South Africa's private sector expands for first time in 12 months

Activity in South Africa's private sector expanded in May for the first time in a year, a survey showed on Friday, as new orders and exports grew even though the subdued economic climate continued to curb output. The Standard Bank Purchasing Managers' Index (PMI), compiled by Markit, rose to 50.2 in May from 47.9 in April, climbing above the 50 mark that separates growth from contraction. "The rise in the PMI was driven by new orders on the back of rising external demand as well as new clients a