26 Mar 2013

Finance & Insurance

Pule pummels paper

Via the Department of Communications, the communications minister Dina Pule has come out firing on all barrels and has taken on the Sunday Times over what the department claims is a smear campaign against her. The final straw was apparently the newspaper's call on Sunday to Zuma to fire Pule.

On a happy note, and this is not an April Fool's joke so there's not need to check the calendar, Bizcommunity.com has instituted a price freeze on most of our rates for 2013!

Also on a happy, more melodious note (pardon the pun), the 19th Annual MTN South African Music Awards has announced this year's nominees.

Ford is doing its bit for the environment, and to combat water shortages, has cut its global water use by 62% since 2000. Now, what about other companies following suit?

Feeling like a holiday? Try one or more of Harvey World Travel's top destinations for South Africans.

Rod Baker: Content Director

Submit your company news to financenews@bizcommunity.com. Exclusive contributions may be sent to contributors-finance@bizcommunity.com.

Top stories

Credit amnesty - an attractively disguised threat
[Michelle Dickens] There are 19.69 million active credit consumers, of which 53.1% are considered to be in good standing. The number of consumers with impaired credit records has slowly been deteriorating from only 37.7% (in late 2007) to the current level of 46.9%. Read more >>


Editorial news

Finance & Insurance
Compliance and MOI requirements for private companies with issued debt instruments
[Thina Siwendu and Yaniv Kleitman] The two-year "grace period", during which the old constitutional documents trumped the new Companies Act, No 71 of 2008 (Companies Act) in the case of any inconsistency between the two, terminates at the end of April 2013. A company will need to adopt a new memorandum of incorporation (MOI) for this purpose. Read more >>

Black Business Executive Circle welcomes Sim Tshabalala appointment
The Black Business Executive Circle (BBEC) has welcomed the appointment of Sim Tshabalala as joint group CEO of the Standard Bank Group. Read more >>

Bizcommunity April 1 price freeze is no joke
[Issued by Bizcommunity] Believe it or not, we've made the decision to freeze most of our rates for 2013! This is not an April Fool's prank but a strategic decision in line with our core objectives to assist businesses to grow and thrive via our portfolio of publishing platforms. Read more >>  visit press office >>


Insurance
Norton Rose tells insurers to tread carefully in Africa
[Phakamisa Ndzamela] Global legal practice Norton Rose has advised South African insurers expanding into other African countries to look beyond the sector-specific regulatory requirements in the jurisdictions they are entering as failure to do so could undermine their investments. Read more >>

Short-term insurance industry readies for climate change
The short-term insurance industry - spearheaded by the South African Insurance Association (SAIA) and the Financial Intermediaries Association (FIA) - has determined that changing environmental, social and governance (ESG) issues will have a significant impact on the health and sustainability of the industry. Read more >>


Banking
Mobile cash services bank on growth
[Thabiso Mochiko] The growth of mobile money will continue at a rapid rate this year‚ global mobile industry body GSMA said in a recently released report entitled The Economy of Mobile 2013. Read more >>


Credit Services
Credit amnesty - an attractively disguised threat
[Michelle Dickens] There are 19.69 million active credit consumers, of which 53.1% are considered to be in good standing. The number of consumers with impaired credit records has slowly been deteriorating from only 37.7% (in late 2007) to the current level of 46.9%. Read more >>


Finance, Accounting & Banking
Repo rate - good news for homeowners, time to reduce debt
Wednesday's decision by the Monetary Policy Committee to keep the repo rate stable was generally anticipated by market commentators, says Dr Andrew Golding, CE of the Pam Golding Property group. Absa's reaction to the Reserve Bank's MPC decision is that it is good news for homeowners and those holding debts. Read more >>

UBA appoints key senior level management across Africa
Following its recent restructuring and the spin-off of non-commercial banking operations in line with regulatory guidelines, United Bank for Africa (UBA), a financial services institutions in Africa, has announced some key senior level appointments to strengthen some areas of its operations. Read more >>

Seeing beyond the stereotypes
[Richard Firth] More than half of Africa's one billion population has a mobile phone - and not just for talking. The power of telephony is forging a new enterprise culture, from banking to agriculture to healthcare. Africa has experienced an incredible boom in mobile phone use. Read more >>


Investment Banking
Stanlib to develop malls in Nigeria, Kenya
Stanlib is planning to open its Stanlib Africa Direct Property Development Fund in May or June, as it seeks to capitalise on Africa's growing retail sector. Read more >>

Investec Properties invests R318 million in acquisitions
Investec Property Fund yesterday, 19 March 2013, announced the acquisition of four properties in Gauteng and one in Cape Town, comprising one prime office building, two business properties, a motor dealership and an industrial property, totalling R318 million. Read more >>


Investment Management
Clough 'forges' deal with Macquarie Capital
Engineering and project services contractor, Clough is to sell its 30,9m shares in Forge Group to Macquarie Capital for AU$187m in terms of a block trade agreement. South African construction group Murray & Roberts owns 62% of Clough. Read more >>

Bowler Metcalf's 25 years of profits
Few small capitalisation companies can match plastic packaging group Bowler Metcalf's (Bowcalf) 25-year record of consistent earnings growth. Read more >>

Don Group surviving on rentals
[Nick Hedley] The Don Group‚ a hotel operator turned residential letting group‚ on Friday (22 March) reported a narrowed headline loss per share to 2.22c from 5.85c for the six months ended December‚ helped by an increase in rental revenue. Read more >>

KWV returns to profit after large losses
Shareholders in listed sin sector investment company Niveus will cheer news that its 52%-owned liquor subsidiary KWV posted a small interim profit. Read more >>

Bidvest wants to buy Adcock Ingram
[Tamar Kahn] Bidvest's offer for 60% of Adcock Ingram's shares is in line with its strategy of buying under-performing assets at their lowest ebb‚ according to analysts. Read more >>

Commercial property prospects strong
[Nick Wilson] After several years of strong price growth in the listed property sector, most property pundits believe SA can expect slower - albeit solid - growth this year from listed property stocks. Nevertheless there are still major opportunities for investors who want an investment that offers a steady income stream. Read more >>

Africa's growth driven by SA
[Schalk Mouton] Although Africa made huge strides in increasing human development in the past decade, gains could - with hundreds of millions of people being pushed into extreme poverty - easily be reversed should "significant progress" not be made in halting global warming. Read more >>

From 8ta to Telkom Mobile
[Thabiso Mochiko] Telkom Mobile, with a new logo and the umbrella brand for 8ta, will embark on a recruitment drive to strengthen its business‚ which has been re-branded to attract more high-spending customers. Read more >>

Fortress buys some Resilient centres
[Nick Hedley] Listed property loan stock company Fortress Income Fund said on Friday (22 March) it had concluded agreements to buy various retail properties from Resilient Property Income Fund‚ for R1.1bn. Read more >>


Taxation
Telkom's fine should be used to lower costs
[Duncan McLeod] The Competition Commission is trying to resolve a long-standing dispute with Telkom and is in early-stage talks with the company with a view to possibly reaching a settlement ahead of the tribunal hearings. Read more >>


International
Teenager makes millions from Yahoo!
SAN FRANCISCO, USA: Yahoo! announced on Monday (25 March) that it planned to buy mobile news reader app Summly from the London teenager who invented it, probably transforming him into one of the world's youngest self-made multi-millionaires. Read more >>

New offers start Dell bidding war
NEW YORK, USA: A bidding war broke out on Monday (25 March) for US computer maker Dell as two new acquisition offers emerged in competition with the private buyout led by founder Michael Dell. Read more >>

BlackBerry tries to grate an Apple
SYDNEY, AUSTRALIA: The head of BlackBerry has taken a swipe at Apple, saying in an interview the iPhone's operating system was outdated, while promising thousands of new apps as it prepares to launch its new Z10 handset. Read more >>

More International...


Government
Brics fits NDP objectives says Zuma
The alliance between Brazil, Russia, India, China and South Africa fits in well with South Africa's National Development Plan (NDP), says President Jacob Zuma. Read more >>

Gordhan wants to probe Magashula
A retired judge will be appointed to probe allegations of impropriety involving SA Revenue Services (SARS) Commissioner Oupa Magashula, Finance Minister Pravin Gordhan said on Sunday (24 March). Read more >>

Call to make municipalities more professional
[Khulekani Magubane] Municipalities have to focus on improving their human resources capabilities to address challenges and to reduce spiralling debts of about R81bn owed to them for services they have delivered. Read more >>

More Government news...


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