4 Dec 2012

Finance & Insurance

 

Labour unrest: SA faces decisive choices

Agri SA says that the choices on labour unrest will be decisive for South Africa. It says in a statement that it is evident that the wage and related challenges are not exclusively, but mainly that of seasonal workers who have to earn their annual income over a period of a few months.

On the education front, something really needs to be done to jack up our education system after the latest results show that maths and science skills remain poor, with grade nine pupils recording a dismal average score of 12.7% in mathematics and 35% in first additional language in the Department of Basic Education's second annual national assessments of pupils' mathematics and literacy abilities.

Such results will have a massive impact on school-leavers' ability to find employment.

On the tourism front, Chris Moerdyk asks: Is SA being priced out of the tourist market? As comments on the article seem to have it, the answer could be a big "Yes!" and remember, once tourists have been ripped off - or feel they have been ripped off - they will never come back, and they will tell everyone they know.

Finally, Amelia Jones reckons that the proposed BEE amendments are nonsensical, immoral and counter-productive and will hamper social development efforts in the Western Cape and elsewhere.

Rod Baker: Content Director

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Finance & Insurance


Adoption of EMV cards is not the end of the journey
While the US grapples with EMV migration, South Africa's banks and retailers have more or less completed their migration. But this is not the end of their journey, according to Stanchion Payment Solutions. Read more >>

Government's retirement reform strategy is contradictory - Liberty
The government's strategy towards retirement reform poses some interesting contradictions. On the one hand the cost of advice is being targeted by government as being the main contributor to the high costs of savings for individuals through intermediary commission structures. Read more >>

Insurance


Santam achieves satisfactory growth
South Africa's biggest short-term insurer‚ Santam‚ said on Wednesday (28 November) that despite the soft market conditions‚ the group had achieved satisfactory growth and underwriting profitability during the third quarter of the year. Read more >>

Business up 16% for Liberty
Wealth management group Liberty Holdings has seen a 16% increase in long-term insurance indexed new business (excluding premium escalations) to R4.8bn for the 10 months to October. Read more >>

Home owners should take out additional insurance against natural disasters
Insurance policies on property usually include clauses which reduce the compensation for which they are responsible, if and when a force majeure takes place in the insured property's area. This is understandable because weather catastrophes like the recent Hurricane Sandy on the East Coast of the USA have the potential to bankrupt an insurance group, says Tony Clarke, managing director of the Rawson Property Group. Read more >>

Accounting & auditing


Chartered secretaries see role evolving
Chartered secretaries understand that good governance is fundamental to good business decision-making and organisational performance, says Stephen Sadie, chief executive of Chartered Secretaries Southern Africa (CSSA). Read more >>

Banking


Nedbank wants to keep growing revenues
[Sure Kamhunga] Nedbank would next year avoid chasing growth for the sake of increasing its market share, but would continue to seek opportunities to grow revenues‚ said Ingrid Johnson‚ the group managing executive for retail and business banking Read more >>

SMS use declining after 20 years
[Thabiso Mochiko] The short message service (SMS) or text message has been around for 20 years and has paved the way for a wide range of value added services. Read more >>

Sizwe Nxedlana is FNB's chief economist
FNB announced on Thursday (29 November) that Sizwe Nxedlana has been appointed First National Bank's (FNB) chief economist‚ taking over the role from Cees Bruggemans effective next week. Read more >>

RMB to expand its franchise in Nigeria
RMB confirmed on Monday (26 November) that‚ through its parent FirstRand Bank Limited‚ it has secured an investment banking licence from the Central Bank of Nigeria (CBN) which required an initial capital investment of US$100m. Read more >>

Cash can now be deposited into eWallet at FNB ATMs
FNB has extended its eWallet service to allow users to deposit cash into eWallet at FNB ATMs with automated deposits (ADTs). Read more >>

Credit services


Standard eyes Africa for car finance
[Phakamisa Ndzamela] Standard Bank's head of vehicle-asset finance Sydney Soundy says he expects a tougher operating environment for the local vehicle industry next year and says that the market is likely to experience single-digit growth. Read more >>

Financial services


Social media may boost financial services
[Sure Kamhunga] Online and social media could help South African financial institutions target the youth and the unbanked in their strategy to expand market share Deloitte said on Monday (3 December). Read more >>

Potential home owners should not be deterred by bond refusals
Although the ongoing publicity on the National Credit Act and the continued tightening up of the banks' criteria for issuing bonds is to be welcomed in general, it has had the unfortunate effect of deterring many potential home owners from trying to realise their dreams. Read more >>

Investment management


Test case for securities exchange
South Africa's biggest listed mall owner, Hyprop Investments, is taking fellow retail-focused property fund Sycom to court in what could be a test case for the JSE on how it deals with corporate action by property unit trusts (PUTs). Read more >>

Ashburton wants to grow FirstRand's assets
[Sure Kamhunga] FirstRand plans to grow its asset management business as it widens revenues from business segments that require less regulatory capital. Read more >>

Excellent value on offer in commercial property market - Aucor
The prevailing low interest rate environment, which is at historically low levels following the reserve bank's July interest rate decision, has sparked renewed interest and activity in the commercial property market, especially through auctions. Read more >>

Institutional investors should focus on responsible investing
Retirement reform has emerged as a key theme within the local retirement funds industry; yet at the same time responsible investing has also grown to become a global trend, with South Africa set to follow suit with responsible investing now also at the forefront of investor concerns. Read more >>

Taxation


SARS gets top marks from PwC
South Africa's tax system measures up well against those of other countries, but will need to reform further as other countries are catching up. Read more >>

Individual Tax Module facilitates submission of tax returns
Handling tax returns for individuals just got a lot easier with financial reporting and audit software leader CQS' introduction of the Individual Tax Module. Used in conjunction with its popular TaxWare solution, the Individual Tax Module facilitates the completion and submission of individual tax returns to the South African Revenue Service (SARS.) Read more >>


Company news

Banking


Core Banking Solutions: redefining the banking landscape - Trade Conferences International
Replacing legacy systems, best practices for building a robust core banking strategy, best practices in core banking solutions and systems transformation and migration are just some of the topics to be discussed at the Core Banking Solutions Conference taking place 13-14 February 2013 at the Indaba Hotel in Fourways, Johannesburg. Read more >>


Government
Trade deficit widens to R21.2bn
South Africa recorded a trade deficit of R21.2bn in October, the South African Revenue Service (SARS) said on Friday. Read more >>

More than 5m tax returns received
A new record of 5.66m income tax returns have been submitted during this year's tax season‚ the South African Revenue Service (SARS) said on Tuesday (27 November), 16,4% higher than the previous year. Read more >>

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