25 Feb 2014Contact usSubmit newsAdvertise on bizList your company
  My account

Finance & Insurance

Weekly top stories
PPC's Gordhan cuts his pay by R1m
[Nick Hedley] PPC's chief executive Ketso Gordhan took a R1m pay cut and his top 60 managers' remuneration was frozen in order to hike the wages of the cement manufacturer's 1‚200 lowest earners. Read more >>


Finance
SA consumers financially more vulnerable in 2013
The MBD Consumer Financial Vulnerability Index has been released indicating that not only were South African consumers financially more vulnerable in 2013 than in 2012 but they perceived their cash flow situation to be in the worst state since the economic recession in 2009. Read more >>

CFOs must exploit emerging technologies
According to a new report released by the Association for Chartered Certified Accountants (ACCA), chief financial officers (CFOs) and the finance organisations they lead, have yet to fully exploit emerging technologies to better support their businesses. Read more >>

Actuarial & Insurance
Sanlam moves into Nigerian insurance market
Sanlam said its associate company FBN Life Assurance had acquired 71.2% of Nigeria-listed short-term insurer Oasis Insurance for an undisclosed sum. Read more >>

Momentum Retail to focus on emerging middle class
Momentum Retail is increasing its focus on the emerging middle class‚ with plans to set up a dedicated agency force to service this segment‚ chief executive Mark van der Watt said. Read more >>

Banking
Cas Coovadia is Busa's caretaker

Max Gebhardt

Cas Coovadia‚ the managing director of the Banking Association of South Africa‚ has been appointed the caretaker chief executive of Business Unity South Africa (Busa) while the organisation looks for a new incumbent. Read more >>

Financial Services
POA joins Batseta Council
For the first time, a single industry body will join together relevant stakeholders to serve the interests of retirement fund members and their fiduciary officers. Read more >>

Markets & Investment
Hulamin expects efficiency gains to pay

Mark Allix

Hulamin‚ the aluminium products manufacturer‚ says further cost-cutting and efficiency gains in the year to December will position the group for growth and improved profitability. Read more >>

WBHO's earnings drop 20.2% to 581.5c
Construction company Wilson Bayly Holmes Ovcon (WBHO) reported a 20.2% decline in diluted headline earnings per share (HEPS) from 729.0c a year ago to 581.5c for the six months to December . Read more >>

PPC looks to seal big Africa deals

Nick Hedley

PPC's chief executive, Ketso Gordhan says the group is looking at concluding one or two big deals in Africa in a bid to double earnings by 2018. Read more >>

Sun International's earnings down 20% to 325c
Hotels‚ gaming and resorts group Sun International has reported a 20% decline in diluted headline earnings per share (HEPS) to 325c for the six months ended December. Last years its HEPS was 408c. Read more >>

Homecoming Revolution London Expo around the corner!
Homecoming Revolution's London Expo will take place place from 15-16 March 2014 and will feature a variety of exhibitors, guest speakers, workshops and case studies aiming to encourage Africans to return home. Read more >>

Vitality is key to Discovery's growth

Gillian Jones

Financial services group Discovery Holdings' strong growth in earnings is a result of its Vitality model‚ says chief executive Adrian Gore. Read more >>

Distell Group's earnings up 21% to 503c
Liquor group Distell has reported a 21% rise in diluted headline earnings per share from 415.8c a year ago to 503.0c for the six months to December . Read more >>

JD Group blames loss on consumers

Zeenat Moorad

The extent of JD Group's financial woes was revealed last week when SA's biggest listed furniture retailer reported a loss for the first six months of the year. Read more >>

Hyprop's interim distribution up 9.5%
Specialist shopping centre real estate investment trust (Reit) Hyprop Investments reported a distribution of 231c a unit, up by 9.5% increase for the six months to December. Read more >>

SAA continues to cut losses‚ but further bail-out 'crucial'

Linda Ensor

Struggling South African Airways (SAA) will report a smaller loss in the year to end-March despite the ravaging effects of the weaker rand on fuel costs‚ the state-owned airline's chief executive‚ Monwabisi Kalawe‚ said on Wednesday (19 February). Read more >>

SA professionals expect rand to weaken further
The fourth quarter PPS Graduate Professionals Confidence Index (PCI) - which tracks the confidence levels of nearly 4,000 of South Africa's graduate professionals - showed that 85% of respondents believe the rand is going to weaken further during the course of 2014. Read more >>

RCL Foods's earnings fall from 17,3c to 4.7c
RCL Foods (RCL)‚ formerly known as Rainbow Chicken‚ on Wednesday (19 February) reported a sharp drop in its interim diluted headline earnings per share from 17,3c to just 4.7c. Read more >>

MBSA's' confidence in SA survives as revenue rises 28%

David Furlonger

Mercedes-Benz SA (MBSA) overcame a crippling industry strike and general market slowdown in new vehicle sales to post a 28.7% revenue increase last year. Read more >>

Aveng's earnings between 20% and 25% lower
Aveng said on Tuesday (18 February) that for the six months to December‚ it anticipates earnings per share (EPS) and headline earnings per share (HEPS) to be down by between 20% and 25% compared with the previous year's earnings. Read more >>

Truworths faces rising consumer debt

Zeenat Moorad

Truworths will report its half-year financial results on Thursday (20 February), and is likely to highlight the deteriorating credit environment, owing to rising levels of consumer indebtedness. Read more >>

Edcon to begin retrenching at Edgars from May

Zeenat Moorad

Edcon will start retrench staff at its core Edgars chain in May‚ in a bid to reduce operating costs. Read more >>

Taxation & Regulation
Taxpayers may get some shocks
Working South Africans could be in for some nasty surprises when Finance Minister Pravin Gordhan delivers his Budget speech. Read more >>

SAA's new plan will not put an end to the farce

Leon Louw

South African Airways (SAA) has a new plan. No, not that plan, not last year's plan, or the preceding plan, or the succession of failed plans since the airline industry was nationalised in 1934, but a new one. There is nothing new in the plan, but it is a new plan. It is, as before, a special kind of plan, not for what will happen, but for what will not happen. Read more >>

Tough questions remain over arms deal jobs
A Department of Trade and Industry audit of arms deal offsets has found the number of jobs created as a result of the multi-billion rand deal could not be verified despite promises that many thousands would arise, adding credence to longstanding scepticism over offsets. Read more >>

Committee seeks changes to credit bill

Linda Ensor

Parliament's trade and industry portfolio committee has requested permission from the National Assembly to introduce changes to the National Credit Amendment Bill that were not in the original bill tabled by the Department of Trade and Industry. Read more >>

SA to focus on economic policies for next five years
South Africa will for the next five years enter a new "radical phase" where policies will have to focus more on economic transformation to address poverty, unemployment and inequality, claims President Jacob Zuma. Read more >>

Adoption of SEZ Bill to support industrialisation
The adoption of the Special Economic Zones (SEZ) Bill 2013 will be a significant milestone for the National Development Plan (NDP) and will support broader-based industrial growth says Trade and Industry Minister, Rob Davies. Read more >>

Assisting foreign governments with tax collection

Graeme Palmer

As governments around the world come under pressure to collect tax to meet their growing needs and budget deficits there has been an increase in cross-border co-operation between tax authorities. Read more >>


International

WhatsApp - a booming message service
SAN FRANCISCO, USA: WhatsApp was launched five years ago as a shot at doing to text messaging what Skype had done to telephone calls. Read more >>

Facebook bets big on mobile with USD19bn WhatsApp deal
SAN FRANCISCO, USA: Facebook is betting US$19bn on smartphone messaging service WhatsApp, having agreed to buy the firm in an eye-popping cash-and-stock deal. Read more >>

Peugeot board approves capital tie-up with France, Dongfeng
PSA Peugeot Citroen agreed to a capital tie-up with China's Dongfeng and the French state on Tuesday (18 February), a source said, ending the reign of one of France's oldest industrial dynasties. Read more >>

Disappointing sales, weak outlook hit Coca-Cola
NEW YORK, USA: Soft-drink manufacturer Coca-Cola reported a dip in fourth-quarter profits after lower-than-expected sales while its outlook for the rest of this year has disappointed analysts. Read more >>

Hooked players drive mobile game explosion
MADRID, SPAIN: Fanatical players forking out money to get ahead in games such as Candy Crush Saga or Angry Birds are driving explosive growth in the multi-billion dollar mobile gaming business. Read more >>


More International


Government

Language board hopelessly in debt
The Pan South African Language Board owes South African Revenue Service, (SARS) R3.3m, mainly in PAYE tax deducted from employees. It also owes its suppliers more than R13m. Read more >>

Gauteng seeks policies to address energy security
The Gauteng MEC for Infrastructure Development, Qedani Mahlangu, says there is a need to develop policies that address issues of energy security, social equity and environmental sustainability. Read more >>

Statistics key to development in Africa
Statistics South Africa (Stats SA) says the importance of collecting accurate data cannot be overstated, as it remains a vital pillar in Africa's development. Read more >>


More Government news


New accounts

  • Prosperian Capital teams up with marcusbrewster - more info

More accounts  Submit a New account


Jobs offered




New events to diarise

Sage VIP Annual Payroll and Tax Seminar 2014
Sage VIP - 5 Mar 2014 to 25 Mar 2014 Krugersdorp,Pretoria,Umhlanga,Cape Town,Port Elizabeth,Vanderbijlpark,Bloemfontein,Johannesburg,Sandton

Sage VIP Annual Payroll and Tax Seminar 2014
Sage VIP - 27 Mar 2014 to 4 Apr 2014 Pretoria,Cape Town,Umhlanga,Polokwane (Pietersburg),Nelspruit

National Credit Amendment Bill
UCT Professional Development Project - 15 Apr 2014 Cape Town


Upcoming events

Strategic Planning, Forecasting & Budgeting
Sowpoint Training & Business Solutions - 27 Feb 2014 to 28 Feb 2014 Johannesburg

Success Summit 2014
1 Mar 2014 Johannesburg

VAT Masterclass
IITA - 3 Mar 2014 to 4 Mar 2014 Johannesburg

Africa Luxury and Wealth Summit
Southern Africa Luxury Association - 3 Mar 2014 to 5 Mar 2014 Cape Town,Stellenbosch


All industry news


Marketing & Media
    Why all social media isn't for everyone - Thandi Guilherme
    Creative Circle results for January 2014

    Retail
      Food Routes platform launched for avid foodie travellers
      Dispelling franchising myths - Jan de Beer
      Clover opens expanded production, distribution facility

      Government
        Winds of change for community media
        Voters urged to register before roll closes

        Mining
          Premier Modise condemns torching of mineworker
          Clear Asset to auction mining equipment
          Zambia's mining industry in spotlight at CBM-TEC

          CSI
            Cycling from Sun City to Cape Town for charity
            Five Roses Tea accepts Shoprite's RAKNomination

            Agriculture
              Agri Minister throws the net to probe fishing quotas complaints
              Music video aims to improve agriculture

              Building
                Construction industry needs government's support
                Construction starts on new road at Baywest
                A future of 'smart cities' in Africa

                GreenBiz
                  Enter the Better Living competition
                  Scatec Solar extends footprint in Africa
                  N Cape to shine as SA's renewable energy hub

                  HR & Recruitment
                    Over R1bn approved by Small Business Agency
                    [BizCareers] Asking the right questions - Juliette Attwell

                    Legal
                      Namibian Competition Commission prohibits merger in road surfacing market - Leana Engelbrecht
                      POPI - can you afford not to comply? - Johan Botes, Lauren Salt and Tracy Robbins
                      Waste management licence terms amended

                      Manufacturing
                        Toolmaker training a great success story says TASA chairman
                        Kilowatt AV and Sight and Sound join forces

                        Property
                          Shoprite signs 10-year lease at Gosforth Park
                          Trafalgar Property offers Rentshield benefits to clients

                          Education
                            How to spot a distance-learning scam
                            Media Works comments on White Paper for Post School Education and Training
                            Wyzetalk launches The Graduate Hub

                            Tourism
                              Protea Hotel Kampala offers free Wi-Fi on shuttles
                              Rise of the smaller airlines - Rob Baker
                              Indaba to remain Africa's premier travel trade show

                              ICT
                                CIOs: The centre of value creation
                                ICT can reduce SA's energy consumption
                                The future of storage - Bruce Busansky

                                Logistics
                                  Midnight trains laid on for Gauteng revellers

                                  Lifestyle & Entertainment
                                    John Newman announced as headline act for Sowing the Seeds 2014
                                    Some of the world's finest at the Celebration of Bubbles Festival
                                    Interview with UB40 - Ruth Cooper

                                    Automotive
                                      Self-driving car concept will transform working on the move
                                      Porsche scoops SA Car of the Year title - Henrie Geyser: motoring editor
                                      PrintPrint any item in this newsletter. EmailEmail any item in this newsletter. CommentComment on any item in this newsletter.


                                      Today's weather
                                      Cpt

                                      30°C
                                      18°C
                                      Jhb

                                      26°C
                                      15°C
                                      PE

                                      26°C
                                      19°C
                                      Dur

                                      30°C
                                      23°C
                                      Bloem

                                      28°C
                                      17°C

                                      Customise weather

                                      Follow us

                                      Browse other industries

                                      Press releases: Distribute your news professionally to over 170 000 subscribers across various industries. Read more about our press offices.

                                      Editorial: We welcome your news, views and comments! Email press releases, invitations, interview requests, and proposals to financenews@bizcommunity.com and exclusive opinion pieces to contributors-finance@bizcommunity.com.

                                      Advertising: We welcome your sales enquiries! Email sales@bizcommunity.com and read more about our advertising rates.

                                      Location: Cape Town (head office): tel +27 (0)21 680 3500 | 24 On Main, Main Street, Rosebank, Cape Town, 7700, South Africa. Johannesburg: tel +27 (0)11 513 4172 | Nicol Grove Office Park, Design Quarter, Leslie Avenue, Fourways, Gauteng, 2055.

                                      Subscribe/unsubscribe: Invite your friends, colleagues, suppliers, customers and partners to subscribe!


                                      © 2014 Bizcommunity.com. All rights reserved.
                                      Bizcommunity.com, its sponsors, contributors and advertisers disclaim all liability for any loss, damage, injury or expense that might arise from the use of, or reliance upon, the services contained herein.

                                      Unsubscribe, Manage subscriptions. Subscribe. Change email address. Change frequency to DAILY.