30 Jul 2013

Finance & Insurance

The next day we were at sea...

According to Public Enterprises Deputy Minister, Bulelani Magwanishe, the jobs are there - in the maritime industry. In fact, according to him, there are more than 40,000 of them. The only problem is that there aren't more than 40,000 young people to take those jobs. The call has been made: Youngsters... You're needed in the maritime industry.

"Hello Control..." Security is so tight no cellphones or cameras are allowed into the building, but at least here's a description of what's it's like inside Eskom's national control centre after a group of journalists took "the tour".

Not too long ago, having a heart condition, failed liver, lung cancer et al basically meant tidying up your medical affairs and await the Grim Reaper. Nowadays a great number of people who might otherwise have passed on are enjoying a life... In fact, they're able to participate in their own World Transplant Games.

Fancy a walk on the wild side...for free? SANParks has announced the 2013 SA National Parks Week dates. On these dates, day visitors you can enjoy free access to most of the 21 national parks across the country. Free access to parks does NOT include free access to accommodation facilities and other tourist activities.

Now's your chance to experience what all our overseas visitors have been "Ooing" and "Aahing" about.

Rod Baker, Content Director

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Weekly top stories

The pros of entering the accounting profession
[Steven Cohen] Last week, the South African Institute of Chartered Accountants (SAICA) announced that Praise Ndebele, a learner from Ponelopele Oracle Secondary School is this year's winner of the National SAICA Pastel Accounting Olympiad, having scored a 92% mark. There were four runners-up, each of whom achieved a score of 88%. Read more >>

Finance & Insurance
Novare releases comments on the state of global financial markets
How a highly accommodative monetary policy, which is unprecedented in size, will be unwound, is the primary risk for global financial markets over the coming few years. Read more >>



SA law societies sign MoUs with Financial Intelligence Centre
South Africa's four statutory provincial law societies have pledged their commitment to combating money laundering and the financing of terrorism. Read more >>

New legal entity, new leadership for Institute of Retirement Funds
National key stakeholder meetings held recently in Cape Town, Durban and Johannesburg saw the Institute of Retirement Funds (IRF) announce its new board, which includes a diverse range of principal officers, trustees, and legal and investment service providers. The new board already has a number of industry initiatives scheduled for the coming 12 months. Read more >>

Biz announces GoPro reader comp winner!
[Issued by Bizcommunity.com] Finally, the announcement you've been waiting for - the winner of our GoPro reader competition! Read more >>  visit press office >>


Insurance
Basic steps when filing an insurance claim - Fourie
Short term insurance policies are guarantees against forking out hefty sums when the worst happens, be it a car accident, theft or damage to expensive possessions. However, simple mistakes on the part of the policyholder when filing a claim can sometimes leave to them facing a financial loss if they do not follow the correct procedures. Read more >>

Insurers need to keep up with telematics developments - Marais
Telematics is a growing global industry, which insurance providers need to take cognisance of, as they need to consider how to make use of telematics in their businesses in order to remain relevant. Read more >>


Accounting & Auditing
PPI climbs to 5,9% in June
The annual percentage change in the producer price index (PPI) for final manufactured goods was 5.9% in June compared with 4.9% year-on-year in May‚ Statistics SA figures showed on Thursday (25 July). Read more >>

MTN shares fall after Patel quits
MTN Group shares slipped almost 3% on Tuesday (23 July) after the immediate resignation of its chief financial officer and executive financial director‚ Nazir Patel. Read more >>


Banking
Africa is a target for Citibank
[Gillian Jones] Citibank is expecting to grow revenue in Africa as it sees opportunities in increased trade and investment‚ urbanisation and digitisation. Read more >>

Big data is big question for big banks
[Gillian Jones] Banks are grappling with the best way to use the customer information available to them and to process data in real time. Read more >>

Applicants for 100% bonds often rejected
Roughly 20% of all bond applicants in South Africa require 100% bonds today, but the rejection rate on this type of application is always a great deal higher than the average, said Mike van Alphen, national manager of the Rawson Property Group's bond origination division, Rawson Finance. Read more >>


Credit Services
Tougher lending criteria force entrepreneurs to look at alternative funding
[Hugh Tyzack] With South Africa's current economic climate it is no wonder that business loans are so difficult to get. Even large institutions like Standard Bank and First Rand are cutting back the number of loans that they make. Read more >>


Finance, Accounting & Banking
Rand struggles to hold gains
[Fifi Peters] The rand struggled to hold onto gains made overnight when the dollar lost momentum after US home sales fell by less than anticipated in June. Read more >>

White maize firmer as rand slides
[Madeleine van Niekerk] South African white maize futures ended the Monday (29 July) trading session firmer due to a softer rand and a shortage of local white maize. Read more >>

MTN Zakhele share trades from November
MTN's share price has appreciated 64% since the black public were invited to subscribe for MTN Zakhele shares at R20 each in November 2010‚ chairman Thulani Gcabashe said at MTN Zakhele's annual general meeting in Sandton on Monday (29 July). Read more >>

Rand falls on balance of payments deficit
The rand was softer in early trade on Monday (29 July) after the South African Reserve Bank reported that the second quarter showed a R15.15bn balance of payments deficit compared with a R1.15bn surplus in the first quarter. Read more >>

Property auction market down 75%
It appears the auction industry is still feeling the after-effects of the Auction Alliance ghost-bidding scandal as the total value of property sales concluded at auctions has fallen by 75% in the past 18 months. Read more >>

CPI slightly lower than expected
SA's consumer price index (CPI)‚ used to measure inflation‚ rose to 5.5% year-on-year in June from a 5.6% year-on-year increase in May‚ Statistics SA (Stats SA) said on Wednesday (24 July). Read more >>

Small sacrifices can help South Africans save for retirement - Venter
While many South Africans struggle to save for retirement, it is surprising to note the difference that a few sacrifices each month can make in adding to one's retirement fund. Read more >>


Financial Services
[Marital regimes] Identifying real needs
[Geraldine Macpherson] Financial planning is all about establishing what your needs are and finding the correct financial planner to provide a solution to those needs. Very often we are not aware of our very own needs, and financial advisers, are essential to uncovering those needs. Read more >>

FPI uncompromising in its approach to producing qualified financial planners
The Financial Planning Institute's 2015 strategy aims to improve the status of the financial planning profession and the accessibility of financial planning in South Africa. Thus far, the institute has made good progress towards achieving these goals. Read more >>


Investment Banking
No cash? So get a R34m loan
[Linda Ensor] The National Empowerment Fund (NEF) has defended its R34m loan to Ndalo Luxury Ventures, the owner of the luxury designer store Luminance which opened its doors in Hyde Park last week. Read more >>

PFA orders IF's trustees to repay funds
Pension fund adjudicator Muvhango Lukhaimane is cracking the whip on anyone who breaks the law. Read more >>

Vunani's rights offer price finalised
Listed property fund Vunani Property Investment Fund on Monday (22 July) announced the final‚ JSE-approved terms of its rights offer to raise up to R455m. Read more >>


Investment Management
Mondi profits expected to be €270m
Mondi said on Tuesday (30 July) that for the six months ended June‚ its basic headline earnings per share are expected to be between 43c and 48c, up from 30.9c in the previous year. Read more >>

Gaberone to become diamond selling centre
[Brendan Ryan] De Beers is in the final stage of preparations to sell its global diamond output from Botswana's capital instead of London, from where the world's largest diamond producer has traditionally done its marketing. Read more >>

Kansai Paint buys Astra Industries
Kansai Paint has partnered with the management and staff of Zimbabwe group Astra Industries to buy a 63.25% interest in the group from the Finance Trust of Zimbabwe, an investment vehicle of the Reserve Bank of Zimbabwe. Read more >>

Executive salaries and disparity with 'under-skilled masses'
[Mpho Sibanyoni - Business Reporter] Two of South Africa's gold mines pay their executive directors between 128 and 148 times more than what their average workers put in their pockets. Read more >>

Racec still faces uphill battle
[Lindo Xulu] Shareholders in rail contracting firm Racec might be grumbling about the 20c a share offer from shipping company Grindrod, but they hardly have a choice if they want to keep the company alive. Read more >>

Regulation may threaten pay packages
There is a regulatory truck heading down the road that executives will be able to dodge only if they start moderating their pay packages. That's the warning from PwC human resources services director for southern Africa Gerald Seegers Read more >>

Sustainable infrastructure should address climate change risk factors - Marsh
Changing environmental conditions bring long-term physical risks to major infrastructure developments. This means that the impact of climate change on infrastructure investments needs to be considered. Read more >>

Hotel sector recovering steadily in SA
[Nick Hedley] JSE-listed Hospitality Property Fund‚ which invests in hotel and leisure properties‚ is optimistic about the outlook for the hotel sector after a challenging period‚ according to its chief executive Andrew Rogers. Read more >>

Retailers use SA to expand into Africa
[Zeenat Moorad] South Africa is by far the biggest consumer economy in Africa and international retailers wanting to expand into Africa are inclined to use the country as a launch pad into the rest of the continent‚ Accenture SA's managing director for retail and consumer services Adrian Bertschinger said on Wednesday, 24 July 2013. Read more >>


Taxation
Tax changes could stimulate growth
[Nomaxabiso Majokweni*] President Jacob Zuma's announcement in his state of the nation address in February that a committee would be appointed under the chairmanship of Judge Dennis Davis to investigate the tax system and identify "possible new sources of income" was greeted with scepticism by some analysts. Read more >>

Taxation - are ANC members exempt as Malema claims?
The credibility of Julius Malema is not a commodity in which someone would readily invest. Thus one must treat with caution his suggestion that his tax issues are not a problem or his suggestions that while he was a member of the ANC he was not required to pay tax. Read more >>

Treasury wants uniform e-commerce taxes
[Linda Ensor] The Treasury is looking to level the playing fields between local suppliers of e-commerce products and services and their foreign rivals, who do not pay VAT and therefore enjoy a 14% advantage that allows them to lower their prices. Read more >>

Compromise of tax debts
[Graeme Palmer] Compromise is often said to be the best and cheapest lawyer. In certain circumstances the South African Revenue Services (SARS) can enter into a compromise agreement with a taxpayer, where the taxpayer undertakes to pay less than the full amount of a tax debt and SARS undertakes to permanently write off the remaining portion. Read more >>

Deduction limitations proposed by National Treasury
The Taxation Laws Amendment Bill 2013 was released on 4 July 2013, and includes the proposed deferment or curtailment of taxpayers' deductions in certain circumstances. Read more >>


International

Danone profits down to €873m
PARIS, FRANCE: Food group Danone, a world leader in dairy products, reported a 4.2% fall in net profit in the first six months, saying on Monday (29 July) that the business climate in Europe was "very difficult". Read more >>

Samsung profits up 49,7% for June quarter
SEOUL, SOUTH KOREA: Samsung Electronics, described as the world's largest technology firm by revenue, last week posted another record quarterly net profit, but weakening earnings momentum has fuelled fears over sagging demand for high-end smartphones. Read more >>

Apple profits of US$6,9bn in June
SAN FRANCISCO, USA: Apple beat Wall Street earnings expectations on Tuesday (23 July) with help from strong sales of iPhones, boosting a share price weighed down by concerns the company was losing its edge. Read more >>

Dell vote delayed again but offer increased
NEW YORK CITY - The buyout offer for Dell led by company founder Michael Dell was raised slightly on Wednesday (24 July) and a shareholder vote on the plan was postponed until 2 August, the company said. Read more >>


More International


Africa

Luanda: world's most costly city for expats
PARIS, FRANCE: The Angolan capital of Luanda has regained the top spot in an annual survey of the most expensive cities for expatriates to live in, followed by Moscow and Tokyo. Read more >>


More Africa


People on the move


BDO new appointments - more info
BDO appoints Sally Juckes - more info



Jobs offered

Part-Time Bookkeeper - Marlboro/Sandton
Rocket Creative requires an experienced part-time bookkeeper. Mornings only. Position includes undertaking of all bookkeeping functionality, salaries etc. + all statutory returns + general accounts filing and enquiries. Read more >>

Receptionist - Long Meadow - Edenvale
Read more >>

Legal Manager - Johannesburg West
Read more >>


Financial and Operations Coordinator - City of Cape Town Metro



New events to diarise

Finance for Non-Financial Managers Course
Paton Training - 22 Aug 2013 to 23 Aug 2013 Johannesburg


Upcoming events

IFRS 9, 7 and Hedge Accounting
Bizstrat - 1 Aug 2013 to 2 Aug 2013 Fourways, Sandton
UCT Basics of Financial Management course
GetSmarter - 5 Aug 2013 Countrywide
ABINOF - 2013
ABN Global Events - 5 Aug 2013 to 9 Aug 2013 South Africa


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