjust to changing economic IN CREDIT CARD RULESStarting June 20, 2025, Axis Bank will introduce phased changes to its REWARDS Credit Card. Key changes involve point accrual rules, merchant category revisions, and changes in the validity of reward update will help cardholders better comprehend their card benefits and manage their spending more NEW RULES FOR MUTUAL FUNDSadvertisementIn the realm of mutual funds, the Securities and Exchange Board of India (Sebi) has introduced changes to the cut-off timings for overnight mutual fund schemes, starting June 1, new cut-off times are set at 3 PM for offline transactions and 7 PM for online transactions. Any order made after these times will be processed the next working day and may get a different NAV than expected. This adjustment is expected to enhance the management of client funds and the movement of CARD UPDATE DEADLINEThe deadline to update your Aadhaar details online for free is June 14, 2025. Those who fail to update their identity and address proof documents by this date will incur a fee of Rs 25 for updates through the online portal or Rs 50 at physical Aadhaar centres. This deadline underscores the importance of maintaining up-to-date personal information in official the implementation of these rules reflects ongoing efforts to optimise financial systems in India. Stakeholders are encouraged to review these changes closely to ensure compliance and maximise their financial advantages.
