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closecorporationsonlinecoza

     Up to date expertise Close Corporations Online for your business

     L o c a l N e w s

     Local News 26 April 2010 Zuma defies ANC and tries to get Molefe back Last Monday, Brian Molefe’s reign as CEO of the Public Investment Corporation came to an end as the deployment committee of the ANC decided against renewing his contract. The Sunday Times reports though that Pres Zuma is understood to have phoned a senior official in the finance ministry to ask that Molefe remain in the job. The PIC manages R850billion in government employee pensions and holds about 10% of the JSE market capitalization.

     www.timesalive.co.za

     NUM calls for action on Aurora from liquidators

    The National Union of Mineworkers has called for transparency by the liquidators of two mines managed by Aurora Empowerment

    Systems, following a National Executive Committee of NUM held last Friday. “The NEC is highly perturbed by developments at Aurora

    Empowerment Systems’ Orkney and Grootvlei operations where workers spent their Easter holidays without food and water. We cannot allow this situation to continue as it is at the moment.” www.busrep.co.za Unions see Sexwale‟s R1bn fund as a sop Human Settlements Minister Tokyo Sexwale is providing a new boost to flagging bank profits by promising a R1bn fund to guarantee against defaults by low-wage earners. This is the view of growing numbers of trade unionists following the announcement of this latest flagship scheme by the government.

     Bay woman wins Telkom “war”

     A court battle of David & Goliath proportions which has pitted a Nelson Mandela Bay resident against Telkom for nearly two decades

    has finally come to an end it seems, following a 24 page Competition Commission ruling.

    www.epherald.co.za

    Nedbank facing SRP hearing over share-trading Nedbank is preparing to face a Securities Regulation Panel hearing to determine whether its trading in Acc-Ross shares violated the SRP code that governs mergers and takeovers, after Nedbank accumulated an 89% stake in Acc-Ross as a result of futures trading in the share. www.busrep.co.za Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

     Up to date expertise Close Corporations Online for your business

     L o c a l N e w s

     Local News 3 November 2009 SARS releases draft Tax Administration Bill SARS has released the Bill countenanced in the 2005 Budget Speech aimed at consolidating the different rules regulating the administration of various taxes in South Africa. The Bill (which can be downloaded from this site) is open for comment until 26 February 2010.

     Secrecy around broadcasting Bill arouses concerns

     The Treasury has apparently been kept in the dark about the planned “television tax” envisaged in the Public Broadcasting Bill

     published last week, which proposes that TV licences are done away with and imposes a tax, which should be not more than 1% of an

    individual’s income, on everybody.

    www.beeld.co.za www.businessday.co.za

     Bill won‟t ban labour broking industry Talks between the Labour department, the temporary employment services industry and unions at Nedlac on labour broking have been wrapped up until a draft Bill is tabled next year. According to John Botha what has been agreed is that any legislative changes will apply to both labour brokers and companies that want to employ temporary staff directly. www.busrep.co.za Millions wasted on shoddy housing construction

     The Department of Human Settlements has stated that shoddy construction work and inferior workmanship on the part of contracted

     construction companies meant that “money had been wasted” as about 3000 houses had to be destroyed. Minister Sexwale further

     explained that some R300m was being spent on rectifying houses in the North West Province and about R500m was spent rectifying

    improperly built houses in KZN

    www.engineeringnews.co.za

    Petroleum industry urges finalization of Competition Law exemption The Department of Energy and petroleum industry role players have called on the Competition Commission to finalise exemption of the industry from competition law, as it was necessary to allow industry competitors to hold regular discussions on supply security issues and to co-operate to access supply from the nearest depot with the shortest delivery time if stocks were running low. www.engineeringnews.co.za

    Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

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     L o c a l N e w s

     Local News 27 October 2009 The Medium Term Budget Proposals Pravin Gordhan presented his Medium Term Budget Proposals today Visit “Financial” on this site to download the full text of the Speech he made. Labour broking set to be banned in 2010

     Amendments to the Labour Relations Act proscribing labour broking were likely to be passed by Parliament early next year, National

     Assembly labour portfolio committee chairwoman Lumka Yengeni said on Monday. The committee would hold public hearings this

     week but by the end of the week MPs on the committee could call an end to hearings and seek to construct the amendments.

    www.busrep.co.za

    Manuel warns of „quagmire of policy‟ holding up delivery Minister in the Presidency Trevor Manuel has warned his colleagues against getting bogged down in policy debate at the expense of implementing government’s programmes. The new administration promised to speed up delivery but key aspects have been delayed as the ruling alliance quibbled over ministerial roles and who leads in formulating economic policy www.businessday.co.za KPMG appointed to probe Adcorp financial irregularities claims A new investigation into alleged financial irregularities at Adcorp would be undertaken by audit firm KPMG as a mudslinging match

     between top management continued. CEO Richard Pike said : “I have done my own due diligences in terms of each and every one of

     these many allegations and am satisfied that there is no merit whatsoever to any of them but will obviously be comforted by the

     independence of a forensic investigation ordered to be conducted by KPMG.”

    www.engineeringnews.co.za

    Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

     Up to date expertise Close Corporations Online for your business

     L o c a l N e w s

     Local News 25 September 2009 Gordhan, Hogan asked to prepare report card on State Enterprises Cabinet has tasked the Finance Minister and the Public Enterprises Minister to prepare a report card on the state of State-owned Enterprises, government spokesman Themba Maseko said on Wednesday. The report, Cabinet decided, should focus on existing shareholder compacts, as well as the state of finances and turnaround strategies at the enterprises. www.engineeringnews.co.za

     President Zuma urges UN to join fight against poverty

     President Zuma has addressed the General Assembly of the United Nations.

    His entire speech can be down-loaded from this website.

    Corporate South Africa airs its dirty laundry Corporate SA is queuing outside the Competition Commission armed with its dirty laundry, hoping that if comes clean it will be protected from prosecution, and the queue outside the Commission’s office is expected to get even longer since President Zuma promulgated the Competition Amendment Act, which will see company directors and managers face jail time for contraventions. (See “Competition” on this website for further information) www.mg.co.za Recession wipes out 253000 SA jobs The recession claimed 253000 jobs in the first six months of the year, wiping out more than half of the jobs created since June 2006.

     (See “Employment issues” on this website for a copy of the report) www.busrep.co.za

     Cosatu calls for review of Labour Relations Act thDelegates at Cosatu’s 10 National Congress held in Midrand this week called for a comprehensive review of the Labour Relations

    Act. “For the past 15 years, we’ve failed to review the Act to ensure that it truly protected workers…” said Vuyo Bikitsha.

    www.busrep.co.za

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     L o c a l N e w s

     Local News 21 September 2009 R1,16bn open-tolling contract awarded for Gauteng highways SANRAL announced on Friday that it had awarded a R1,16bn contract to the Electronic Toll Collection joint venture for the implementation and operation of a multilane free-flow tolling system in Gauteng. The system, also referred to as open-road tolling (ORT), would be installed by ETC over a period of 18months and was scheduled to “go live” in April 2011. www.engineeringnews.co.za

     World institutions fail in financial crisis

     Major world institutions such as the G7 and the UN lack the credibility to deal with the global financial crisis, National Planning

    Minister Trevor Manuel said on Friday.

    The most relevant institution at the moment was the G20 but Africa’s representation in the G20 was only through South Africa and

    it was not clear if South Africa represented itself, Africa or poor countries in general. “At various times, it has shifted between all three of these roles.” www.engineeringnews.co.za Rand rise supports case for rate cut The strong rand may have supported prospects of another interest rate cut. At the end of May, Reserve Bank governor Tito Mboweni signalled the economy was near the end of a rate cutting cycle after 5 percentage points of cuts since December 2008 but a strong rand may have changed the outlook.

     www.busrep.co.za

    Lenders perpetuate debt trap

    This article uses the credit profile of a particular debtor to question the extent to which certain lenders are applying the criteria set

    out in the National Credit Act to evaluate the eligibility of potential borrowers for credit.

    www.mg.co.za

     Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

     Up to date expertise Close Corporations Online for your business

     L o c a l N e w s

     Local News 19 August 2009 BEE procurement codes open for comment Draft regulations for the Preferential Procurement Policy Frame work Act have been published for comment, which can be made until September 14, 2009. (The Draft Regulations are available on page …of this website) www.sake24.com

     Draft Privacy Bill published

     An Act to promote the protection of personal information processed by public and private bodies has been published for comment by

     the Minister of Justice and Constitutional Development. (The Draft Bill can be downloaded from page….of this website)

    www.doj.gov.za

    R626m “job-saving” solution for Pamodzi Gold A signed letter of commitment has been received for a R626million debt-and-equity “job-saving solution” for the provisionally liquidated Pamodzi Gold Group, though Group Chairman Ndaba Ntsele would not confirm the source of the funds. [But see also : “Harmony nabs Pamodzi Gold Free State resource for US$2/oz” www.miningweekly.com which seems to suggest that portion of the assets targeted in the R626million deal have already been sold.] IRBA seeks to limit liability of auditors. Just when the heat on auditors was intensifying comes news that soon their liability may be limited so says Bernard Agulhas, CEO of

     the Independent Regulatory Board for Auditors, an independent regulator whose first responsibility is to the public, not the auditors

     it regulates.

     www.moneyweb.co.za

    Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

     Up to date expertise Close Corporations Online for your business

     L o c a l N e w s

     Local News 20 July 2009 More time to comment on SRP rules A proposed change to the rules governing mergers and acquisitions would substantially cut the cost of making a takeover bid, but would substantially raise the likelihood of spurious bids being made. The SRP has been asked, in the light of the financial crisis, to consider relaxing or amending the rules relating to the provision of financial guarantees and has issued a note to interested parties outlining the proposed changes and requesting comments (the original deadline of 10 July has been extended to 31 July) (The

     proposal can be found on page ….of this website)

     www.busrep.co.za

    Amnesty for domestic residences held by companies

    The draft Taxation Amendment Bill 2009 proposes certain exemptions which will allow domestic residence companies to distribute

    the domestic residences which they own to their shareholders free of CGT, transfer duty and STC. The concessions will come into operation on 1 January 2010 and will apply to distributions made on or after that date but no later than 31 December 2011. (See full discussion on page …. Of this website) www.moneywebtax.co.za Miljoene geëis by skema se base Ses voormalige direkteure van die gelikwideerde Money Skills is in hul persoonlike hodanigheid gedagvaar vir die bedrag van R112,7 miljoen wat beleggers in die onwettige skema verloor het.

     www.sake24.com

     Remgro sticks by De Jager

    Doug de Jager, the Remgro non-executive director fined almost R 600 000 for insider trading by the Financial Services Board will not

    be asked to step down from the directorate of the Stellenbosch-headquartered company. Remgro CEO Thys Visser has said that the

    company is satisfied De Jager handled the issue with integrity and that the FSB found him guilty on a “technicality”.

    www.moneyweb.co.za

     Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

     Up to date expertise Close Corporations Online for your business

     L o c a l N e w s

     Local News 6 July 2009 SA‟s super-rich getting poorer More than 4345 SA dollar millionaires have lost their elite status in the country’s super-rich club. The recession has seen the number of South

    African’s worth more than R8m in cash and investments plummet fro 55047 to 50699 in just a year according to the World Wealth report

    compiled by Merrill Lynch and Capgemini. In same period the downturn also culled significant numbers of dollar millionaires in the USA, India, UK, China and Australia. www.thetimes.co.za Investec halves Koseff‟s package

     Investec has cut the pay of CEO Stephen Koseff by half following talks with the Reserve Bank on “toning down” executive compensation. Koseff

    was paid ? 1,66m (R21,4m) including a bonus of ?1,25m in the year to March. (See also the Annual Report 2008 released by the Bank Supervision Department of the South African Reserve Bank under the heading “Banking” on page 2 of the Companies Act Online website) www.busrep.co.za

     Analysts hopeful despite sales plunge

    Hit by resistance to price increases and continuing tight economic conditions, motor industry executives and analysts still sought to find some

    solace after total new vehicle sales plunged again. The total of 33124 units was down by 22,6% in June compared with the same month last year. NAAMSA said “”The rate of decline in new car sales had slowed during the month of June, and over recent months, giving rise to optimism that the new car market would start to bottom out in coming months.” www.epherald.co.za

    Denel to be re-aligned

    Arms manufacturer Denel is to be “re-aligned” and brought back under control of the Defence Force, Defence Minister told MP’s last week as she opened the debate on her department’s budget vote in the National Assembly. www.engineeringnews.co.za Adcock qualifies for R 128m tax break

     Adcock Ingram will pay R128m less tax over the next 4 years. The pharmaceutical company has benefited from the government’s strategic

    industrial programme (SIP) an incentive scheme to encourage investments into SA operations by local and foreign investors. www.busrep.co.za

     Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

     Up to date expertise Close Corporations Online for your business

     L o c a l N e w s

     Local News 2 July 2009 SAB Millers‟ R 6bn BEE plan “puts stopper on Heineken” SAB Miller plans to sell a stake in its SA unit to black investors, in part to fend off rival Heineken’s bid for local market share and to legalise a tried and tested informal distribution network the shebeens. www.businessday.co.za

     No time to cut state spending despite rising budget deficit

     The gap between state spending and revenue is widening rapidly, according to the latest Treasury figures for May, but economists

     agree the government should not cut spending now even though a growing budget deficit will put pressure on long-term interest

    rates.

    www.busrep.co.za

     Infrastructure spend to limit SA‟s economic slide Infrastructure spending by Government and State corporations, which was expected to rise to nearly 10% of gross domestic product this year, would prevent what would otherwise have been an even larger slide in growth. But ABSA Capital research head, Jeff Gable said it would be insufficient to prevent a contraction for the year as a whole. www.engineeringnews.co.za Cosatu slams trade agreement breakaways.

     COSATU has strongly criticized countries which have made trade agreements outside of the South African Customs Union. Two weeks

     ago, Botswana, Lesotho and Swaziland, all members of SACU, signed interim Economic Partnership Agreements with the EU and

     Moçambique is believed to be signing an EPA as well.

    www.mg.co.za

    Exxaro, Sasol may develop new Limpopo coal mine

    Diversified miner Exxaro Resources and the mining division of petrochemicals company Sasol have entered into a prospecting joint- venture (JV) agreement to develop a new coal mine to supply Sasol’s proposed coal-to-liquids (CTL). The CTL project, dubbed Mafutha, was likely to be located in the north-western parts of the Limpopo province, owing to the substantial coal reserves in the Waterberg region. www.miningweekly.co.za Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

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     L o c a l N e w s

     Local News 28 June 2009 Premier wants new business partners Gauteng Premier, Nomvula Mokonyane, is considering what she calls an “exit strategy for business people who are now multimillionaires through government tenders.” The Premier said businesses that had already raked in millions through tenders had to make way for other small enterprises that also needed government assistance.

     www.thetimes.co.za

     Pioneer bakes piping hot, cross buns

    Pioneer Foods’ erratic testimony to the Competition Commission has pushed the bread-maker into a corner. (see full article at

    “Competition” on this website)

    www.thetimes.co.za More brickbats than bouquets for interest rate decision The decision of the monetary policy committee of the SA Reserve Bank to keep the repo rate on hold at 7,5% has been met with more brickbats than bouquets. The decision came on the eve of the announcement that the price of petrol would rise by 40c per litre next month and the day that NERSA granted Eskom a 31,3% electricity tariff increase. The MPC’s decision was in line with the bank’s policy of inflation targeting. www.busrep.co.za

     Bailout SABC, build broadband or deliver on digital migration?

     Right now the SABC is hogging bandwidth about priorities for the new Minister of Communications, Siphiwe Nyanda. He’ll soon have

    to tell Treasurt whether he back’s the broadcaster’s call for a R2bn bailout. But he’ll also need to look at two other causes putting

    pressure on the public purse. These are : promoting broadband internet and dealing with digital migration.

    www.mg.co.za

    Close Corporations Online is owned by Camel Rock Trading 16 CC the members of which are Graeme Fraser and Veldra Morris

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