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Press Archive »

PPS total profits last 10 years - R21 billion. 100% allocated to members

Published: Thu, 23 Apr 15

PPS, the financial services company focused exclusively on graduate professionals, has announced that its total cumulative profit-share allocation to members* reached R21. 6 billion over the last ten years. PPS, which is the largest financial services company in South Africa that operates under a mutual model and ...
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New ASISA Product Replacement Standard

Published: Thu, 23 Apr 15

A newly published “ASISA Standard on Replacement” is currently being rolled out to the industry. The aim of the revised guidelines is to bring them in line with the Treating Customers Fairly outcomes. The introduction to the new Standard reads: The Financial Advisory and Intermediary Services Act and ...
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Currency Depreciation is Having Mixed Effects on Latin American Economies

Published: Wed, 22 Apr 15

By Patricia Krause at Coface, the international credit insurer  The perception among investors that the US economy will outperform other economies in the coming months has caused an appreciation of the US dollar against other currencies. In Latin America this is no different, but a second factor ...
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PwC and Strategy& map the road ahead for power sector transformation

Published: Wed, 22 Apr 15

A new report from PwC and Strategy& warns that the Power Sector is transforming fast and companies that don’t stay ahead of change are in danger. Megatrends have major implications as to how electricity is generated and distributed Profound implications for the strategies and future role of companies ...
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Can the SA economy grow at 2% this year?

Published: Wed, 22 Apr 15

Comment by Luke Doig, Senior Economist Credit Guarantee Insurance Corporation While it is easy to look at global developments and blame them for our woes, the truth is that most of our current problems are all of our own making. And consequently we are condemning ourselves to an also-ran status as other emerging ...
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With Launch of ASEAN Economic Community, Region Must Make Integration a Reality

Published: Tue, 21 Apr 15

Jakarta, Indonesia: With the milestone launching of the ASEAN Economic Community (AEC), South-East Asian nations have the opportunity to take the region to the next level of development, though there are significant challenges ahead, the Co-Chairs of the 24th World Economic Forum on East Asia agreed in the closing ...
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Law Society launches court bid to stop ratification of 2014 SADC Protocol

Published: Tue, 21 Apr 15

The Law Society of South Africa (LSSA) has launched an application in the North Gauteng High Court, Pretoria to declare the actions of the President as well as the Minsters of Justice and International Relations and Cooperation in voting for, signing and planning to ratify the SADC Summit Protocol in 2014 as it relates ...
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Indonesia’s President Jokowi: ‘We Have to Reinvent Our Economies, Our Societies”

Published: Tue, 21 Apr 15

Jakarta, Indonesia: The growing competitiveness and volatility in the world economy, including the rise and fall of currencies and the drop in commodity prices, and the shift of the global economic centre to Asia mean that countries have to adapt. “Within this global transition, our task is clear,” Indonesian ...
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The Momentum / UNISA Household Wealth Index 4th Quarter 2014

Published: Mon, 20 Apr 15

Stagnant Wealth Accumulation in 2014 - a Cause for Concern for South Africans South African households were dealt a hefty blow in 2014 as the value of their real net wealth virtually stagnated compared to 2013. Research by Momentum/Unisa shows that South African households’ real net wealth per capita increased ...
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China: Record Fall in Property Prices Despite Monetary Easing

Published: Mon, 20 Apr 15

By Charlie Carre at Coface, the international credit insurer’s economic & research department in France Despite monetary easing, the housing market in China continued to weaken in February 2015. The People’s Bank of China (PBoC) cut the prime lending rate in November 2014 (-40bps) and March 2015 ...
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ASEAN Economic Community 2015 Poised to Surpass EU in the Next Decade

Published: Mon, 20 Apr 15

Jakarta, Indonesia: In a planned economic community that will link 10 nations across South-East Asia and account for the seventh-largest economy in the world, regional leaders told participants at the 24th World Economic Forum on East Asia that the ASEAN economic community (AEC) will rival the European Union (EU) ...
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Explored: the Digital Infrastructure for the Next Billion Users in Emerging Markets

Published: Mon, 20 Apr 15

Jakarta, Indonesia: At a time when the potential of the internet for economic and social benefit seems boundless, major issues loom that could affect the ability of billions of people – 96 % of them in emerging markets – to get connected and participate fully in the digital economy. The Digital Infrastructure ...
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Decreasing trade insurance claims in Europe, rise in claims in China

Published: Mon, 20 Apr 15

The International Credit Insurance & Surety Association (ICISA) met in Athens for the ICISA Spring Meetings 2015. Members were upbeat about the current market conditions and global outlook, with a stable claims environment and growth in demand. “The ongoing softness of the markets indicates however that ...
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Brand South Africa statement on the current developments in South Africa

Published: Mon, 20 Apr 15

Brand South Africa joins the rest of the country in condemning the acts of violence   By Ms. Alice Puoane, Acting Chief Executive Officer Brand South Africa     JOHANNESBURG, South-Africa: Brand South Africa (http://www. info) joins the rest of the country in condemning the acts ...
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Constitutional Court restores in duplum rule

Published: Sun, 19 Apr 15

By Daniel McConnell, Director Norton Rose Fulbright South Africa The Constitutional Court has restored the law on the running of interest on outstanding debts – reversing the SCA’s 1997 decision that the institution of legal proceedings suspends the operation of the in duplum rule. The revised legal ...
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Sharemax Directors Appeal Successful

Published: Fri, 17 Apr 15

The FSB Appeal Board handed down a decision on 10 April 2015 in a case where a number of parties appealed against a decision by the FAIS Ombud to hold them equally liable for losses incurred by investors in certain Sharemax syndications. Below are some relevant extracts from the decision: [1] This judgment ...
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Derivatives trading in Tanzania

Published: Fri, 17 Apr 15

By Bridget King and Adam Lovett Norton Rose Fulbright Norton Rose Fulbright’s Dar-es-Salaam office this month assisted the International Swaps and Derivatives Association Inc. (ISDA) with a country update on the laws which relate to the trading of over-the-counter derivatives in Tanzania. A full copy of ...
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New system to assist FSB in monitoring collective investment schemes

Published: Thu, 16 Apr 15

As a result of the rapidly changing nature of the financial services landscape in South Africa, the Financial Services Board (FSB) is implementing a new system to ensure it is able to continue effectively monitoring the compliance of collective investment schemes. As a result the FSB has appointed Morningstar South ...
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Uncharted African regions and sectors offer growth opportunities for SMEs - DHL

Published: Thu, 16 Apr 15

    Charles Brewer, Managing Director DHL Express Sub-Saharan Africa           CAPE-TOWN, South-Africa: Despite the recent prediction by the World Bank(1) that economic growth in Sub-Saharan Africa will slow in 2015, the region is still home to ...
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Nigeria: Challenges for the New President

Published: Wed, 15 Apr 15

By Anne Sophie-Fevre at Coface, the international credit insurer’s economic & research department in France The Nigerian presidential election was won by Muhammadu Buhari, the leader of the opposition coalition (All Progressives Congress - APC), gaining 54% of votes against the incumbent president, ...
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From The Glossary »

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Accident Department:

One of the traditional operating departments into which short term insurance companies often organise themselves, the others being the fire / property, marine, engineering and motor departments. As well as handling accident insurance business, the accident department of some insurance companies also handle insurance of a general or liability nature such as burglary, fidelity guarantee, all risks, cash in transit, windstorm, rain and crop insurance ...
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