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Finance & Insurance

Weekly top stories


South Africa faces a shrinking economy
[Ross Pennell] Policymakers at the recent International Monetary Fund (IMF)/World Bank meetings highlighted the fact that several countries, including South Africa, are faced with the problem of having to tighten monetary and fiscal policies. Read more >>


Finance
Three UJ teams reach final of Global Business Challenge
The Chartered Institute of Management Accountants (CIMA) has announced its Global Business Challenge finalists for the South African national final of this prestige global business competition, which is run in partnership with Barclays. Read more >>

SA to participate in WEF Africa summit
PRETORIA: President Jacob Zuma will send three ministers to represent South Africa at the World Economic Forum (WEF) on Africa Summit, the Presidency said on Monday, 5 May 2014. Read more >>

WEF selects Webber Wentzel as a growth company
South African law firm Webber Wentzel has been selected as a World Economic Forum Global Growth Company for 2014. Read more >>

Actuarial & Insurance
Auction Nation takes savage out of Salvage
Bluespec Holdings, a service provider of outsourced procurement solutions for South African Insurance Companies is proud to announce the newest member of the group. An entirely new arm of the business called Auction Nation has been developed to offer salvage buyers a welcoming environment that caters for their salvage needs. Read more >>

Banking
Zimbabwe central bank has 'no tools' to fix economy
Zimbabwe's new central bank chief said the country's economy was weakening and the bank did not have the tools to fix it. Read more >>

Retirement reforms and making provision

Laurence Hillman

In South Africa, it would be normal if you had to work your entire life and still end up in debt - an uncertain future exacerbated by the average debt-to-income ratio of 80% and the fact that three out of four people will cash in their retirement fund when they change jobs, often to pay off previously incurred debt. Read more >>

Financial Services
Bond applications can be derailed by bank valuations
While it is true that those South Africans hoping to buy a home - or are simply investing in residential property - these days tend to have a better understanding of how the banks' loan criteria work when they apply for a bond, they are often surprised by the banks' valuation procedures and the figures they arrive at, says Mike van Alphen, national manager of the Rawson Property Group's bond origination division, Rawson Finance. Read more >>

Markets & Investment
Arrowhead increases distribution by 13.49%

David Furlonger

Acquisition-hungry Arrowhead Properties achieved 13.49% distribution growth to 62.58c per combined A and B linked unit in the six months to March‚ its results showed. Read more >>

Sappi's US$32m profit in tough times
Pulp and fine paper products group Sappi reported a US$32m profit for its second quarter ended March‚ up from just US$2m a year ago Read more >>

Cruise liner terminal plans for Cape Town and Durban
State logistics group Transnet's master plan for the development of SA's ports includes proposed terminals for cruise liners in Cape Town and Durban, the doubling of exports of motor vehicles from Port Elizabeth, and a berth for oil rigs in Saldanha Bay. Read more >>

deVere appoints new head of Africa division
deVere Investments has appointed Greg Stockton as manager of its Africa operations. Stockton takes over from Craig Featherby who stepped down from the role due to health reasons. Read more >>

Harmony Gold's output down 6% in third quarter

Allan Seccombe

A higher gold price pushed Harmony Gold into positive territory in the March quarter‚ which was marked by a slew of disappointing operational performances from its assets that pushed gold production down by 6%. Read more >>

HSBC confirms drop in local manufacturing activity

Fifi Peters

Another monthly survey has confirmed the deterioration of business conditions in the local manufacturing sector because of a sharp drop in new business. Read more >>

Political uncertainty hammers investments

Evan Pickworth

Nearly 40% of South African business executives believe the future political direction of the country is affecting their business decisions and more than 65% of these executives say they are putting off investment decisions as a result‚ according to Grant Thornton's International Business Report. Read more >>

Producers' activity falls on holidays and strikes
Activity in the manufacturing sector decreased last month owing to strikes and public holidays, a Kagiso purchasing managers' index (PMI) released on Monday (5 May) suggested. Read more >>

Taxation & Regulation
Sanral warns against hoax email
Sanral warns Gauteng road users: don't be deceived by hoax e-mails and messages, claiming that money can be collected directly from the bank accounts of people using e-toll roads. Read more >>

High Court gives judgment on tax clearance certificates

Heinrich Louw

Tax clearance certificates play an important role in our economy and are, almost without exception, a requirement when a person submits a tender or bid for doing business with government. Read more >>


International

Mobile driving up US online retail sales
WASHINGTON, USA: US online retail sales are expected to grow to US$294bn this year, with nearly one-third of the total expenditure coming from mobile devices, according to Forrester Research. Read more >>

Murdoch targets creation of pan-European pay TV company
LONDON, UK: Media mogul Rupert Murdoch launched an ambitious bid to create a pan-European television company to tackle fierce competition, rapid sector consolidation, and aggressive bidding wars for live football rights. Read more >>

Venezuela car industry collapses
CARACAS, VENEZUELA: Venezuelans, who enjoy free highways and dirt-cheap petrol, are struggling to buy cars as production falters because of a lack of foreign currency to pay for imported parts. Read more >>

Alcatel-Lucent trims loss, aims for positve cash flow
PARIS, FRANCE - Alcatel-Lucent, a leading global supplier of telecommunications equipment, says it aims to return to a positive cash flow next year after reporting a lower first quarter loss. Read more >>

Sony to close e-reading store in Europe, Australia
TOKYO, JAPAN: Sony is to close its e-book Reader Store in Europe and Australia following a similar move in North America as part of a plan for the electronics company to tranform itself. Read more >>

BMW gets off to roaring start in 2014
FRANKFURT - German top-of-the-range car manufacturer BMW said it got off to a strong start in 2014 with earnings and revenues rising in the first three months. Read more >>

Adidas profits hurt by strong euro
FRANKFURT, GERMANY: Adidas, the German maker of sportswear and equipment, says that earnings are down in the first quarter, hit by unfavourable exchange rates and the strong euro. Read more >>

SingTel fined a record US$4.8m for service disruption
SINGAPORE: Singapore's telecommunications regulator has fined Singapore Telecommunications (SingTel) a record Sg$6m (US$4.8m) for nine days of service disruption that followed a fire at one of its facilities last year. Read more >>

HP pledges US$1bn investment in cloud computing
NEW YORK, USA: Hewlett Packard unveiled an expanded offering of Internet "cloud" services and pledged to invest US$1bn in this technology over the next two years. Read more >>

Yahoo shares fall after Alibaba IPO filing
NEW YORK, USA: Yahoo shares tumbled on Wednesday (7 May) amid concerns its stake in Alibaba may be worth less than anticipated following the Chinese online company's stock market offering. Read more >>


More International


Government

Elections bode well for business confidence: Sacci
The South African Chamber of Commerce and Industry (Sacci) on Monday acknowledged the successful conduct of South Africa's fifth democratic elections, saying it contributes to improved business confidence. Read more >>

Beverage tax aimed at reducing alcohol abuse

Linda Ensor

A major review of the taxation of alcoholic beverages is being undertaken by the Treasury as a contribution to the government's fight against alcohol abuse and is likely to result in higher taxes and prices. Read more >>


More Government news


People on the move

  • Europ Assistance SA's appointments COO - more info

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Jobs offered




New events to diarise

Course in economic crime schemes
Continuing Education at the University of Pretoria - 2 Jun 2014 to 19 Sep 2014 Pretoria

IWFSA Conference
18 Jun 2014 to 19 Jun 2014 Johannesburg

Prevention and detection of procurement fraud
Continuing Education at the University of Pretoria - 23 Jun 2014 to 24 Oct 2014 Pretoria

POPI Event
Compli-Serve SA - 24 Jun 2014 to 26 Jun 2014 Cape Town,Durban,Johannesburg

GIBS Workshop on innovation
GIBS - 3 Jul 2014 Johannesburg


Upcoming events

Heyneke Meyer - exclusive breakfast
African Influence Exchange - 13 May 2014 Johannesburg

Banking Customer Conference
Trade Conferences International - 14 May 2014 to 15 May 2014 Johannesburg

The New World of Finance Conference
GIBS - 15 May 2014 Johannesburg

Finance for non-financial managers
Mswazie Power Group - 19 May 2014 to 21 May 2014 Johannesburg


All industry news


Marketing & Media
    How to strut your social media content like a pro - Catherine Milward-Bridges
    Pendoring campaign is devilishly interactive

    Medical
      The health benefits of playing outdoors with friends
      World Hypertension Day - take your blood pressure, reduce your salt
      iC4H campaign kicks off on World Move for Health Day

      Retail
        Food labelling regulations confuse industry - Nick Hedley
        RCL Foods acquires 49% stake in Senn Foods
        Women account for more than 50% of new car purchases

        Government
          Government calls for unity to move SA forward

          Mining
            Centre of excellence to guide growth in SA mining - Ray Maota
            Indian power companies show interest in WAMPEX
            Safety at platinum mines might be under pressure

            CSI
              SA encouraged to support Tekkie Tax campaign
              Fourth school adopted by Oxbow Xerox
              Afrika Tikkun hosts clinic for township residents

              Agriculture
                Good year for grain farmers expected
                African seed companies produce high-yield varieties
                Africa's farms could feed the world - Claire Bisseker

                Building
                  Zimbabwe to resume steel production
                  Mozambique's growing energy needs have much to offer financiers - Charlotte Mathews

                  GreenBiz
                    WasteCon2014 will focus on change and transformation
                    Changing a home to change the world
                    Winners of AfriCAN Climate Award announced

                    HR & Recruitment
                      [BizCareers] Asking for a raise - Juliette Attwell
                      Searching for employment needs a strategy

                      Legal
                        Judgement by Constitutional Court expands meaning of Companies Act - Thina Siwendu
                        Clarity on how shared sectional title expenses are charged - Chantelle Gladwin and Gabriel da Matta

                        Manufacturing
                          Hisense global staff train local employees

                          Property
                            Spire Property Management secures new retail centres
                            Durban residents battle developers - Nivashni Nair

                            Education
                              Leisure Books launches school readiness programme
                              Livity Africa launches Digital Bootcamp

                              Tourism
                                A view on the Blu - Brian Berkman
                                Visitor numbers up at Cape Point

                                ICT
                                  Prevention through awareness - Simon Campbell-Young
                                  Nokia, Microsoft never the twain - Toby Shapshak
                                  Accelerateing the pace of innovation - Russel Brand

                                  Logistics
                                    JRA to launch Find & Fix mobile application

                                    Lifestyle & Entertainment
                                      AfrikaBurn: Desert of Dreams - Brandon Williams
                                      B.O.B to play at I Heart Joburg Music festival
                                      Winter warmers - Nina Timm

                                      Automotive
                                        The future of MG in South Africa
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