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Finance
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Cape Town Estimated To Incur R3,7 Million Loss Hosting Man United
21 Jun 2012 by Jasmine Stone / 3 Comments
Much hype has been made about the imminent visit from 19-time English Premier League Champions, Manchester United. But, the City of Cape is expected to make a R3,7 million loss for hosting the event at the Cape Town Stadium. The city’s mayoral committee member for tourism, Grant Pascoe, argues that, despite the loss, hosting the match is part of the City’s drive to market itself as an “events destination”.
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SARS To Get The Power To Search And Seize Without A Warrant
20 Jun 2012 by Jasmine Stone / 1 Comment
Soon the South African Revenue Service will have the power to search and seize relevant material without the need for a warrant, a tax expert has today told the City Press. The Tax Administration Bill could “have serious and significant ramifications” for taxpayers, the expert continued. However, this doesn’t appear to be a bad thing, if you’ve got nothing to hide.
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Auction Alliance Wins Court Case Against NCC
19 Jun 2012 by Jasmine Stone / 2 Comments
Yesterday, the Western Cape High court handed down a judgement that ruled that National Consumer Commissioner, Mamodupi Mohlala-Mulaudzi, acted outside of her powers when she summoned three Auction Alliance executives, including Rael Levitt, to appear before the National Consumer Commission earlier this year. It’s a notable victory for Auction Alliance, but doesn’t rule out a criminal investigation into possible fraud.
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National Start Something Day – What Are You Waiting For?
18 Jun 2012 by Seth Rotherham / No Comments
Sanlam’s National Start Something Day is an opportunity for you to prove that you are innovative, and can make a success of that dream that’s been floating around in your head. What have you always dreamed of? Do you desire to contribute meaningfully to the economic and social growth of our country? Do you realise that you’re […]
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Former T20 Billionaire Allen Stanford Sentenced To 110 Years In Prison
15 Jun 2012 by Jasmine Stone / 1 Comment
Former T20 cricket enigma and ex-multi billionaire, Allen Stanford, has been sentenced to 110 years in jail for defrauding investors of $7 billion. Stanford was also ordered to pay back $5,9 billion, which he doesn’t have, because he lost everything.
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Iran’s Oil Exports Plummet 40%
13 Jun 2012 by Jasmine Stone / No Comments
Western sanctions against Iran’s oil exports have shown that they have fallen by an estimated 40 per cent since the start of the year, according to the International Energy Agency. Separately, the UAE is nearing completion of an oil route that totally avoids Iran. Unlucky, Iran.
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Yahoo Forms Content Partnership With CNBC
13 Jun 2012 by Jasmine Stone / No Comments
Yahoo has been criticised in the past for neglecting its original core business of being a search engine, and it may experience more of that with its latest exapnsion into content publishing. However, it has described its latest partnership with CNBC as a key strategy to becoming a “premium media network.”
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National Start Something Day – Here’s An Opportunity Worth Grabbing
11 Jun 2012 by Seth Rotherham / No Comments
Every now and then, life hands you an opportunity so plump, it’s almost a freebie. Are you innovative? Do you desire to make a name for yourself, and to contribute meaningfully to the economic and social growth of our country? Do you realise that our potential for economic growth is massive, and therefore, the opportunity […]
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Knott-Craig Says Telkom Did The Right Thing
08 Jun 2012 by Jasmine Stone / 1 Comment
Cell C’s Alan Knott-Craig Senior says he’s not surprised by the Cabinet’s decision to turn its nose up at a proposal from Korea Telecom to buy a 20% stake in Telkom. Why: because in the past, foreign companies have let South Africa down. He says governments, especially in developing countries, have to be involved in telecommunications penetration.
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Nasdaq To Reimburse Facebook Investors $40 Million
07 Jun 2012 by Jasmine Stone / No Comments
You might have picked up in the Morning Spice headlines that the Nasdaq stock exchange said it “owe[d] the industry an apology”. It’s gone a little further now, and says it will set aside $40 million to reimburse investors that suffered losses due to technical problems on Facebook’s first day of trading.
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Cell C Slashes Contract Prices By Up To 50%
06 Jun 2012 by Jasmine Stone / 1 Comment
Following the announcement that Cell C had drastically dropped their prepaid cell rates, Alan Knott-Craig Senior has seemingly checkmated the competition yet again. Cell C announced today that they would also be reducing their contract rates with the launch of six “Straight Up” packages for postpaid and Top-Up customers on 22 June 2012. This is big.
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Sony Not Making Anyone Believe, Shares Lowest Since 1980
05 Jun 2012 by Jasmine Stone / No Comments
Sony shareholders looked on as they watched the electronics and entertainment giant’s shares fall below 1 000 yen for the first time since 1980 yesterday. The Tokyo stock market took a dive early Monday after a dismal performance from Wall Street, bad US job data, and amid other global economic concerns.
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Spain Reveals €100 Billion Cash Exodus
01 Jun 2012 by Jasmine Stone / No Comments
If you thought things were tight in Greece, they certainly don’t look too much better in Spain. In the first three months of this year, nearly €100 billion in capital has left the country. Put differently: about 10% of the country’s GDP.
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Government Considering Special Appropriations Bill To Bail Sanral Out
31 May 2012 by Jasmine Stone / No Comments
As Bloomberg pointed out the other day, South Africa’s credit rating may come under pressure as growth in Africa’s biggest economy slows and the government faces the prospect of bailing out the state-owned road agency. That prospect became more of a reality today when deputy president Kgalema Motlanthe said government is looking into a special appropriations bill to give Sanral a cash injection to allow it to service its R20 billion debt.
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Head Of International Monetary Fund Doesn’t Pay Tax On Her Salary
30 May 2012 by Jasmine Stone / No Comments
Remember that Dylan lyric: “Steal a little and they throw you in jail/Steal a lot and they make you king”? That’s kind of how I feel when I read that Christine Lagarde, the head of the International Monetary Fund, earns a R4,6m salary annually – without paying tax on it. This is the very same person who very recently attacked the Greeks for failing to pay their taxes.
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Europe Is Working On Emergency Plans For Greek Euro Exit
18 May 2012 by Jasmine Stone / No Comments
European officials have secretly been working on a plan for the worst-case scenario that at this point, seems possible: a Greek exit from the Euro. German chancellor, Angela Merkel, said earlier this week that she didn’t want Greece to leave. But with fresh Greek elections set for mid-June, elections that have already been dubbed as a major showdown between Greece and the rest of Europe, anything could happen.
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Clifton Trawler: Make Or Break
16 May 2012 by Jasmine Stone / 6 Comments
Tomorrow, SA Maritime Safety Authorities will make another attempt to remove the stranded Eihatsu Maru from Clifton’s First beach. Last night, 2oceansVibe spoke to one of the men in charge, Samsa’s chief operations officer, Sobantu Tilayi. Many questions still remain about the reasons why the captain grounded the vessel, but Tilayi said the operation has now reached a critical stage.
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FNB’s GeoPayments Will Be How You’ll Pay For Stuff Now On
14 May 2012 by Jasmine Stone / No Comments
Look at this technology. Just look at it. What prevents you from making EFT payments for absolutely everything in your life? It’s the clunkiness of the process. You log on, you enter a ream of details, you wait for confirmation code, you pay… And the recipient waits two days for their money. Whereas a cash […]
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Millions Of Rands Worth Of Textbooks Dumped At Eastern Cape Warehouse
14 May 2012 by Jasmine Stone / No Comments
After receiving a tip-off, the Sunday Times on Friday discovered that millions of rands worth of school textbooks had simply been dumped at a warehouse in King William’s Town, in the Eastern Cape.
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JPMorgan Drops $2 Billion In Enormous Hedging “Error”
11 May 2012 by Jasmine Stone / No Comments
Well, this is terribly embarrassing: JPMorgan, the largest bank in the US, literally wiped seven per cent off their stock in a few hours with this blunder. The investment bank has blamed “sloppiness and bad judgment” for the enormous error.
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More Than 30 000 Positions Stand Vacant In The Local Government Sector
11 May 2012 by Jasmine Stone / No Comments
We know; we also thought it was some kind of elaborate joke, or that we’d been mistaken for seeing an extra zero. We hadn’t. And nor is it a joke. The South African Municipal Workers Union is demanding that all vacant positions in the Local Government Sector be filled as a matter of urgency. Which makes sense, because that would benefit a lot of people.
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SONY Reports Record Annual Loss of $5,7 Billion
10 May 2012 by Jasmine Stone / No Comments
SONY Corporation has declared an annual loss of 457 billion yen ($5,7 billion) in 2011, its fourth straight year of hemorrhaging money, and the worst in its 66-year corporate history. In spite of which, the company – which appointed a new president, Kazuo Hirai last month – is predicting return to profit by the end of 2012.
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IDC To Divest R15 Billion Over Next Five Years
09 May 2012 by Jasmine Stone / No Comments
South Africa’s Industrial Development Corporation, and state-owned lender, has a plan to sell about 15 billion Rand’s worth of investments it currently holds over the next five years. The initiative is part of its divestment plan, Chief Financial Officer, Gert Gouws said in Addis Ababa, Ethiopia’s capital, today.
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Times Are Tough: Even One Cent Savings Are Celebrated At Pick n Pay
04 May 2012 by Jasmine Stone / 3 Comments
Well at least we know where we are doing our shopping this weekend.
Thanks Richard.
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Nando’s Delivers On Santam’s Challenge, And Then Some
26 Apr 2012 by Jasmine Stone / 4 Comments
Nando’s didn’t hesitate accepting the challenge that Santam had set them this week. In fact, Nando’s delivered a day early, and then bettered it, showing they definitely weren’t chicken. Some might call it a very good example of symbiotic radvertising.
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Who’s On Top Of The Forbes Wealthiest Fifteen Fictional Characters List?
26 Apr 2012 by Jasmine Stone / 1 Comment
Forbes is well known for cataloguing the world’s powerful, rich and famous every year, but they also produce a list of fictions wealthiest characters, drawn from TV, film and literature. Who’s on top this year? A hint, he’s no friend to a thatched roof. Full list of this fictional fortune foolery, after the jump!
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Forbes Reports 12 Out Of Africa’s 20 Most Powerful Business People Are South African
24 Apr 2012 by Jasmine Stone / No Comments
Forbes.com released a list of Africa’s 20 most powerful business people yesterday (they do like a list over there at Forbes) and it wasn’t too hard to pick up a trend on the list of the continent’s commercial high flyers – no less than 12 of them are South African. Are we awesome, or what? We’ve got the full list, including our Mzansi business powerhouses, after the jump!
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Khulubuse Zuma’s Assets Go Under The Hammer On Monday
19 Apr 2012 by Jasmine Stone / No Comments
But the miners he left jobless at Aurora mines will not get a cent from him. The embarrassment for the Zuma and Mandela family names continues as Zondwa Mandela’s assets are expected to be attached next. Mandela has been charged with fraud, too.
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It’s Probably Not A Bad Idea To Buy Capitec Shares
18 Apr 2012 by Jasmine Stone / 3 Comments
Capitec shares rose to close at a new high of R214,76 yesterday. The bank also recently announced a dividend of 300c per share, showing why it isn’t surprising that analysts have happily placed “buy” recommendations on the stock.
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Ex-Goldman Exec, Greg Smith, Secures $1,5 Million Deal To Write Book
30 Mar 2012 by Jasmine Stone / No Comments
Greg has done it. He is now earning more than he would have been earning if he hadn’t exposed the rotten core of ethical detachment at Goldman Sachs. There was a bidding war for the rights to publish Greg’s memoir, and a division of the Hachette Book Group, Grand Central, outbid Penguin to get them.
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