| 3 Sep 2013 |
King to pawn... In an expensive "game of chess", Dave King has finally sorted out his tax issues with SARS and will end up paying over R700m to SARS. As he puts it: "When this tax dispute arose many years ago, I took a conscious decision not to cooperate with the authorities. That was a mistake." Still on the money front, Satawu says SAA can afford the 12% increase the union is demanding, but if you want to get away from it all... the strikes, the demands, the claims and counter-claims, then Mango has come to your rescue with a scheduled service between Johannesburg and Zanzibar. Talk about a captive audience... but a nice gesture, so one hopes the inmates took the lessons to heart when Ligwalagwala FM set out to motivate the inmates of Middelburg Prison with a live radio show aimed at discouraging criminal elements and activities amongst youths. Finally, while no show-off himself, and with no hint of a swagger (but still quite the charmer), our tame motoring editor Henrie Geyser reckons the Renault Clio is a swaggering charmer. Rod Baker, Content Director
Comment online in our ed's column archive. Go mobile with apps and m.bizcommunity.com. Engage with us on Twitter, Facebook, LinkedIn and Google+. Subscribe to YouTube and via RSS. Send all your industry-specific news and event invitations to financenews@bizcommunity.com, exclusive opinion pieces to contributors-finance@bizcommunity.com and international news to internationalnews@bizcommunity.com. Read "How to contribute to Biz, from op-ed pieces to news".Weekly top stories | Africa investor (Ai), a leading international investment and communications group, recently announced the shortlist for its Africa investor (Ai) International Investment and Business Leader Awards, established in 2005, to shed light on Africa's many investment and business leader success stories. Read more >> |
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 | In its latest television commercial, launched on 1 September 2013, Santam encourages a less risky approach to everyday life by highlighting how thinking influences behaviour. (Video) Read more >> |
 | A loyalty bonus may seem a sensible sales tool - after all, Outsurance has built up its business on its Outbonus, which is paid to clients who stay on the books and don't claim for five years. Read more >> |
 | A commission of inquiry has started to probe the circumstances surrounding the grounding of a cargo ship off Buffels Bay near Knysna. Read more >> |
Health insurance group Discovery has declared a gross cash dividend of 421.50685c per preference share (358.28082 cents net of dividend withholding tax) for the period January to June. Read more >>
 | At a seminar hosted by insurer AIG South Africa, Deon Binneman, an independent reputation advisor warned that product recall is a business crisis and must be treated as such. Read more >> |
 | [Tiny Carroll] The objective of estate planning is to provide a client with a measure of certainty that his/her objectives for the accumulation, protection and eventual devolution of assets will be met. Within this very broadly stated objective, a client's marital status and marital property regime impact on almost every aspect of their estate and financial planning. Read more >> |
 | UCT Head of Accounting says businesses can no longer rely entirely on financial managers and accountants for financial information - everyone in the organisation needs to have a basic grasp of finance if they want to be successful. Read more >> |
 | [Phakamisa Ndzamela] Old Mutual plans to start operating a stockbroking division by the end of this year or early next year as part of a plan to offer attractive solutions to its wealthy clients. Read more >> |
Design Partnership has reinvented the banking space with cutting-edge, contemporary store design for Standard Bank. Read more >>
To deliver digital banking into retailer environments at remote locations where the volume of business does not support a conventional ATM, FNB has replaced its old mini-ATMs with 960 Slimline ATMs countrywide. Read more >>
 | An incredible 53% of working mothers in South Africa are single, according to the Old Mutual Savings and Investment Monitor stats released in July this year. Traditionally women relied on the financial support of their partners, but trends indicate the strong need for women, particularly single mothers, to take more responsibility for their financial situation. Read more >> |
 | Aggregate new vehicle sales of 56‚112 units for August this year reflected a decline of 0.3% or 155 vehicles from the 56‚270 units sold in August last year‚ the latest National Association of Automobile Manufacturers of SA (Naamsa) figures released on Monday (2 September) show. Read more >> |
 | Massmart's chief executive Grant Pattison has long cautioned against expecting short-term wonders from the SA retailer's acquisition by Walmart. The reality of his warning kicked in with a vengeance in June, sending Massmart's share price diving by a third. Read more >> |
 | Howden Africa has reported a 24.4% increase in diluted headline earnings per share‚ from 130.6c to 162.46c for the six months to June. Read more >> |
[Charlotte Mathews] Stability was improving among Impala Platinum's (Implats') Rustenburg workforce after last year's strikes‚ but there were still some tensions‚ chief executive Terence Goodlace said on Thursday (29 August). Read more >>
 | The returns on investments in South African farmland consistently outstrip those of local and international equities, bonds and real estate, says Futuregrowth Asset Management, the venture capital arm of Old Mutual. Read more >> |
 | [Zeenat Moorad] Joining a slew of foreign players hoping to tap into the continent's mushrooming middle class‚ Swedish cheap 'n chic fashion giant H&M will open its first store in SA‚ in 2015‚ the company officially announced on 29 August 2013. Read more >> |
 | [Nick Hedley] Retail-focused property company Hyprop Investments on Thursday (29 August) reported a 7.6% rise in distributions for the six months to June to 213c per unit‚ with a first time‚ albeit small‚ contribution from its African investment. Read more >> |
 | [Zeenat Moorad] Woolworths will open 18 new Country Road and Trenery stores in South Africa over the next three years‚ the retailer said on 29 August 2013. Read more >> |
 | [Zeenat Moorad] RCL Foods‚ formerly Rainbow Chicken, on Tuesday (27 August) reported a 93.2% decline in full-year headline earnings from continuing operations to R18.1m‚ as funding costs from its Foodcorp deal and an effective tax rate of 113.5% weighed down its results. Read more >> |
 | [Nick Hedley] Buying opportunities are returning to the listed property sector‚ as the expectations of sellers are being revised following the sector's price re-rating in May and June‚ Vunani Property Investment Fund's chief executive Rob Kane claims. Read more >> |
 | After falling off a cliff three years ago, hotel vacancy rates are starting to show signs of improvement. All of the major listed stocks with an exposure to the local hotel sector have reported lower vacancy rates this year. Read more >> |
 | [George Ferreira] While foreign direct investment (FDI) into Africa dipped somewhat over the past two years, it is forecast that it will increase by more than 10% in 2013. Investment into Angola, Mozambique and South Africa appears to be the most prominent, according to the African Economic Outlook 2013 report. Read more >> |
 | [Thabiso Mochiko] Personal computer distributor Mustek will ramp up the distribution of tablet products in a bid to grow revenue from that segment to offset the decline in personal computer sales. Read more >> |
 | Automotive industry manufacturer and distributor Metair Investments has reported diluted headline earnings per share of 140c for the six months to June fractionally higher than the 139c a share in the same period last year. Read more >> |
 | [Mpho Raborife] The South African Roads Agency Ltd (Sanral) already knew in 2009 that people opposed the e-tolling project, the DA said in Monday (2 September). Read more >> |
 | Dave King: "When this tax dispute arose many years ago, I took a conscious decision not to cooperate with the authorities. That was a mistake." Read more >> |
 | Claims have surfaced that the man who bought Julius Malema's half-built mansion in Sandown, Norman Tloubatla, is accused of tax fraud himself, the SA Revenue Service (SARS) said on Tuesday, 27 August. Read more >> |
 | [Johan van der Walt] High net worth individuals (HNWI's) and trusts have been on the South African Revenue Service's (SARS) radar for some time. Reforming the manner in which South African (SA) trusts are to be taxed in future featured in both the 2012 and 2013 Budget speeches. Read more >> |
 | Although there is widespread agreement in the South African residential property sector that the promulgation of the National Credit Act was necessary and has contributed significantly to stabilising the property market by preventing reckless lending, it also has to be accepted that, at the lower end of the market, it has resulted in wide-scale disappointment and frustration. Read more >> |
 | HELSINKI, FINLAND - Beleaguered Finnish mobile phone maker Nokia will sell its mobile phone unit to US group Microsoft for €5.44bn, it said on Tuesday, 3 September. Read more >> |
 | PARIS, FRANCE: French retailer Auchan last week reported an almost 34% rise in first-half net profits, mainly flattered by one-off gains and continued growth in Asia and central and eastern Europe. Read more >> |
 | PARIS, FRANCE: Retailer Carrefour, a global leader in the supermarket business, reported a recovery into profit in the first half on Thursday, 29 August, and the company's shares rose 3.71% to €23.63. Read more >> |
 | LONDON, UK: Consumer online searches for insurance have been at their highest yet this year, reveals the latest report from leading independent digital marketing agency, Greenlight. Read more >> |
LONDON, UK: AstraZeneca said on Tuesday (27 August) that it has agreed to buy US-based cancer drugs company Amplimmune, as the Anglo-Swedish pharmaceutical group seeks to bolster its flagging pipeline of new products. Read more >>
 | SYDNEY, AUSTRALIA: Embattled Australian surfwear brand Billabong reported a huge Aus$859.5m (US$771.7m) net annual loss on Tuesday, 27 August, triple the firm's market value and far worse than analysts forecasts. Read more >> |
More International
South Africa has joined the call by emerging markets and developing countries for more carefully considered global collective action in response to the economic crisis, ahead of its participation in the G20 Leaders' Summit later this week. Read more >>
More Government news
 New appointments at Foord Asset Management - more info
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