31 Jan 2012

Finance, Accounting & Banking

 

Corruption is the enemy... True, but...

Speaking at the launch of Corruption Watch recently, Justice Minister Jeff Radebe is reported to have said: "Corruption must be declared our enemy as apartheid was the common enemy for all justice-loving citizens." Well it's good that he said that, but isn't it a little regrettable that he - along with all the other ANC MPs in The House - voted in favour of the controversial Protection of State Information Bill? After all, just about every critic says the bill, as drafted, will help those with their hands in the cookie jar cover up exactly what Radebe reckons is the enemy. At least a couple of ANC MPs apparently felt they could not go with the prescribed voting line and weren't in The House for the vote.

On the sports front, it would be as well for those governing the various sports disciplines to bear in mind that sponsors - who often provide the cash needed to stage events, pay salaries and bonuses and so on - don't like it when there's a whiff of something "off" in how their monies are being handled. A case in point is CSA, which could lose its sponsor Sunfoil.

On the agricultural front, farmers are still getting it the neck for their alleged less than ideal treatment of their workers, according to a report that highlights the plight of farm workers.

However, to end on a much happier note (for we Capetonians, anyway): Cape Town (Surprise!) has done it again, and will have the honour of hosting the world's first interactive climate change centre, a project driven by the Brussels-based International Polar Foundation (IPF). Well done to all concerned.

Rod Baker, general manager: content

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Three top Absa executives quit
According to a Mail & Guardian report, three top executives in Absa have announced that they will be leaving the banking group. Alfie Naidoo, the group's chief operating officer, Happy Ntshingila, chief marketing and communications manager, and Daphne Motsepe, head of unsecured lending will be leaving Absa. Read more >>

Finance, Accounting and Banking


Commission to tackle international roaming fees
National Consumer Commissioner Mamodupi Mohlala yesterday revealed that the commission has set its sights on tackling the high cost of international roaming for cellphone users. Briefing the National Assembly's Trade and Industry Portfolio Committee, Mohlala said the commission would seek the advice of experts around international roaming fees. Read more >>

Financial Services


Old Mutual, T-Systems extend relationship
Old Mutual and T-Systems in South Africa have agreed to an IT infrastructure management deal valued at R2.58 billion, extending the existing relationship between the two partners until 2019. The new agreement represents an industry leading outsourcing approach, and is one of the largest IT infrastructure deals of this nature in the insurance industry in South Africa. Read more >>

Nedbank provides debt package to Universal Industries Group
Nedbank Corporate Banking has provided a R580 million six-year term debt package and a general banking facility of R150 million to the Universal Industries Group as part of a R1.3 billion acquisition by Ethos Private Equity. Universal has consequently been delisted from the JSE. Read more >>

Money management, the focus of 22seven
22seven, an independent, online personal financial service, launches into a world grappling with its fifth consecutive year of economic volatility. "Our service doesn't have all the answers but it does have a few insights," says Christo Davel, CEO of 22seven. "22seven is founded on the idea that if we become more aware of why we make the decisions we do, we will be in a better position to make smarter money choices." Read more >>

Implementation of e-business strategy, no longer an option
As technology continues to rapidly evolve and entrench itself into nearly every aspect of our daily lives, the need for organisations to implement comprehensive e-business strategies is no longer optional. Read more >>

Investment Banking


Over-regulation limits business expansion: survey
Grant Thornton's latest quarterly survey on privately held business owner's perceptions highlights that 37% of South African executives rate over-regulation and red tape as the biggest constraint to business expansion. Read more >>

Investment Management


Ex-head of Sasfin Securities joins BoE Stockbrokers
Louis Jansen van Vuuren, former head of Sasfin Securities, Cape region, has joined BoE Stockbrokers, a division of BoE Private Clients. Read more >>

Taxation


Do you have a budget tip for Gordhan?
With a few weeks to go before Finance Minister Pravin Gordhan tables the 2012 budget in Parliament, the public has been called upon to send in their tips to the minister. Read more >>

Tyre recycling levy dumped
Engineering News reports that plans to recycle tyres and charge importers and manufacturers a levy of R2,30 per kilogram has been withdrawn. In terms of the Recycling and Economic Development Initiative of South Africa, the R2,30/kg levy would have been used to pay for the collection and recycling of tyres from illegal dumps. Read more >>


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Government
Dept strives for faster ICT delivery
Three months into her appointment as Communications Minister, Dina Pule has assured South Africans that her department will strive to deliver information and communication technology (ICT) services to the people on the ground. Read more >>

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