27 Aug 2013

Finance & Insurance

Wishful thinking?

You can't blame the government for trying, but let's face it, unless there is some sort of radical change in the mindset of the unions, the government call to them to keep those strikes peaceful is going to fall on incredibly deaf ears.

Our so-called 'strike season' has been marked for years by wanton acts of mindless violence, which of course have never been on the part of 'our members'. It's always the other union, or a 'third force' or whatever that has trashed businesses, looted shops, beaten, murdered, etc. Well, perhaps this year it will be different - but don't hold your breath.

Still on the subject of trashing, Douglas Kruger has a step-by-step process for those bosses out there (and yes, there are such morons) on how to trash a great team.

Do we live in a classroom or the real world, asks Courtney Bentley. As we all know, our education system is ... well... you know ... but apart from the basics that any decent education system should inculcate into its pupils, Bentley reckons there's a need to teach some basic life skills as well.

For all you petrol heads out there, our tame motoring editor Henrie Geyser reckons the new Volvos are as smooth as Irish coffee, and as a man noted for his cheery, chiselled features, he also reckons the baby Merc gets A for looks. Well, come on... he knows... wouldn't he?

To end... don't forget to vote in the Times' Creative Press Ad Challenge and stand a chance to win yourself a Samsung tablet.

Rod Baker, Content Director

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Weekly top stories

Interest rates, subdued growth put pressure on equity returns
[David Crosoer] When measured in rands, the South African equity market has returned an impressive 20.89% over the past 12 months. We've also observed double-digit annualised nominal returns over three years (17.50% pa), five years (13.11% pa) and seven years (14.35% pa). Read more >>
Moving to a new era of fraud prevention
[Dr Tracy Dunbar]
Deferral of tax payment
[Graeme Palmer]

Finance & Insurance
Donald Trump Jnr to keynote Wealth MasterClass
Real Estate Investor Magazine will be hosting Donald Trump Jnr as keynote speaker via live streaming in their annual Wealth MasterClass. Read more >>



Stimulating, nurturing and protecting self-generated innovation in SA
[Paul Steenkamp] Organisational culture is one of the key drivers for stimulating self-generated innovation. The benefits and impact of doing so can be both internal and external. Read more >>


Actuarial & Insurance
NHI won't spell end of medical schemes sector: minister
[Tamar Kahn] Deputy Health Minister Gwen Ramokgopa has given a strong signal that the introduction of the National Health Insurance (NHI) will not spell an end to the medical schemes sector‚ a spectre feared by many middle-class consumers who have opted to pay for private medical care rather than deal with the uneven quality of services in the state sector. Read more >>

Moving to a new era of fraud prevention
[Dr Tracy Dunbar] While insurance companies have used tried and tested techniques for fraud detection for decades, high performance analytics now allows them to become proactive in identifying fraud before it happens. Read more >>

Kidnap and ransom a 'growing business'
Kidnap for ransom has become something of a growth business in certain African countries, with Nigeria alone accounting for 26% of all global incidents in the first half of 2013. Read more >>


Banking
Working 14/7 is a waste of time
Working for 14 hours a day is ruinous to your health, your family, your relationships, your personality and your temper. It's also thoroughly inefficient. We know all this, but the sad case of Moritz Erhardt has reminded us of it all over again. Read more >>

City reassures residents after hacking
Residents' personal information was not compromised by the recent hacking of the City of Johannesburg's billing system, the municipality said on Thursday (22 August). Read more >>

Brics leaders look to boost trade with Africa
Business leaders from the BRICS group of emerging economies met on Tuesday (20 August) to discuss trade with Africa, insisting that the bloc's planned development bank has not been abandoned. Read more >>

Listed property funds eye Rosebank‚ Gautrain
[Joan Muller] The reshaping of Rosebank's skyline is gathering pace as listed property funds‚ private investors and financial institutions continue to pour millions of rand into Gautrain-driven development opportunities. Read more >>


Education & Training
Workshop on starting an e-commerce business
PayU and MWEB will co-host a free workshop for entrepreneurs who are looking to establish their own successful e-commerce business. The workshop will be held on 29 August from 9-11am at the MWEB Auditorium in Parow, Cape Town. Read more >>

CIMA Global Business Challenge chooses Save the Rhino International
CIMA Global Business Challenge, a competition for undergraduates at universities from around the world, has selected Save the Rhino International (SRI) as its corporate social responsibility initiative for the competition and will contribute R18,000 to this renowned rhino conservation organisation, which works to conserve all five species of rhino in Africa and Asia. Read more >>


Financial Services
Absa raises R1.16bn for Sanlam through bond issue
The corporate and investment banking division of Absa Bank has successfully raised R1.16bn for insurance group Sanlam through a subordinated bond issue. Read more >>

[Marital regimes] Marriage in community of property
[Geraldine Macpherson] People have the habit of falling in love and then sometimes this leads to marriage. The legal framework in which people get married will impact on their financial planning going forward. If you're an individual who gets married without entering into a contract then the marriage will be in community of property (COP). Read more >>

Old Mutual's new wealth unit to offer 'integrated‚ holistic' service
[Gillian Jones] Old Mutual SA's wealth management business‚ which combines seven of its business units into one division‚ started operating in August. Read more >>


Markets & Investment
Rand mildly firmer in dull trade
[Helmo Preuss] The rand was a touch firmer in dull early trade on Monday (26 August) as the UK bank holiday robbed the market of liquidity. Read more >>

Grain prices fall as rand firms
[Helmo Preuss] The combination of lower Chicago grains futures due to good US rains‚ farmer selling to repay debt due before the end of the month and a stronger rand saw grain futures prices fall on Friday (23 August). Read more >>

BAT's R1bn expansion is a 'vote of confidence' in SA
[Bekezela Phakathi] British American Tobacco (BAT) said last week that its South African subsidiary is entering the final phase of a R1bn expansion to enhance sales‚ marketing and distribution. Read more >>

Truworths diluted earnings up 8.4% to 560.7c
Fashion retailer Truworths International boosted fully diluted headline earnings per share by 8.4% from 517.1c to 560.7c for the year to June. Read more >>

Edcon's first quarter retail sales up 3.2%
Retailer Edcon said on Thursday (22 August) that retail sales increased 3.2% to R6.205bn in the first quarter of the current financial year. Read more >>

Transpaco says selective deals will boost growth
[Alistair Anderson] Packaging group Transpaco believes that paper and other companies moving into its industry are creating new competition. However‚ selective acquisitions will help the group to grow earnings. Read more >>

Distell aims to push exports to 35% of total sales
[Marc Hasenfuss] Stellenbosch-based liquor group Distell aims to push its international sales to 35% of total sales in the medium-term‚ underlining this ambition by appointing a top SABMiller executive with global market experience to replace retiring managing director Jan Scannell. Read more >>

Mr Price 18-week total sales up 14% year-on-year
Retailer Mr Price said on Wednesday (21 August) that during the first 18 weeks - from March to August - of its financial year‚ it recorded total sales growth of 14% and comparable store sales growth of 9.1% over the corresponding period last year. Read more >>

Massmart profits fall with consumers under pressure
[Zeenat Moorad] Walmart-owned Massmart on Thursday (22 August) reported a 9.9% fall in first-half profits‚ as consumers in Africa's largest economy came under pressure. Read more >>

Female breadwinners at all-time high
Mothers and wives are increasingly becoming primary household breadwinners. With this in mind, is South African female financial literacy up to scratch? Read more >>

Shoprite earnings rise 11% in 'challenging' year
[Zeenat Moorad] In what it described as a challenging year‚ Shoprite Holdings‚ reported an 11.3% increase in headline earnings per share for the year to June‚ to of 675c. Read more >>

Grocery costs increasing over inflation
South African consumers' grocery costs are increasing at three times the rate of inflation according to debt management company DebtBusters. Read more >>

A fresh, thought-provoking and entertaining look at economics in South Africa
[Issued by Random House Struik] Find out why it's wrong to blame Wall Street bankers for the global financial crisis, the rhino-horn trade should be legalised, exempting anything from VAT is a bad idea, job creation is a fruitless exercise and South Africa's problem is not poverty. Read more >>  visit press office >>


Taxation & Regulation
'Social grants are SA's soup kitchen'
Four out of every 10 South African households rely on social grants as their only source of income Read more >>

Customs goes digital
The SA Revenue Service (SARS) has introduced a new digital customs management system at border posts, Finance Minister Pravin Gordhan said on Thursday, 22 August). Read more >>

My tax submission
[Tom Eaton] The decree had gone out that all the world should be taxed, but on my third attempt to render unto Caesar those things that are his, he finally told me that my internet session had expired. I would have to go in person to the Receiver of Revenue. Read more >>

Are you required to pay tax?
Do you need to pay anything, and do you even need to submit a return? Tax time is certainly not everyone's favourite time of year, but a little bit of enthusiasm and goodwill towards submitting your tax returns can go a long way. Read more >>

The carbon tax man cometh
[Melissa Baird] Sustainable business practise may not be on the agenda of the die-hard denialists, but it is an unavoidable fact that the business landscape is changing. Read more >>

Deferral of tax payment
[Graeme Palmer] There are provisions in the Tax Administration Act, 2011 which allow the South African Revenue Service (SARS) to enter into an agreement with a taxpayer where he may within an agreed period, pay a tax debt in one sum or in instalments. Read more >>


International

Nokia says India 'least favourite market': report
Tax problems lead to Nokia criticism of India as its "least favourable market"in which to operate. Read more >>

New crowdfund plan aids start-ups with expertise, cash
SAN FRANCISCO, US: Crowdfunding gets a new twist on Thursday with the launch of an online platform that offers start-ups ideas and expertise as well as cash. Read more >>

Tata rebrands 'world's cheapest car' to boost sales
MUMBAI, INDIA: India's top vehicle manufacturer Tata Motors says it plans to reposition the Nano as a "smart city car" after its marketing pitch as the world's cheapest vehicle resulted in disappointing sales. Read more >>

Fletcher profits up from N.Z. construction
WELLINGTON, NEW ZEALAND: New Zealand's largest listed company Fletcher Building posted a 76% rise in annual profit on Wednesday (21 August) as strong growth in the country's construction sector offset weakness in Australia. Read more >>

Eritrea's unique architecture under threat
ASMARA ERITREA: Eritrea's capital Asmara boasts buildings unlike anywhere else in Africa, a legacy of its Italian colonial past, when architects were given free rein for structures judged too avant-garde back home. Read more >>

Malaysia Airlines in the red again
KUALA LUMPUR, MALAYSIA: Struggling flag carrier Malaysia Airlines said on Tuesday (20 August) it has recorded a second consecutive quarterly loss after failing to overcome drag from earlier borrowings. Read more >>

Home Depot gains on housing recovery
NEW YORK CITY, USA: Home improvement retailer Home Depot boosted its forecast for the year on Tuesday (20 August), crediting the recovery in the housing sector for a 17.2% jump in quarterly profits. Read more >>


More International


Africa

Reports warn of trouble in Ghana's new oil sector
ACCRA: Ghana looked to defy the trends which have plagued other west African oil producers, replacing graft and waste with prudent spending, but two years after production began there is reason to worry, new reports said. Read more >>


More Africa


Government

Zuma's finances: Presidency responds to Ramphele's call
The Presidency says it has noted reports about a call by Agang SA leader Mamphela Ramphele for President Jacob Zuma to disclose his personal finances. Read more >>

KZN Premier resigns
[Bhekisisa Mncube] KwaZulu-Natal Premier, Dr Zweli Mkhize, has announced his resignation from the premiership of the province with effect from 31 August. Read more >>


More Government news


New accounts


Hollard Insurance appoints Black Box Entertainment - more info



Jobs offered

Team PA - Cape Town
Read more >>



New events to diarise

25th Annual Standard Bank Jazz Jol
University of KwaZulu-Natal - 31 Aug 2013 Durban
Budgeting and Forecasting Models
Paton Training - 25 Sep 2013 to 27 Sep 2013 Johannesburg
Prof Malcolm McDonald
The Marketing Association SA - 16 Oct 2013 Johannesburg
Banking Channel Fraud Management Conference 2013
Trade Conferences International - 16 Oct 2013 to 17 Oct 2013 Johannesburg
Banking Segmentation Competitive Product Analysis
Trade Conferences International - 16 Oct 2013 to 17 Oct 2013 Johannesburg
Rolling Forecast
Creative Concepts Training - 23 Oct 2013 to 24 Oct 2013 Johannesburg
Next Generation Branch Banking Conference 2013
Trade Conferences International - 30 Oct 2013 to 31 Oct 2013 Johannesburg
The Future of Cash Conference 2013
Trade Conferences International - 6 Nov 2013 to 7 Nov 2013 Johannesburg
Nedbank Golf Challenge 2013
Cindy Cousins - 5 Dec 2013 to 8 Dec 2013 Rustenburg


Upcoming events

25th Annual Standard Bank Jazz Jol
University of KwaZulu-Natal - 31 Aug 2013 Durban


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