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Finance & Insurance

Weekly top stories


Amended Credit Bill will assist consumers
Although the National Credit Amendments Bill has been signed into law by the president, it can only come into effect once regulations have been published addressing and regulating certain sections. Read more >>


Finance
Challenges caused by illicit financial flows must be addressed
Developing countries, and in particular South Africa, are adversely affected by illicit financial flows. Read more >>




Actuarial & Insurance
Medical aid reforms needed now, say experts
Reforms planned years ago will have to be implemented soon if medical aid schemes are to be affordable. Read more >>

[Money Matters] How to avoid that penalty on your RA

Graham Turnbull

We invest in a retirement annuity to ensure we can live comfortably in retirement - but what happens when a penalty promises to take a massive chunk out of your savings? Read more >>

Brokers offer tailor-made client solutions
By focusing on the price sensitive market segment and reducing the cost for that specific segment, direct insurance marketing has gained market share and changed the short-term insurance landscape. Read more >>

Home insurance without excessive premiums
With the increasing cost of living and utilities, many homeowners may be relooking at their financial situation and deciding where they can save money or cut costs. Read more >>

Hollard Life and BotswanaPost innovatively reaching the market

Issued by Hollard Insurance

An innovative joint venture between Hollard Life Botswana and BotswanaPost will bring funeral and parcel insurance products within reach of non-traditional markets and potentially pitch the rapidly-growing insurance group towards securing significant market share within the next year. Read more >>

Is your family protected?

Issued by Meredith Harington

We all want to ensure that those we care about are taken care of once we pass on, and not create unnecessary complications. Why then do so many South Africans either have no will or have wills that are invalid? Read more >>

Accounting & Auditing
Companies forced to take money laundering more seriously

Amanda Visser

The attention given to stop money laundering measures by company boards and management has increased sharply in the past decade with heavy fines imposed by regulators‚ who have done their part in raising the awareness and risks of noncompliance. Read more >>

Banking
Standard Bank defends high salaries to executives

Phakamisa Ndzamela

Standard Bank Group's remuneration policy and the bonuses paid to joint Chief Executives Ben Kruger and Sim Tshabalala were questioned by investors at its annual general meeting. Read more >>

Cape skyscraper is city's first in 21 years

Joan Muller

Cape Town's first skyscraper in 21 years could prompt the building of more iconic, high-rise developments in other inner cities. Read more >>

Education & Training
Succession in family firms a difficult issue

Mpho Sibanyoni

A study has found that family businesses are finding it difficult to implement proper succession planning and that most of the future generation of owners have failed to beef-up their academic qualifications. Read more >>

Financial Services
EOH and Rockefeller Foundation accelerate ICT job growth

Reitumetse Pitso

Job creation in the information and communication technology (ICT) sector will get a US$1m boost from the Rockefeller Foundation to support information technology skills among disadvantaged youth in South Africa. Read more >>

OUTsurance pleased with OSTI results
The Ombudsman for Short-Term Insurance (OSTI) has recently released its report on the number of complaints received per insurer together with the number of complaints overturned with some benefit to the complainant for the 2013 calendar year. The OSTI is an independent body that offers dispute resolution between insurers and their clients. Read more >>

Markets & Investment
New vehicle sales drop 9.2% to 49‚465 units in May
New vehicle sales in South Africa took a hefty knock in May‚ the National Association of Automobile Manufacturers of South Africa (Naamsa) has reported. Read more >>

Massmart feels 'consumer plight'

Zeenat Moorad

At its annual general meeting recently, Massmart highlighted the plight of consumers as debt‚ mounting costs and unemployment continue to curb spending in South Africa. Read more >>

Crippling new strike threatens
A new labour strike is looming at a time when South Africa can least afford it. As many as 200,000 workers in the metal and engineering sector could down tools as wage talks deadlock. Read more >>

Gooderson increases dividend for third year in a row

Marc Hasenfuss

Small hotel and time-share operator Gooderson underlined its directors' confidence in its cash generating abilities by hiking its dividend 6.5% to 1.875c per share for the year to end-March. Read more >>

Mergence wants wage gap disclosed in annual reports

Evan Pickworth

The highest earners on the JSE are dominated by CEOs of multinational companies‚ with seven CEOs receiving total compensation of more than R60m each during 2013‚ a report by boutique asset managers Mergence showed. Read more >>

Verimark finds import-linked price hikes deter customers

Marc Hasenfuss

It was a case of swings and roundabouts for Verimark in the year to February‚ with the specialist retailer's gain in new operating efficiencies offset by the weaker rand dragging down sales. Read more >>

Adcock Ingram announces decentralisation‚ drop in profit

Charlotte Mathews

Pharmaceutical and healthcare products group Adcock Ingram Holdings would be reorganised into a decentralised structure from 1 July‚ Kevin Wakeford‚ the recently appointed Chief Executive of the group said. Read more >>

Property contributes R191.4bn to SA economy

Alistair Anderson

Listed and unlisted property contributed R191.4bn to the economy in 2012‚ according to a report released by the Property Sector Charter Council. Read more >>

Transnet seeks greater SADC investment in rail networks

Mpho Sibanyoni

Transnet has pleaded with Southern African Development Community (SADC) countries to invest more on railway infrastructure to improve intra-regional trade. Read more >>

Mr Price earnings up 22.4% to 715.1c
South African retailer Mr Price has reported strong earnings growth‚ helped by its customers responding well to the group's fashion value offers. Read more >>

Nampak earnings up 7.4% to 114.3c

Mark Allix

Nampak's interim results for the six months to March saw the rest of Africa markets markedly contributing as the group as it grew overall trading income by 10%. Read more >>

Vodacom buyout important for Neotel

Thabiso Mochiko

The buyout of Neotel by mobile operator Vodacom "is very important" for the fixed-line operator's future‚ Neotel's Chief Executive Sunil Joshi said. Read more >>

Lack of SA luxury cruise ships hurts tourism revenue

Thabiso Mochiko

Holidaymakers looking to celebrate Christmas and New Year at the coast will this year have the option of joining Cruises International's first round-trip cruise holiday along the South African coastline. Read more >>

Vukile says it will match market's performance

Alistair Anderson

Vukile Property Fund's Chief Executive Laurence Rapp said the company had re-based its portfolio and that it would match the listed property sector's performance in the near future. Read more >>

Packaging in SA is always changing shape

Mark Allix

If there is one industry where everything is in flux and companies have to re-jig their shapes and formats all the time, it is SA's packaging manufacturers. Apart from constantly changing industry conditions, not least from encroaching rivals, each firm has specific obstacles to get over. Read more >>

Crowdfunding a challenging solution to unsecured lending

Jared Nickig

Crowdfunding - the collection of finance from backers to fund an initiative usually on internet platforms - could be seen as an attractive alternative to people looking for micro-loans. Read more >>

Telkom now out of intensive care

Loni Prinsloo

"Telkom won't die," says Chief Executive Sipho Maseko, who compared the state-owned company to a stabilised patient in and intensive care unit after a couple of strategic deals and cost-cutting exercises put in place during his year at the helm. Read more >>

Taxation & Regulation
100 telemarketing companies blacklisted for bogus debit orders
The Payments Association of South Africa (PASA) has blacklisted more than 100 telemarketing companies for illegally debiting consumers for goods and services that were not provided or for outright fraudulent transactions where banking details were obtained illegally. Read more >>

EU rules against SA citrus ban, imposes stricter import criteria

Paul Vecchiatto

Thousands of jobs were saved last week when the European Union (EU), SA's most lucrative market for its multibillion fruit exporting industry, decided against banning its oranges. Read more >>

Provisions in Tax Act when personal liability arises

Graeme Palmer

One of the fundamental consequences of incorporating a company is that it is a legal entity separate from its directors and shareholders, and therefore the persons who manage and own the company will generally not be liable for the debts of the company. Read more >>

Changes to Companies Act have profound implications
Financial managers of businesses can no longer rely on their auditors to draw up annual financial statements. This is due to the changes to the Companies Act which came into effect in January 2014. Read more >>

Gordhan's appointment to affect property market
Bill Rawson believes the former finance minister is just the right man to turn back the tide in local government and restore good governance, and this in turn will have a ripple effect on the property market. Read more >>

Jo'burg council chambers to get R103m facelift

Penwell Dlamini and Lehlohonolo Tau

The City of Johannesburg plans to spend at least R103m on upgrading its council chambers in Braamfontein. Read more >>


International

Disney and Deezer to stream music, animations
PARIS, FRANCE: Disney and French online music streaming company Deezer are going into partnership that will give customers access to hit songs and classic animations from the US film company. Read more >>

International raid targets data-stealing computer virus: US
WASHINGTON, USA: An international dragnet has dismantled a global computer hacker network, which used a sophisticated computer virus to steal millions of dollars from companies and consumers, the US Justice Department said. Read more >>

IATA predicts airline profits of US$18bn this year
DOHA, QATAR: The International Air Transport Association (IATA) said it expects airline companies to record combined net profit of US$18bn this year. Read more >>

Apple dances to new tune with Beats deal
WASHINGTON, USA: If Wall Street struggles to see the logic in Apple's US$3bn deal for Beats Music, it may look across the river to Brooklyn, hometown of Beats co-founder Jimmy Iovine. Read more >>

Alibaba buys stake in Singapore Post for USD249m
SINGAPORE: Chinese ecommerce company Alibaba will buy a 10.35% stake in Singapore Post, the national postal system, for Sg$312.50m (US$249m) as part of a strategic co-operation deal. Read more >>

How market research serves the unique needs of industry investors

Lance Breastgoff

ARLINGTON, US: When it comes to market research, people automatically think of how it can serve the needs of the behemoth corporations or the hopeful start-ups... Read more >>

Amazon.com 'not optimistic' about Hachette book deal
SAN FRANCISCO, USA: Online commerce company Amazon.com said it doubted that it would soon bury the hatchet with book publisher Hachette. Read more >>

US hacker turns FBI informant, walks free
NEW YORK, USA: A hacker who directed hundreds of cyber attacks on the websites of foreign governments before turning FBI informant walked free after being handed a symbolic seven-month sentence. Read more >>

Toyota recalls 520,000 vehicles globally
TOKYO, JAPAN: Toyota has recalled about 520,000 vehicles, mostly in North America, over several issues including cable corrosion that could see unused spare tyres fall off. Read more >>


More International


Government

Gigaba outlines new Immigration Regulations
The newly-appointed Home Affairs Minister Malusi Gigaba has outlined the Immigration Regulations, which came into effect on Monday, 26 May. Read more >>

DTI to improve support for film industry
The Department of Trade and Industry (DTI) will continue to improve its incentive scheme for the country's film industry, which contributes R3.5bn to the gross domestic product (GDP). Read more >>


More Government news


Jobs offered

Junior Accountant - Howick
A junior accountant with experience in SARS returns, annual financial statements, PAYE and business consulting with previous experience working for a reputable accounting firm. Read more >>




New events to diarise

STOKVELEX 2014 - 3 Jul 2014 to 6 Jul 2014 Pretoria
The STOKVELEX 2014 is a Premiere show targeting Stokvels, cooperatives and individuals around the Gauteng region. Read more >>


Financial modelling for project finance deals
Paton Training - 18 Jun 2014 to 20 Jun 2014 Johannesburg

Financial modelling for project finance deals
Paton Training - 18 Jun 2014 to 20 Jun 2014 Johannesburg

Financial modelling for project finance deals
Paton Training - 23 Jun 2014 to 25 Jun 2014 Johannesburg

BankingTech Forum Africa
OpenRoom Events Ltd - 8 Jul 2014 to 9 Jul 2014 Johannesburg

SAICA and IFRS Foundation IFRS Conference 2014
SAICA - 13 Aug 2014 to 14 Aug 2014 Johannesburg

Bancassurance Tanzania
Trueventus - 27 Aug 2014 to 28 Aug 2014 Dar es Salaam


Upcoming events

Tax Indaba 2014
Informa - 9 Jun 2014 to 13 Jun 2014 Johannesburg

Econometric analysis of cointegration
Continuing Education at the University of Pretoria - 9 Jun 2014 to 21 Nov 2014 Pretoria


All industry news


Marketing & Media
    Brands they are a-changin' - Louise Marsland
    Coolest brands in SA - BMW, Coca-Cola, Nike, Samsung, Apple
    Four social media marketing trends every marketer must know - Joseph Neusu
    The story of the African consumer - Laine Barnard

    Medical
      Medical technology vastly improves patient care - Janine McEwan
      Visiting Brazil - stay healthy

      Retail
        Foschini hikes credit criteria - Zeenat Moorad
        SA youth rate Sandton City the 'coolest' mall
        Online pop-up shop donates all to charity

        Government
          Tributes pour in for Maya Angelou

          Mining
            AMIS confirms presence at Turkey-Eurasia Mining
            Minerals minister unveils mining task team
            Cutifani keynote speaker at Joburg Indaba

            CSI
              Ruyterwacht Senior Centre receives R10,000 from Engen Monte Vista
              Tattoo-a-thon aims to raise R705,000 for CHOC
              Community project enables underprivileged schools to focus on education

              Agriculture
                Sugar strike set to continue - Stanley Karombo
                Small-scale maize millers will boost food security

                Building
                  Investment in Africa's power sectors of paramount importance
                  Pilot Crushtec delivers cone crusher to Ugie Mac Quarry

                  GreenBiz
                    Eco-conference encourages diversification of activities
                    Honorary Rangers celebrate 50th anniversary
                    Research on dandelion wins Continental Greentech Award

                    HR & Recruitment
                      Calls for African leaders to prioritise jobs
                      Honesty is key when searching for a job
                      [BizCareers] Is my experience not targeted enough? - Juliette Attwell

                      Legal
                        Adams & Adams partners recognised by Who's Who Legal
                        COMESA Competition Commission gives update on merger regime - Susan Meyer

                        Property
                          JHI Properties helps 'fresh young talent'

                          Education
                            AFDA Durban to host Open Day
                            The IIE gets international stamp of approval
                            University of Pretoria students to represent SA in Mumbai

                            Tourism
                              SA hospitality businesses awarded Certificate of Excellence
                              Lilizela Tourism Awards extends entry deadline
                              The Marly... Poster child for great design - Brian Berkman

                              ICT
                                Why ERP is one of the most important decisions you'll ever make - Meryl Malcomess
                                IT needs to stand up to business
                                Innovation Factory launched in Pretoria

                                Logistics
                                  Decade of logistics cost information now available
                                  SkyNet partners SAQA to distribute Apply Now! booklets
                                  Boating World experiences growing demand for luxury vessels in Angola

                                  Lifestyle & Entertainment
                                    Artists announced for Durban July
                                    Nominees announced for the MTV Africa Music Awards
                                    New website as Assembly Radio turns two

                                    Automotive
                                      VW SA produces its 2 millionth engine
                                      Join the Harley-Davidson World Ride
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