28 May 2013

Finance & Insurance

Whale watching? Watch out!

"Hello? Hello? Hellllooooo? Ah! Is that Tina? Listen, I want to go and watch some whales off Hermanus... is that OK with you..?"

Bureaucracy going overboard... According to University of Cape Town mathematician Doug Butterworth, at present, "any member of the public, engaged in, for example, whale watching, would be guilty of an offence unless they had received personal permission from the minister to do so."

Investors are a wary bunch... they don't like uncertainty and nor do they like strikes, wildcat (and violent) strikes in particular. Employers feel the same way, so Zuma is talking sense when he says that embarking on wildcat strikes is no way to advance interests of the poor.

Gotcha Gupta... Now let's see... the plane in question - you know, that one - landed at Waterkloof air base on 30 April. So it took the Indian High Commission almost a month to find out/declare that the Gupta's party plane was on "official business". One might have expected such information to have been at the commission's fingertips...

On to money matters, according to Quinton Mtyala and TJ Strydom, Oscar Pistorius is haemorrhaging money four months after he fired the fateful shots that killed his girlfriend, Reeva Steenkamp and sent his life into a tailspin.

Would you buy a used car from this man? You bet, because Henrie Geyser, our tame motoring editor, knows what he's talking about when he says you need to step carefully when buying a car. As a bonus, he also has a few motoring reviews for you of the latest models designed to make your credit card bleed.

Rod Baker, Content Director

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Weekly top stories

I reckon Michael Jordaan's scared of flying
[Paddy Hartdegen] Maybe, at 46, he's just read Erica Jong's "Fear of Flying" and decided that what she says is true: So he's changing his life, quitting First National Bank (FNB) and exploring new, more exciting and more rewarding challenges. Read more >>

Finance & Insurance
High import duties, red tape affecting SA's competitiveness
As governments around the world continue to implement new initiatives to open up business to new investment and ease red tape, it is becoming increasingly important for South Africa to follow suit and identify ways to increase investment into key industries to ensure that the country remains competitive. Read more >>

Unchanged repo rate offers little stimulus for economy
Commenting on the decision by the Monetary Policy Committee meeting to keep the repo rate steady, Dr Andrew Golding, CE of the Pam Golding Property Group points out that while this contains inflation, a rate cut would have been a welcome move. Read more >>

Remuneration committees must engage investors - IoDSA
The contentious issue of executive and director remuneration should be addressed directly through effective communication with investors, in order to rebuild trust between boards and shareholders. This is according to panellists at a breakfast event hosted by the Institute of Directors in Southern Africa (IoDSA). Read more >>


Insurance
More than 9,000 insurance claims disputed
The Office of the Ombudsman for Short-Term Insurance received 9‚123 complaints against insurers in 2012‚ an increase of 1.7% over 2011‚ according to the watchdog's latest annual report. Read more >>

FSB smacks Old Mutual's wrists
The Registrar of Long-term Insurance has initiated regulatory action against Old Mutual Life Assurance Company of South Africa for non-compliance with its Directive 159.A.i (LT & ST). Read more >>


Accounting & Auditing
PPS shows confidence levels rising
SA's graduate professionals felt more confident of the country's prospects in the first quarter of this year‚ according to the latest PPS Graduate Professionals Confidence Index released on Thursday (23 May). Read more >>


Banking
FNB's CEO Michael Jordaan passes the baton after 10-year run
Family comes first for FNB CEO Michael Jordaan, who will resign as CEO of FNB at the end of the year, to spend more time with his family. FirstRand Limited's board announced on 22 May 2013 that Jordaan will be succeeded by Jacques Celliers. Read more >>


Finance, Accounting & Banking
I reckon Michael Jordaan's scared of flying
[Paddy Hartdegen] Maybe, at 46, he's just read Erica Jong's "Fear of Flying" and decided that what she says is true: So he's changing his life, quitting First National Bank (FNB) and exploring new, more exciting and more rewarding challenges. Read more >>

Reserve bank keeps repo rate unchanged
The Reserve Bank's Monetary Policy Committee [MPC] has kept the repo rate unchanged at 5% as expected by the market. Read more >>


Investment Management
Africa must make better use of resources
[Mariam Isa] Africa's agricultural‚ mining and energy resources could be better used to boost the continent's pace of economic growth and pave the way for a breakthrough in human development‚ according to a report released on Monday (27 May). Read more >>

Wilderness earnings up 196%
Hospitality group Wilderness Holdings on Monday (27 May) reported a 196% rise in diluted headline earnings per share to 11.13 Botswana thebe for the year ended February. A cash dividend of 4 thebe per share was declared. Read more >>

Vukile makes R556m in distributable profit
[Nick Hedley] JSE-listed Vukile Property Fund on Monday (27 May) reported a 5.4% increase in its annual distribution per linked unit to 131.6c for the year ended March. Read more >>

Verimark profits plunge on weak Rand
[Zeenat Moorad] Verimark on Monday (27 May) reported a sharp decline in full-year profit as the rand's continued depreciation affected sales and margins. Read more >>

Famous Brands makes R462m in profits
Famous Brands on Monday (27 May) reported a 22% rise in headline earnings per share to 339 cents for the year ended February, up from 278 cents a year ago. Diluted HEPS were 23% higher at 335 cents a share. Read more >>

Caxton snaffles FoneWork stake
[Thabiso Mochiko] The Kirsh family‚ owner of media group Primedia‚ has sold its shares in AltX-listed telecommunications company FoneWorx to Caxton for R102.5m‚ FoneWorx said on Monday (27 May). Read more >>

Mr Price pays dividend of 398c a share
Retailer Mr Price on Wednesday (22 May) reported a 26% rise in diluted headline earnings per share to 584.8c - up from 464.5c in the previous year - for the 52 weeks ending in March. Read more >>

Growthpoint wants more money
[Nick Hedley] Growthpoint Properties said on Tuesday (21 May) it wants to raise R2.5bn by issuing new Growthpoint-linked units. Read more >>

Choosing your retirement income
[Nico Coetzee] When deciding how to invest accumulated retirement savings, many investors have to choose between a guaranteed annuity (which provides a guaranteed, predetermined income for the rest of your life) and a living annuity (through which you invest in unit trusts to generate further returns, and draw the income you require out of your investment portfolio). Read more >>


Taxation
Carbon taxes will hurt property owners
[Nick Hedley] The government's plan to implement carbon taxes from 2015 could contribute to the already high administered prices facing the commercial property sector. Read more >>

Plans to improve UIF benefits for workers
[Linda Ensor] There is scope for the Unemployment Insurance Fund (UIF), which has R82bn in accumulated assets‚ to improve the benefits for workers‚ the UIF commissioner Boas Seruwe said on Thursday (23 May). Read more >>


International

Nissan recalls 841,000 Micras and Cubes
TOKYO, JAPAN: Nissan said Thursday (23 May) it would recall some 841,000 compact cars worldwide because of a problem with the steering wheel. Read more >>

Google boss says company is doing 'right thing' on tax
LONDON, UK: Google boss Eric Schmidt insisted on Wednesday his company was trying to do the "right thing" as it faces criticism in Britain over the amount of tax it pays, saying it was for countries not companies to decide tax policies. Read more >>

More International


Jobs offered

Senior Financial Manager - Cape Town
Metropolitan Health seeks a senior manager: finance to implement strategies relating to the agreed financial management principles, policies and control of financial information. Read more >>

Senior Debtors Clerk - Durban
Hi all, we are looking to fill this position as a matter of urgency. Please apply if you fit all criteria above.. Thanks Read more >>

Debtors Clerk - Durban
This position needs to fill as a matter of urgency. Please apply only if you fit the criteria. Thanks Read more >>

Bookkeeper - Johannesburg
Read more >>


Management Accountant - City of Cape Town Metro (Salary Negotiable)



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