1899: The Second Boer War begins between British and Irish troops and the Boers from the Transvaal and Orange Free State. 

It’s also International Day of the Girl Child.

POLICY TO IMPACT ON BUSINESS CONFIDENCE

Business confidence is expected to rise as the government provides greater clarity on policy issues, according to a recent survey. The South African Chamber of Commerce and Industry (Sacci) business confidence index (BCI), which assesses the business climate, rose by 2.8 points to 93.3 in September 2018, from 90.5 in August. The BCI declined by 4.2 points in August 2018 month-on-month.Compared to the same period last year, the index was 0.3 points higher. “The present business climate and restrained economic momentum, originate from the economic and business environment over the past three years. It is important that these adverse conditions are dealt with in preparation [for] sustainable economic prospects with policy certainty,”  Sacci said. (BDLive)

NO HOPE FOR LOOTED VBS BANK

A probe into the failure of VBS Mutual Bank found that at least 53 people and companies may have benefited from the looting of ZAR1.9 billion from the South African lender before its collapse. Terry Motau, who was appointed by the central bank to lead the investigation, is calling for arrests to be made and for tax authorities to swoop on those identified in his 139-page report, titled “The Great Bank Heist.” He also recommends an auditor’s liability claim be brought against the company’s auditor, KPMG South Africa, and that VBS be wound up. “There is no prospect of saving VBS,” Motau said in the report, which was posted on the central bank’s website yesterday. “It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position of authority who is not, in some way or other, complicit.” Motau’s report described a bank that extended overdrafts to favoured clients’ accounts that had no deposits, and that issued payments to individuals in exchange for massive deposits from various state entities and municipalities. (Bloomberg)

JOOSTE TIPPED OFF CRONIES AHEAD OF STEINHOFF CRASH

Steinhoff International Holdings former CEO Markus Jooste advised friends to sell the the retailer’s shares days before the stock collapsed, according to a mobile phone text message seen by Bloomberg. The message, sent in November to at least two people, told recipients there was impending, unspecified bad news coming. At the time, Steinhoff was in discussions with Deloitte about the viability of its accounts. In December, the company said it had uncovered accounting irregularities and that Jooste had quit, causing the shares to plunge 63% in a single session. It is understood the financial regulator has been made aware of the message. Jooste didn’t respond to a phone call and message seeking comment. (Bloomberg)

TIME TO HOLD MINISTERS, DIRECTORS ACCOUNTABLE

Cabinet ministers and heads of government departments who have failed in their duties must be held responsible for the poor audit outcomes, which have regressed from the previous year. This is according to the Standing Committees on Public Accounts and Appropriations, which held a joint sitting yesterday. The Auditor General (AG) of South Africa Kimi Makwetu briefed the committees on the audit outcomes of government departments and state entities for 2017/18. A total of 434 government departments and state-owned enterprises were audited. Only 25% received clean audits compared to last year when 34% received clean audits. "Cabinet ministers and director-generals who are failing to do their duties as stipulated in the Public Finance Management Act (PFMA) should be held responsible for the appalling audit outcomes of their departments and entities," the statement read. (Fin24)

TAX COMPLAINTS ON THE RISE

The Tax Ombud says the number of complaints referred to it has "grown exponentially" since the office was established in 2013, stretching resource capacity. According to statistics revealed in the 2017/18 annual report of the Office of the Tax Ombud, Gauteng recorded the highest number of tax-related complaints, followed by the Western Cape and KZN. Most complaints were about late payments of refunds, something the office said "diminished taxpayers' confidence in the tax administration system". It said a total of ZAR446 million was paid out to the top 10 complainants about VAT and Corporate Income Tax refunds, following intervention by the ombud. (Fin24)

OLD MUTUAL UNBUNDLING COMES AT A COST

Financial services group Old Mutual’s share price fell 26% to ZAR74.21 yesterday, as the company proceeds with the unbundling of its majority stake in Nedbank. Old Mutual shareholders are set to receive 3.2116 Nedbank shares for every 100 Old Mutual shares, in a ZAR50 billion windfall for shareholders. Tuesday was the last day to trade in Old Mutual Shares, while fractional entitlements for shares will be determined by Nedbank’s closing share price on Tuesday. Old Mutual maintains that the unbundling will benefit shareholders materially as well as by allowing investors to participate in differing investment cases. (BDLive)

ANGOLA LANDS CHINESE INVESTMENT

Angola has secured US$2 billion (about ZAR28.7 billion) in Chinese financing from the China Development Bank for infrastructure projects on President João Lourenço’s first visit to Beijing, Angola’s state newspaper Jornal de Angola reported yesterday. Details of the terms of the financing were not released. The finance ministry did not immediately respond to a request to confirm the information. China is increasingly flexing its financial muscle in Africa, funding massive infrastructure projects across the continent. (Reuters)

TENCENT GIVES UP TOP 10 RANKING

More bad news for Tencent: the Chinese internet giant has lost its spot as one of the world’s 10 biggest companies. After shedding more than US$200 billion (about ZAR2.9 trillion) in market value this year, more than any other company worldwide, Tencent has been replaced by Exxon Mobil in the top of the rankings based on market capitalisation. When its share price hit a record high in January, the Shenzhen-based company was in the top five along with Apple, Alphabet, Microsoft and Amazon.com. Tencent has tumbled nearly 40% in Hong Kong since January 23, and fell for a ninth straight day yesterday, on track for its worst run since its 2004 listing. (Reuters)

HONG KONG STUBBS OUT E-CIGARETTES

Hong Kong is banning alternative smoking devices - the latest setback to the tobacco industry’s efforts to find growth markets as cigarette demand shrinks worldwide. In a surprise reversal, Hong Kong will impose a ban on e-cigarettes, a next-generation category of smokeless tobacco products, chief executive Carrie Lam said yesterday. Hong Kong joins at least 27 countries that have banned next-generation smokeless devices, heeding advice from the World Health Organisation. While some countries have taken a combative stance against e-cigarettes, others have looked to them as a way to curb smoking. Regulators in countries including the UK and New Zealand have backed the devices as potentially less risky compared to traditional cigarettes. Tobacco companies also tout what they claim to be decreased health risks of the devices. (Bloomberg)

MANAGEMENT DEVELOPMENT PROGRAMME

Starts: 13 February 2019

The Management Development Programme (MDP) is uniquely designed to build your capacity to lead your organisation into the future. It will challenge your views about management, expand your horizons, and enhance your understanding of the relevance and role of managers in today’s organisations. The MDP will provide you with the opportunity to refocus, to immerse yourself in the latest thinking about best practice in management, and provide you with personal and professional tools to strengthen your effectiveness as a manager and leader.

The programme provides a global context for enhancing awareness and organisation wide thinking, from the challenges of leading change and transformation, to working more effectively in uncertain environments, and harnessing technology to ensure that systems and procedures are optimised.

Duration:

14 Contact Days (modular: block session)

Contact:

For more information please contact Calvin Van Doorn 
T: +27 31 260 1728 
E: vandoorn@ukzn.ac.za

ESSENTIAL COMMUNICATION SKILLS

TRAINER:  Janet Finch – Communication 101
Time      08:30 – 12:30
Venue    Chamber House, Royal Showgrounds
COST (includes vat)
Members    R635-52 p/p, R605-27 p/p for 3/more, R554-83 p/p for 5/more
Non-members    R736-40 p/p, R706-15 p/p for 3/more, R655-71 p/p for 5/more
  
OVERVIEW
Clear communication is the key to your success.
Effective communication is a complex area and can make or break any relationship, especially in the corporate environment.  

This workshop focusses on:
Understanding the different types of communication.
Assessing communication skills.
The importance of body language and other non-verbal influences.
Identifying triggers and developing healthy responses.
Listening techniques.

WHO SHOULD ATTEND
Specific focus on team leaders at all levels and across all fields and departments.