1948: The world’s first internal pacemaker is implanted with Arne Larsson (43) the recipient. The pacemaker only worked for a few hours, but Larsson continued to live till 2001 at the age of 86.

Spare a thought for the tentacled creature of the sea, on World Octopus Day.

DURBAN LANDS CONFERENCE PLAUDIT

Durban was named the Africa’s premier meetings and conference destination at the World Travel Awards function at Inkosi Albert Luthuli ICC. MEC for economic development, tourism and  environmental affairs Sihle Zikalala the award recognises the work of the province’s MICE (meetings, incentives, conventions and exhibitions) sector. The province hopes to use high-profile gatherings to attract potential investors and tourists with estimates suggesting that the total direct MICE impact will be about ZAR1.1 billion. Cape Town International Airport was also voted Africa’s leading airport for the second year running by travel and tourism professionals and consumers worldwide. (DEDTEA/BDLive))

LAND SALE SLOWDOWN PUTS TONGAAT IN A BIND

Struggling sugar producer Tongaat Hulett’s difficulties have spilled into the new financial year, with the company expecting interim headline earnings to fall by 60%. The expected fall in earnings for the six months to end-September is attributed to fewer-than-expected land sales, adding it had not concluded any of its major transactions planned for the period. The conversion of sugarcane plantations to urban land has previously boosted the company’s profits. In the year ended March 31, the sale of 96 developable hectares resulted in operating profit of ZAR661 million. In addition to its inability to conclude the land sales, sugar imports affected volumes and pricing in SA. In the year ended December 2017, imports into the SA market increased to 520 000 tons. (BDLive)

NENE OFFERS TO QUIT

Finance minister Nhlanhla Nene has asked President Cyril Ramaphosa to relieve him of his duties following public pressure over his testimony at the commission of inquiry into state capture at which he admitted to meetings with the Guptas. The request came after South Africans as well as political parties rejected his apology for previously undisclosed meetings with the Guptas at Saxonwold and their business premises in Midrand from 2010 to 2014, when he served as deputy minister and minister of finance respectively. (BDLive)

JOBS SUMMIT TO PAVE WAY FOR INVESTMENT SUMMIT

The outcomes of the two-day jobs summit that ended on Friday are building blocks for the upcoming investment summit, according to president Cyril Ramaphosa. He said investors had been eager to see what would emerge from the gathering that produced more than 70 interventions to deal with SA’s unemployment crisis. “A number of people ... wanted to hear the outcomes of the jobs summit, they wanted to hear that South Africans [are] meeting on their own, as social partners, are able to come up with real meaningful decisions where they commit themselves,” Ramaphosa said during his closing address at the summit on Friday. He said the government expected mostly local business people at the investment summit, to be held in two weeks. (BDLive)

MOBILE BANKING CRIME ON THE RISE

Mobile banking crime incidents averaged ZAR2 741 per instance, according to the South African Banking Risk Information Centre (Sabric). Announcing that digital banking crime cost the industry more than ZAR250 million in 2017, Sabric said mobile banking crime has more than doubled over an eight-month period with 8 607 incidents amounting to ZAR23.5 billion, as losses grew by 41.3%. SIM-swop fraud jumped by 104% to 8 254 incidents. A SIM swop refers to cases in which criminals approach mobile service providers in an attempt to transfer the cell phone number of a potential victim to their own SIM card. Such an action can give the criminal access on one-time pins, thereby allowing them to access to funds. (Moneyweb)

TRANSFER PRICING TO REIN IN TAX ABUSE GLOBALLY

The financial and operational disclosure landscape has changed dramatically for multinational companies in the last three years. It is now compulsory for these companies to detail – through country-by-country (CbC) reports as well as master and local files – how and why they charge for services and goods to and from subsidiaries. This transfer pricing information will now be shared by tax authorities who have signed up for various Organisation for Economic Cooperation and Development (OECD) plans that aim to eradicate the erosion of tax bases by companies shifting profits to low tax jurisdictions. South Africa implemented the requirement for multinationals to submit their reports to the South African Revenue Service (Sars) in October last year. Sars will now get information about their activities on a global level, including the profits generated in those jurisdictions and whether there are offshore intermediary companies such as marketing and procurement hubs located in more favourable tax jurisdictions that are reporting high levels of profitability. (Moneyweb)

OFFSHORE CAPS TO BOLSTER RAND, SAYS ABSA

There’s no place left to run for South African investors who want to diversify away from the country’s ailing economy — and that may be good news for the Rand, according to the top forecaster of the currency against the US Dollar. SA increased limits on the amounts institutions may invest offshore by five percentage points in February, to 40% for fund managers and 30% for pension funds. Most investors are at or close to those levels, providing crucial support for the rand at a time when emerging-market assets are under pressure from rising US rates, according to Absa strategist Mike Keenan. “That will cap the Rand weakness,” said Keenan, who predicts the currency will end the year about 2.5% stronger at ZAR14.25 per Dollar. Absa was the most accurate forecaster of the rand versus the dollar in the third quarter, according to data compiled by Bloomberg. (BDLive)

MTN’S NIGERIAN SPAT IN HANDS OF COURT

MTN has received a counterclaim from Nigeria's central bank to its request for an order to stop the bank forcing it to repatriate US$8.1 billion (about ZAR119 billion) it claims was illegally sent out of the country, the South African telecom's lawyer said. MTN has received the central bank's response to its court filing, Wole Olanipekun said, adding that MTN will file a reply to the bank's claim. "MTN had gone to court, sued the central bank and the attorney general. The central bank has filed a response and a counter claim, meaning that nobody can resort to self-help in the matter any longer," Olanipekun said. "With this development everybody has now surrendered ... the grievances to the court. Everybody has to wait for the decision of the court." (Reuters)

MATTRESS FIRM FILES FOR VOLUNTARY BANKRUPTCY

Steinhoff’s cash-strapped US operation, Mattress Firm, has filed for voluntary bankruptcy as part of a restructuring that will result in up to 20% of its 3,400 stores closing and the sale of 49.9% of the business to funders who are providing US$525 million (about ZAR7.8 billion) to support the restructuring. The restructuring, which comes just more than two years after Steinhoff paid a hefty US$2.4 billion for 100% of the largest mattress retailer in the US and took on its US$1.4 billion debt, includes the repayment of US$84 million to Steinhoff and its release from loan guarantees to Mattress Firm. The deal was the last major transaction by Steinhoff before reports of accounting irregularities in December 2017 led to a 95% slide in its share price within a matter of weeks, wiping more than ZAR190 billion off its market capitalisation in what has become one of the largest corporate scandals in SA history. (BDLive)

PETROCHEMICALS TO OFFSET LOWER OIL CONSUMPTION

Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said. Despite government efforts to cut pollution and carbon emissions from oil and gas, the Paris-based agency said it expected the rapid growth of emerging economies, such as India and China, to propel demand for petrochemical products. Petrochemicals derived from oil and gas feedstocks form the building blocks for products that range from plastic bottles and beauty products to fertilisers and explosives. Oil demand for transport is expected to slow by 2050 due to the rise of electric vehicles and more efficient combustion engines, but this will be offset by rising demand for petrochemicals, the IEA said in a report. (Reuters)

Hospitals: Patient or Customer?

I have been observing the customer care side of a local hospital rather more closely than I would like. I write this while waiting for a loved one outside theatre.

I have nothing but praise for the love and care received, but hospitals are difficult places for customer care. They deal with life and death emergencies, and strict controls are essential. Patients must fit into the hospital’s regimen, not the other way around. So, it’s difficult to remember that one is dealing with a customer. But if caring for the patient is critical for the patient’s survival, caring for the customer, beyond their needs as a patient, is critical for the survival of the hospital. Without the patient, the hospital would die, and the staff would be without jobs.

You and I have no excuse. Our customers are not disguised as patients.

Call Simply Communicate TODAY for a customer-service workshop with your staff.

Next workshop at the PCB: 
 

Strategic Planning
Wednesday, 17/10/2018, 08h30 – 12h30
Cost: R710pp; 3+ delegates R670pp; NPOs R630pp.

Contact Ian Webster on 083 321 0699 or ian@simplycommunicate.co.za