Finance & Insurance South Africa weekly newsletter - 9 Oct 2012

SAA flies into flak

At this rate there will be very few, if any, of the current SAA board left after CEO Siza Mzimela quit, closely followed yesterday by the resignations of commercial general manager Theunis Potgieter, and legal and risk head Sandra Coetzee.

On the technology front, America's National Science Foundation has created a new program to find new paths forward for sustainable energy.

Many people reckon she deserves an 'F' - despite Angie Motshekga awarding herself a very good pass mark after the Limpopo textbook debacle. Now she has to give a report on the issue. What's the bet she comes out smelling of roses.

Think of El Nino and you usually think of wild weather. Well, according to Santam, El Nino offers an opportunity for SA farmers.

Still on the agriculture front, in a way, Goodyear, the tyre manufacturer, has announced plans to replace petroleum oil in tyres with soya oil.

Still on the automotive front proper, our intrepid motoring editor Henrie Geyser rates the new Chevrolet Cruze hatches as nifty - which is just the way we rate Henrie ourselves.

Rod Baker, content director

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ABN Education Trust calls for jounalism students

The ABN Education Trust sponsors students from previously disadvantaged backgrounds into financial journalism programs at WITS and the University of Johannesburg. The Trust was founded in 2011, by the co-founder and vice chairman of CNBC Africa, Rakesh Wahi. Read more >>

SAA crisis shows why effective succession planning is crucial for SMEs

[Valerie Hayter] News that national carrier South African Airways has lost eight of 14 board members, including its chairman, in a mass resignation shows why an effective succession planning strategy is a crucial part of any company's risk-management plans. For smaller businesses in particular, this is even more critical, as without the business may be forced to close down if an effective plan is not implemented. Read more >>

Report reveals an improvement in private equity performance

Private equity has enjoyed a strong annual return of 19.4% over the three years to 30 June 2012, according to latest SAVCA RisCura South African Private Equity Performance Report, which was released recently. Read more >>

South African Generation Y entrepreneurs lag globally

[Kobus Engelbrecht] In the current uncertain economic climate and unpredictable job market, global research has revealed that "emerging adults", also known as "Generation Y" (born between 1980 and 1995), are attempting to adapt to these environmental conditions by seeking alternative forms of employment through entrepreneurial activities. Read more >>

Moody's Investors Service adjusts SA's credit rating downwards

The downgrade of South Africa's government bond rating by one notch to Baa1 from A3 by Moody's Investors Service is premature, according to Melanie Brown, CEO at Global Credit Ratings (GCR). "While we disagree with the move by Moody's, it does not come as a complete surprise. Of the three international rating agencies, Moody's rating was a notch higher." Read more >>

Compendium Insurance is Conversation LAB's first client

New creative agency, Conversation LAB has won its first client - Compendium Insurance Group (CIG). Conversation LAB has been appointed to develop Compendium's social media and digital strategy, with a heavy focus on lead generation and retention. Compendium Insurance is one of South Africa's largest independent brokers with its head office in KwaZulu-Natal. Read more >>

IT revolution increases risks in banking: IMF

Although the information technology (IT) revolution of the past decade has expanded access to finance and contributed to social welfare‚ the changes have also led to increased risks in the global banking system because of the increased concentration‚ interconnectedness‚ complexity‚ and opacity‚ the International Monetary Fund (IMF) said in its latest Global Financial Stability Report. Read more >>

New app will allow FNB customers to accept card payments

First National Bank has announced that it is working towards introducing an exciting new mobile payment device to its merchant services offering in the coming months. The announcement follows the conclusion of an agreement between the bank and mPowa, the first company to introduce this technology in the United Kingdom. Read more >>

SA's construction: stability and small growth over the next four years

In a Moneyweb opinion piece, Saijil Singh, lead analyst with international credit insurer Coface South Africa, assessed the state of SA's construction industry and stipulated how it is expected to perform over the next four years. Coface estimates a 7% construction costs rise in 2013. Read more >>

FNB seals deals with mPowa, Mxit

First National Bank (FNB) said yesterday, Tuesday 2 October 2012, it planned to introduce a new mobile payment device for merchants following an agreement with mPowa‚ the first company to introduce the technology in the UK. The bank's eWallet service has also been integrated by Mxit into Mxit Money‚ its mobile commerce platform‚ to create FNB Moola+. Read more >>

SAA's integrity will still fly high: Board Chair

The integrity of South African Airways (SAA) will continue to be a priority while much focus will be put on fine tuning operations at the airline, newly appointed SAA board chairperson Vuyisile Kona said on Tuesday. Read more >>

SA mining sector cannot afford further loss in investor confidence

Peter Leon, head of Africa mining and energy at Webber Wentzel, writes in BDlive that events at the Marikana mine may prove to be the catalyst in crafting a new deal for the industry. Read more >>

Retirees are at risk when trading online

The rise of the Internet, with its amplified level of accessibility, coupled with increased advertising, has resulted in a boom in online trading globally. As a result, a large number of retirees in South Africa have turned to online Forex trading to increase their monthly income. However, many are ill-equipped with the required skills and knowledge to trade successfully in a competitive foreign exchange market. Read more >>

Shift towards larger hedge fund managers continues

The Novare Investments South African Hedge Fund Survey for 2012, released in Cape Town recently, found that industry assets as at 30 June this year had reached an all-time high of R33.6 billion as the shift towards larger hedge fund managers with longer track records continued. Read more >>

Ecobank Nedbank Alliance seek to unlock opportunities in Africa

Africa is one of the fastest growing regions in the world. This is thanks to an improving macro-economic environment, ongoing regulatory reform and strong demographics, including an emerging middle class with growing disposable income. Yet it is a region that tends to be misunderstood or overlooked by international businesses and investors alike. Read more >>

How to identify a sound property investment

[Linda Erasmus] Logic and intensive research will make investment in property a lot easier than it seems. Buyers should tap into the expertise of reputable property professionals for guidance in buying property. Read more >>

SABC: Faulty Towers at its worst

[Rod Baker] NEWSWATCH: According to yesterday's Sunday Times and today's Times Live, much of the licence fees we pay to the SABC are being wasted, misspent and if the newspaper terminology is to be used... "looted". Meanwhile, Times Live also reports taxpayers are going to be coughing up yet more cash to prop up the broadcaster's new 24-hour news channel - which in an editorial the publication says we can "ill-afford". However, some good news: The new press regulations have been well received, reports BDlive. Read more >>

Italian tax agency takes to YouTube in anti-evasion drive

ROME, ITALY: Italy's tax agency on Monday launched its own channel on YouTube to tell Italians how to pay their taxes, as the government pursues a sweeping crackdown against evasion aimed at boosting public finances. Read more >>

SAA flies into flak

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