9 Apr 2013

Finance & Insurance

Horn o' puke

In a bid to counter rhino poaching for their horns, the horns are being given non-lethal toxic infusions so that consumers overseas will risk becoming seriously ill. There are many people in this country who probably wish that the infusions were lethal, so that the trade dries up altogether.

Meanwhile, our president is a bit miffed over what he terms newspapers' 'selective' reporting. Well, what about giving us a complete and believable account of how 13 of our troops ended up dead in the CAR?

Have you flown SAA recently? No, nor have I - but quite a bit of my tax monies are going to the airline anyway. One who is not taking it lying down is Comair's Erik Venter, who's flying high as his court battle looms. Quite rightly, in the eyes of a great many people, he's sick of seeing our inefficiently run national carrier being bailed out by the billions. Private and state airlines in SA should compete on a level playing field - and that's not what is happening now.

Feeling like you're being taxed into poverty? Join the club - because you have contributed your bit to SARS collecting R814bn in taxes for the 2012/13 fiscal year. That's R4bn more than what Finance Minister Pravin Gordhan had projected when he delivered the National Budget in February.

Any chance firm measures - more than merely meaningless words - can be taken to ensure ALL of our hard-earned cash is used properly? You know... not stolen, not misspent, not wasted on new ministers' cars and luxury travel and luxury accommodation... and parties?

Finally, Zando.co.za, together with its partners Bizcommunity.com, Build-A-Bear Workshop, CourierIT, Dialogue and Infidels have set up a campaign to get those less fortunate school kids shoes in time for winter. Join in - do the right thing.

Rod Baker: Content Director

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Top stories

Tax matters get even more complex
[Amanda Visser] The introduction of International Financial Reporting Standards into the Income Tax Act is setting a dangerous precedent, according to tax and legal experts. Read more >>


Editorial news

Finance & Insurance
Dawie de Villiers appointed CEO of Sanlam Employee Benefits
The Sanlam Group has announced the appointment of Dawie de Villiers as CEO of Sanlam Employee Benefits (SEB). Previously CEO of SEB's structured solutions business, De Villiers took on the new role on 1 March and is responsible for providing strategic leadership to the business and its five key units. Read more >>

Market cycles - investors should set a firm foundation
[Samantha Matthew] "You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in - in 2007, we just didn't know it was uncertain. It was uncertain on 10 September, 2001. It was uncertain on 18 October, 1987, you just didn't know it." Warren Buffett. Read more >>

Bluegrass Digital creates cutting-edge mobile money site
[Issued by Bluegrass Digital] Bluegrass Digital recently designed, developed and launched a new mobile site for ThinkMoney.co.za that provides a specific mobile experience for users. Read more >>  visit press office >>


Insurance
Judgment says accidents must be reported
[Linda Ensor] Treasury is seeking an urgent meeting with the South African Insurance Association to ensure that insured motorists are not adversely affected by a court judgment which has been interpreted to mean that those who do not report every minor incident or scratch on their cars to their insurers risk having their later claims rejected. Read more >>

Sanlam's emerging markets plan on track
Sanlam Emerging Markets (SEM)‚ a division within the Sanlam group tasked with international expansion‚ says it is well on track to deliver on its mandate of supporting the Sanlam group objective of becoming a leading financial services company in selected emerging markets. Read more >>

Google's driverless car's zero accident rate to shape motor industry
[Warwick Scott-Rodger] Google's driverless car has now clocked more than 300 000 miles without a single accident whilst under the computer's control, raising the possibility of a future of driverless vehicles. Should such technology be widely adopted in South Africa it could also be the answer to reducing the high number of road accidents and may even result in reduced insurance premiums. Read more >>


Accounting & Auditing
Tax matters get even more complex
[Amanda Visser] The introduction of International Financial Reporting Standards into the Income Tax Act is setting a dangerous precedent, according to tax and legal experts. Read more >>


Banking
PesaPoint welcomes KBA guidelines
PesaPoint Limited on Friday, 5 April 2013, clarified that its fleet of ATMs deployed across the country have been EMV-Chip compliant for over three years now. The payment networks company said its focus was now upgrading the agency banking network which serves over 30 banks to be in compliance with the standard. Read more >>


Finance, Accounting & Banking
Full story behind Absa, Net1 still not told
It's gratifying to see that when the SA Revenue Service comes knocking the money it collects doesn't just go to buying piles of The New Age newspaper for security guards at the SABC and Eskom to prop their coffee on. Read more >>

SEM well positioned to expand Sanlam footprint
Sanlam Emerging Markets (SEM), the division within the Sanlam Group tasked with international expansion, says it is well on track to deliver on its mandate of supporting the Sanlam Group objective of becoming a leading financial services player in selected emerging markets. SEM is currently doing business in ten countries in Africa, excluding South Africa and Namibia. Read more >>

White men in Gauteng get the most cash
White men living in Gauteng are the highest earners in South Africa, with young African women in Limpopo the lowest, the SA Institute of Race Relations said on Tuesday (2 April). Read more >>


Financial Services
SA banks urged to take precautions with clients' personal information
[Gianmarco Lorenzi] With the Protection of Personal Information Bill (POPI) expected to be promulgated this year, the focus on protection of consumers' personal information is becoming increasingly important for the local banking sector, which handles and stores thousands of clients' personal information on a daily basis. Read more >>

Loans give students incentive to graduate
[Carol Paton] University students who receive loans through the government's National Student Financial Aid Scheme (NSFAS) are more likely to graduate than those who do not get such loans, says a new study by University of Stellenbosch economics professor Servaas van der Berg. Read more >>

Survey finds that medical scheme cover is vital
Due to the challenges facing the public health-care sector, both financial advisers and medical scheme members agree that medical schemes have an integral role to play in ensuring access to quality health care. Read more >>


Investment Banking
Standard, ICBC in energy funding deal
Standard Bank has signed a R20bn funding support agreement for renewable energy projects in South Africa with the Industrial and Commercial Bank of China (ICBC). Read more >>


Investment Management
Disappointing growth in retail sales
Trading conditions continued to deteriorate and the growth in retail sales volumes slowed during the first quarter of 2013‚ the Ernst & Young/Bureau for Economic Research (BER) retail survey revealed on Monday (8 April). Read more >>

Kirsh wants to cut off FoneWork directors
[Monde Maoto] Signalling a vote of no confidence in the non-executive directors of FoneWorx, William and Issie Kirsh - who through their family trusts are majority shareholders in the telecommunications and information technology solutions provider - are rallying other shareholders to remove them from the company. Read more >>

Venter flying high as court battle looms
Some days Erik Venter must wonder what he's got himself into. After 17 years in one of the toughest businesses there is, he still gets up every morning and drives to Comair's head office at OR Tambo International Airport for another day of oil prices that cruise as high as any airline, a major competitor on a permanent drip-feed from the state, and the drag of a prolonged global recession. Read more >>

The 'art' of investing in paintings
For the first time, a South African auction house will be putting a work by Russian-Jewish artist Marc Chagall on the block. Read more >>

Hospital groups invest in imaging
[Nick Hedley] Private hospital groups are the driving force behind investment in the South African medical imaging market thanks to competition in the industry‚ according to business consulting firm Frost & Sullivan. Read more >>

Kagiso PMI falls to 49.3
The seasonally adjusted Kagiso Purchasing Managers' Index (PMI) lost 4.3 points to 49.3 in March after moving above the key 50-point mark to 53.6 in February‚ data on Tuesday (2 April) showed. Read more >>

Nestlé, Pfizer merger approved
[Amanda Visser] The conditions set for the approval of the merger between Nestlé SA and Pfizer result in a good outcome for all South African parents with small children using infant nutrition products‚ the Competition Tribunal said on Tuesday (2 April) when it issued its reasons for approving the merger. Read more >>


Taxation
Poultry farmers 'chicken' over imports
[Linda Ensor] The South African Poultry Association (Sapa), which has applied to the International Trade Administration Commission (Itac) for a general tariff increase against chicken imports, also plans to seek protection against imports from the European Union (EU). Read more >>

Strikes cost R12bn in taxes
A wave of wildcat mining strikes that gripped South Africa last year caused a R12bn shortfall in much-needed state revenue, Finance Minister Pravin Gordhan said Wednesday (3 April). Read more >>

Retired judge to probe SARS commissioner
PRETORIA: Finance Minister Pravin Gordhan has appointed retired Constitutional Court judge, Justice Zak Yacoob, to head up an enquiry into allegations of impropriety made against South African Revenue Service (SARS) Commissioner Oupa Magashula. Read more >>

SARS collects R814bn in taxes
PRETORIA: In what Finance Minister Pravin Gordhan on Tuesday, 2 April 2013, described as a "remarkable achievement", the South African Revenue Service (SARS) exceeded its target when it collected more than R814 billion in taxes for the 2012/13 fiscal year. Read more >>

VDP applications: a taxpayer's chance for a new start
[Graeme Palmer] In the Minister of Finance's Budget Speech it was announced that the new permanent voluntary disclosure programme (VDP) which commenced on 1 October, 2012, had already had 700 applications from taxpayers that would result in more than R200 million in taxes being collected before the end of March 2013. Read more >>


International
People with secret bank accounts exposed
LONDON, UK: Millions of emails and leaked records from offshore tax havens have exposed the identities of thousands of holders of offshore accounts, including the family of the president of Azerbaijan and French President Francois Hollande's one-time campaign treasurer, The Guardian and Le Monde newspapers reported on Thursday (4 April). Read more >>

No fanfare as cellphone turns 40
WASHINGTON, USA: The mobile phone turned 40 on Wednesday (3 April), with no fanfare to mark the occasion in a market which seemed focused on new smartphones like the iPhone and a possible Facebook-themed device. Read more >>

More International...


Government
SARS keeps raking in the money
The South African Revenue Service (SARS) has collected R814.1bn in the 2012/13 financial year‚ R4bn above the R810.2bn target set by Finance Minister Pravin Gordhan in February's budget‚ the Revenue Service said on Tuesday (2 April). Read more >>

SAA's strategy given to Gigaba on time
Public Enterprises Minister Malusi Gigaba on Tuesday (2 April) received the long-term turnaround strategy for SA Airways (SAA), his office said. Read more >>

More Government news...


Jobs offered
Financial Accountant - Franschoek
Graham Beck Enterprises has a newly created position for a financial accountant to manage the complete spectrum of financial accounts for Kangra Holding Company, a subsidiary within Graham Beck Enterprises. Read more >>

Administration Manager - Alrode - Johannesburg South
Read more >>


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