KwaZulu Natal joins the NHI roll out wagon

NHI on cards for two areas in KwaZulu-Natal

KwaZulu-Natal would roll out the National Health Insurance (NHI) in two districts this year, Premier Zweli Mkhize said yesterday. “At long last, after so many years it fills me with joy to proclaim that the NHI is here. And it is here to stay,” he said. The two districts would be announced by Health MEC Sibongiseni Dhlomo.

The premier said the government was sorting out compliance matters from national, provincial and local government levels ahead of the roll out.KwaZulu-Natal will roll out the National Health Insurance (NHI) in two districts this year, premier Zweli Mkhize said on Tuesday.

“At long last, after so many years it fills me with joy to proclaim that the NHI is here. And it is here to stay,” he said in his state-of-the-province address.

The two districts would be announced by health MEC Sibongiseni Dhlomo.

The premier said the government was sorting out compliance matters from national, provincial and local government levels ahead of the rollout. The NHI would require sufficient staff, especially nurses.

“The vacancies of all nursing posts in hospitals and clinics must be filled and training of nurses fast-tracked. Without this the NHI will be doomed to fail.”

The health department describes the NHI as a financing system that will ensure all South Africans have access to healthcare, regardless of their employment status and ability to contribute to the NHI fund. - Sapa

Source : iol.co.za

Tags : nhi,nhi natal, nhi kwazulu natal, national health insurance, nhi roll out

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Mpumalanga NHI plans

By Gabi Khumalo

Nelspruit - In a bid to create an environment conducive to the successful implementation of the National Health Insurance (NHI), seven community health centres and clinics will be constructed and existing facilities upgraded in Mpumalanga.

Premier David Mabuza announced this during his State of the Province Address on Friday.

He said that when the national Department of Health conducted an assessment of 33 hospitals and 278 primary health care facilities in the province, all facilities were found to be non-compliant with the national core standards and the six priority areas.

"This is an area of work that will receive special attention to ensure that we speed up institutional readiness for the NHI implementation in the province," Mabuza said.

He stressed that provincial care facilities were expected to comply with the agreed core quality standards and six priority areas of performance if they were to be accredited to deliver health services within the NHI.

The national core standards include patients' rights, patients' safety, clinical support services, public health, leadership and governance, operational management, as well as facilities and infrastructure.

Mabuza highlighted the need to invest in the upgrading of infrastructure of health facilities, improving the quality of service as well as leadership and governance of provincial health facilities.

In response to these challenges, Mabuza reported that all districts and institutions have developed Quality Improvement Plans to address the shortcomings that exist and the monthly reports that are being monitored by the Quality Assurance team.

"All health facilities in the province are implementing Quality Improvement Plans in line with the six priorities of core standards.

"In 2012/2013 financial year, the province will prioritise interventions to improve the overall health system effectiveness...part of this process will entail the revitalisation of the health care system through primary health care re-engineering," he said.

Also to be look at is the appointment of suitably qualified people to manage health facilities, accelerated training of nurses, pharmacists, allied health professional need and the introduction of an efficient and effective system for drug supply, management and distribution.

Reported by: South African Government News Service

Source :7thSpace.com
Tags: NHI,national health insurance,provincial plans

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KPMG analysis of the 2012 budget speech

The KPMG team of tax and economic experts have provided their insights and analysis in response to the 2012 National Budget, delivered by Minister Pravin Gordhan in parliament yesterday, 22 February 2012.

Michiel Els, transfer pricing and international tax, states, "As most are aware there are some material changes to our transfer pricing rules coming into effect on 1 April 2012. To date we are waiting for a new Practice Note addressing the application thereof. This issue was not raised in today's budget speech."

However, the following was mentioned which may have an influence on transfer pricing:

• Foreign non-interest bearing loans to be treated as shares in line with the decision to treat certain forms of debt as shares. 
• The introduction of offshore reorganisation provisions to prevent value stripping from South African multinationals
• With the increased rate of dividend withholding taxes, we also anticipate that offshore entities might try to find alternative ways of extracting profits from South Africa.

 

Withholding tax on foreign payments

Roy Naudé, associate director in international tax, comments, "In order to achieve a uniform rate, it is proposed that the current withholding tax rate in relation to royalties paid to non-residents be increased from the existing rate of 12% to 15% and similarly, the withholding tax on interest will be increased from 10% to 15%, once it comes into effect from 2013. It is further proposed that the various procedures in relation to these regimes be streamlined."

Financial transaction tax

Brokers are exempt from securities transfer tax (STT) on shares bought as beneficial owner. The Minister announced that brokers would become subject to STT on such purposes, albeit at a lower rate than the standard 0.25%. (The lower rate has not been announced.)

Ominously, the Minister announced that the feasibility of levying STT on derivatives would be investigated. However, shares purchased to support derivative hedging will qualify for the lower STT rate. Effective date: 1 April 2013

Mark-to-market taxation of financial instruments

SA tax law adopts a fragmented approach to recognise gains/losses on financial instruments based on market value movements.

Generally, corporate traders may recognise unrealised losses but do not have to account for unrealised gains on financial instruments other than shares. In addition, an elective procedure allows certain but not all classes of debt and derivative instruments to be taxed on a mark-to-market basis. The scope of this dispensation in relation to instruments with residual obligations is currently under dispute. Foreign exchange movements on debt instruments are recognised on a mark-to-market methodology that differs from the accounting methods.

Against this background, the Minister announced that a concerted but cautious move to greater alignment of the tax and accounting treatment of financial instruments. 

The treatment of foreign currency instruments will be prioritised. The elective regime will be expanded to cover a wider set of assets and liabilities, subject to pre-approval by SARS. Ongoing changes will be made over several years, comments Stephan Minne, director in tax services.

On the subject of estate and capital gains tax, Mohammed Jada, associate director: corporate tax, points out that Pravin has increased capital gains tax rates and this will have a negative impact on taxpayers' pockets. What is disappointing is that no change to estate duty has been made. It is uncommon to find both capital gains tax and estate duty in the tax system. We welcome a repeal of an estate duty in the near future

Source : bizcommunity.co.za

Tag : budget speech, Budget South Africa 2012, Budget speech analysis

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Budget Speech 2012 what to hope for

Finance minister Pravin Gordhan faces a stern test of his mettle on Wednesday when he delivers his 2012 budget in Parliament.

Not only will Gordhan have to balance the books in uncertain global economic times, but he will also need to find funds for government programmes heavily dependent on spending.

He has been saddled with the challenge of providing details of funding for not only the national health insurance scheme and the ambitious infrastructure programme unveiled in President Jacob Zuma's State of the Nation address, but also several other peripheral social programmes government wishes to introduce.

Faced with the need to increase spending while actual income into government coffers has not increased correspondingly, Gordhan has few options for increasing revenue.

The most obvious strategy would be to raise taxes with an even spread across the income, corporate and value added tax (VAT) base.

But this might be difficult as the South African tax base has not grown in a meaningful manner since the global economic crisis of 2008.

Tim Harris, the Democratic Alliance's spokesperson on matters relating to finance, agreed there was a need to find more funding.

"But any further burden on our taxpayers is not the solution," he told the Mail & Guardian. "Increased corporate taxes discourage job creation, more income tax leads to less spending and an increase in VAT will adversely affect the poor."

Budget Pie Chart Example

Harris said that any moves on taxes would undo the "fine tax-paying discipline" shown by many South Africans.


"If we were to burden people with more taxes, we could easily slip into the same problem experienced by places like Greece, where citizens find ways of shying away from taxes," Harris added.

The DA will deliver their alternative budget later on Monday, in which Harris said the official opposition will be proposing a strictly "growth-driven" budget.

Even spread

Harris's theory was accepted in part by Adenaan Hardien, a senior economist at Cadiz, who said that while there was little scope for it, an increase in taxes might be inevitable.

"If these programmes are funded through national government's coffers, we are going to have to pay it back eventually, and that may well come from taxes," Hardien said.

Hardien suggested a combination of strategies might be employed by Gordhan to fill in any shortfall.

"Funding these projects would require raising revenue from a small tax base, so you wouldn't be able to load one section of the population alone. It may come from an increase in income and corporate tax, as well as VAT," Hardien said.

Waste not, want not
But Chris Hart, the chief economist at Investment Solutions, argued that even if taxes were increased, this would not deal with the "fundamental problem" of a lack of "capacity to deliver".

"I don't know how Minister Gordhan will keep a straight face if he puts up taxes in the face of all this excess wastage by government. Year after year we have a situation where the money is there, but is not used properly. You can't solve that by throwing more money at the problem," Hart said.

This was echoed by the DA's Harris.

"We can increase revenues and get more money coming in, but we need to use it effectively to ensure the promises made are kept," Harris said.

Defeating the purpose
Besides increasing revenues through taxes, there were rumblings that increased costs could be met by introducing so-called "user fees".

This would involve increasing the cost of electricity and water, or presenting levy or toll structures on the infrastructure developed by the government.

But Hart argued that any introduction of fees to users of government infrastructure would be counterproductive.

"We will not taste the fruits of any infrastructure plan if it is not funded properly. If funding it involves end users paying for that service, it defeats the purpose entirely, as we've seen with the furore over the introduction of toll gates in Gauteng," Hart said.

Source : mg.co.za
Tags : Budget Speech,Budget Speech 2012, Pravin Gordhan,Finance minister, South Africa budget speech, Value added tax,President Jacob Zuma,tax news south africa

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Department of Health on NHI issues in SA

Cape Town - The Department of Health has embarked on a massive audit of clinics and hospitals in preparation for the implementation of the National Health Insurance (NHI), the Minister of Health Aaron Motsoaledi said today.

Briefing media in Parliament on Thursday, Motsoaledi said so far the audit, which looks at cleanliness, safety and security, drug stock count, long queues, infection control and the attitude of staff at clinics, had addressed 3 336 of the department's 4 200 health facilities.

The attitude of staff and cleanliness were two of the biggest problems, he said, adding that the department this week had trained a team of 40 health experts to prepare them to provide assistance in improving health facilities.

Motsoaledi said the department would start with four districts and 214 facilities in KwaZulu-Natal, Gauteng, the Free State and the Northern Cape. These districts are: Zululand (KwaZulu-Natal), Sedibeng (Gauteng), Motheo Free State), and Pixley ka Seme (Northern Cape).

He said his department was also refurbishing nursing colleges and homes to increase the capacity of these colleges to produce more nurses.

In all, 122 colleges had been targeted and 49 colleges were already being refurbished.

Motsoaledi said his department was still tackling the problems of the Gauteng Provincial Health Department, particularly in its non-payment of service providers.

He said he had held conversations with the Minister of Finance Pravin Gordhan to ensure that provincial health departments had to fulfil certain non-negotiables when allocated funding from the Budget.

This could be for example to ensure that provincial health department's set aside allocations for such areas as immunisations of key infections, he said.

Turning to HIV and Aids, he said the mother-to child infection rate for HIV and Aids had dropped from 8 percent in 2008 to 3.5% last year, for children born to mothers infected with HIV.

This had helped to save 30 000 babies per year - most of these in KwaZulu-Natal, he said.

He also called on South Africans to get tested for HIV and Aids at least once a year.

The department would also be tackling non-communicable diseases, such as alcohol and tobacco abuse.

He said South African government's regulations against smoking had already resulted in a sharp drop in smoking over the last few years.

"We have to deal with the scourge of alcohol advertising where this is projected as product bringing success," said Motsoaledi, who pointed that adverts often depicted images of success and a depiction that drinking was "cool" for young people.

A more difficult issue, he confided, was how to get South Africans to exercise more and to mind their weight. -

Source : buanews.gov.za
Tags : HIV, Aids,health insurance , insurance South Africa,national health insurance,NHI, insurance news, gr8insurance

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National health insurance funding debacle

After the South African Government released its long expected Policy Paper on National Health Insurance (Policy Paper) (NHI) funding on 11 August 2011, quite a few questions remained unanswered.


According to the Policy Paper, Government planned for an additional R145 billion funding requirement in real 2010 prices for the roll-out of NHI over the next 14 years. 

The expectation is that these additional funds will be sourced through increased tax revenues. An additional R15 billion is needed over and above the Medium Term Expenditure Framework (MTEF) estimated health budget for the implementation of NHI in the 2012/13 financial year. 


This represents an increase of 14% in the MTEF budget estimate and will bring the health budget from the original estimate of R110 billion to R125 billion in the 2012/13 financial year. Over the entire roll-out period, the estimate equates to an average of R10.4 billion in additional funding in real 2010 prices being required every year. 


Some of the funding mechanisms currently being discussed include a potential increase in the VAT rate, a surcharge on individuals' taxable income and the phasing in of a payroll tax (payable by the employee). 


When governments consider increasing tax rates to fund a new policy decision, it is not a straightforward decision. Factors such as equity, efficiency, flexibility, ease of administration and collection and potential revenue should be taken into account. 


Questions around equity will centre on whether or not the tax promotes an equitable or fair distribution of income. This would typically speak to the regressive or progressive nature of taxes. The debate round VAT, and those opposed to it, is that it is regressive in nature, meaning it affects the poor relatively more than the rich. 


On the other hand, proponents of VAT as a source of funding feels the tax base is broadened and that everybody can contribute. By zero-rating certain necessary items, the regressive nature of VAT is also reduced and it is relatively cheap and easy to administer if compared to income tax. 


Due to the broader nature of the tax base, research conducted by KPMG on the nature of a tax increase to fund NHI through VAT or through personal income tax, also indicated that increasing VAT might have a slightly less distorted nature. However, due to the socio-economic make-up of South Africa, changes in the VAT rate can and should be carefully considered. 


There is another, less common alternative. Many people believe that increasing the tax on cigarettes and alcohol could and would discourage harmful behaviour and, in turn, improve the population's health. From that perspective, it makes sense to use sin taxes as a potential source of funding for public health policy initiatives. In addition, sin taxes also serve as a source of revenue and are considered by some analysts to have less distortionary effects than other types of taxes. 


On the downside, research indicates that sin taxes might be regressive in nature and if the consumption of taxed products actually reduces on the back of the introduction of sin taxes, it might have a negative impact on the estimated revenue. Increasing sin taxes, on the face of it a potentially reasonable alternative, might therefore have other, unintended consequences that the Fiscus might like to avoid. 


Finally, it is important to consider that tax revenue in South Africa goes into one pool and are normally not ring fenced. The policy stance is unlikely to change with the introduction of NHI. Therefore, no matter the tax revenue source considered, the funds will be paid from the same pool of tax revenue. 


The question remains - who will contribute and how much? 


* Lullu Krugel is an Associate Director and Senior Economist at KPMG 

Source : businesslive.co.za
Tags : health insurance , insurance South Africa,national health insurance,NHI, insurance news, gr8insurance

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South African insurance market changes

PRETORIA – The big-four players in short-term insurance face fierce competition and are even losing some market share from the smaller direct writers such as Outsurance and Auto & General.

According to a report by the ratings agency Fitch these direct writers have increased their market shares, particularly in personal lines, at the expense of the larger companies.

"The increasing competition has put pressure on the larger non-life insurers' profitability. Fitch expects earnings to remain under pressure in the near term," the report reads.

Nicole Gibb, associate director in Fitch's insurance team in South Africa, said in an interview that the bigger players are adapting and have created their own direct distribution lines in place to win back market share.
"It will take some time to see if they can get back their market share," she said.

The fierce competition in the sector is a good thing as the four-big players still dominate the market with a combined market share of roughly 50%.

Santam is the leading short-term insurer with a market share of more than 22%. Second is Mutual & Federal with 11%, followed by Hollard with 9% and Zurich South Africa with 8%.
Outsurance has already increased its market share to 6%, while Auto & General is currently on 5%.
According to the report, direct sales now represent nearly 20% of the personal lines market, a market that was historically served by intermediaries.

Gibb says that Fitch maintains a cautious outlook regarding credit ratings for the short-term sector, as well as life insurers, in South Africa.

She adds that ratings are likely to stay constant if conditions remain as they are.
"If there would be an improvement in performance it would only be a slight improvement," says Gibb, highlighting the volatile investment markets and continued pressure on consumers' disposable income as constraining factors.

Gibbs also says that South Africa has been more sheltered than the rest of the world against the economic downturn. "South Africa obviously has been impacted and I do think a serious fall-out will filter down, but not on the same scale as for the rest of the world."
Ratings actions are important for life and short-term insurers as higher ratings help these companies to issue debt more cheaply.

The insurers actually approach the ratings agency to obtain a credit rating.
"Within the insurance market ratings also demonstrate the security and strength of an insurer to its policyholders and can be a bit of a selling point for them," David Prowse, senior director at Fitch's UK team, said.

As far as growth opportunities go, Africa remains a possible market for both life and short-term insurers, Gibb said.

"The South African market is quite saturated for life-insurance products and the big players have been expanding into Africa. A very cautious approach is being taken when moving into these markets that are still relatively untapped," Gibb said.

Expansion into Africa as a diversification strategy would initially be seen as a credit negative due to the risk involved with moving into new markets, Prowse said.
"Once the company has successfully diversified it becomes a credit positive as the risks are then spread more geographically,"

Source : moneyweb.co.za
Tags : insurance market South Africa,direct marketing, insurance news, gr8insurance

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Natural disasters hit insurance industry

CAPE TOWN, South Africa, Feb 06, 2012 (BUSINESS WIRE) -- In 2011, the mining insurance market was not only hit by $2.7 billion in natural catastrophe losses, but over 60 operational losses totaling $835 million.

The $3.5 billion total estimate of losses facing mining insurers has prompted a 30 percent withdrawal in insurance capacity since the start of 2011. This is according to the latest Mining Market Review released today by Willis Group Holdings plc (WSH) , the global insurance broker.

The report, published to coincide with this week's annual African Mining Indaba in Cape Town, a conference held for natural resource professionals, estimates that the current global capacity available to mining Property

Damage & Business Interruption (PDBI) insurance programmes is $1.25 billion, down from $1.75 billion at the start of 2011. Willis says that "whilst this does not represent the dramatic loss of capacity that precipitated historical hard markets such as 2001, it may indicate a difficult year ahead for the renewal of mining PDBI programmes".

Willis' report identified resource nationalism, natural catastrophe exposure, and supply chain disruption and globalisation, as the three biggest risks facing mining companies:

-- Resource nationalism and punitive taxation regimes are no longer only an issue in emerging markets, noted Willis, with "developed countries (notably the United States, Australia and Canada) increasingly adopting resource nationalist policies that include the blocking of Chinese investments and the tightening of fiscal regimes in the extractive sectors". The report includes a chapter on the myths and realities of resource nationalism by global analysis and advisory firm, Oxford Analytica.

-- The huge impact of the Japanese earthquake and tsunami, the Christchurch earthquakes, the Queensland floods, earthquakes in Papua New Guinea, the weather events and floods in Brazil and South Africa all served to reinforce the threat to the mining sector posed by natural catastrophe events.

Source :marketwatch.com
Tags: insurance,mining,natural disaster
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Disadvantage school iPad programme

Private schools, in an alliance with business and iSchoolAfrica, an arm of the distributors in South Africa of Apple computers, are taking tablet computing and applications to underprivileged pupils to improve the matric pass rate.

iSchoolAfrica provides Macbooks, iPods and iPads to more than 50 schools in South Africa but project director Michelle Lissoos saids the project she is most excited about provides Macbooks to schools in rural Limpopo, Gauteng and North West.

The project is in partnership with the Department of Rural Development, and the numeracy and literacy applications on the Apple devices are in line with the school curriculum.

Peermont group, owner of Emperors Palace casino, has provided 20 primary schools with 33 iPads, and seven high schools with four iPad2s, as part of a R40-million, five-year Ekhurleni education programme.
The objective is for the seven high schools to obtain a matric pass rate of more than 60% by 2015.
High schools are also provided with mobile Macbook computer labs.

The coordinator of the Peermont School Support Programme, Clifford Elk, works with schools on drawing up timetables and planning how best to use the tablets and Macbooks so that each class gets the maximum usage.
Schools were assessed on "motivated leadership and likelihood to succeed".
Private schools that have been using tablet computing are also on board.

Dainfern College, northern Johannesburg, and Sacred Heart College, in Observatory, eastern Johannesburg, have joined Peermont to share expertise with Ekhurleni teachers.

The headmaster of Sacred Heart, Colin Northore, said a training day will be held on Saturday for teachers.
Northore said Grade 7s at Sacred Heart developed applications and so are "not merely consumers of content but also creators".

Last year they developed a phonics programme because the available application did not use South African accents.

Elk explained that insurance is one of the huge costs of the programme.
"I would like to use the money we spend on insurance to buy more equipment but it is essential to have insurance."

Lissoos said there were no reports of robbery at the 13 rural schools given mobile computer labs.
iSchoolAfrica said training and support were provided to ensure that the technology was used effectively.

Source : timeslive.co.za
Tags: iPad in schools,iSchoolAfrica,rural schools South Africa

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Ernie Els promises a good game

Ambitious Ernie Els vows to do his best at Torrey Pines

After stealing the show at Volvo Champions last week, Ernie Els is now preparing to make yet another breakthrough at Torrey Pines.

Torrey Pines is going to stage the Farmer Insurance Open 2012, from January 26 to 29.

Els has already made up his mind about moving ahead, vowing to repeat the stellar performance he showed  in South Africa.

The 42-year-old South African looked more than thrilled on the practice range on Wednesday, at Torrey Pines, California. Els is gearing up to participate in the Farmer Insurance Open this week.

Although pumped up by a runner-up finish at Volvo Champions, Els has plenty of things to worry about before he sets foot on the course in the Jan-26 event.

First off, he has seen his world ranking slip to an all-time low. He currently ranks 57th, thanks to his phenomenal performance in South Africa, which is obviously not something to boast about.

"I look at it now. I never used to. When you're comfortably in the top 10, top 20, you don't look at these things. Now, I'm on the other side of the wheel. I've got to play myself into events," Els said of his troubled position.

"I've got to get into the Masters, into Doral, into the Match Play. And that's fine with me. And if I don't get in, that's fine with me. I feel like I'm going to have a good year," he said. "I feel good about it".

Moreover, he is also worrying about whether he will be able to make it to the Masters and other two World Golf Championships in the next few days.

However, if Els manages to exhibit a good performance at the Famers Insurance Open, he can have a good chance to gain some assurances, which will help him find a spot in major events coming ahead.

Torrey Pines can be used as a springboard for ambitious Els, as it is featuring a good field this week.

As there will not be any leading players on the course, Els has a good chance to stand out among his rivals.

The only player who can pose a challenge to the rivals in the event is Dustin Johnson. Johnson currently ranks 9th in the Official World Golf Rankings. 

Another key player is Phil Mickelson. Mickelson, standing at the 15th position in the world, has what it takes to strike fear into competitors.

Much attention has centred on the Abu Dhabi Golf Championship slated to start this week.

World's top players such as Luke Donald, Tiger Woods and Rory McIlroy are gearing up to shine at Abu Dhabi, making the Farmer Insurance Open a much easier tournament.

"The Middle East made the most sense," Els said. "There are stronger fields, more points, and I need the points to get into the top 50 and all that. But I've made my decision. I've done that for so many years. It's important for me to be home now. And if I play well here, I'll still get into the top 50"

Source: blogs.bettor.com
Tags : Ernie Els, Farmers Insurance Open, golf news

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South africa Insurance ombudsman troubles

The decision at the end of last year not to renew the contract of Brian Martin as the Ombudsman for Short-term Insurance (Osti) and to appoint Dennis Jooste in his stead may be invalid.

But the three-year term of the body that must consider the issue, the Financial Services Ombud Schemes (FSOS) Council, ended on December 31 last year, and a new council has yet to be appointed by the Minister of Finance.

The FSOS Council, which is a statutory body, in effect polices South Africa's voluntary dispute resolution ombud schemes.

The question mark over Jooste's appointment follows a breakdown in relations between the Osti board – in particular, those members who represent the short-term insurance industry – and Martin, who says that the industry unjustifiably interfered in his independence (see "It was follow the master's voice or else – Martin", below).

The Osti board issued a brief, low-key statement towards the end of last year announcing Jooste, a retired lawyer, as the new ombudsman and "paying tribute" to Martin.

The statement was silent about the fact that Martin's five-year contract had expired and that the Osti board had decided not to invoke the option to renew his contract for a further five years.

For the board's decisions to be valid, most of its members must be independent of the short-term insurance industry. This requirement has been confirmed by Gerry Anderson, the deputy executive in charge of market conduct at the Financial Services Board (FSB).

However, at the time the decision was taken to appoint Jooste, the nine-member board consisted of:

* Three members to represent consumers, of whom at least two are paid by the insurance industry to serve on the board.

* Jonathan Dixon, the deputy executive in charge of insurance at the FSB.

* Four members to represent the industry. One of these representatives, Barry Scott, the chief executive of the South African Insurance Association (SAIA), argues that he is an independent member, because he is not employed by one of the insurance companies that participates in the Osti scheme.

* A fourth consumer representative, Thami Bolani, who has taken a temporary leave of absence. This is because Bolani has become embroiled in a controversy as the chairman of the Estate Agency Affairs Board (EAAB), from which position he was suspended by Trade and Industry Minister Rob Davies following allegations that, as a result of a conflict of interest, Bolani contravened the conditions of his appointment.

The Hawks are investigating how NCF Consulting Enterprises, of which Bolani is chairman, allegedly pocketed R200 000 from the EAAB. Bolani has denied any wrong-doing.

As a result of Bolani's absence, the non-industry members did not hold an effective majority on the board when the decision was made not to renew Martin's contract and to appoint Jooste in his stead.

After initially refusing to comment, Gail Walters, the Osti board's chairperson and the head of group corporate affairs at Hollard Insurance, said the board was properly constituted when the decision was made.

Walters will not say why the Osti board did not renew its contract with Martin, and she has also refused to give reasons to Martin. However, Personal Finance has information that it was partly due to the growing animosity and clashes between the industry representatives on the board and Martin.

The industry representatives were concerned about Martin's insisting on having unfettered independence, some of his rulings and corporate governance issues.

Industry interference apparently peaked when Scott and Walters, either individually or jointly, tried, without success, to pass resolutions to censure Martin. This occurred after Martin issued a press release, published in Personal Finance, warning consumers about the deceptive nature of the Carprehensive policy underwritten by RMB Structured Insurance, and because Martin wrote a letter to the FSOS Council in which he expressed his concerns about the structure of a proposed appeal board for the Osti.

During Martin's tenure as ombudsman, the number of cases that resulted in consumers receiving some form of relief increased from 33 percent to 38 percent, while the value of awards to consumers more than doubled, from about R60 million to R130 million a year.

Scott, who denies interfering in Martin's independence, repeatedly side-stepped questions from Personal Finance about his clashes with Martin and his role in not re-appointing Martin, claiming board confidentiality.

And Walters, who responded on behalf of the Osti board prior to this report being written, said: "Much of the other information you seek is confidential, and the information you have presented is incorrect in a number of respects. It is also apparent to the board from the tenor of your emails and inquiries that you have prejudged the issues, and we do not intend to engage with you any further."

Walters did not say which information is incorrect and also ignored questions about the need for a body designed to protect consumer interests to be transparent.

Personal Finance has information that Walters never submitted Personal Finance's questions to the Osti board.

However, Walters later admitted that she, Scott and Ronnie Napier, the chairman of the SAIA, met at Hollard's head office in Johannesburg this week after she had refused to answer Personal Finance's questions. Napier sent an email to Personal Finance after the meeting denying that the SAIA interfered in the independence of the Osti.

* If you want to complain to the Osti about an insurance product, you can phone 0860 726 890, or fax 011 726 5501 or email info@osti.co.za

IT WAS FOLLOW THE MASTER'S VOICE OR ELSE – MARTIN

Former Ombudsman for Short-term Insurance (Osti) Brian Martin says he did not experience any direct interference from insurance companies during his term of office, "but huge pressure was brought to bear upon me to follow the industry line or approach to certain issues".

In reply to questions from Personal Finance, Martin says: "Where I declined to do so and made rulings which were regarded as being contrary to the policy of an individual insurer or the industry as a whole, especially where my decision was based on equity and not the strict letter of the policy, this usually resulted in a complaint to the South African Insurance Association (SAIA), who were then put under pressure 'to do something about the ombudsman'."

Martin says this resulted in his "relationship with the industry" being raised by industry representatives at meetings of the Osti board and at a lunch that Martin had with SAIA chief executive Barry Scott and SAIA chairman Ronnie Napier.

At the lunch last year – prior to Martin being told that his contract would not be renewed but that he could re-apply for the position – "I was informed that I was 'out of step'" with the industry, he says.

Martin says he indicated his willingness to engage with anyone who was not happy with any of his decisions and to explain in full the basis for these decisions.

Martin says he regarded the "pep talk" he received from Scott and Napier as unwarranted interference in his independence.

"Scott regularly stated at board meetings that my relationship with the industry had hit 'rock bottom', and I was left under no illusion that if I wanted to get a favourable performance appraisal, I would have to curry favour with the industry. It was a case of 'follow the master's voice' or else," Martin says.

When he was interviewed by the Osti board after he re-applied for his position, Martin says that Scott made much of his alleged undermining of the board due to the concerns Martin had expressed about a proposed appeal process for the ombudsman's office, and his relationship with the insurance industry and Gail Walters, the chairperson of the Osti board.

Osti board responds: Walters, on behalf of the board, says: "We view Mr Martin's version as self-serving and inaccurate. In addition to what we have already placed on record, at our first board meeting of last year, on March 31, 2011, the board advised Mr Martin that we had elected not to renew his contract, but invited him to apply for the position afresh, along with other candidates, which he did.

"Because Mr Martin's letter relates to issues under his private employment agreement subject to a confidentiality clause binding on Mr Martin, we have no intention of debating these issues in the media. Our decision not to do so should not be construed as our acceptance of the correctness of Mr Martin's assertions."

QUESTIONS THAT INDUSTRY BOARD MEMBERS WON'T ANSWER

Questions from Personal Finance that insurance industry representatives on the board of the office of the Ombudsman for Short-term Insurance (Osti) declined to answer include:

* Why Brian Martin was dumped as ombudsman last year.

* The nature of the relationship between the industry representatives on the board and Martin, including questions specifically relating to a press release issued by Martin that warned consumers about an RMB Structured Insurance product, Carprehensive, and a letter that Martin wrote to the Financial Services Ombud Schemes (FSOS) Council in which he expressed his concerns about aspects of a proposed structure to which decisions of the ombud can be taken on appeal.

* The nature of the proposed appeal structure. The proposal was before the FSOS Council before it dissolved at the end of last year, and no decision has been made.

Personal Finance has information that the structure could result in consumers having to seek expensive legal assistance when a company appeals a decision that has gone against it. This could negate the government's determination, stated in a policy document last year, to have disputes between consumers and financial services companies resolved quickly and cheaply.

* A proposal to add two independent members to the Osti board. This matter was apparently also being considered by the FSOS Council before it dissolved.

TREASURY TO MEET BOARD, SAIA

The National Treasury will meet with the board of the Ombudsman for Short-term Insurance and the South African Insurance Association to hear their views on the contoversy surrounding the decision not to re-appoint Brian Martin.

Ismail Momoniat, the deputy director-general at the National Treasury, says it is important that any negative perceptions are dispelled as soon as possible, because the office of the ombudsman plays a critical role in protecting consumers from unfair practices.

This is the first time there have been any allegations of interference in, or problems related to, the process of appointing the ombudsman, Momoniat says.

Source : iol.co.za
Tags: south africa insurance ,ombuds man,
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Sasol to avoil Iran oil

JOHANNESBURG—South Africa's Sasol Ltd. is starting to diversify oil sources away from Iranian imports, it said Wednesday, as pressure from the U.S. and European Union mounts.

South Africa, which relies on Iranian crude for roughly 25% of its oil imports, is currently debating how to approach increased sanctions being imposed on Iran by the U.S. and EU, aimed at choking off a key source of revenue from the regime. This week the EU enacted new sanctions on Iran, including a planned oil ban effective July 1 and banking and shipping sanctions.

Sasol, the world's largest producer of motor fuels from coal, relies on Iranian oil imports for about 20% of its crude requirement, or 12,000 barrels a day, at its Natref refinery.

"In view of recent developments regarding trade restrictions and possible oil sanctions against Iran, Sasol Oil is diversifying its crude oil sourcing," a company spokeswoman said, declining to give
further details.

The U.S. Deputy Secretary of Energy Daniel Poneman this month met with South Africa's energy minister to talk about oil sanctions and U.S. representatives have been meeting with South African companies to explain the impact new sanctions will have.

"South Africa has not made a decision," a spokesman for the Department of International Relations said, in regards to the country's position on sanctions against Iran. "The matter is currently under discussion."

Along with Sasol, which not only imports Iranian oil but also has a 50% share in a $900 million Iranian petrochemical project, South Africa's flagship telecommunications company MTN Group Ltd. has a
joint venture in Iran.

MTN said Wednesday that it is "business as usual" at its 49% stake in Iran's second-largest mobile phone operator. MTN derives 21% of its subscriber base from Iran, according to its most recent figures.

"There is no change in our operation," an MTN spokesman said. "Sanctions in Iran have been going on for decades."

South Africa's Minister of Communications Dina Pule said her department wouldn't put pressure on MTN to pull out, even if countries from Europe or the U.S. tried to lean on the company.

Sasol, which has U.S. interests, announced late in 2011 that it started preliminary discussions to exit its venture in Iran on concerns U.S. sanctions could hurt its business. On Wednesday, the company reiterated that those talks are ongoing and are taking place with a number of business and government partners.

Source: online.wsj.com
Tags: Iran oil,Sasol,MTN,Iran sanctions

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Electrical car purchase survey

Deloitte released a preview of results of their yearly survey of Gen Y automotive buying habits, saying that the younger crowd have a "strong affinity for hybrid vehicles" and that "generation that leads us away from traditional gasoline-powered vehicles." Specifically they were shown to have a 57% preference for hybrid vehicles and given that Gen Y is 80 million strong, it's enough auto buyers to tip the scales significantly. And as Gen Y is the smart phone generation we should be unsurprised to learn they overwhelmingly want touch-screens on the dashboard.

Deloitte defines Gen Y (in case you needed to know) as those ranging in age from 19 to 31. The study, conducted in Sept and Oct 2011, is their yearly analysis of the buying habits of consumers, and covered 1500 Gen Y, Gen X and baby boomer people. Deloitte released the preliminary results at its Shifting Gears conference yesterday in Detroit, and final results are due to be released in February.

The results specifically break down as 57% preferring hybrid cars, 2% preferring pure electric cars, and 37% preferring a traditional gasoline driven drive train. Of those preferring a hybrid, they prefer the non-plug-in hybrids (66%) over the plug-in hybrids (33%) apparently in the belief that it's more convenient to go out of your way to a gasoline station to refill a gas tank, than it is to plug in.

As to why, the Gen Y crowd is concerned over the high price of gasoline. Eighty-nine percent are looking for high fuel efficiency, and this becomes especially important when gasoline prices rise. Some 49% of Gen Y auto-buyers are willing to pay extra for higher fuel efficiency.

"Gen Y consumers also view hybrid technology as proven and reliable," says Craig Giffi, vice chairman and automotive practice leader at Deloitte LLP. "Almost 6 in 10 Gen Y respondents prefer a hybrid over any other type of vehicle, while a mere 2 in 100 prefer a pure battery electric vehicle – demonstrating that Gen Y is familiar and comfortable with hybrid technology, but not so much with battery-only technology."

The study also revealed some preferences about the technology inside the cars. Those of us who had friends who went for awesome stereo systems (or were that person) should not be surprised to learn that overwhelmingly (73%) the younger car buyers want touch screens and other high tech goodness on the dashboard. Also overwhelmingly (77%) want to buy high-tech accessories for their cars after purchase.

These results fit rather well with the direction being taken by some of the automakers. For example the CEO's of both Ford and Daimler were at CES this year despite the fact that NAIAS happened the same week in Detroit. The keynote delivered by Daimler's Dr. Zetsche talked at length about the connected car and high fuel efficiency. Ford's strategy in the near term is to focus on fuel efficiency gains through better engines and weight reduction, while taking a slower approach to electrifying their vehicle fleet. The Toyota Prius C as a less expensive smaller version of the Prius, with the Entune infotainment system, is another example.

In Science they sometimes see that to adopt a radically new model of understanding requires a generational change, that is for the old guard to die off and the youth to come in with fresh new ideas. Is this what it will take for different transportation choices to take hold? If so, is this fast enough to prevent the climate change catastrophe awaiting us?

Source : torquenews.com
Tags: generation Y,electrical car,car survey

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JSE All share hits record high

Johannesburg - The All Share [JSE:J203] index booked its third straight record closing high on Thursday, edging up 0.11% as Standard Bank and other major lenders were lifted by a global rally in banking shares.

The benchmark Top 40 - (Tradeable) [JSE:J200] index posted its highest close in 11 months.

South African stocks have risen 5% so far this year, after a flat 2011, but that has been enough to push the All-share - the widest measure of South African stock performance - to its highest on record.

"Going forward, Europe events will dictate market direction. It looks like banks and resource stocks will be attracting attention but the market will still follow global trends," said Devin Shutte, a trader at brokerage Newstrading.

The All-share finished up 0.11% at 33 586.15, its highest close on record. During the session it hit a record intraday high of 33 656.37.

The benchmark Top 40 closed up 0.13% at 30 007.86, its highest finish since February.

Banks were the major driver, following encouraging results from US financials including Goldman Sachs and Bank of America.

Sentiment was also helped by news the International Monetary Fund would seek to more than double its war chest by raising $600bn to help countries deal with fallout from the debt crisis.

Source: Fin24.com
Tags: JSE all share,JSE index, news JSE

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South Africa interest rate unchanged jan 2012

The Reserve Bank’s monetary policy committee (MPC) has kept rates unchanged, it announced at the end of its three-day meeting in Pretoria on Thursday.


The repo rate remains at 5,5% and the prime interest rate at 9%, said Gill Marcus, governor of the Bank.

SARB

This was the seventh consecutive meeting of the MPC where the repo rate remained unchanged, after it was reduced by 650 basis points between mid-2008 and December 2010. It keeps the rate at its lowest level in more than 30 years.


Economists had not expected the MPC to raise or lower rates, a decision that should not affect the rand.


Barclays Capital also said earlier on Thursday that the MPC announcement was unlikely to have a material impact on the rand in the near term if the decision was unchanged and the accompanying policy statement suggested that the possibility of an imminent shift in the policy stance remained remote.


Ms Marcus also said that South Africa’s growth forecast for this year had been revised down to 2,8% from 3,2%. For next year, the forecast is now 3,8% from 4,2%.


Inflation was steady at 6,1% last month, which confounded forecasts of an increase and eased speculation that the Bank would be forced to raise interest rates late this year.


Market consensus had predicted inflation would rise to 6,3% compared with December 2010, up from 6,1% in November and taking it further above its official 3%-6% target range. In December last year, inflation rose by 0,2%, below a 0,3% increase in November.


In November, the Bank predicted inflation would peak at an average 6,3% in the first quarter of this year before declining gradually and returning to the target range in the final quarter.


Many economists believe inflation will be higher and stay out of its target range for longer, prompting the Bank to raise interest rates later this year.


The rand depreciated by more than 18% against the dollar and the euro last year, which raised the cost of imports, particularly that of petrol.


So far this year the rand has strengthened, and may continue to do so over the coming months if global risk aversion abates.


With MARIAM ISA and I-NET BRIDGE, SAPA


Source : businessday.co.za
Tags : interest rate, new interest rate, Gill marcus, reserve bank

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Back to school registrations news

Basic Education Minister Angie Motshekga confirmed on Wednesday that late applications for school places dogged the first day of school.

Motshekga and her deputy Enver Surty paid surprise visits to two schools in Bela Bela and were pleased with their readiness.

However, crowds of people arrived at schools across inland provinces hoping to register their children for the first time.

The Education Department subsequently urged parents to visit district offices instead, where they would be accommodated.
 
Simultaneously, Gauteng Premier Nomvula Mokonyane and Education MEC Barbara Creecy met with management at a newly-built school in Diepsloot.
 
The Itirele Zenzele Comprehensive High School is one of 13 new schools that opened it's doors.

Mokonyane reiterated that parents needed to get involved in their children's education and said the biggest problem experienced by Gauteng officials was late registration.

Creecy confirmed that there had been around 3,000 registrations in the province.

Speaking about the initiatives that were scheduled to be rolled out in 2012, Creecy said numeracy and literary programmes had been expanded in schools.

Source: ewn.co.za
Tags : back to school,registrations,gauteng news
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Record car production Mercedes Benz South Africa

MERCEDES-Benz  South Africa built  more cars in East  London last year than ever before, a result that bodes well for the future of the city.


A production record of more  than 54312 Mercedes-Benz C- Classes were built in East London last year, compared to  52101 in 2010, and expectations  are that 2012 production will  significantly exceed that of  2011.


 This is excellent news for  East London, home of MBSA’s  West Bank plant, one of the  city’s largest employers.


“This shows that world-class  operations can be established  in South Africa, something of  which we are certainly very  proud.


“ It also assures our South  African customers that they  will not only get the best product available, but will be contributing to shaping a bright  future for South Africa as a  whole,” Arno van der Merwe,  manufacturing plant and East  London site leader for MBSA,  said.


“MBSA considers the East  London plant achievements as  indicative of its long-term commitment not only to sell vehicles to local customers, but  also to use South Africa as a  production hub for both domestic consumption and substantial export business – a  part of the operation which is  bound to grow with the production of the next generation  C-Class.”

2012 Mercedes C Class Coupe

MBSA started construction  work at the end of last year,  executing the plan to almost  double C-Class production capacity in East London by 2014.


“With this investment, we  are building on our ambition to  secure and create more jobs,  and to invest in both our East  London plant as well as in our  people,” said MBSA chief executive and president, Dr Martin Zimmermann.


The MBSA plant was also  again awarded the prestigious  gold award of JD Power and  Associates in their 2011 US Initial Quality Survey, winning  such high accolades for the  third year in a row.


 Border Kei Chamber of Business executive director Les  Holbrook said MBSA’s results  were encouraging, especially in  light of what this means to  East London and the region.


“If MBSA does well in East  London, the city does well, it’s  one of those reciprocal relationships,” Holbrook said.


“The results are very encouraging and it’s also heartening to see MBSA doing well,  despite the recession and global concerns around the economy. This is really good for  East London.”


MBSA did exceptionally well  in sales of their vehicles over  December, beating their own  record on sales and up 38% on  sales in December 2010.


 In general, the latest new vehicle sales statistics from the  National Association of Automobile Manufacturers of SA  (Naamsa), which excluded  MBSA’s sales figures, showed  that the total sale of 571425  units countrywide last year  was up from 492907 in 2010.


In December, MBSA sold  1714 Mercedes-Benz vehicles,  which was a new December  record, representing an increase of 38% compared to the  previous benchmark set in December 2010.
“We are delighted with the  continued support from existing and new customers,” Zimmerman said.


 Last year MBSA introduced  eight new models to the South  African market, including the  new generation C-Class Sedan  and Estate models.
“We share the consensus  forecast that growth in the passenger car market this year  will slow down considerably  compared to 2011, but we are  confident that Mercedes-Benz  will continue its South African  success story by further growing our business in this country and entrenching our leadership as the premium luxury  brand,” Zimmerman said. —  taralynb@dispatch.co.za


Source : Dispatch.co.za
Tags : Mercedes Benz, C Class, Mercedes South Africa, car production SA


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Councillors seek government insurance cover

Johannesburg - The country’s 10 055 councillors want insurance at government’s expense to cover themselves and their properties against violent service delivery protests.


The SA Local Government Association (Salga), the representative organisation of municipalities, has asked national government to take “dramatic action to prevent loss of life and damage caused by disgruntled communities”.

“Councillors should be entitled to, at the cost of municipalities or the state, risk benefits including but not limited to death cover, disability benefits, funeral benefits and cover for assets lost or damaged as a direct result of public violence,” reads a Salga letter to Co-operative Governance and Traditional Affairs Minister Richard Baloyi.


In the letter, which City Press has seen, Salga chairperson and Mangaung Mayor Thabo Manyoni says councillors are the face of government on the ground and are continuously forced to flee their homes because of violence and criminal behaviour during service delivery protests.


Manyoni says current laws do not protect councillors and they have no automatic recourse for damages unless they lodge damages claims against their municipalities.


Costly


The plan might prove costly if implemented across the board instead of only for councillors in service delivery hotspots, according to a municipal manager.


“Some councillors have more than one property while others live in expensive suburbs,” says the municipal manager, who has asked not to be identified.


Manyoni has three properties, including one in Harrismith, while his Midvaal counterpart, Timothy Nast, owns a property in Henley-on-Klip, two in Vereeniging and one in Durban.


Manyoni’s Salga colleagues, Gauteng chairperson and Johannesburg mayor Parks Tau has properties in Berea and two in Winchester Hills, while Western Cape chairperson Demetri Qually lives in Marina da Gama, where houses range between R800 000 and R4m.


Cape Town's mayor, Patricia de Lille, owns a R2m house in Pinelands.


Treasury


As local government debt is increasing and finances are depleted, councillors now want to be paid by the national Treasury instead of municipalities from April.


Last week, Treasury revealed that 66 of the country’s 283 municipalities are in “financial distress” and another 37 “on the borderline of being identified as being in financial distress”. Municipalities are owed R75bn by businesses, government and households.


Councillors also want their benefits to be benchmarked against those of members of provincial legislatures, who earn between R820 000 and R1.5m.


Salga has asked Baloyi for an upward adjustment of cellphone allowances for part-time councillors, who currently do not receive this perk. 


Councillors are paid monthly phone allowances of between R1 000 and R3 200.


Source :City Press , News24
Tags : insurance, government insurance, insurance cover, Gauteng Councillor,SALGA


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South Africa house prices decrease

Johannesburg - The average price of a mid-segment house was almost 14% lower in November last year than it was in August 2007, according to Absa's latest property price indices released on Thursday. 


"The average real price of middle-segment houses, calculated at constant 2008 prices, was in November almost 14% below its peak of August 2007," Absa Home Loans property analyst Jacques du Toit said in a statement. 


"(This) was the result of average nominal house price growth being below the average headline consumer price inflation rate over the past four-and-a-half years." 

Nominal house price growth - where the effects of inflation are not taken into account - in the middle-segment of the South African housing market was 2.2% in 2011. 


This was down from growth of 7.3% in 2010. 


In real terms, when average annual inflation of 5% was factored in, house prices deflated by 2.7% in 2011. 


The average nominal house price of small homes (80m² to 141m²) in December 2011 was R694 400, Du Toit said.


Medium-sized houses (141m² to 220m²) registered an average nominal house price of R985 400. 


The average nominal house price of large homes (221m² to 400m²) was R1 548 200 in December. 


Unchanged interest rates in 2011, rising inflation, relatively high levels of debt, damaged credit records and tight labour market conditions all played a role in dampening house price growth and demand for housing. 


Du Toit said house price growth would probably remain subdued in 2012. 


"Based on the outlook for the global economy and domestic growth, inflation, interest rates and the consumer sector, house price growth is forecast to remain relatively low this year, while prices are set to decline further in real terms," he said. 


The trends are based on the Absa house price indices for small, medium-sized and large homes in the middle-segment of the housing market for which the bank received and approved applications for mortgage finance.


Source : Fin24.com
Tags: house prices, property market, SA house price

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