11 Dec 2012

Finance & Insurance

 

Cool Beanz

It's going to be a good festive season for Jelly Beanz after they were handed a cheque for R500,000 by Bernhard Maier, a member of Porsche's executive board. It's the second sizeable donation by Porsche in as many years.

On the agriculture front, farmers and unions have been urged to negotiate in good faith. Agriculture, Forestry and Fisheries Minister Tina Joemat-Pettersson has urged representatives of Agri-SA and unions to negotiate in good faith for the minimum wage demand for farmworkers. That's all very well, but in the meantime perhaps she can also urge farmworkers to remain peaceful and also not damage crops and equipment.

Come fly with me... if you can afford it! IATA says airlines will carry 3,6bn passengers by 2016 - a rise of at least 28% in the coming years to hit 3.6 billion in 2016, with China accounting for nearly one-in-four new travellers. Keeping ticket prices reasonable would go some way towards ensuring that that prediction comes true.

Don't come fly with me...Budgets and mechanical setbacks are hurting SANDF, which is buckling under the strain of crippling budget and mechanical setbacks. We have submarines up on blocks and Gripen fighters flying only a tiny portion of the time they should be flying. So we have all these shiny new weapons platforms... but we can't afford to run them. Brilliant!

Equally brilliant, but in a good way, is our tame motoring editor, Henrie Geyser, who waxes lyrical on the new Honda CR-V, which he reckons has added market traction. And a lot of attractions... in action, and even when not in action.

Rod Baker: Content Director

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Editorial news

Finance & Insurance


FTC's Noble wins two Unilever awards
Stuart Noble, a director of the Financial Training Corporation (FTC), which is part of the BDO Group, has won two awards for financial training conducted for Fast Moving Consumer Goods (FMCG) company Unilever, in Africa, the Middle East and Turkey. Read more >>

Business confidence declines marginally in November
PRETORIA: The November Business Confidence declined marginally due to an unfavourable domestic and world economic climate, the South African Chamber of Commerce and Industry (Sacci) said on Thursday, 6 December 2012. Read more >>

Real growth domestic expenditure slows in third quarter
PRETORIA: Real gross domestic expenditure decelerated from 4.9 % previously to 3% in the third quarter of this year, said the Reserve Bank on Thursday, 6 December 2012. Read more >>

High corporate cash balances symptomatic of stunted business confidence
Corporate cash balances have been rising steadily since mid-2010, according to data released by the South African Reserve Bank (SARB) for September 2012, that non-financial corporate cash balances are sitting at R542 billion (marginally down from their August 2012 peak of R549 billion). Read more >>

Insurance


Old Mutual's changes provide results
Is Old Mutual finally getting to grips with its complex international business model? Its third quarter results seem to show that it has made progress retaining assets: net client cash flow (NCCF) was still out of the door, but at least it was only £500m instead of £5,4bn. Read more >>

African expansion remains Discovery's goal
[Phakamisa Ndzamela] Discovery's chief executve, Adrian Gore - who has been at the helm for 20 years - says he is still committed to serving the company and hoped to expand the business into the rest of Africa in the next three to five years. Read more >>

Holidays are boom times for criminals - safeguard your house
The SAPS crime statistics released in September may have shown a marginal decline in house robberies but Dial Direct Insurance's claims data suggests otherwise. With the festive season approaching, we are warning South Africans to be extra vigilant as they gear down and criminals gear up for the holidays. Read more >>

Accounting & Auditing


Eqstra's offer: Protech asks PwC to advise
[Mark Allix] Construction and engineering group Protech Khuthele has appointed PricewaterhouseCoopers Corporate Finance (PwC) as the independent adviser on whether the terms and conditions of Eqstra's unsolicited firm intention to buy the company at 60c per share is fair and reasonable. Read more >>

SAICA revises its delivery model
To maintain the standard of the chartered accountancy brand and ensure that the qualification remains relevant and competitive, the qualification process is periodically reviewed and revised. Read more >>

Banking


Absa, Standard may re-ignite share prices
[Phakamisa Ndzamele] The share prices of Absa and Standard Bank have fallen well behind FirstRand and Nedbank this year‚ but analysts believe the two laggards have an opportunity to use their exposure in the rest of Africa to ignite investor confidence in the future. Read more >>

Cash withdrawals keep rising
The average value of cash withdrawals across more than 2‚000 ATMs managed by Spark recorded a positive month-on-month growth of 0.78% last month‚ the ATM deployer said on Wednesday (5 December). Read more >>

Finance, Accounting & Banking


Deloitte seeking 51% black ownership
[Sure Kamhunga] Professional services company Deloitte has set a target to achieve 51% black ownership as part of a two-pronged strategy to retain black staff and reward talent. At the moment it is 28% black owned. Read more >>

Financial Services


Senwes shows profits of R187m
[Hopewell Radebe] Integrated agricultural services company Senwes has posted a net profit after tax of R187m for the first six months representing an increase of 65.5% on the previous year's R113m. Read more >>

CEO confidence falls amid uncertainties
The Merchantec CEO Confidence Index weakened in the fourth quarter (Q4)‚ dropping by 5.8% to an overall level of just 52 points. Read more >>

Linklaters, Webber Wentzel alliance
[Evan Pickworth] Webber Wentzel has formed a collaborative alliance with global legal heavyweight firm Linklaters‚ it said on Monday (3 December). Read more >>

Investment Management


Mixed views on property investments
JSE-listed property is trading at record highs after a solid performance in November, but analysts are divided on whether there is value still to be found in the sector. Read more >>

Gambling on more punters
While each of their companies had varying degrees of success, the chief executives of three of the major casino groups in southern Africa - Tsogo Sun, Sun International and Peermont - agree that the future looks promising for the sectpr although there are still hurdles some to overcome. Read more >>

Rainbow expects R3,9bn from rights issue
Rainbow Chicken is to raise R3.9bn of new equity by way of a renounceable rights offer‚ it said on Thursday (6 December). Read more >>

Rebosis spends R1bn on office properties
[Nick Hedley] Rebosis Property Fund said on Wednesday (5 December) it had concluded agreements for the acquisition of a portfolio of office properties in Johannesburg and Pretoria for R1bn. Read more >>


International
Mugabe now wants 100% of everything
GWERU, ZIMBABWE: Zimbabwe President Robert Mugabe on Friday (7 December) vowed to overhaul business laws to require 100% black ownership of firms, up from 51%. Read more >>

IMF will halt DRC loan over mining contract
KINSHASA, DRC: The International Monetary Fund said on Tuesday (4 December) it is ready to halt a US$561m loan facility to the Democratic Republic of Congo because the government failed to provide enough information on a mining contract. Read more >>

More International...


Company news

Accounting & Auditing


Commercial Crime Investigation and Forensic Auditing: Intensifying fraud defence mechanism - Marcus Evans
Commercial Crime Investigation and Forensic Auditing will be taking place from 6 to 8 February 2013 at Crowne Plaza, The Rosebank, Johannesburg. The event is organised by marcus evans by presenting panel experts from the industry, Andre Bouwer, Werner Bouwer and Rita Kotze from Nexus Forensic. Read more >>


Government
Appetite for imports fuels deficits
Durban's import capacity will increase sharply once a multi-billion rand project to feed an ever-increasing appetite for goods from overseas gets off the ground. Read more >>

Real growth domestic expenditure slows in third quarter
Real gross domestic expenditure decelerated from 4.9 % previously to 3% in the third quarter of this year, said the Reserve Bank on Thursday. Read more >>

More Government news...


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