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Finance & Insurance

Weekly top stories


Removal of adverse consumer credit information explained
PRETORIA: The National Credit Regulator (NCR) has moved to clarify misconceptions about the removal of Adverse Consumer Credit Information as well as information relating to paid up judgements which came into effect in April. Read more >>


Finance
Datatec's operating profit drops to US$122m

Thabiso Mochiko

Global technology firm Datatec has maintained its dividend per share of 17 US cents for the year to February even though operating profit dropped from US$141,3m last year to US$122m for this year. Read more >>

Actuarial & Insurance
South Africans are underinsured for disability
According to the 2013 Gap Analysis of the Association for Savings and Investments South Africa (ASISA) more than two-thirds of the country's working population are underinsured for disability. Read more >>

Accounting & Auditing
Small firms shun reviews as banks want audits

Amanda Visser

Small firms have not taken up independent reviews as much as expected two years after the Companies Act allowed them to use this cheaper option in place of an audit of their financial statements, because banks favour audits. Read more >>

Education & Training
ACCA introduces integrated reporting into its qualification
For the first time in the accountancy profession, students will be examined on integrated reporting when the Association of Chartered Certified Accountants (ACCA) introduces it into its qualification from December 2014. Read more >>

Financial Services
Brand campaign lifts lid on retirement industry practices
Financial services provider, 10X Investments, has launched a campaign to lift the lid on troublesome retirement industry practices that are often not in the best interest of South African investors and could hinder them from reaching their retirement goals. Read more >>

Markets & Investment
Grand Parade ups its stake in Mac Brothers
Grand Parade, the company responsible for bringing Burger King to SA‚ said it bought a further 32.9% stake in Mac Brothers for R42.790m‚ to achieve cost efficiencies and gain greater access to the African markets. Read more >>

March tourist accommodation income up 2.6%
Total income for South Africa's tourist accommodation sector rose 2.6% year-on-year (y/y) in nominal terms (current prices) in March‚ Statistics South Africa's (Stats SA) tourist accommodation survey released showed. Read more >>

Buildmax earnings up 15% to 32.9c
Open-cast mining contractor and building materials distributor Buildmax has reported a 15% rise in headline earnings per share to 32.9c ifor the year to March. Read more >>

Vodacom earnings up just 2.8% to R8.96
Vodacom has reported full-year headline earnings per share up 2.8% to R8.96 for the year to march although revenue increase by 5.5% to R61.8bn. Read more >>

Astral Foods diluted earnings up 308% to 386c
Poultry producer Astral Foods reported a 308% jump in diluted headline earnings per share to 386c for the six months to March‚ but the strong results come off a low base compared with the prior interim period. Read more >>

Famous Brands revenue up 12%, expands further in Africa

Zeenat Moorad

Famous Brands, which owns Steers‚ Wimpy and Debonairs, plans to open 243 new restaurants in the coming year after reporting record turnover and profit for the year. It is also planning to enter Angola and Ghana. Read more >>

Pioneer Foods adjusted earnings up 58% to 353c
Pioneer Food Group has reported a 41% rise in adjusted headline earnings per share to 325c from its continuing operations for the six months to March. Read more >>

African fund eyes JSE

Joan Muller

JSE investors will gain access to the dollar-based returns generated by shopping centres, offices, warehouses and hotels in countries such as Morocco, Mozambique, Kenya, Ghana and Nigeria when Sandile Nomvete's Delta Property Fund brings the first outright African real estate offering to the market next month. Read more >>

Grindrod, a boost for Africa
Shipping and logistics group Grindrod has been a big spender on infrastructure for some time. Growing its network of port and rail operations allows the group to diversify away from international shipping, a notoriously cyclical business. Read more >>

Gauteng to remain SA's leading contributor to GDP
Gauteng will continue to dominate the country's economy until 2017 with the province contributing nearly 35% to the national gross domestic product (GDP). Read more >>

Big bet on buses and trucks

David Furlonger

A new vehicle assembly plant, building buses for the Putco commuter transport company, is due to start production in July. The operation, a joint venture between Putco shareholder Larimar and Italian-owned truck and bus company Iveco SA, will create up to 1,000 jobs. Read more >>

Rockcastle's African operations on track

Alistair Anderson

ALTX-listed Rockcastle Global Real Estate‚ one of the Resilient group's rand-hedge property companies‚ said its African operations were on track‚ as it released financial results for the nine months to March. Read more >>

R4.3bn development at Century City

Joan Muller

Century City‚ the mixed-use precinct anchored by mega-mall Canal Walk near Milnerton in Cape Town‚ is undergoing a R4.3bn development boom‚ which will expand the live‚ work‚ stay‚ shop and play hub by 25%. Read more >>

Motor trade sales up 2.9% in March
Motor trade sales (measured in nominal terms and at current prices) increased by 2.9% year-on-year in March‚ from 3.5% in February Statistics SA reported. Read more >>

Tsogo to buy stake in SunWest and Worcester for R2.185m
Tsogo Sun Holdings says it‚ along with Grand Parade Investments and Sun International‚ entered into transaction agreements in terms of which Tsogo will buy a 40% equity interest in SunWest International and Worcester Casino for R2.185m. Read more >>

Mamba to lift South Africa's cement capacity

Nick Hedley

The South African cement market will again receive a capacity boost with the entrance of Mamba Cement‚ which is being partly funded by Chinese capital. Read more >>

Astrapak diluted loss per share of 32.9c
Plastic packaging group Astrapak reported a diluted loss per share of 32.9c for the year ended February from headline earnings per share of 10c in the previous year. Read more >>

Ingenuity's earnings rise to 2c a share

Alistair Anderson

Ingenuity Property Investments‚ which has a core focus on buying and developing properties in the Western Cape‚ has raised its headline earnings per share 121% to 2c in the six months to February‚ against 0.9c for the comparable period last year. Read more >>

Taxation & Regulation
TaxTim stores tax documents in the cloud
TaxTim, the online tax assistant, has extended its offering by launching a new system for taxpayers to keep their essential tax documents and certificates organised in one central place online. Read more >>

Tax Court determines merit of tax assessments

Nicole Paulsen

The Tax Court is a specialist court specifically equipped to adjudicate on tax-related matters pertaining to the lawfulness and correctness of disputed assessments. Read more >>


International

Password always on hand
The fingerprint authentication technology that has been added to Samsung Galaxy S5 and Apple iPhone 5S smartphones could boost online shopping and e-commerce in SA, says Fontera Digital Works Chief Executive Simon Leps. Read more >>

No clear winner in Samsung-Apple court battle in Japan
TOKYO, JAPAN: A Japanese court ruled that Samsung could seek minimal damages from Apple for patent infringement, with both sides claiming victory in the legal skirmish over the design of their smartphones. Read more >>

Pinterest valued at US$5bn after fresh funding
SAN FRANCISCO, USA: Pinterest confirmed that another US$200m has been pumped into its coffers to build up search capabilities at the booming, bulletin board-style social network. Read more >>

General Motors recalls 2,9m more cars worldwide
NEW YORK, USA: - General Motors announced the recall of another 2,9m vehicles worldwide but 2,71m of them are in the United States and about 200,000 in other parts of the world. Read more >>

Loss of MH370 has huge impact on Malaysia Airlines profits
KUALA LUMPUR, MALAYSIA: Flight MH370's disappearance had a "dramatic impact" on Malaysia Airlines (MAS) earnings in the first quarter, forcing it to a bigger loss for the quarter amid calls for a shake-up of the struggling carrier. Read more >>

Volkswagen buys Scania as Swedish shareholder sells stake
STOCKHOLM, SWEDEN: Volkswagen, Europe's biggest car manufacturer, was set to take full control of Swedish truck manufacturer Scania after a small but crucial shareholder agreed to sell its shares. Read more >>

Danish journalists charged over credit card snooping
COPENHAGEN, DENMARK: Danish police have charged two journalists and a leading magazine publisher over alleged payments to a rogue IT expert in return for celebrity credit card data. Read more >>


More International


Government

Joemat-Pettersson distances herself from FoodCorp deal
Agriculture, Forestry and Fisheries Minister Tina Joemat-Pettersson has distanced herself from her department's actions that have allowed two politically connected companies to benefit to the tune of R50m in fishing licences. Read more >>


More Government news


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New events to diarise

CaseWare Booster
CQS Technology Holdings - 14 May 2014 to 29 Aug 2014 Bloemfontein; CapeTown; Durban; Johannesburg; Polo


All industry news


Marketing & Media
    Why trends matter - Louise Marsland
    World Design Capital project celebrates a year of business
    Up-and-coming corporate event trends - Terry Sutherland

    Medical
      World No Tobacco Day reminds SA to quit
      Flu poses greater risk for diabetics

      Retail
        Improving online retail experience with management systems
        Manufacturing growth through innovation, integration

        Government
          RABS Bill published for comment
          Security cluster ministers challenge Nkandla report in court

          Mining
            Variety of mining equipment to be auctioned by Clear Asset
            Mine-owners, workers must work together: premier

            CSI
              ICHAF aims to improve education in rural areas
              Plastics SA cleans up after Two Oceans Marathon

              Agriculture
                Dept clarifies regulation of trout species
                Maize futures slip on estimates of excess supply - Andries Mahlangu
                Land claims: finding a third way in Bosparadys - Sulaiman Philip

                Building
                  Durban to host world architectural congress

                  GreenBiz
                    N Cape solar power plant to boost energy supply
                    First tranche of ivory incinerated in Hong Kong

                    HR & Recruitment
                      Basic leadership skills the key to business success
                      [BizCareers] Tell us about yourself - Juliette Attwell
                      Training will result in return on investment

                      Legal
                        Voting method can impact on weight of owner's vote - Chantelle Gladwin and Gabriel da Matta
                        Minister appoints new Competition Commission head

                        Manufacturing
                          African manufacturers take advantage of international interest

                          Property
                            Estate agents' fees are reasonable
                            Opportunities offered by interest rate increase
                            Low-cost estate agents revolutionising property market

                            Education
                              Vega announces mid-year intake programmes
                              Wits School of Governance launches a new name
                              Google Partner Academy offers digital skills training

                              Tourism
                                New destination marketing strategy for Nelson Mandela Bay Tourism
                                Visitors urged to explore, experience and enjoy Joburg in 72 hours
                                Figures show growth in foreign visitors to Joburg

                                ICT
                                  Using Wi-Fi for sustainable development
                                  IBM launches Mainframe Innovation Hub

                                  Logistics
                                    Easing movement of goods and services within Africa is critical
                                    Imperial Logistics drives productivity for Mercedes

                                    Lifestyle & Entertainment
                                      Mission to Mars - Daniel Dercksen
                                      One Direction announce three SA gigs
                                      The big pan theory - Nina Timm

                                      Automotive
                                        New C-Class Merc to be produced locally
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