Thu May 17 04:37:16 SAST 2012

The Business LIVE Network

Transnet build must include private sector: Gigaba

The private sector will have to be involved in helping state-owned logistics group Transnet to meet its capital expenditure requirements, says Public Enterprises Minister Malusi Gigaba.
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Patel to take control of Youth Wage Subsidy

Responsibility for implementing the R5 billion Youth Wage Subsidy will be placed in the hands of the Economic Development Department (EDD), says President Jacob Zuma.

Eskom's funding to 2017 finalised

Eskom's funding plan to 2017 has been finalised and the electricity generation group will spend R201.6 billion over the period with R65 billlion budgeted for this year, says Public Enterprises Minister Malusi Gigaba.

Moody's warns on negatives for SA ratings

Ratings agency Moody's has warned that a continued growth of public debt and guarantees of state-owned enterprises' debt outpacing that of nominal GDP and revenue are among factors that pose downward risks to SA's current rating.

CPI, PPI being revised - Manuel

SA's main inflation indices, the Consumer Price Index (CPI) and the Producer Price Index (PPI) are being improved with the new CPI weights to be released in February and the PPI being brought closer in line with its consumer counterpart, says Minister in The Presidency Trevor Manuel.
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LATEST MULTIMEDIA

Violence erupts at DA march (Video)

The Democratic Alliance was marching through the streets of Johannesburg in support of the youth wage subsidy, but they were greeted by a hostile crowd and the situation soon descended into chaos. BusinessLIVE was at the march and captured it all on camera.

Markets & Economy

Construction projects register being created

A projects register is being established by the Construction Industry Board to help monitor progress on government's infrastructure build, says Minister in the Presidency Collins Chabane.

NAAMSA looking at 7.5% rise in car sales for 2012

Domestic new car sales for 2012 are expected to reflect an improvement of about 7.5%, according to the National Association of Automobile Manufacturers of South Africa (NAAMSA).

Rand has 'little effect' on SA's debt servicing

Although very volatile, SA's currency has "very little effect" on the country's ability to service its debt, which is a positive for the country, Kristin Lindow, senior vice president of sovereign risk at Moody's Investors Service says.

Columnists

Tax Matters

Evan Pickworth

Will our deficit go Californian?

Californian Governor Jerry Brown is in the news for announcing the budget deficit has doubled since January to US$16 billion.

Boardroom Basics

Prof Piet Naudé

People are people...

One of the perennial and deep-seated problems facing South Africans is to get rid of generalisations about groups of people. The task is to see people as people in their own right and not as people "plus something else".

Bull's Eye

Jeremy Thomas

Year of the hedge fund? Don't bet on it

For a long-term investor there is no sweeter sight than the chart of Shoprite from 2002 to date: a gorgeous climbing trend that shows disdain for trifling global financial crises.
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Trust Matters

Evan Pickworth

Time to reduce foreclosures in SA

I really like the idea of home foreclosures becoming a rarity rather than an everyday, ho-hum occurrence for banks.
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COMPANIES

Sanlam acquires Bermuda-based investment firm

Sanlam Investment Holdings purchased a majority stake in Bermuda-based investment firm, P2international Ltd (P2), the company said on Wednesday.

Paladin settles 'in principle' with workers

Canadian uranium miner Paladin Energy is confident the Kayalekera mine, in Malawi, will operate at maximum levels by Wednesday evening, after the company reached an agreement "in principle" with employees to return to work.

Vodacom enters insurance arena

Vodacom has received the go-ahead to enter the South African insurance market having been recently awarded a long term insurance licence by the Financial Services Board (FSB).

Datatec announces a strong rise in diluted headline earnings

International ICT company Datatec has reported a strong rise in diluted headline earnings per share to 42.5 US cents for the year ended February 2012 from 23.5 cents a year ago. Underlying EPS were up 26% to 47.9 cents from 37.9 cents a year ago.

PERSONAL FINANCE

Retirement reform proposals bode well for savings

Old Mutual says proposals to streamline the South African retirement system, which were outlined in a discussion document released by Finance Minister Pravin Gordhan on Tuesday, are encouraging from the perspective of ordinary South Africans.

Absa welcomes plans to promote retirement savings

Absa, South Africa's largest retail bank by customer numbers, has welcomed the labour department's plans to promote retirement savings among vulnerable workers.

Price hikes to hit already low household savings

Increased living costs have highlighted the need for consumers to spend frugally and ensure they have effective financial planning strategies in place, according to Henry van Deventer, financial planning coach at Acsis.

World News

Obama's April fundraising drops to $43.6 million

US President Barack Obama's re-election campaign and Democratic groups affiliated with it raised $43.6 million in April, a decrease from the previous month despite the start of a robust general election campaign against Republican Mitt Romney.

Maersk dampens hopes for quick freight recovery

Danish shipping and oil group A.P. Moller-Maersk dampened hopes for a quick recovery in freight rates, nudging up its 2012 results forecast to a level that would still fall short of its performance last year.

Merrill Lynch fund manager survey: 'Bears in the headlights'

"Bears in the Headlights" is the title of the May 2012 Bank of America (BofA) Merrill Lynch (ML) Survey of Fund Managers as investors moved to a "risk-off" mode with the eurozone crisis (61%) and the US fiscal cliff (17%) the main risk-off drivers.

Africa News

Virgin Atlantic to stop Kenya flights by Sept

British airline Virgin Atlantic plans to withdraw flights between Nairobi and London by September due to low passenger numbers, high fuel costs, and increasing aviation taxes in Britain.

Moody's sees Sub-Saharan Africa average growth at 6%

Sub-Saharan Africa (s-SA) should reach growth rates of about 6% in the next few years on the back of domestic demand, commodity prices, and growing foreign direct investments, Aurelien Mali, vice president and senior analyst at Moody's Investors Service says.

IMF urges new Senegal government to tighten belt

The International Monetary Fund has urged new Senegalese President Macky Sall to get rid of energy subsidies offered by his predecessor, warning the West African country's deficit could rise to untenable levels unless spending fell.

Multimedia

MULTIMEDIA

Labour broking was being abused (Video)

DA marches for youth wage subsidy (Photos)

Violence erupts at DA march (Video)

DA marches for youth wage subsidy (Video)

The positives of the National Planning Commission (Video)

Multimedia

DA marches for youth wage subsidy (Photos)

The DA has marched through the streets of Johannesburg, towards Cosatu House in support of the youth wage subsidy. BusinessLIVE was there and captured these images of the event.

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