16 Apr 2013

Finance & Insurance

Oh, the shame!

So you thought it was beef you were eating? Well, yes and perhaps no... It seems - and if you haven't been made painfully aware of this issue over the past weeks then you are not on this planet - that some tried-and-trusted supermarket chains have been stocking incorrectly labelled meat products.

Meanwhile our Mother City plans to have a baby - a R140bn baby complete with police stations, universities and - just to cheer you up... cemeteries. It will be about 25km from the city centre and - to cheer you up even more... that would put it sort of over the road from Koeberg.

Well you can't say some of our cops aren't enterprising... Some of those involved in the Oscar Pistorius case... 45 of them in fact - had their cellphones confiscated after they took pictures of Pistorius after his arrest - and that is a big no-no.

In passing however, 45 officials? How big exactly is the team investigating the case and what exactly are the roles of the others? Because if 45 officials are involved on the case, that sounds like a lot.

Finally, it's good news for two of our islands, which are now protected as offshore marine protected areas. Now the challenge is to ensure that they are actually properly protected, because you can bet your life, if not, there will be illegal fishing.

Rod Baker: Content Director

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Editorial news

Finance & Insurance
Seven stages in becoming an industry expert
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Inflation, a challenge for central bank
PRETORIA: Head of Research at the South African Reserve Bank, Rashad Cassim, says rising inflation is a challenge for the central bank. Read more >>

Striata discusses the essence of the 2013 Billentis report on eInvoicing and eBilling
[Issued by Striata SA] Striata is an annual sponsor of the Billentis report on eInvoicing and eBilling. Michael Wright, Striata CEO, has put together an executive summary of the report, with a focus on implications for B2C eBilling. Read more >>  visit press office >>


Insurance
FSB delays solvency rules for insurers
[Evan Pickworth] The Financial Services Board has delayed the implementation of costly new solvency rules for insurance companies by at least six months to 2016 in line with delays by global regulators as they continue to battle with the full complexity of streamlining the sector. Read more >>

Regulation won't restore confidence in SA
[Evan Pickworth] SA's financial services sector will not flourish if regulation does not ensure level playing fields and remove unnecessary barriers to doing business‚ said chairman of the Association for Savings and Investment SA (Asisa) and chief executive of Sanlam Johan van Zyl on Wednesday (10 April). Read more >>


Accounting & Auditing
Lease accounting standards to change
Over 52% of SA executives are unaware of pending changes which will affect the reporting of leases and which will markedly alter balance sheets‚ impacting debt-to-equity and return-on-investment ratios. Read more >>


Banking
Gordhan approves proposed reorganisation of Barclays, ABSA
PRETORIA: Finance Minister Pravin Gordhan has approved the proposed reorganisation of the African operations of Barclays and the ABSA Group. Read more >>

SA can send money to Zimbabwe via phone
First National Bank (FNB) has launched an affordable service for customers in SA to send money to residents in Zimbabwe using its cellphone banking channel. Read more >>


Finance, Accounting & Banking
Just a few clicks can leave you cashless
It is very difficult to protect yourself against faceless, nameless criminals from around the world who can click, double-click and make off with your life-savings. Read more >>

Can't win betting online in SA
A Johannesburg man is taking legal action against the National Gambling Board (NGB) after it withheld money he won through online gambling, the Saturday Star reported. Read more >>

Bright Africa - new report
A new report, Bright Africa, provides a uniquely comprehensive look at transaction multiples across the continent. Read more >>


Investment Banking
Investec's mobile app to make rich richer
[Phakamisa Ndzamela] Specialist bank and asset manager Investec launched a mobile banking application last week, an initiative that will enable the bank's South African customers to trade shares in real time while having access to their global portfolios using a single platform. Read more >>


Investment Management
Intibane to produce coal from June
[Monde Maoto] Wescoal said on Monday (15 April) it would start mining at Intibane colliery in the Witbank coal field in June after it's water-use licence was granted by the Department of Environmental and Water Affairs. Wescoal is hoping to produce about 1,8m tons of coal from the mine a year. Read more >>

Sasol sells Tosas to Raubex
[Mark Allix] Listed road construction and rehabilitation group Raubex has bought Tosas‚ a manufacturer of bituminous products‚ from Sasol Oil for R120m in cash. Read more >>

Cape Town plans a R140bn 'baby'
A new city, with police stations, universities and cemeteries, could soon rise on the outskirts of Cape Town. Read more >>

Investing R12m in black entrepreneurs - apply today
Investec and Raizcorp have partnered to provide business support and development, to the value of R12m, to 12 entrepreneurs. Read more >>

Hyprop goes mall shopping in Cape Town
The hefty R2,3bn price tag and 6.7% yield commanded by Somerset Mall, the rather dowdy-looking shopping centre alongside Cape Town's N2 freeway en route to the winelands, sets a new benchmark for retail property prices in SA. Read more >>

Unilever is Remgro's star performer
Consumer brands giant Unilever SA is undoubtedly the most attractive unlisted investment currently held by conglomerate Remgro. Read more >>


Taxation
TaxTalk diversifies into three publications, produced in-house
As the new requirements for the Tax Amendment Act have come into place, the South African Institute of Tax Practitioners (SAIT) will relaunch TaxTalk magazine and produce three separate titles from April onwards. Read more >>

SARS raid ruled invalid, unconstitutional
[Ernest Mabuza] Certain sections of the Customs and Excise Act are inconsistent with the constitution and invalid, the Western Cape High Court ruled on this week. Read more >>


International
BlackBerry customers 'happy' with Z10
MONTREAL, CANADA: Smartphone maker BlackBerry last week slammed as "false and misleading" a brokerage research note that claimed consumers were returning the new Z10 handsets at a high rate. Read more >>

Almost 3m vehicles recalled for airbags
TOKYO, JAPAN: Almost 3m vehicles made by major Japanese manufacturers will be recalled worldwide because of possible problems with airbags, a government official said Thursday (11 April). Read more >>

LinkedIn's got its fingers on the Pulse
SAN FRANCISCO - LinkedIn said on Thursday (11 April) that it has bought news reading app-maker Pulse, boosting its content offering to users. Read more >>

Britain's manufacturing output up
LONDON, UK: British manufacturing output rebounded in February, data showed on Tuesday, dampening speculation that the economy slid back into recession in the first quarter, analysts said. Read more >>

More International...


Africa
Zimbabwe threatens to close Tongaat Hulett
[Tawanda Karombo] Zimbabwe government officials are gearing up to tackle SA agro-processing company Tongaat Hulett head on for its alleged reluctance to comply with the contentious indigenisation law. Read more >>

More Africa...


Government
SARS wants to cut the R82.5bn its owed
[Linda Ensor] Taxpayers owe the South African Revenue Service (SARS) R82.5bn. If paid this would result in a significant reduction in government's forecast budget deficit of R168bn for 2013-14 and reduce the deficit to 5.2% of gross domestic product, a more prudent level. Read more >>

Martins suggests road users get e-tags now
Transport Minister Ben Martins warned motorists on Tuesday (9 April) that the government remained committed to e-tolling, saying this would be implemented as soon as the National Council of Provinces passed the enabling legislation. Read more >>

14 die on roads in Western Cape
[Bekezela Phakathi] Easter weekend road deaths in the Western Cape decreased from 20 last year to just 14 this year‚ the provincial government said on Monday (7 April). Read more >>

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