29 Apr 2014Contact usSubmit newsAdvertise on bizList your company
  My account

Finance & Insurance

Weekly top stories


Hike in Ghana's VAT can deter foreign investment
Following the announcement by the Ghanaian government that Value Added Tax (VAT) for banking services, amongst others, will be increased by 2.5% to 17.5%, foreign investors have expressed concern that the increase will make it harder for them to do business. Read more >>


Finance
Batseta announces members of interim board
The Batseta Council of Retirement Funds for SA (Batseta) has announced the constitution of its interim board on 15 April. Read more >>

Forum debates SA's economic and political landscape
South Africa has a lot going for it - two years ago we became a bona fide member of the BRICS community, we have the 17th largest stock exchange, we have a globally traded currency and we're a member of the G20. In addition, our auditing and banking industries are considered world-class. We should be the face of Africa, so why are we seeing capital outflows? Read more >>

Sikuvile Awards finalists announced
The panel of judges for the 2014 Standard Bank Sikuvile Awards have selected the finalists in each of the 14 award categories. Read more >>

Actuarial & Insurance
Economic risks a 'challenge' to SA's life sector

Gillian Jones

The greatest risks to the health of the South African life assurance sector are sluggish economic growth‚ interest rate hikes and high unemployment levels‚ combined with a volatile labour environment‚ Standard & Poor's (S&P) said. Read more >>

Santam wants to unwind international division

Phakamisa Ndzamela

South Africa's largest short-term insurer‚ Santam‚ said last week it was looking to unwind its Europe-focused international division. Read more >>

Pensioners get R178m bonus from Transnet

Evan Pickworth

Transnet pensioners are to receive a combined R178m bonus payment by the end of April as the company moves to ensure income levels track the rising cost of living. Read more >>

Banking
Interest rate hike will hurt cash-strapped SA

Mpho Sibanyoni

Cash-strapped consumers are expected to be in for more of a hiding when the SA Reserve Bank's (SARB) monetary policy committee meets for the first time after the elections next month. Read more >>

Landmark ruling on social grants may open tenders to scrutiny

Franny Rabkin

Companies tendering to deliver important government services risk being forced to open their books and operational information to the public, after a landmark decision of the Constitutional Court last week. Read more >>

Financial Services
Actis announces acquirement of Compusan credit bureau
Actis, the pan-emerging markets investor, has announced that is has established Credit Services Holdings (CSH), a buy-and-build credit services business. CSH's first investment will be acquiring 100% of Compuscan, the largest independent credit bureau in Africa. Read more >>

Markets & Investment
Stabilisation of rand not a result of growing economy
With the rebound of the South African currency against the dollar in the first few weeks of March and April this year, investors are wondering what exactly to expect from the currency for the next quarter as well as for the remainder of 2014. Read more >>

Clicks turnover up 9.6% to R9.3bn

Zeenat Moorad

As consumer spending in South Africa remains constrained‚ retailer Clicks Group reported a 9.6% rise in turnover to R9.3bn‚ for the half-year. Read more >>

March PPI up from 7.7% to 8.2%
The producer price index (PPI) for final manufactured goods - considered as the headline PPI - accelerated more than expected by 8.2% year-on-year (y/y) in March after increasing by 7.7% y/y in February‚ Statistics South Africa figures showed. Read more >>

Rebosis distribution of 48.50c per linked unit
The real estate investment trust‚ Rebosis Property Fund reported a 9.0% rise in its distribution per linked unit to 48.5c for the six months ended February from 44.5c in the year-earlier period. Read more >>

TradingFloor.com named most innovative social trading platform
The International Finance Magazine has named Saxo Bank's TradingFloor.com the most innovative social trading platform. TradingFloor.com is the first major platform to offer multi-asset social trading. Read more >>

Delta's Durban building purchases in line with strategy

Alistair Anderson

Black-controlled Delta Property Fund will spend nearly half a billion rand for two office buildings in Durban: the Old Mutual Centre and The Marine from Old Mutual Life Assurance Company. Read more >>

Guesthouses show growth

Mpho Sibanyoni

Income from the accommodation sector displayed an annual growth of 7% for February but the growth has not trickled down to all. While one entrepreneur said she was smiling all the way to the bank, another reported a drop in earnings. Read more >>

SA Corporate seals Jo'burg inner city deal

Alistair Anderson

JSE-listed SA Corporate Property Fund (SAC) said it had concluded a deal to buy the entire issued share capital of Affordable Housing Company (Afhco) and its portfolio of 27 Johannesburg inner city properties‚ worth about R953m. Read more >>

Combined Motor Holdings earnings up to 154.9c a share
Motor retail group Combined Motor Holdings (CMH) reported that its diluted basic earnings per share were 154.9c for the year ended February, up from 142.4c a year ago. Read more >>

TimBukOne launches Stock Market eBook
TimBukOne, a provider of software and database solutions to the investor community, has launched its own online resource guide, The Stock Market eBook. Read more >>

Poultry producers about to rebound

Nick Hedley

The poultry sector could start to emerge from an extended downturn in the second half of this year‚ making it one to watch for analysts and fund managers. Read more >>

Reviewing Facebook's capitalisation strategy
Facebook's persistent appetite for acquisitions was clearly not sated by the $19 billion acquisition of WhatsApp in February, with the company spending a further $2 billion on virtual reality company Oculus late in March 2014. Read more >>

February goods transported by land decreases 4.4% y/y
The volume of goods transported (payload) decreased by 4.4% year-on-year (y/y) in February 2014. Read more >>

Taxation & Regulation
Thousands of taxis exempted from e-tolls
More than 46,000 Gauteng taxis have registered for e-tolling, as of 31 March 2014, which means they are exempted from the payment of e-tolls, says the South African National Road Agency (Sanral). Read more >>

CMH says e-toll system cannot work

Marc Hasenfuss

Combined Motor Holdings (CMH)‚ one of South Africa's biggest vehicle retailers‚ has taken a swipe at the e-tolls billing system in Gauteng. Read more >>

Foreign suppliers of electronic services must register with SARS

Graeme Palmer

Advances in technology have seen a significant increase in e-commerce transactions where goods and services are supplied to South African consumers through the medium of the internet. The Value Added Tax Act requires VAT to be charged on these transactions at the standard rate of 14%. Read more >>

Venture Capital
Access to finance a key challenge for entrepreneurs
Getting a new business venture started, making it sustainable, and then being able to grow the business when opportunity arises are the major hurdles facing entrepreneurs entering the business world. A key challenge during each of these phases is the entrepreneur's ability to access finance. Read more >>


International

Dutch KPN reports 98% profit plunge
THE HAGUE, THE NETHERLANDS: Troubled Dutch telecommunications company KPN posted a 98-percent plunge in first-quarter profits, blaming competition in the hotly-contested local mobile market. Read more >>

Apple splitting stock as iPhone sales soar
SAN FRANCISCO, USA: Apple courted investors with plans to split its stock as iPhone sales pushed up profits while underscoring pressure for the company to unveil "the next big thing." Read more >>

Renault freezes Zil deal blaming the ruble's slump
PARIS, FRANCE: French car company Renault has frozen a project to make commercial vehicles with Russian company Zil because of the fall of the ruble, a Renault spokesman said on Wednesday (23 April). Read more >>

French economist's book on inequality tops Amazon list
WASHINGTON, USA: French Economist Thomas Piketty's book on income inequality rose to the top of online retailer Amazon's best sellers. Read more >>


More International


Government

Trade in illicit cigarettes hits tax revenue

Linda Ensor

About 5bn cigarettes are being produced illegally in SA each year and sold at prices well below those of legitimate, tax-paying businesses, according to estimates from the tobacco industry. Read more >>

Minister pleased with steps to cut communication costs

Samuel Mungadze

Communications Minister Yunus Carrim says he is "reasonably satisfied" with the Independent Communications Authority of South Africa's (Icasa) progress on reducing the cost to communicate since new mobile termination rates were introduced on 1 April. Read more >>


More Government news


Jobs offered




New events to diarise

Mobile Financial Services of the Future Conference
Trade Conferences International - 23 Jul 2014 to 24 Jul 2014 Johannesburg


Upcoming events

Prep International Certified Fraud
UCT Professional Development Project - 5 May 2014 to 31 Oct 2014 Cape Town


All industry news


Marketing & Media
    Rise of transmedia - new white paper
    Unilever offers five Cannes scholarships
    Discover Digital ready for Internet TV in SA

    Medical
      Hair-raising findings on Brazilian straighteners

      Retail
        Mobile education apps shine in growth markets
        Inside Africa unveils vintage fashion movement
        'Orange spreads your wings' young designer winners

        Government
          Crackdown on political violence
          Easter road fatalities 'decline'

          Mining
            Centre for miners to open at Carletonville Hospital
            Zuma gives Marikana Commission more time

            CSI
              Sanlam and Avocado Vision partner to improve financial literacy
              Explore sustainability concepts with the iStart2 Challenge
              'Fat boys' raise funds at IRONMAN for Signature of Hope Trust

              Agriculture
                Cape Wools to host international congress
                NSPCA urges farmers to plan ahead
                Cooperatives benefit from agro-processing initiative

                Building
                  Pilanesberg project to improve water supply
                  Corobrik wins Diamond Arrow Award once again
                  R1.2b road upgrade to link Pongola, Dumbe

                  GreenBiz
                    Climate change impact must figure in food production efforts
                    Protection of wildlife a priority at Steyn City
                    Climate adaptation advice for cities in global South - Jaspreet Kindra

                    HR & Recruitment
                      [BizCareers] Don't curb your enthusiasm in an interview - Juliette Attwell

                      Legal
                        Pistorius trial tells us a lot about our society - Anton Harber
                        Competition Commission appeals against tribunal's SAB decision - Leana Engelbrecht
                        Norton Rose Fulbright announces partner promotions

                        Manufacturing
                          Impahla Clothing has world's first photovoltaic power plant for Puma

                          Property
                            Upsurge in demand for 'affordable' Bluff homes
                            Smart home technology catches on

                            Education
                              Innovative technology transforms rural classrooms
                              First UNESCO-IHE class graduates
                              Auditions at the National School of the Arts

                              Tourism
                                WTM Africa backs responsible tourism initiatives
                                Speed Marketing Sessions return to Indaba 2014
                                ABTA launches African Business Travel Conference

                                ICT
                                  New Huawei Container Data Centre Solution

                                  Logistics
                                    Truck stops planned along Trans Kalahari Corridor
                                    Traffic congestion choking SA business

                                    Lifestyle & Entertainment
                                      The Hops Harvest Festival returns to Wild Clover Farm
                                      2014 SAMA winners announced
                                      Good sports - Eugene Yiga

                                      Automotive
                                        Volkswagen produces apprenticeship graduates
                                        Nissan builds a car in Nigeria after new automotive policy
                                        PrintPrint any item in this newsletter. EmailEmail any item in this newsletter. CommentComment on any item in this newsletter.





                                        Follow us

                                        Browse other industries

                                        Press releases: Distribute your news professionally to over 170 000 subscribers across various industries. Read more about our press offices.

                                        Editorial: We welcome your news, views and comments! Email press releases, invitations, interview requests, and proposals to financenews@bizcommunity.com and exclusive opinion pieces to contributors-finance@bizcommunity.com.

                                        Advertising: We welcome your sales enquiries! Email sales@bizcommunity.com and read more about our advertising rates.

                                        Location: Cape Town (head office): tel +27 (0)21 680 3500 | 24 On Main, Main Street, Rosebank, Cape Town, 7700, South Africa. Johannesburg: tel +27 (0)11 513 4172 | Nicol Grove Office Park, Design Quarter, Leslie Avenue, Fourways, Gauteng, 2055.

                                        Subscribe/unsubscribe: Invite your friends, colleagues, suppliers, customers and partners to subscribe!


                                        © 2014 Bizcommunity.com. All rights reserved.
                                        Bizcommunity.com, its sponsors, contributors and advertisers disclaim all liability for any loss, damage, injury or expense that might arise from the use of, or reliance upon, the services contained herein.

                                        Unsubscribe, Manage subscriptions. Subscribe. Change email address. Change frequency to DAILY.