20 Nov 2012

Finance & Insurance

 

Table Mountain has its day in the sun

Cape Town's iconic Table Mountain will officially be inaugurated as one of the New7wonders of Nature this December, and the City of Cape Town is going all out to celebrate the occasion! Expect a free concert for the public affair followed by a Table Mountain float joining a procession through the city. A big thanks must be made to SANParks for taking such good care of the South African ecological treasure!

On trend with going green, the SA Post Office plans on procuring 90 electric scooters by 2015 in order to reduce it's CO2 emissions. But they're not stopping there... By 2020 it plans on being carbon neutral - now here's a sustainability goal we can all aspire to!

Wouldn't it be awesome if you could volunteer at a NPO you're passionate about, AND get paid to do it - I bet a lot more people would get to some serious do-gooding if that were the case... cue the Vodacom Change the World programme. Vodacom will pay you a monthly salary if you dedicate your time, energy and skills to a local NPO for a year. It's as easy as approaching a NPO, gaining their support, agreeing on an action plan and submitting your application.

Finally, gather your friends and family and head down to the annual AFDA Film Festival student showcase this weekend in Joburg, Cape Town, and Durban. More than 50 films will be screening, produced by the school's third and fourth year students. They're also going online this year, so go forth and interact.

Sindy Peters: Group Head, Content

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Editorial news

Finance & Insurance


SA municipalities face operational and financial challenges
Though notable progress has been made with respect to the roll-out of basic services and infrastructural developments across the municipal sector in recent years, resulting in generally stable credit rating outlooks across the entire sector, various operational and financial challenges will continue to persist into the future. Read more >>

Santam partners with Grain SA to develop farmers
Rapid population growth and rising food prices are putting increased strain on South Africa's shrinking commercial agricultural sector. Read more >>

Correlation between SARB's indicators and bonds awarded
There is always a direct correlation between the South African Reserve Bank's Leading Business Cycle Indicators and the number and value of mortgage bonds awarded, says Tony Clarke, managing director of the Rawson Property Group. This was clearly shown not so long ago by the increase in the number of bonds issued during the short-lived economic recovery of 2010. Read more >>

Insurance


Discovery's Mayers earned more than Gore
[Phakamisa Ndzamela] Health insurance group Discovery paid the chief executive of Discovery Life‚ Herschel Mayers‚ 49% more in total remuneration than the group's chief executive Adrian Gore in the year to end June‚ according to figures in the group's annual report. Read more >>

AIG Insurance returns to South Africa after three years
After a three-year hiatus, the globally recognised AIG Insurance brand has returned to South Africa. This comes as the international leader in insurance solutions reverts to its classic name in territories around the world following its successful management of the repercussions of the global financial crisis. Read more >>

Banking


One million Absa customers use rewards offering
Absa recently announced that it has clocked one million registered rewards customers and paid out over R300 million in cash rewards to customers since the introduction of Absa rewards in 2009. Read more >>

Credit services


Multiple directorships 'increase fraud risk'
[Amanda Visser] Research by Inoxico, an online credit bureau specialising in risk management solutions, shows that each director of the 20 largest companies in South Africa sits on 14 other boards, increasing the risk for fraud and non-compliance with governance requirements in the Companies Act, Inoxico chief executive André Stürmer said this week. Read more >>

Consumer less vulnerable say report
[Mariam Isa] Consumer vulnerability in South Africa fell to its lowest level since the recession in 2009 during the third quarter of this year‚ a survey sponsored by MBD Credit Solutions has shown. Read more >>

Financial services


Venmyn gateway to mining sector for Deloitte
[Allan Seccombe] Professional services group Deloitte bought independent mining advisory and project evaluator Venmyn to give it a greater role in the mineral sector. Read more >>

BAW made progress to secure financing for taxis
One of the most significant challenges within the taxi industry is gaining finance - many taxi operators battle to get finance for the vehicles that they require or they end up paying excessive interest costs. As John Jessup, head of sales and marketing at BAW South Africa, notes: "You cannot blame the banks; they are not in the market to take unreasonable risks." Read more >>

Investment banking


Investec Property Fund's distribution up 7.1%
[Roy Downing] Investec Property Fund (IPF) on Thursday reported a 7.1% hike in its distribution per linked united for the six months ended September to 46.83 cents from the previous corresponding period's 43.73 cents. Read more >>

Investment management


Sycom distribution up 4.2% 84.43c per unit
Sycom Property Fund has reported a 4.2% increase in its distribution per linked unit to 84.43 cents for the six months ended September 2012 over the comparative period last year. Read more >>

Lanseria will support growth of 'aerotropolis'
The acquisition of Lanseria International Airport by a consortium of investors, announced on Friday (16 November), would enhance the economic growth potential of the areas west of Johannesburg, says Harith investor relations director Pule Molebeledi Read more >>

Tsogo Sun keeps generating cash
Tsogo Sun remains highly cash generative and an improvement in the macro-economic environment should result in strong organic growth for the group in addition to the significant opportunities to invest in and build on its business‚ chief executive Marcel Von Aulock said on Monday (19 September) Read more >>

Motorola Solutions invests into TRX Systems
Westcon SA has announced that vendor partner Motorola Solutions, through its strategic investment arm, Motorola Solutions Venture Capital, has invested in TRX Systems. Read more >>

Coronation's earnings up 12% to 197.8c
Coronation Fund Managers on Tuesday (13 November) reported diluted headline earnings per share of 197.8 cents for the year ended September 2012 - up 12% from the previous year's 176.1 cents. Read more >>

Taxation


Don't let tax be taxing
As the laggards scramble to file their tax returns on time, consulting a professional is key to avoiding costly mistakes. Read more >>


International
25% of German firms 'to slash jobs' in 2013
BERLIN, GERMANY: Gloomy German companies are preparing to slash their workforces next year as the eurozone crisis bites, a survey showed on Monday (19 November), with more than one in four firms saying they would cut jobs in 2013. Read more >>

EU approves €5bn aid package to Egypt
CAIRO, EGYPT: The European Union has approved a €5.0bn financial aid package to Egypt after its economy was battered by a 2011 uprising that toppled Hosni Mubarak, the presidency said on Wednesday (14 November). Read more >>

France says Amazon must pay US$252m tax
PARIS, FRANCE: French tax authorities have demanded $252m in back taxes and interest from online retailer Amazon, according to a company document. Read more >>

More International...


Government
Telkom plans to reduce cost base
[Thabiso Mochiko] Telkom plans to reduce its cost base‚ which could affect jobs‚ in a bid to improve profitability‚ it said on Monday (19 November) Read more >>

Target set for FET colleges
A target has been set to have four million students at further education and training colleges (FET) by 2030, Higher Education Minister Blade Nzimande said on Wednesday (14 November). Read more >>

Auditor-general warns MPs on education sector finances
[Bekezela Phakathi] The auditor-general painted a grim picture of financial management in education, with the Department of Basic Education and provincial education departments racking up more than R1bn in unauthorised expenditure. Read more >>

Municipalities' financial management at risk says GCR
The high number of vacancies or instability at a senior management level within some of South Africa's municipalities poses a risk to the financial and operational management of those municipalities‚ Global Credit Ratings (GCR) head analyst for the municipal sector Marc Joffe said on Wednesday (14 November). Read more >>

More Government news...


People on the move
  • Solairedirect appoints David Currie - more info


Jobs offered
Accountant - Research Contracts - Stellenbosch
Stellenbosch University invites applications from suitably qualified and experienced individuals for appointment as accountant - research contracts, to commence duties on 1 January 2013 Read more >>

Senior Accountant - Fund Management - Stellenbosch
Stellenbosch University invites applications from suitably qualified and experienced individuals for appointment as senior accountant - fund management, to commence duties 1 January 2013 or as soon as possible thereafter Read more >>

Accountant - Financial Planning and Budgeting - Stellenbosch
Stellenbosch University invites applications from suitably qualified and experienced individuals for appointment as accountant - financial planning and budgeting, to commence duties 1 January 2013 or as soon as possible thereafter. Read more >>

Senior Accountant - Stellenbosch
Stellenbosch University invites applications from suitably qualified and experienced individuals for appointment as senior accountant (financial services), to commence duties as soon as possible. Read more >>

Accountant: Finance - Stellenbosch
Stellenbosch University invites applications from suitably qualified and experienced individuals for appointment as accountant: finance, to commence duties on 1 January 2013. Read more >>

Financial Manager - Johannesburg - Eastern Suburbs
Read more >>


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