12 Feb 2013

Finance & Insurance

 

SA business school ranks among world's best

Our basic education system might be, what many people reckon, somewhat of a shipwreck, but there are centres of excellence of which we can be very proud. In this case it is UCT's Graduate School of Business that is one of them - it has held its ground in two global MBA ratings.

There's always someone, isn't there... So beware of any messages you get from "SARS", the genuine one of which has issued a scam warning to taxpayers. SARS (the genuine one) says taxpayers should be wary of a scam using the SA Revenue Service (SARS) logo to defraud people.

"Members of the public are randomly emailed with spoof emails made to look as if these come from SARS, but are in fact fraudulent emails aimed at enticing unsuspecting taxpayers to part with personal information, such as bank account details," SARS spokesman, Marika Muller said.

It was pretty obvious, wasn't it... When you add more than 50% to a wage bill, something has got to give, and in this case, it was farmers giving... retrenchment notices...
So farmworkers are losing their jobs after the wage hike.

Agriculture has shed hundreds of thousands of jobs since minimum wages were first implemented in 2000 and analysts warn that thousands more will be lost when the new wage, increased by 50% by Labour Minister Mildred Oliphant, comes into effect on 1 March 2013.

But to rub salt into the wound, the Department of Labour has cautioned non-compliant farmers and says action will be taken against employers who do not comply with the new sectoral determination for farmworkers.

Finally, our very own champion, motoring editor Henrie Geyser, reckons the new Golf 7 has champion stamped all over it.

Rod Baker: Content Director

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Finance & Insurance

Eastern Cape shows signs of economic recovery, solid growth prospects in 2013
The Eastern Cape is showing signs of economic recovery characterised by improved consumption levels last seen before the onset of the global financial crisis. Read more >>

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Global business too easily spooked by short-term economic uncertainty
Global business is too easily knocked off course by short-term economic crises, such as the current US debt crisis, according to a global survey of finance and business leaders who hold the chartered global management accountant (CGMA) designation. Read more >>

Twin Peaks model to boost SA's financial system
PRETORIA: South Africa's move to a Twin Peaks model of regulation will boost the country's resilience, as well as create a stable financial system, says the Financial Stability Board (FSB). Read more >>


Insurance

Rory Byrne wants cars to go slower
Rory Byrne's job as chief designer for Ferrari's Formula 1 team was to make cars go faster. Now the 69-year-old South African's job is to make them go slower - and safer. Read more >>

ArcelorMittal SA shuts plant after fire
Steelmaker ArcelorMittal South Africa announced on Monday (11 February) that its Vanderbijlpark plant had been shut down owing to extensive damage caused by a fire on Saturday (9 February). Read more >>

Sama says NHI will collapse if implemented now
A National Health Insurance (NHI) scheme will collapse if it is implemented now claims the SA Medical Association (Sama). Read more >>


Accounting & Auditing

Deloitte opens office in Ethiopia
Professional services firm, Deloitte, have announced the opening of its Ethiopia office in the country's capital Addis Ababa. The opening follows a signing, in July 2012, of a merger agreement between Deloitte and leading Ethiopian accountancy and advisory firm HST. With this opening, Deloitte now enjoys a presence in one of Africa's richest countries, in mineral wealth, culture and history. Read more >>

The evolving role of the CFO
[Van Zyl Botha] In today's volatile economic climate, efficient financial management is becoming increasingly critical to any business' success. With a growing spotlight on cost efficiencies, the role of the chief financial officer (CFO) is rapidly evolving, adapting constantly so as to be able ensure the long-term financial sustainability of a business. Read more >>


Banking

MoneyGram remittance costs are just 5%
MoneyGram remittance costs are 5% or less depending on the size of the transaction‚ MoneyGram's Vice President for Africa Hervé Chomel told a media roundtable on Thursday (7 February). Read more >>

Absa handpicks trainee financial advisers
Absa Financial Services, the independent financial, investment and risk advisory company, has handpicked 60 trainee financial advisers from all over South Africa to bolster its customer-focused financial solutions. Read more >>

Claims must be paid speedily says Sama
The SA Medical Association (Sama) urged the Gauteng health department on Wednesday (6 February) to speed up the processing of claims and pay doctors money owed for overtime. Read more >>


Finance, Accounting & Banking

SAA wants its bond to 'fly'
[Nicky Smith] South African Airways (SAA) is testing the domestic debt market ahead of a planned bond issue to raise R1.5bn to ensure it has sufficient cash in the coming months while a task team devises a turnaround for the distressed carrier. Read more >>

Standard Bank remains Africa's most valuable banking brand
Standard Bank has been ranked as the most valuable banking brand in Africa for the third consecutive year in the 2013 Global Top 500 Banking Brands report. In addition, Standard Bank was ranked 103 amongst the world's top 500 global banks. Read more >>


Investment Management

Sanlam's sub-Saharan fund launches soon
[Nick Hedley] Financial services group Sanlam is due to launch its sub-Saharan Africa Real Estate Fund at the end of March‚ which it intends to list on the Stock Exchange of Mauritius. Read more >>

Adapt IT's profits rise by 61%
Information technology services and solutions provider Adapt IT saw its turnover for the six months to December increase 53% to R135.9m‚ while profit from operations increased 61% to R11.7m‚ representing a healthy operating profit margin of 9%. Read more >>

Corruption is main threat to foreign investment, survey finds
South Africans overwhelmingly see corruption as the greatest obstacle to foreign direct investment, according to the latest research from FTI Consulting, the global business advisory firm dedicated to helping organisations protect and enhance their enterprise value. Read more >>


Taxation

Scam warning to taxpayers
Taxpayers should be wary of a scam using the SA Revenue Service (SARS) logo to defraud people, an official warned on Monday (11 February). Read more >>

Yet more job losses in January
Employment fell sharply last month‚ by an annualised rate of 3.2%‚ showing the economy shed 51‚495 jobs during the month‚ the latest Adcorp employment index revealed on Monday (11 February). Read more >>

SARS must also wait in line
Business rescue places a moratorium on legal proceedings against the company, which includes action from the South African Revenue Service (SARS). Read more >>

Is your tax advisor compliant?
[Issued by The South African Institute of Tax Practitioners] The Tax Amendment Act, which passed into legislation in December 2012, has started a countdown for the entire tax profession, with less than six months remaining for tax advisors to register with a recognised controlling body. Read more >>

Graduate tax "unfair" says DA
An additional tax on working graduates will be unfair, the DA Youth said on Thursday (7 February). Read more >>


International
Greece sells stake in its sole satellite
ATHENS, GREECE: Greece's main telecommunications provider OTE has sold a majority stake in the country's sole satellite operator Hellas Sat to Saudi Arabia-based Arabsat. Read more >>

New cyber-security plan for EU
BRUSSELS, BELGIUM: The European Commission on Thursday (7 February) launched a new cyber-security plan, aimed at safeguarding vital information systems and bolstering the bloc's defences against a growing criminal threat. Read more >>

Greeks not reporting cybercrimes
ATHENS, GREECE: Cybercrime attacks are going unreported in Greece with companies either unaware of incidents or trying to sweep them under the carpet, experts told a security conference on Thursday (7 February). Read more >>

Michael Dell to buy back 'his' company
NEW YORK, USA: Dell unveiled plans on Tuesday (5 February) to delist the company in a private buyout worth US$24.4bn that is being led company founder Michael Dell. Read more >>

More International...


Government
Manufacturing sector's performance disappointing
The manufacturing sector was disappointing on a year-on-year basis in December‚ but improved quarter-on-quarter results meant that the sector contributed positively to gross domestic product in the final quarter of 2012. Read more >>

More Government news...


Jobs offered
Cashbook Clerk - Epping - Cape Town
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