6 Nov 2012

Finance & Insurance

 

We're last in class

So what are we going to do about it? We all know our state education system is a shambles, and now that has been confirmed after SA was rated as bottom of class in maths and science. It's yet another extremely dubious "honour" this country has earned. The question is: how will our shambolic "education" system be fixed?

And if you are in the NPO sector, it's time to be afraid, very afraid... According to
Inyathelo executive director Shelagh Gastrow, if proposed amendments affecting the BEE code go through as is, NPOs and charities could go under - and that means many thousands of children and adults currently being helped, will be affected.

Trying to benefit our exports by 'managing' the rand will not help exporters say a number of experts. In any event, one says, the market is far too large for us to influence it to any effective extent.

Higher Education and Training Minister Blade Nzimande says bankers need to be taught courses in sociology, apparently in order to develop a social consciousness about the effects of lending.

And to end, Bizcom's very own "brute in a suit", motoring editor Henrie Geyser, says the new Chevrolet Trailblazer is - just as he is...a brute in a suit.

Rod Baker, content director

Submit your company news to financenews@bizcommunity.com. Exclusive contributions may be sent to contributors-finance@bizcommunity.com.

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Editorial news

Finance & Insurance


SARS and Companies Office cost companies millions
Companies lose millions in lost time and business opportunities as result of the lack of harmonisation of company records between the South African Revenue Service (SARS) and the Companies Office, formerly known as Cipro. Read more >>

Stokes appointed as media manager at FIA
The Financial Intermediaries Association of Southern Africa (FIA) has announced the appointment of Gareth Stokes as its new media and communications manager effective from 1 January 2013. Read more >>

Expats in SA hit by European pensions crisis
[Craig Featherby and Nigel Green] With governments across the economically afflicted euro zone under pressure to cut pension entitlements and the value of pension pots in "free fall", it is becoming ever more important for expats in SA to take control of their own pension arrangements. People must take full responsibility for their own financial planning, if they aim to be able to retire comfortably. Read more >>

Absa supports government plans to preserve retirement money
Absa supports the government's proposals to improve the preservation of pension money and the governance of retirement funds. However, more needs to be done to reach agreement between stakeholders on the detail of exactly how better preservation can be achieved. Also to be applauded is the commitment by government to protect accrued/vested rights. Read more >>

Tourism, Travel & Hospitality


Sun International's quarterly profit of R2,5bn
Hotel and gaming group Sun International reported an 11% rise in revenue for the first quarter to R2.5bn from the previous period's R2.2bn. Read more >>

Insurance


SA women are not serious about short term insurance
A recent study revealed that a shocking 70% of South African women do not have any short-term insurance cover in place, placing themselves at serious financial risk should they need to replace them as a result of damage, theft or loss. Read more >>

Banking


New Mandela banknotes to come into circulation
New banknotes bearing the face of former President Nelson Mandela will come into circulation next Tuesday, 6 November 2012, says the Reserve Bank. Read more >>

Commercial


FSB faces though decision on Foutainhead
The bidding war between Redefine (RDF) and Growthpoint (GRT) that started on Tuesday for Fountainhead Property Trust's portfolio - less than three months after Redefine acquired Fountainhead's management company - will direct the Financial Services Board (FSB) and the industry into "unchartered territories"‚ according to analysts. Read more >>

Finance, accounting & banking


'Managing' the rand will not help exporters
The managed currency band that the Manufacturing Circle called for in its submission to parliament this week might not be the silver bullet to make SA's trade more competitive. Read more >>

Tenders benefit only a few: Jansen
Government tenders and political friends can only help a few people to be successful, University of the Free State Rector Jonathan Jansen said last week. Read more >>

Economic growth expected to slow in coming months
While South Africa's economic activity expanded in the second quarter, economic growth is likely to slow in the coming months, says the Reserve Bank. Read more >>

Denel urges state to disburse R700m
State-owned arms manufacturer Denel made an urgent plea yesterday for the government to disburse the R700m allocation it had committed to for use by its ailing subsidiary Denel Aerostructures. Read more >>

Financial services


Alternative ways to finance commercial property
Although there is a general interest throughout South Africa in investing in commercial property, it is also true that a high proportion of those wanting to do this are deterred from doing so because they cannot get bank finance, says Jason Lee, national head of Rawson Commercial. Read more >>

Investment management


SARB: slow SA economy growth due to strikes
Fin24 reports that The South African Reserve Bank (SARB) warned that mining strikes would likely curb economic growth for the rest of the year. Read more >>

What is driving investment decisions at present?
[Duggan Matthews] If we look at both the equity and bond markets at the moment, we see that they are both suffering from weak fundamentals and low yields, yet they are both attracting fund flows. By contrast, the money market is seeing a nett outflow of funds. Read more >>

Taxation


Withholding taxes: Feeling the pinch
[*Bernard du Plessis] On 31 August 2012, National Treasury and the South African Revenue Service (SARS) issued a joint media statement regarding their intention to pass anti-avoidance legislation to deal with tax-avoidance schemes relating to dividends tax, as well as provisions to prevent the use of STC credits where no tax was paid in respect of these credits. Read more >>

Non-profit organisations, take note: time is running out
[Mandi Krebs] In order to register as a Public Benefit Organisation (PBO) with the South African Revenue Service (SARS), an organisation must comply with a number of provisions, set out in section 30 of the Income Tax Act, No 58 of 1962 (Income Tax Act). Preferential tax treatment is conferred on a non-profit organisation which has obtained PBO status, and such compliant organisation's receipts and accruals are exempt from certain South African taxes. Read more >>

Number of SA taxpayers up 24%
[Amanda Visser] Finance Minister Pravin Gordhan said 3.4m taxpayers have filed their annual income tax returns for the 2011-12 tax year. Read more >>

Implications of new Withholding Tax on Interest and Royalties
Deductions in terms of the new withholding taxes on interest and royalties for non-residents will become the responsibility of the entity making those payments, but the ultimate responsibility for ensuring that capital reaches the South African Revenue Service (SARS) lies with the person being paid, BDO South Africa tax director David Warneke says. Read more >>


International
China manufacturing activity slightly brighter
China's manufacturing activity contracted in October but at a slower pace than in previous months, HSBC said Wednesday, a sign the slowdown in the world's second-largest economy is bottoming out. Read more >>

China Southern 3Q profits tumble 29 percent
HONG KONG - China Southern Airlines, the country's largest airline by fleet size, said on Sunday its third quarter net profit fell 29 percent compared to a year earlier due to foreign exchange losses. Read more >>

More International...


Company news

Finance & Insurance


Biz Charity Challenge: let's all help together - Bizcommunity
With the festive season fast approaching, Bizcommunity.com would like to challenge our readers, clients and partners to think of those less fortunate. Help us raise funds, bedding and toys for our two chosen charities and the company raising the most will be given two free press office releases for the festive season, in the industry of your choice, to promote whatever you like. Read more >>


Government
Nzimande proposes sociology for bankers
Higher Education and Training Minister Blade Nzimande says bankers need to be taught courses such as sociology in order to develop a social consciousness about the effects of lending. Read more >>

More Government news...


Jobs offered
Bookkeeper - Boardwalk Casino
Read more >>

Internal Control Analyst - Johannesburg - North
Read more >>


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