4 Jun 2013

Finance & Insurance

Rhino poacher gets 11 years

... and there are many of us out there who wish Abel Mashabane had got more than 11 years in prison for poaching. As a fan of even numbers, I think 22 years has a nice ring to it.

GMOs must go... that's the message from protestors calling for a ban on genetically modified products. Monsanto was their target last weekend when hundreds of activists and lobbyists turned out for a protest at the company's head office in Fourways, Johannesburg.

He's a real man, but that didn't manage to get rhino activist, Steve Newman past the powers-that-be organising the Cape Argus Pick n Pay Cycle Tour; they have banned him from the race. However anyone wishing to support Newman, complete with his horn and very little else, can catch an eyeful, and give him support, when he "does" Daisies.

For crying out loud, it's a noble call, but when Labour Minister Mildred Oliphant calls on the unions to respect workers' rights, you just know she's on a beating to nowhere.

Let's face it... Have you ever heard of any union in this country ever admitting to their members being violent? Non-striking workers are intimidated, beaten and all-too-often killed, but it is never the fault of the union to which the worker/s belonged who have been guilty. It's always the other unions' members.

And finally, for all you petrol heads out there, our tame motoring editor Henrie Geyser, who has never been known to put the Cartier before the horse, reckons the new Kia Cerato is a Cartier Korean.

Rod Baker, Content Director

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Weekly top stories

Small business corporations and the Income Tax Act section 12E
Section 12E of the Income Tax Act (Act No. 58 of 1962) provides a dispensation for small business corporations. However, certain definitions, and the nature and purpose of the section, have led to some confusion amongst taxpayers. Read more >>
Standard Bank sees "pleasing growth"
PwC's warning over taxation risks
[Evan Pickworth]

Finance & Insurance
New car sales up 7.5% in May
Sales of motor vehicles surprised analysts in May and figures compiled by the National Association of Automobile Manufacturers of SA (Naamsa) and released by the Department of Trade and Industry (DTI) indicated on Monday (3 June) that sales had risen 7.5%. Read more >>

Over 2000 sports enthusiasts to attend this years' Cape Town Corporate Games
[Issued by Corporate Games] Schedules are set and all is in place to kick off the second edition of the Cape Town Corporate Games which will take place from 6 - 9 June 2013 at the V&A Waterfront and other supporting venues throughout Cape Town. Read more >>  visit press office >>


Insurance
Old Mutual buys Ghanaian insurance firm
International insurance and wealth savings group Old Mutual has expanded its African presence by buying a majority stake in Provident Life Assurance Company Limited based in Ghana. Read more >>

First-party insurance: cutting costs can be expensive
Consumers who take out first-party motor insurance in an effort to save costs may be placing themselves at significant financial loss should they be at fault in an accident with another vehicle. Read more >>

OUTsurance now gives all of your life insurance premiums back after 15 claim-free years!
[Issued by OUTsurance] OUTsurance has announced the launch of a brand-new cash OUTbonus reward system where life insurance clients will automatically receive all of their paid life insurance premiums back in cash after 15 claim-free years. Read more >>  visit press office >>


Accounting & Auditing
Auditors to probe allegations against Vavi
[Natasha Marrian] An audit firm has been appointed to determine whether there was any impropriety over the sale of the Congress of SA Trade Unions building and the purchase of its new headquarters‚ which are among allegations levelled at general secretary Zwelinzima Vavi by his detractors in the federation. Read more >>


Banking
Court clears FNB of racism charges
The North Gauteng High Court on Tuesday (28 May) rejected all allegations made against First National Bank (FNB) by interest re-calculator Emerald van Zyl. All claims have been dismissed with a punitive costs order made in favour of FNB. Read more >>

NMMU moves to minimise internet fraud
[Musa Mkalipi] A team of researchers in the School of Information and Communication Technology at the Eastern Cape's Nelson Mandela Metropolitan University has come up with a solution to mitigate SIM swap fraud and fraudulent internet banking transactions, using just a USB stick. Read more >>

President of Único Bank wins African Banker Award
The rapid growth of Único Bank justifies this award to João Figueiredo, chairman and CEO of Único Bank, and has captured the eye of South Africa financial giant, Nedbank, who recently made an offer to buy a 36.4% stake in Único. Read more >>


Finance, Accounting & Banking
Standard Bank sees "pleasing growth"
Standard Bank's net interest income was supported by higher average balances flowing from balance sheet growth and positive re-pricing in the personal and banking products unit in the four months to April. Read more >>

Financial Markets Act to come into effect in June
[Amukelani Chauke] A new law meant to regulate financial markets and curb trading misconduct will come into operation from 3 June. Read more >>


Financial Services
R2 billion Liberty pay-out in 2012
Liberty has announced that it has paid out R2.33 billion in claims in 2012 across its full range of risk cover solutions, which brings the total value of claims paid to more than R15 billion in seven years. Read more >>


Investment Management
Hard times for retailers as spending falls
[Zeenat Moorad] Food inflation and increases in the price of petrol and municipal services will continue to "burden consumers' disposable income‚ while economic growth and household spending is likely to remain sluggish", Pick n Pay chairman Gareth Ackerman warned in the group's annual report on Monday (3 June). Read more >>

Africa is focus for international law firms
Expansion into Africa by the world's biggest law firms gathered steam on Monday (3 June) with the official tie-up between Norton Rose and Fulbright & Jaworski to form Norton Rose Fulbright. Read more >>

Ramaphosa prepares for Shanduka exit
[Allan Seccombe] Shanduka Group is preparing itself for life after its executive chairman, Cyril Ramaphosa, steps down and is looking for opportunities to grow three core areas of its business. Read more >>

Rex Trueform's earnings in tatters
Rex Trueform Clothing Company advised on Monday (3 June) that it expects headline earnings per share and earnings per share for the twelve months to June to be at least 160% lower than those last year. Read more >>

Gooderson earnings up as tourism rises
[Edward West] Gooderson Leisure Corporation's headline earnings per share increased 21% to 3.81c in the year ended February after a "noticeable increase in activity levels in the second six months", in spite of reduced demand and an oversupply of rooms. Read more >>

Foschini adds more cash to its coffers
Retailer The Foschini Group (TFG) has reported an 11.2% rise in headline earnings per share to 858.6c for the year ended March 2013 from 772.0c a year ago. Diluted HEPS were 11.1% higher at 851.3c. Read more >>

PPI increases by 5.4% in April
The annual percentage change in the producer price index (PPI) for final manufactured goods was 5.4% in April compared with 5.7% year-on-year in March‚ Statistics SA figures showed on Thursday (30 May). Read more >>

Growthpoint withdraws Fountainhead offer
Growthpoint Properties announced on Thursday (30 May) that it was withdrawing its offer for Fountainhead Property Trust's assets‚ but said it would refer the JSE's ruling on the matter to the Financial Services Board. Read more >>

Global air travel starts climbing
Global air-passenger traffic grew by 3.2% in April, compared with a year ago, driven by travel in emerging markets, the International Air Transport Association (IATA) said on Thursday (30 May). Read more >>

Strong African growth shelters Nampak
[Mark Allix] Rapid growth in the rest of Africa's markets led Nampak's results for the six months to March as the company reported an increase in trading profits of 39% and margins in Africa, excluding SA‚ rose to 15.9%. Read more >>

Neotel's earnings up 531% as cash flows
Neotel‚ South Africa's first converged communications network operator‚ on Wednesday (29 May) reported revenue growth of 12% while achieving the major milestone of being earnings-positive. Read more >>

Minister moans about Asia's import tariffs
[Paul Vecchiatto] Agriculture‚ Forestry and Fisheries Minister Tina Joemat-Pettersson has bemoaned the fact that non-tariff barriers in some Asian countries are hindering SA's exports of agriculture‚ forestry and fisheries products. Read more >>

Understand the body corporate to avoid losses and disputes
With the upsurge in buy-to-let in South Africa, increasing numbers of investors need to familiarise themselves with the laws governing sectional title ownership to avoid financial losses down the line. Many sectional title owners aren't aware that they are automatically members of a scheme's body corporate when they buy into it, and what this means to their investment and its management. Read more >>


Taxation
PwC's warning over taxation risks
[Evan Pickworth] Business leaders cannot afford to ignore the growing reputational and strategic risks they face as aggressive tax planning moves firmly up the list of priorities of governments and regulators, according to a global tax report by PricewaterhouseCoopers (PwC). Read more >>

Small business corporations and the Income Tax Act section 12E
Section 12E of the Income Tax Act (Act No. 58 of 1962) provides a dispensation for small business corporations. However, certain definitions, and the nature and purpose of the section, have led to some confusion amongst taxpayers. Read more >>


International

Japan offers US$10bn to Africa
TOKYO, JAPAN: Japan has pledged at least US$10bn in aid to Africa for the next five years as Tokyo prepares to host a major development conference for the resource-rich continent. Read more >>

Nike 'lances' support for Livestrong
LOS ANGELES, USA: Nike has decided to stop making products for disgraced cyclist Lance Armstrong's cancer charity Livestrong, but will still support the group financially, the company said on Tuesday (28 May). Read more >>

More International


Africa

O3b transforming Africa's internet
Google's plans to provide telecommunications connectivity across the African continent are gaining momentum as O3b Networks plans to launch four satellites next month that will provide high-speed connectivity in emerging markets. Read more >>

More Africa


Government

Gauteng appoints audit firm to clean up health
The Gauteng Provincial Government has appointed audit firm PricewaterhouseCoopers as the new administrator tasked with turning around the province's health department. Read more >>

More Government news


Jobs offered

Accountant - Port Elizabeth
Read more >>



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