24 Apr 2012

Finance, Accounting & Banking

 

'Dear Mr President...'

With a few days and counting to the imposition of e-tolling, Fedusa has entered the fray - along with a range of other bodies - in an effort to halt what must be ranked as one of the most deeply unpopular moves on the part of government. Fedusa has addressed an open letter to Zuma after, apparently, an earlier letter to him went unanswered - maybe he was busy on those wedding plans.

On the education front, we didn't come out of the recent World Literacy Summit in the UK smelling of roses because when it comes to literacy, SA comes bottom of the class. Apparently the experts are puzzled as to 'how can this be?' Well, here are a couple of ideas for discussion... Under-trained teachers, bad management, lack of discipline in the classroom, lack of textbooks, a teachers' union that often seems more intent on striking than teaching... that sort of thing?

There's good news for those in ICT - Cape Town is to host the international ICT Indaba 2012 and strategies on how Africa can be developed to be become the next boom market in the ICT sector look to be high on the agenda.

For our e-tag carrier enthusiasts, our motoring editor Henrie Geyser waxes lyrical on the Kia Optima, which Henrie describes as smart, sensible and stylish... again, very much like our Henrie, then.

Surprise - some good news for a change from the Eastern Cape... If you're planning on flying anywhere in the next few years, there's good news for you... the man (or woman - must be PC) at the sharp end up at the front should be pretty good as an Eastern Cape pilot training school has linked up with Boeing to train pilots.

Finally - and still up in the air - kulula feels deeply for those of us who are brave enough to have four wives. So, appreciating that the cost of lugging her along with you can be heavy, the airline has just launched a '4th wife flies free' offer. The only drawback we can see is that the offer is open to all fourth wives when the family travels together on the Joburg to Cape Town leg - so if you live in Durban, hard cheese.

Rod Baker, content director

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Editorial news

Finance, Accounting & Banking


US$320bn boost for IMF
WASHINGTON: International Monetary Fund (IMF) chief Christine Lagarde says the Fund has received commitments of additional resources up to about US$320 billion. Read more >>

New World Bank president wants alignment in changing world
PRETORIA: Newly appointed World Bank president Dr Jim Yong Kim will seek a new alignment of the World Bank group with a rapidly changing world. Read more >>

Banking


Standard Bank offers Pastel's My Business Solution
Standard Bank is offering Pastel's accounting package, My Business Online solution, through BizLaunch, which was created as the bank's response to the stubbornly high failure rate of start-up businesses. Read more >>

Finance, Accounting and Banking


South Africa's domestic law, treaty override?
[Peter Dachs and Bernard du Plessis] With the recent announcement of the intention to introduce a uniform tax withholding rate of 15% for dividends, interest and royalties, the reduction of these taxes by foreign investors into SA will be an increasingly prominent feature in planning inward investment. Access to, and the use of, SA's double tax treaties will play an important role in the quest to reduce these taxes. Read more >>

Absa house price indices
The average value of homes in the South African residential property market for which Absa received and approved applications for mortgage finance, is deflating. This is based on the bank's house price indices for the small, medium-sized, and large categories in the middle segment of the market. Read more >>

Financial Services


Medshield enters the short-term insurance market
Broker partners of Medshield Distribution Services will shortly be able to offer quotes for short-term insurance cover to their clients. Direct clients of Medshield will also be able to obtain quotes through their regional Medshield office. Read more >>

Nedbank to fund rental housing development in Midrand
Nedbank has entered into an agreement with Central Property Developments Johannesburg to fund a rental housing development in Clayville, Midrand. The bank will be injecting over R100 million to address the needs of those who either earn too much to qualify for free subsidy housing, or too little to meet the qualifying criteria set out by financial institutions. Read more >>

Investment Management


Illiquid markets in sub-Saharan Africa have potential
Africa's most illiquid markets are also the ones that show the most potential, says Pieter de Wet, head of research at Novare Equity Partners - the private equity fund manager focused on investment opportunities in sub-Saharan Africa. Read more >>

Taxation


E-toll saga deepens, Fedusa sends Zuma open letter
In an open letter to President Jacob Zuma, the Federation of Unions of South Africa (Fedusa) says it has referred the issue of tolling prices, and how they are calculated, to the Competition Commission. Fedusa is seeking an urgent meeting with the president to discuss the issue. Read more >>

Public comment sought on capital gains taxes
PRETORIA: National Treasury has released for public comment proposals related to how increased capital gains tax rates will be applied to long-term insurers in 2012. Read more >>


Government
Too much spent on state leases
The National Treasury is concerned that R3bn a year spent on leasing properties for state departments was too high, according to a report on Wednesday. Treasury deputy director-general for public finance Andrew Donaldson told Parliament's appropriations committee on Tuesday that state spending on leases had grown rapidly, Business Day reported. Read more >>

Increase in e-toll registrations, but...
There has been a significant increase of e-tag registrations in Gauteng, the SA National Roads Agency Ltd said on Wednesday. Most of the registrations had taken place at mall outlets, it said in a statement. Read more >>

Xingwana aims to clarify New York trip expenditure
[Gabi Khumalo] The Department for Women, Children and People with Disabilities has refuted claims that it spent over R6m for a delegation to undertake a trip to New York last year. Read more >>

State bid to speed up infrastructure
Short-term planning and political uncertainty could slow down its R800bn infrastructure spending plan, the government admits. Read more >>

Gordhan questions World Bank appointment processes
[Ntsakisi Maswanganyi] Finance Minister Pravin Gordhan has questioned the processes through which the World Bank president is appointed. Read more >>

Sanral response on alternate use tariff
The South African National Roads Agency (Sanral) has again emphasised that the e-toll rates to "alternate users" are applicable only to defaulters or violators that refuse to pay on time or not at all. Read more >>

E-toll places burden on non-Gauteng drivers
The cost to administer and enforce the regulations for the Gauteng Freeway Improvement Project (GFIP), or e-tolling, just added to motorists' burden and a simple fuel levy would have reduced this, say the Cape and Durban chambers of commerce. Read more >>

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