23 Apr 2013

Finance & Insurance

What's Kookin'?

British band The Kooks were cookin' in Cape Town and Joburg last weekend, all part of the latest #5GumExperience - a brand activation that had fans fighting servere cases of FOMO in their efforts to win tickets. Ruth Cooper travelled to the secret location in Cape Town, a film studio warehouse in Salt River, for a Flippin' Kooky night.

While being in a band like The Kooks must seem like all play and no work, there's always some ground work to be covered to make sure your IP rights are covered. Phillip Haupt, a trademark attorney at law firm Adams & Adams, explains how "most up-and-coming artists/bands do not appreciate the value of their names and images," and how to remedy this by simply registering these as trademarks.

Nope, turns out it's not all drugs, sex and rock 'n' roll...

Love a good history fix? Do you find really, really old ships deeply fascinating? If you're in Cape Town, make your way down to Quay 6 at the Waterfront; you are in for a treat! The 92-year-old Sedov will be docked in the harbour until this Wednesday, 24 April - the last time she was here was in 1936, that's 77 years ago!

On a green note, do you and your company have a recycling progamme in place? No? Well there's no time like the present; this week is Green Office Week. Dorota Boltman, divisional director of Rainbow Paper Management, explains the negative effects of industrialised paper on the environment, how recycling could benefit a business, and small steps to implementing a recycling strategy at the office.

Have a gloriously green week!

Sindy Peters, Group Head: Content

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

Top stories

Sefa plans to lend over R737m to 15,000 small businesses
CAPE TOWN: The Small Enterprise Finance Agency (Sefa) plans to disburse over R737 million to more than 15,000 small firms - most of these micro enterprises - by the end of the 2013/14 financial year, Sefa chief executive Thakani Makhuvha said on Wednesday, 17 April 2013. Read more >>


Editorial news

Finance & Insurance
Sefa plans to lend over R737m to 15,000 small businesses
CAPE TOWN: The Small Enterprise Finance Agency (Sefa) plans to disburse over R737 million to more than 15,000 small firms - most of these micro enterprises - by the end of the 2013/14 financial year, Sefa chief executive Thakani Makhuvha said on Wednesday, 17 April 2013. Read more >>

AIG appoints new MD of South Africa
AIG has announced the appointment of Wayne Abraham as MD of South Africa with immediate effect. He will report to Michael Whitwell, the president AIG MEA. Read more >>

Recycle paper for Green Office Week
South African businesses are being urged to realise the vast environmental and business benefits of recycling unwanted paper, as paper consumption shows no signs of abating. Read more >>

Opportunities for banking and mobile money sector
Eskimi invites Nigerian financial institutions to exploit the massive growth opportunities brought by online and mobile marketing. Based on the latest researches and case studies, Nigerian financial institutions are not using online media tools enough. Read more >>

Introducing a must for any industry event - Biz Featured Events
[Issued by Bizcommunity.com] The next time you're needing to organise an event, make your branded Biz Event Calendar listing - aka Biz Featured Event - the first thing on your to-do list and use it to check events happening around the time. Read more >>  visit press office >>


Insurance
Personal liability claims during rugby season
With rugby season in full swing, those families that have members who participate in this high contact sport - from amateur school level through to club level - must ensure that their personal insurance policy includes adequate personal liability cover to avoid financial strain should they face a liability claim due to injuries caused to another player. Read more >>


Accounting & Auditing
More black public sector auditors needed
The results of the 2012 Public Practice Examination (PPE), the final assessment of professional competence for candidates wishing to become registered auditors (RA) or chartered accountants (CA)(SA), revealed an improved pass rate of 76% from the previous year (2011: 74%); however there remains much room for greater inclusivity within the profession. Read more >>

Transparent reporting draft unveiled
[Evan Pickworth] The consultation draft of the International Integrated Reporting Framework (IIRF)‚ which creates the foundation for a new global reporting model‚ was released at the JSE on Tuesday (16 April) by the doyen of global integrated reporting Mervyn King. Read more >>


Banking
Banks that are "too big to fail" may also be too big to succeed - Gartner
Big banks may be considered too big to fail, but their size and operational complexity creates performance drags that could also make them too big to succeed, according to Gartner. Bank CIOs and COOs must innovate in IT and operations to negate a problem Gartner has identified as the "law of diminishing IT returns". Read more >>


Credit Services
Debt fears mount as internet loans soar
With a R1.3trn consumer credit market boom in South Africa, online lending has provided a new way for consumers to dig themselves into debt. Read more >>

Motor trade sales are up by 7.3%
[Alexander Parker] Motor trade sales grew 7.3% year-on-year in February‚ according to the preliminary figures released by Statistics South Africa (Stats SA) on Thursday (18 April) Read more >>

How could one clear ones credit record?
With the current economic climate in South Africa, businesses are forced to take judgement against consumers in order to recover an outstanding debt, this has resulted in more consumers being listed with credit bureaus. The big question when this happens to you is how could I clear my credit record. Read more >>


Finance, Accounting & Banking
CPIC speeds up company registration
[Linda Ensor] The Companies and Intellectual Property Commission (CPIC) and First National Bank (FNB) will launch an initiative next month which will allow new companies to be registered within a day of opening a bank account. Read more >>

3rd Annual: Risk Intelligence and Business Resiliency: People Centric Mobility
[Issued by Marcus Evans] 3rd Annual: Risk Intelligence and Business Resiliency: People Centric Mobility will be taking place from 4-5 July 2013 at Crowne Plaza, The Rosebank Hotel, Johannesburg. Read more >>

Food prices keep inflation in check
[Ntsakisi Maswanganyi] Consumer inflation came in slightly better than expected in March mainly as a result of downward pressure from food prices. Read more >>

IMF, Mauritius to create Africa Training Institute
International Monetary Fund (IMF) deputy managing director, Nemat Shafik and the authorities of Mauritius signed a Memorandum of Understanding (MoU) recently on Mauritius' support for the IMF's new Africa Training Institute. Read more >>


Investment Management
People pay more to stay in hotels
People spent more on hotel and bed-and-breakfast accommodation in February and as a result, the total income for SA's tourist accommodation sector rose by 8.8% year-on-year according to Statistics SA's (Stats SA) tourist accommodation survey released on Monday (22 April). Read more >>

SA mining companies forced to cede Zim shares for nothing
[Tawando Karombo] Zimbabwe is amending its contentious indigenisation laws to force all mining companies to cede 51% of their shareholdings to local people for no monetary compensation. Read more >>

Cutifani says Anglo won't quit SA
[Allan Seccombe] New Anglo American chief executive Mark Cutifani has committed the mining company to staying in South Africa‚ despite of growing calls for it to divest. Read more >>

GoGlobal goes to JSE's AltX
[Nick Hedley] GoGlobal Properties‚ which listed on the Bermuda Stock Exchange last month‚ said on Monday (22 April) it will have a secondary listing on the JSE's AltX from Monday next week (29 April). Read more >>

CMH earnings per share up 55%
[Alexander Parker] JSE-listed motor dealership and vehicle rental group Combined Motor Holdings (CMH) on Monday (22 April) posted what it termed "pleasing" full-year results for the year to February. Read more >>

Massmart's sales up 10.3% this year
Retailer Massmart‚ which is owned by US retail company Walmart‚ advised on Monday (22 April) that for the 14 weeks of this year, total sales were up by 10.3% and comparable sales increased by 6.0%‚ indicating a "slower sales trend" in South Africa. Read more >>

Anyone want to partner SAA?
[Nicky Smith] South African Airways (SAA) was already implementing its turnaround strategy‚ with the airline in the process of seeking more airlines to partner with‚ acting chief executive Nico Bezuidenhout said last week. Read more >>

Billions must be spent on railways in Africa
Africa will need to spend more than US$50bn in the next decade on building 4,000km of additional rail infrastructure to unlock the mineral resource potential on the continent. Read more >>

Beer sales make money for SABMiller
Global brewing giant SABMiller reported a 7% rise in group revenue on an organic‚ constant currency basis for the 12 months ended March. Read more >>

Heavyweight bout looms for property companies
[Nick Hedley] The battle between listed property heavyweights Growthpoint Properties and Redefine Properties for a R10bn blue-chip retail portfolio flared up on Wednesday (17 April)‚ with Growthpoint digging in its heels and indicating that it has no intention of giving up its bid. Read more >>

Bread (and jam) for Famous Brands
Famous Brands has bought a 51% controlling stake in bakery and delicatessen brand The Bread Basket‚ thus furthering the group's goal to build manufacturing capability at the back end of its business. Read more >>

February retail sales up 3.8%
[Helmo Preuss] Real retail sales accelerated by 3.8 % year-on-year (y/y) in February from a revised 2.2% y/y gain in January according to figures released by Statistics SA (Stats SA) on Wednesday, 17 April 2013. Read more >>

IMF forecasts "solid growth" for Africa
Economies in sub-Saharan Africa will ride out the bumpy global recovery in the next few years to post growth rates not seen outside Asia, the IMF said in its latest economic forecasts Tuesday (16 April). Read more >>


Taxation
Imports blamed for chicken industry's woes
[Amanda Visser] South African chicken producers are taking up the fight against cheap imports again by asking for drastic increases in import duties. Read more >>

Taxes hammering Africa's aviation
[Bekezela Phakathi] Government policies towards aviation in Africa tend to see it as an "elite" product‚ rather than as a critical component of the continent's economic infrastructure. Read more >>

Tax treatment of tips for recipients, employers and patrons
[Nicole Paulsen] The question regarding the tax implications in relation to the receipt of tips in the service industry (and other industries), has created much uncertainty over the past few years. Read more >>


International
Google 'justifies' not paying taxes
LONDON, UK: A top Google executive on Monday (22 April) insisted that the company's "key" role in developing Britain's electronic commerce should be taken into account in the row it faces over its controversial tax arrangements. Read more >>

Nokia is still losing money
HELSINKI, FINLAND: Finnish mobile phone company Nokia announced on Thursday (18 April) that it lost €272m in the first quarter of the year, reducing the €928m it lost in the same period last year. Read more >>

Earning's not going right with Coke
WASHINGTON, USA: Soft drinks king Coca-Cola reported a fall in earnings for the first quarter as sales sagged in the key US and European markets and restructuring costs in the USA hurt the company's profits. Read more >>

Stormy weather hasn't hurt Billiton's forecasts
SYDNEY, AUSTRALIA: Mining giant BHP Billiton affirmed full-year forecast for its major products on Wednesday (17 April), reporting a "robust" quarter of output, despite weather issues, at its premier Australian businesses. Read more >>

Netflix's streaming makes millions
SAN FRANCISCO,USA: Netflix shares jumped 24% on Monday (22 April) after earnings figures indicated that original programmes and other tactics are luring viewers to the streaming Internet video service. Read more >>

Colds and flu boost Reckitt Benckiser
LONDON, UK: British household goods and drugs firm Reckitt Benckiser on Monday (22 April) posted higher first-quarter sales, boosted by a prolonged colds and flu seasons in North America and Europe. Read more >>

Chrysler sells electric Fiats at a loss
DETROIT, USA: Chrysler stands to lose US$10,000 on every battery-powered Fiat 500 it sells in California, according to chief executive Sergio Marchionne. Read more >>

More International...


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