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THIS IS YOUR LAST CHANCE TO BE PART OF THE DTI PAVILION AT WAPIC 2012
The West African Power Industry Convention (WAPIC) takes place from the 19 - 21 November 2012 in Lagos, Nigeria. Apply before 28 May 2012 to be part of the DTI pavilion. Are you a South African registered company? Are you a provider of technologies or solutions to the power industry in West Africa? Do you wish to grow your client base in Nigeria and the West African region? WAPIC 2012 is the platform to build your presence in West Africa. What the DTI covers for each company at WAPIC 2012: 3X3m stand at WAPIC 2012, Accommodation, Flights, Freighting, R2000 daily allowance per person. The dti provides assistance to qualifying South African exporters to introduce South African products of origin into foreign markets in a cost effective manner through sponsored South African National Pavilions.For more information, contact Ade Yesufu on +27 21 700 3574 or email: ade.yesufu@spintelligent.com
COST OF RETIREMENT SAVINGS “AMONG HIGHEST IN WORLD”
The costs of saving for retirement using South African financial services products remain among the most expensive in the world, reducing one’s ability to retire financially secure. The information was disclosed by National Treasury as it released further details of its plans to improve the broader savings environment, which has seen South Africans withdrawing more than they have saved year-on-year since 2006. Government has now declared war on the high cost of retirement savings, particularly in products provided by the financial services sector. And in opening the multi-front battle lines, Finance Minister Pravin Gordhan says that government is intent on a paradigm change in retirement saving. The shift has to come from: The investor to save more; the financial services industry, to provide more cost-effective, transparent products; and government itself, to ensure investors are getting best value for money, the right incentives to save and proper protection of one’s savings.
HIGH COST OF BANKING IN THE SPOTLIGHT, AGAIN
The perceived high cost of banking is a perennial issue in SA, and now embattled National Consumer Commissioner Mamodupi Mohlala-Mulaudzi has entered the fray, questioning the transparency of bank fees for withdrawals at ATMs. In a recent report, the National Consumer Commission calls on banks to display withdrawal fees on ATM screens prior to a transaction being concluded, a move one banker claims will cost the industry millions.
PROUDLY SA LOOK TO OLYMPIC OPENING CEREMONY KIT
The Southern African Clothing and Textile Workers' Union (Sactwu) has welcomed the initiation of a competition to design South Africa's Olympic opening ceremony kit. "We specifically welcome the decision that the design criteria require the outfits to be 'Proudly South African'," Sactwu said. "Nevertheless, in order for the clothes to be truly Proudly South African, Sascoc must also ensure that they are manufactured by the hands of South African workers in local factories."
MMI REJIGS BBBEE HOLDING
MMI Holdings, the insurance group forged through the merger between Momentum and Metropolitan two years ago, is to restructure the existing broad-based black economic empowerment (BBBEE) holding in the group which will result in Kagiso Tiso Holdings (KTH) increasing its holding in MMI to 7%. Following the merger of Metropolitan and Momentum in 2010, KTH and the Metropolitan Empowerment Trust (the vehicle through which MMI management held an indirect interest in MMI) together held approximately 8% of MMI's total issued ordinary shares. But the Metropolitan Empowerment Trust has since exited the BEE structure, and KTH has increased its effective shareholding in MMI.
INDABA TO PROMOTE SCIENCE, MATHS AT SCHOOL
The eThekwini Municipality, in partnership with the KwaZulu-Natal Department of Education, will host a Mathematics, Science and Technology Indaba in an effort to attract learners to careers in these fields. The three-day indaba, to be held at JL Dube Stadium in Inanda, in June will focus on primary and secondary schools in the Inanda, Ntuzuma and Kwa Mashu area.
INVESTEC PROPERTY FUND UPS DISTRIBUTION
Following an initial distribution of 43.73c/linked unit, Investec Property Fund declared a final distribution of 49.29c/linked unit for the financial year to end-March 2012, bringing the total distribution for the year to ZAR93.02. This was 3.4% above the fund's initial estimate of 89.94 cents per unit. Although not all included in the results from a timing perspective, the fund has increased its asset base by ZAR490 million (28.9%) during its first year via the acquisition of five high-quality properties.
GOLD FIELDS GUNGHO ON EXPANSIONS
Gold Fields will stick to its project pipeline and capex plans even as other global miners trim back. The gold price remains above US$1 500/oz (about ZAR12 000) and the company's ZAR14 billion capex plan for this year remained in place as a result. Its project pipeline includes developments in Peru, Ghana and the Philippines, and a platinum prospect in Finland.
WALMART KEEN ON LOW-PRICE BRANDS IN SA
Walmart plans to employ more own brands and an everyday low-price promise similar to that of its UK ASDA chain at units in Canada and SA. Around 50% of ASDA's sales comprise own-brand items. The chain has a guarantee to be 10% cheaper than competitors, attracting more than 500 000 online checks per week in the first quarter.
AVI ADDS GREEN CROSS TO ITS FOOTPRINT
Avi has acquired footwear manufacturer Green Cross for ZAR382.5 million as it bolsters its premium branded footwear and apparel portfolio. An additional ZAR35m will be payable subject to certain profit hurdles being achieved in Green Cross' financial year to end-February 2013. The deal will be funded from existing cash resources, and is subject to the fulfilment of certain conditions, including regulatory approvals.
EUROZONE MOOTS CONTINGENCY PLANS OVER GREECE
The European Commission and the European Central Bank are working on scenarios in case Greece has to leave the euro-zone, EU trade commissioner Karel De Gucht said. Speculation about such planning has been rife, but the comments in a newspaper appear to be the first time an EU official has acknowledged the existence of contingency plans being drawn up in case Greece has to drop out of the currency bloc. A source close to De Gucht said the commissioner was explaining that EU institutions had not been sitting on their hands for the past two years, and that they were now better prepared than they had been. Concern has grown that Greece may decide to leave or be forced out of the 17-country currency bloc after a rise in popular opposition to an EU-IMF programme of fiscal austerity and structural reforms undermined attempts to form a government after May 6 elections.
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