26 Feb 2013

Finance & Insurance

 

At last... Some meaningful action against corrupt officials?

Service delivery is a major problem as it is, but what exacerbates the issue is when those charged with using our tax monies to deliver services too often use it to further their own ends and enrich themselves. So it is to be welcomed that Minister of Justice and Reconciliation Jeff Radebe has announced that the names of those government officials convicted of corruption are to be published.

In a similar vein, National Planning Minister Trevor Manuel says there should be consequences for public servants who do not deliver. Many people might add to that: "What about adding non-performing government ministers and provincial MECs to the mix?"

Writing from the US, Reuben Yonatan tells us what we can expect from VoIP in 2013. As he says, the future is always bright for any kind of computer-related or especially internet-related technology so we can always expect new innovations, but just what sort of innovations can we predict?

It is the government's job to provide the environment in which business can thrive, and it is the job of business to then provide employment. Unfortunately, it appears that in SA much conspires against the establishment and healthy growth of SMEs; a recent study finds South Africa is hostile to SMEs.

Finally, the thought of our tame motoring editor Henrie Geyser in makeup - fancy or otherwise - is, well... deeply disturbing. But the same cannot be said, thank goodness, for Opel's new OPC rocket, which Henrie reckons is a rocket ship with fancy make-up.

Rod Baker: Content Director

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Finance & Insurance

Grindrod Financial Services buys Proptrax
Grindrod Financial Services has concluded a deal to buy Property Index Tracker Managers from the Resilient property stable for an undisclosed sum, subject to FSB approval. Property Index Tracker Managers' manage the first two JSE listed ETFs, which track the listed property market in South Africa. Read more >>

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Dragon Boat Challenge - preparing for the Corporate Games
[Issued by Corporate Games] 3rd South Africa, Official License Holder of Corporate Games South Africa, invited companies from all over the Western Cape to participate in a Dragon Boat Challenge. Read more >>  visit press office >>


Insurance

NHI proposals still not ready
[Tamar Kahn] The Treasury's delayed discussion document on financing options for National Health Insurance (NHI) will probably not be released with the 2013 Budget‚ it emerged in parliament last week. Read more >>

CPD accreditation for Camargue lab training
Training courses presented by Camargue Underwriting Managers through its Liability Academy for Brokers (LAB) are now CPD accredited. This was recently confirmed by the Insurance Institute of South Africa. Read more >>


Accounting & Auditing

Axe hangs over non-performing staff
A strict new regime that will ensure training and re-skilling of municipal staff is to be introduced in the Eastern Cape in pursuit of total audit compliance. Read more >>

Doctors' overtime claims to be audited
The Gauteng Health department said on Sunday (24 February) it would call in the SA Revenue Service (SARS) to audit overtime claims submitted by doctors in some hospitals. Read more >>

SAA gears up to implement turnaround strategy
South African Airways (SAA) says it will be ready to present its turnaround strategy to national government by early April. Read more >>


Banking

Only three weeks left to register for the third Annual Mobile Banking Southern Africa Conference
[Issued by Trade Conference International] With only three weeks left to register for the third Annual Mobile Banking Southern Africa Conference 2013, all financial, retail and IT professionals dealing with mobile banking and mobile payments are invited to secure their seats at this high powered event. Read more >>

Absa to become Barclays Africa
Shareholders of Absa Group (ASA) on Monday (25 February) approved the Barclays Africa deal which will see Absa taking over eight of Barclays' operations in Africa. Read more >>


Finance, Accounting & Banking

Debt Collection Conference 2013
[Issued by Trade Conference International] New developments in both human interaction and new technologies have transformed the debt collection industry, broadening the scope of operations from local and regional to national, and sometimes even to international. Read more >>


Financial Services

Don't fall into the debt pit in 2013
[Eunice Sibiya] It is the start of a brand new year but for many South Africans a long wait for salaries at month end and overspending during the festive season will lead to borrowing to cover small shortfalls, which may quickly snowball into a bigger problem. Read more >>


Investment Banking

Emira reissues commercial paper
Emira Property Fund reissued R400m of three-month unsecured commercial paper‚ for the second time with the interest margin remaining steady at 21 basis points above the three-month Jibar rate. Read more >>


Investment Management

SA Corporate's plan paying off
Listed property unit trust SA Corporate Real Estate Fund reported 4.6% distribution growth for the full year ended December‚ with the full year's distribution reaching 30.15c per unit. Read more >>

Truworths profit of R1,9bn in six months
Fashion retail group Truworths International on Wednesday (20 February) reported a 19% increase in diluted headline earnings per share to 324.8 cents for the six months to December. Read more >>

CEOs not properly rewarded says survey
The remuneration of some of SA's chief executives is inappropriate‚ despite the fact that most of South African companies enjoy top international rankings‚ Prophet Analytics's labour market navigator report released on Tuesday (19 February) found. Read more >>

Masonite's huge profit rise of 145%
Masonite (Africa) Limited advised on Tuesday (19 February) that its profit from operations‚ excluding the adjustment in fair value of biological assets‚ for the period ended December 2012 is expected to be 135% to 145% higher than that of the comparative period in 2011 due to improved trading margins and other operational improvements. Read more >>


Taxation

Study finds South Africa hostile to SMEs
According to the second round of the SME Growth Index™, 'Easier/Harder for Small Business in South Africa', produced by business environment specialists SBP, the survival of South Africa's Small and Medium Enterprise (SME) community, is under both immediate and long-term threat. Read more >>

Cellphone-compatible version of TaxTim launched
Online tax assistant TaxTim has released a cellphone-compatible version of its website in order to appeal to the ever-expanding number of cellphone users in South Africa. In a 2011 survey it was found that a total of 7.9 million South Africans access the internet on their cellphones, while 6.02 million use a computer, laptop, or tablet to get online. Read more >>


International
Two cheap Lumia phones from Nokia
BARCELONA, SPAIN: Nokia, once the leader of the mobile phone world, unveiled two new Windows Phone-based Lumia smartphones aimed at the cheaper end of the market. Read more >>

MasterPass opens many payment doors
BARCELONA, SPAIN: Credit card giant MasterCard launched a new digital payment system that lets people use a wide variety of devices including smartphones to spend their money. Read more >>

BHP Billiton to cut costs, control growth
SYDNEY, AUSTRALIA: The incoming chief executive of BHP Billiton, Andrew MacKenzie, said on Sunday (24 February) he will maintain focus on costs and productivity when he takes the helm at the world's biggest miner in May. Read more >>

Net profits of €21.7bn for VW
FRANKFURT, GERMANY: Volkswagen, Europe's largest car manufacturing company, said last Friday (22 February) that its net profit rose by more the 40% last year on higher vehicle sales. Read more >>

More International...


Government
Accountants could ease service delivery
Recruiting and training chartered accountants could help ease service delivery problems, Auditor General Terence Nombembe said on Thursday (21 February). Read more >>

More Government news...


Jobs offered
Branch Manager - Bellville - Cape Town
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Segment Manager - Johannesburg CBD
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2013 Biz Trends Report


93 pages
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Fatima Fredericks
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Finance controller
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