13 Aug 2013

Finance & Insurance

The Pillage People get down to business

The corruption that usually makes the headlines - with regrettable frequency - is that allegedly committed by government employees, ministers and what-have-you. But not to be outdone, it seems big business is doing its bit to catch up and outdo government on leadership ethics, writes Johan Poolman.

Meanwhile, still on the corruption front, Jacob Zuma reckons the arms commission can continue, even if it has been hit by a number of high-profile resignations, writes Karl Gernetzky. As a certain popular cartoonist suggested in one of his latest works, the commission might be better known for its production of whitewash than for any light it might bring to bear on one of the sorriest episodes in recent SA history.

On a happier note, WWF-SA has launched its Earth Hour City Challenge, so don't just sit there, get involved!

Ladies! You like a neat, clean house, right? Well, it seems that you could have a future in the waste management industry.

And still for the ladies, Boitumelo Mothoagae says it's a woman's world but asks... Is her money part of it? We also take a look at working mothers and the conundrum they still face as single mothers trying to build a career.

Rod Baker, Content Director

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Weekly top stories

It's a woman's world - but is her money part of it?
[Boitumelo Mothoagae] 42% of all women lack financial security and only 6% of women are 'very confident' in their ability to retire comfortably. With these stats in mind it's time to stop spending on the 'latest and best' and forget about keeping up with the Jones's and the Khumalo' s and turn your attention to the big 'M' - Money! Read more >>
Actis announces acquisition of Paycorp
Fund responsible for investment loss

Finance & Insurance
Bonuses depend on structures
An increased awareness of the variables involved in the process of paying year-end bonuses would clear up much of the general misperception that exists. Companies have had to become more pragmatic in their approach to the management of bonuses due to the weak economic climate. Read more >>




Actuarial & Insurance
Old Mutual earnings up 22% in six months
[Gillian Jones] London- and Johannesburg-listed insurer Old Mutual reported good results on Wednesday (7 August) in most areas of its business for the six months to June this year. Read more >>



Clientele earnings may be up at least 12%
Clientele said on Wednesday (7 August) that its headline earnings per share and diluted headline earnings per share were likely to be between 12% and 17% higher than the 78.89c per share and 77.76 cents per share respectively achieved last year. Read more >>

More black actuaries graduating
[Andile Makholwa] Intervention programmes aimed at increasing the number of black actuaries in SA are starting to pay off says Actuarial Society of SA's chief executive Mike McDougall Read more >>

SATIB Insurance Brokers and Land Rover join forces
SATIB Insurance Brokers and SATIB Trust are proud to announce their business association with Jaguar Land Rover South Africa and sub-Sahara Africa. Read more >>

Mutual & Federal buys Agricola
[Phakamisa Ndzamela] Mutual & Federal, the short-term insurance firm owned by Old Mutual, said last week it had bought the insurance book of specialised crop underwriting manager Agricola for an undisclosed amount. Read more >>


Banking
July spending decreases after holidays
The average cash withdrawal values across South Africa for July 2013, a month-on-month decrease of 2.79% in average cash withdrawal figures to R462.70 from R475.98, pulling back from a holiday high in June 2013, as measured by the Spark Cash Index (SCI). Read more >>

Delta Property gets decent credit rating
[Nick Hedley] Black-owned Delta Property Fund has received a "strong" first-time credit rating from Global Credit Rating (GCR)‚ reflecting the fund's high quality and long-dated leases with government departments and parastatals‚ according to GCR. Read more >>


Education & Training
New accountants must be complete experts
The Association of Chartered Certified Accountants (ACCA) recently surveyed 500 chief financial officers (CFOs) in the UK, Malaysia, Russia, China and the UAE. CFOs were asked what was important when appointing newly qualified accountants, what gives them confidence in their new hires, and what skills enable them to grow their business, particularly post the global financial crisis. Read more >>

Children get educated in financial literacy
More than 800 children at eleven schools in the Eastern Cape are to be educated in financial literacy skills, particularly on the importance of saving. This programme is in association with the annual national Teach Children To Save South Africa (TCTS SA) programme run by the Banking Association of South Africa. Read more >>


Financial Services
Agents expect house sales to rise
There is a broad strengthening in the perception of agents' that residential house sales are likely to rise according to an FNB estate agents' survey. Read more >>

What residual car values really mean
Buying a car on residual or a balloon payment may seems like an affordable way to finance your vehicle, but only if you understand the implications of the deal. Read more >>


Markets & Investment
Growthpoint leads but others will follow
[Nick Hedley] Other listed property companies are expected to follow sector heavyweight Growthpoint Properties' lead in converting its historically complicated capital structure to one of ordinary shares. Read more >>

Consumer spending forecast to fall
[Ntsakisi Maswanganyi] Growth in retail sales is likely to have moderated in June, according to a BDlive survey of economists that reflects a slowdown in spending by consumers faced with an increasing cost of living. Read more >>

Rand loses as outlook stays negative
The rand lost ground on Monday (12 August)‚ pulling back from recent strong gains on Chinese economic data. Read more >>

Manufacturing, mining production forecast remains weak
[Ray Faure] Weak manufacturing and mining production data for June highlight that production and exports remain under pressure‚ which will negatively impact on growth according to economists. Read more >>

Actis announces acquisition of Paycorp
Actis, a global private equity firm, will become the majority shareholder of Paycorp Holdings, one of South Africa's independent payment groups. This follows after Actis recently announced its acquisition of Paycorp from Transaction Capital Limited for approximately R937-million. Read more >>

Mondi earnings up 60%
Paper and packaging group Mondi has reported a 60% rise in underlying earnings per share to 49.4 euro cents (c) for the six months to June from 30.9c a year ago. Read more >>

Rand firm ahead of long weekend
[Madeleine van Niekerk] The rand was slightly firmer in quiet Thursday (8 August) afternoon trade ahead of the long weekend as it caught up with euro strength against the dollar. Read more >>

SA among slowest growing African economies
Growth in SA will continue to lag that of other African countries‚ with the latest African Development Bank African Economic Outlook report released on Wednesday (7 August) listing the country among the 10 that will record the slowest growth this year. Read more >>

Equities likely to remain largely unchanged
South African equities are unlikely to show much growth this year because they are over-valued and there is much volatility in the market according to a survey of fund managers undertaken by Investment Solutions. Read more >>

Mix Telematics' profits up at least R25m
Mix Telematics said on Monday (5 August) that it expects profit after tax for the three months to June to increase by between R25m and R28m‚ or as much as 13.7% from last year. Read more >>

Alert Steel buys Build Kwik on terms
[Alistair Anderson] Shares in Alert Steel, an AltX-listed retailer of steel and related products and services, jumped 24.21% after announcing it would buy Build Kwik Wholesalers for R58.1m. Read more >>

Resilient pays out 136.23c a unit
Resilient Property Income Fund on Tuesday (6 August) declared a distribution of 136.23c per linked unit for the six months to June‚ up 12.83% from 120.74c in the comparative period a year ago. Read more >>


Taxation & Regulation
SA's double tax agreement with Mauritius amended
[Bernard du Plessis - ENS tax department] The double tax agreement between Mauritius and South Africa, which came into force in 1997 has been renegotiated. Read more >>

Fund responsible for investment loss
The Pension Funds Adjudicator, Muvhango Lukhaimane ordered Corporate Selection Umbrella Retirement Fund (first respondent) and Liberty Group (second respondent) to reimburse the investment returns lost by Obo Speciality Metals. Read more >>

Take the fear out of completing your individual tax return
[Issued by Sage VIP] Completing your individual tax return can be cumbersome and overwhelming, especially if you are uninformed about the basics. Read more >>  visit press office >>


International

Extra tax for lip jobs in South Korea
SEOUL, SOUTH KOREA: The South Korean government plans to exploit the country's obsession with plastic surgery by extending taxes to popular procedures like lip jobs to help fund spiralling social welfare costs. Read more >>

Swiss Re's profits of US$786m in quarter
ZURICH, SWITZERLAND: Switzerland-based reinsurance giant Swiss Re reported a more than nine-fold leap in second-quarter profits on Thursday thanks to a jump in premiums and with exceptional costs weighing down on last year's result. Read more >>

Prospects for car makers improving
PARIS, FRANCE: Car industries in the United States and Europe are showing clear signs of getting back on track after severe setbacks after the global financial crisis rocked markets. Read more >>

PayPal keen on collaboration for cash-free future
SAN FRANCISCO, US: Online financial transactions titan PayPal says it is keen to collaborate with others as it strives for a cash-free future. Read more >>


More International


Jobs offered

Production Bookkeeper/Office Manager - Gardens - Cape Town
Giant Films is in need of a production bookkeeper on a six-month contract. Read more >>



New events to diarise

Focal Biz Breakfast
Friends of Central Library(NPO) - 15 Aug 2013 Cape Town
SAICA Tax Conference
South African Institute of Chartered Accountants - 8 Oct 2013 to 9 Oct 2013 Johannesburg


Upcoming events

14th Annual Conference - 14 Aug 2013 to 15 Aug 2013 Johannesburg
The conference progamme will include presentations by subject matter experts from both the private sector and regulators including an International speaker from Hong Kong. Read more >>

The Sales Advantage
Dale Carnegie Training - 13 Aug 2013 to 10 Nov 2013 Johannesburg
All new and improved banking channel management
Trade Conferences International - 14 Aug 2013 to 15 Aug 2013 Johannesburg
Focal Biz Breakfast
Friends of Central Library(NPO) - 15 Aug 2013 Cape Town


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