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Finance & Insurance

Weekly top stories


'Heartbleed' computer bug may rob you
[Matthew Savides] South African internet users are advised to change their passwords on websites, and possibly even those used for their banks or financial institutions, after the discovery of the Heartbleed bug. Read more >>


Actuarial & Insurance
No room to hide for unhelpful insurers
The long-term insurance ombudsman office has put R103m back into the hands of consumers who received poor service from their insurance companies last year. Read more >>

Banking
2014 Internet Banking SITEisfaction survey shows improvement in sector
Specialist online marketing research agency, Columinate, recently released its third annual 'Internet Banking SITEisfaction in South Africa' survey. Read more >>

Consumers warned of email hacking for bank account details
Customers must prevent criminals from hacking into their email accounts to obtain bank account information or issue illicit instructions to their banks‚ the South African Banking Risk Information Centre (Sabric) has warned. Read more >>

Education & Training
SAQA confirms registration of occupational qualification
The South African Quality Authority (SAQA) has announced the registration of the Tax Professional as an occupational qualification, after a five-year gestation which incorporated lengthy deliberations between the South African Revenue Service, industry and academia. Read more >>

Markets & Investment
Time frame important when investing in unit trusts
Fourteen years ago the collective investments industry had only R117-billion assets under management, with R44-billion in equity funds, R6-billion in asset mix funds and R33-billion in money market funds. Read more >>

Will Telkom's turnaround work?

Gugu Lourie

It seems Telkom's Chief Executive Sipho Maseko has let slip its turnaround strategy but the big question is whether it can work. Read more >>

Eskom Pension Fund invests in affordable housing
The Eskom Pension and Provident Fund has committed R100-million to the development of around 20,000 new affordable homes through an investment in global private equity funder, International Housing Solutions (IHS). Read more >>

Taste Holdings wins Domino's
Domino's Pizza, described as the world's largest pizza chain, has signed a 30-year master licence agreement with Taste Holdings, which will enable it to develop the brand in South Africa, Lesotho, Swaziland, Namibia, Botswana, Zimbabwe and Mozambique. Zambia and Malawi will follow, on the fulfilment of certain conditions. Read more >>

Menlyn casino opponents may go to court
The Gauteng Gambling Board's pending decision on whether Sun International can relocate its Morula Casino from Mabopane, north of Pretoria, to Menlyn, in Pretoria, East, is likely to be contested in court. Read more >>

Telkom's Maseko baulks at order to attend course

Thabiso Mochiko

Telkom has instructed its lawyers to write a letter to the Companies and Intellectual Property Commission (CIPC) demanding clarity on its decision that the group's Chief Executive‚ Sipho Maseko‚ attend a corporate governance and director's duties course. Read more >>

Beige posts bigger loss in challenging period

Nick Hedley

ALT X-listed Beige Holdings reported a larger interim loss for its six months to December‚ amid an "extremely challenging" period for the contract manufacturer of home and personal care products. Read more >>

Telkom plans to cut R1bn in costs a year

Thabiso Mochiko

Telkom aims to cut R1bn in costs every year for the next five years as it restructures its business to revive its fortunes and unlock shareholder value‚ chief executive Sipho Maseko said. Read more >>

Brimstone takes stake in Grindrod BEE deal

Phakamisa Ndzamela

Investment company Brimstone is taking a majority stake in a black economic empowerment (BEE) consortium that will acquire between 8% and 8.5% in ship‚ rail and port operator Grindrod. Read more >>

SA business leaders rate humour as a less important trait than global peers

Evan Pickworth

South African executives remain a pretty gloomy bunch‚ with Grant Thornton's latest report on business leadership trends showing that general humour and modesty are considered by senior management to be the least important to good leadership. Read more >>

Taxation & Regulation
Public audit must improve to prevent waste of taxpayers' money
Public audit performs a crucial role in both preventing ongoing waste of taxpayers' money and boosting society's trust and confidence about how governments spend public money. This is according to a recent report by the Association of Chartered Certified Accountants (ACCA). Read more >>

Public protector to meet with Sanral on e-tolls billing system
The public protector's office has met the National Consumer Commission to discuss motorists' complaints about Sanral's e-tolls billing system. Read more >>

Impact of Pension Funds Act on annuities and divorce

Lize de la Harpe

The question often arises why a spouse can't claim from an annuity in the case of a divorce. The answer lies in the applicable legislation, specifically the Pension Fund Act and the Divorce Act. The aim of Section 37A of the Pension Funds Act is to protect a member's pension benefits from his/her creditors, and it expressly limits a fund's ability to deduct amounts from a member's pension benefit. Read more >>

HP pays US$108m in US to settle bribery probes
WASHINGTON, USA: US computer giant Hewlett-Packard agreed to pay US$108m to settle investigations that it paid bribes to win public contracts in Russia, Poland and Mexico, officials said on Wednesday (9 April). Read more >>

Minister tackles discrimination at work
Labour Minister Mildred Oliphant says despite the fact that South Africa has come a long way in the past 20 years of democracy, more needs to be done to change attitudes to end discrimination in the workplace. Read more >>


International

Google buys drone for its stable
NEW YORK, USA: Google has bought Titan Aerospace, a manufacturer of solar-powered drones that could be used to boost Internet access to remote areas. Read more >>

Canada shuts tax filing website over 'Heartbleed' bug
OTTAWA, CANADA: Canada's tax agency shut its website on Wednesday (9 April) after warning that encrypted taxpayer data could be vulnerable to the "Heartbleed" bug. Read more >>


More International


Government

North West increases funding for traditional leaders
While the North West province struggles to provide services for its residents, provincial premier, Thandi Modise has confirmed that the provincial government has increased funding by almost threefold for traditional leaders from R9.9m to R27m for the 2014/15 financial year. Read more >>

Communities urged to report housing corruption
Human Settlements Minister Connie September has urged communities to report illegal activities in the development of housing. Read more >>

Only 1 in 5 South African executives are black says Mildred
South Africa's workplaces are still heavily racially skewed 20 years after the fall of apartheid, with only one fifth of top executive positions held by blacks, said a report published this week. Read more >>

Job equity 'no threat to minorities'
Labour Minister Mildred Oliphant reassured critics of the controversial draft regulations on employment equity that proposed guidelines for quotas would not prejudice coloureds and Indians. Read more >>

SA's employed likely to retain jobs says Stats SA
South Africa's employed people are most likely to stay in their jobs, according to a report released by Statistics South Africa on Wednesday (9 April). Read more >>


More Government news


People on the move

  • Glacier by Sanlam appoints Andre Tuck - more info

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Jobs offered

Team Leader - Johannesburg
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Senior Bookkeeper - Pietermaritzburg
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New events to diarise

Utah investment and business expo
25 Apr 2014 to 26 Apr 2014 Sandy, UT

Global Transaction Banking Conference 2014
Trade Conferences International - 11 Jun 2014 to 12 Jun 2014 Johannesburg


Upcoming events

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

Insurance Claims Management Conference 2014
Trade Conferences International - 15 Apr 2014 to 16 Apr 2014 Johannesburg


All industry news


Marketing & Media
    CliffCentral to have Official Account on WeChat
    Woolworths' expansion plan in Africa
    Dove Patches film campaign goes live in 57 countries

    Medical
      Advanced procedure unblocks arteries
      Using surgeons to interpret mammograms
      Innovation Prize for Africa 2014 finalists

      Retail
        Supply chain survey underlines importance of customer service - Kate Stubbs
        Revive customer service over Easter - Aki Kalliatakis
        Woolies falls to three-week low on Australian deal - Fifi Peters

        Government
          Health Department to create a pregnancy register
          More must be done to reduce HIV
          EPWP to continue creating jobs

          Mining
            Swedish companies do not adhere to international standards
            Ubifrance to host exhibiting companies at WAMPEX
            Crushtek invests in mobile crushing plant

            CSI
              1000Drawings Cape Town 2014: Doodle for a difference
              AfrAsia Bank and Cape Wine Auction raise over R7m for education
              Help Habitat exceed its build target of 67 houses in one week

              Agriculture
                $1m donation for Taung agri college
                New research centre to boost food security
                March rains good for livestock, bad for crop farmers - Mpho Sibanyoni

                Building
                  Saint-Gobain Gyproc Plasters certified as green products
                  UP student wins Corobrik Architectural Student of the Year Award
                  Kwikspace completes housing project in Mozambique

                  GreenBiz
                    OSCAP will oppose legalisation of rhino horn trade
                    Water and gender in spotlight at conference
                    WWF-SASSI and Pick n Pay recognise top chefs

                    HR & Recruitment
                      [BizCareers] The job application rut - Juliette Attwell
                      SA's employed likely to retain jobs: report
                      Minister tackles discrimination in the workplace

                      Legal
                        Independent Communications Amended Act signed into law
                        Employment contract must make provision for lawful deductions - Jacques van Wyk and Andre van Heerden
                        Legalising rhino horn trade is too risky

                        Manufacturing
                          Traffic delays expected as the Western Aqueduct progresses
                          carbonTrack begins to manufacture in SA
                          Bagless vacuum cleaner tackles allergens

                          Property
                            Four main reasons for banks rejecting applications
                            Tsogo Sun's guesthouse finalists announced
                            Discovery's Gore buys R103m New York pad - Impiwe Piliso

                            Education
                              Henley announces the Johnny Clegg Scholarship
                              Distance learning growing rapidly in SA
                              Walter Sisulu University leads the way

                              Tourism
                                Come Dine in the Sky
                                Busy week for anti-poaching units in KNP
                                Tourism Act signed into law

                                ICT
                                  Optical media: dead or alive? - Ruben Naicker
                                  The battle for broadband

                                  Logistics
                                    Kenya Airways, kulula.com announce codeshare agreement
                                    Air Seychelles domestic fleet to arrive mid-2014

                                    Lifestyle & Entertainment
                                      Uplifting Son of God - Daniel Dercksen
                                      Holding out for a hero - Eugene Yiga
                                      War Horse: live theatre on the big screen - Daniel Dercksen

                                      Automotive
                                        20% of all tyres in Europe to be sold online by 2020, research finds
                                        Toyota recalls 100‚000 SA vehicles
                                        Keep safe on the road during Easter traffic
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