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TALISMAN BRINGS IT HOME, AGAIN!

(Front, ltr) Chez-Lynn Adams, Sifiso Malinga, Elphas Dlamini,
Thabani Shezi, Zama Sosibo, James Sikhakhane, Yugeshnee Singh, (middle) Ian Crichton, Justin Griffin, (back) Cyril Hlengwa, Conrad Zuma
and Victor Sipahlanga.

Talisman Hire PMB has scooped gold for the third consecutive year as the leading franchise in the KZN and Eastern Cape region. The prestigious accolade was presented to Justin Griffin, owner of Talisman Hire PMB at the annual Talisman awards function at Champagne Castle in the Drakensberg earlier this month. The Talisman operation in Pietermaritzburg is part of the Dunranch Group, a source of pride with MD Duncan Paul. “This award would not have been possible without the hard work and dedication of Justin’s team. Well done to the Talisman Hire PMB team on your outstanding efforts and customer excellence,” said Paul.

   
   
 
     
  Today in History  
     
 

1958: The peace symbol, commissioned by the Campaign for Nuclear Disarmament (CND) and combines the semaphore symbols for the letters N and D - an abbreviation of “Nuclear Disarmament”, is designed by Gerald Holtom.  

Go on, say what you want in your own language, on International Mother Language Day that is celebrated today. 

 
     
  News worth knowing  
     
 

BUDGET 1: BRACE FOR RATINGS AGENCIES’ BACKLASH

Finance minister Tito Mboweni was braced for a potential backlash from ratings agencies after unveiling a budget that pledged to plough R69 billion into Eskom over the next three years and predicted the budget deficit would surge to the widest in a decade next year. That figure could grow to R150 billion over the next decade, Treasury officials said separately. The initial market reaction was swift, though both the Rand and government bonds later recouped losses that followed Mboweni’s announcement that the budget deficit would climb to 4.2% of GDP in the current year and reach 4.5% in 2020. It was at 3.7% in 2016. Government debt will peak at a higher level, with the debt-to-GDP ratio set to reach 60.2% in 2023/2024, compared with the previous estimate of 59.6%, he said. (BDLive)

See below: Kganyago has faith in domestic banks

 
 

BUDGET 2: UNIT WITH TEETH TO TARGET ILLICIT ECONOMY

The finance minister has warned those flouting tax laws that they are in the crosshairs of the new illicit economy unit at the SA Revenue Service (Sars). “Render unto Caesar what belongs to Caesar, because Caesar can break your bones,” Tito Mboweni said. This unit was similar to the former high-risk investigations structure at the tax body, controversially dubbed the “rogue unit”. Mboweni said Sars was being fixed in line with the recommendations from the Nugent commission. The new illicit economy unit was launched in August 2018 and was focused on the fight against the trade in illicit cigarettes, as well as textile dumping and illicit fuel. (BDLive)

 
 

BUDGET 3: BAILOUT AT CENTRE OF ESKOM RESCUE

A massive bailout for Eskom of R150 billion over the next 10 years will be a key part of the plan to rescue the troubled company, Treasury officials said yesterday. The budget allocates R23 billion a year over the next three years to Eskom. The rescue plan includes a further R23 billion for the seven years after that which is pencilled into government’s long-term borrowing plans, officials said. Amortised over 10 years, the full package amounts to R150 billion in 2019 prices. The size of the package could vary, affected by several factors, "including economic growth, tariffs, electricity demand and the rate of reform of the electricity sector", said Ian Stuart, acting head of the budget office. As a condition of the bailout, the ministers of finance and public enterprises would appoint a chief reorganisation officer with the explicit mandate to implement the recommendations of the presidential task team into Eskom. (BDLive)

 
 

BUDGET 4: FOR MORE ON WHAT IS IN STORE

For a detailed breakdown of the Budget, click here.

To listen to finance minister Tito Mboweni and hear how the Budget will impact on consumers, specifically with regard to the so-called sin taxes, click here.

 
 

KGANYAGO HAS FAITH IN DOMESTIC BANKS

Reserve Bank governor Lesetja Kganyago said yesterday that South African banks are capitalised well enough to withstand the shock in the event of a downgrade by Moody’s. Prior to the tabling of the budget, Kganyago said that the Bank stress-tested the financial system and was assured that a downgrade would not cause a banking crisis. “We have got conservative bankers who have planned for that scenario and are confident the banking system will be able to withstand it,” he said. Moody’s is the last of three ratings agencies to rate SA’s debt as investment grade. Should this change on March 29 when Moody’s is due to issue updated ratings, SA will fall out of the Citi World Global Bond Index (WGBI), with the result that an estimated US$10 billion (about R140 billion) invested in the government and state-owned companies would immediately flow out of the country. (BDLive)

 
 

EX-VBS BANK BOSS DISBARRED

The South African Institute of Chartered Accountants has announced that its disciplinary committee has ordered that former chairperson of the VBS board, Tshifhiwa Matodzi, be stripped of his registration. The decision means that Matodzi won't be recognised as a chartered accountant. Saica said yesterday that the decision to cancel Matodzi's membership was taken at a meeting on February 19. Matodzi's name was prominently mentioned in a damning report, commissioned by the SA Reserve Bank, into what transpired at the mutual bank. The 'Great Bank Heist' report, released last year, detailed how executives at the bank misappropriated funds, contributing to its downfall. Almost R2 billion was looted from the bank, according to the report, with officials using the money of depositors to splurge on personal luxuries. Saica said the sequestration hearing of the bank's former CEO, Andile Ramavhunga, will resume in April. VBS was placed under curatorship by the Reserve Bank in March. (BDLive)

 
 

VW SETS AMBITIOUS PRODUCTION TARGETS

German carmaker Volkswagen's South African unit expects to produce a record number of vehicles this year despite a sluggish domestic economy, power outages and looming talks with unions, its managing director said. Volkswagen Group South Africa manufactured 126 463 vehicles in 2018, but will ramp up output to 161 900 vehicles this year with 108 000 destined for export, Thomas Schaefer said. Boosted by the popularity of its Vivo and Polo models, VW was the South African leader in passenger vehicles last year with a nearly 20% market share, he said. (Reuters)

 
 

DEUTSCHE BANK BACK IN BUSINESS IN SA

Deutsche Bank is hiring 26 people in South Africa, a spokesman said yesterday, less than a year after scaling back the operation in a broad restructuring of its investment bank. The lender had appointed a new head of corporate finance coverage in South Africa and the remaining hires would mostly be in corporate finance, fixed income and corporate treasury solutions, as well as operational support and client adoption. Deutsche Bank, Germany's largest lender that has had a presence in South Africa since 1979, reported its first annual profit in four years this month following a turnaround strategy implemented by CEO Christian Sewing. (Reuters)

 
 

ZIMBABWE SCRAPS US DOLLAR PEG

Zimbabwe yesterday abandoned a peg that was supposed to ensure its quasi-currency bond note would trade at parity with the U.S. dollar, Central Bank Governor John Mangudya said. Zimbabwe began introducing bond notes to eleviate chronic cash shortages in 2016. Over time the bond notes have devalued against the US Dollar on the street, despite being officially pegged to the value of the greenback. (Reuters)

 
 

NO NEW BREXIT DEAL, BUT HOPE FOR IRISH BACKSTOP

The European Union will not agree to renegotiate the deal on Britain's exit from the bloc but there might be some margin of manoeuvre for a statement on the Irish backstop, a Spanish foreign ministry said. The comment came after Bloomberg quoted Spanish Foreign Ministry Josep Borrell as saying a revised Brexit accord was being hammered out, a comment that pushed up the Pound. "The Brexit Treaty is not going to be reopened," the source added, referring to the Withdrawal Agreement reached between Prime Minister Theresa May and the EU last November. Britain is due to leave the EU on March 29. May was in Brussels yesterday for more talks with the head of the European Commission, Jean-Claude Juncker. (Reuters)

 
 

DEFICIT PUSHES PALLADIUM TO NEW HEIGHTS

Palladium hit a record high yesterday, moving close to US$1 500 (about R21 000), due to a prolonged supply deficit, while gold rose to a near 10-month high as rising optimism for a US-China trade deal subdued the US Dollar. The deficit will widen this year as stricter emissions standards increase demand for catalytic converters, automotive catalyst manufacturer Johnson Matthey said last week. Unlike platinum, palladium has benefited from the switch away from diesel engines and expectations for growth in hybrid electric vehicles, which tend to be partly petrol-powered. This has helped cushion the metal from the impact of falling car sales across the world. (Reuters)

 
 

MORE NEWS, NOTICES AND APPEALS

 

WEBINAR TO PREPARE RUNNERS FOR COMRADES

Comrades Marathon runners who have been unable to attend the Bonitas Comrades roadshows can access and be part of the interactive online training seminars hosted by official Comrades coach Lindsey Parry, courtesy of Bonitas Medical Fund. Runners are urged to click through to the Comrades Marathon website: http://www.comrades.com/events/webinars and sign up for the free Bonitas Comrades webinars. The next webinar on Monday, February 25 will covering the following topics: 15 Weeks to race day – Now what?; Where you should be right now?; Is seeding important?; Why separate marathons and ultras by 3 weeks?; and What you need to do for the next 4 weeks?

 
     
  Advertorial  
     
   
 

Smacking children, restricting employees 


Should we smack our children? Some say, ‘I was smacked and I’m ok.’
Some children do achieve greatness despite horrific experiences. But, must everyone endure the same treatment?

The same argument applies in the workplace. Just because some survive appalling conditions and dictatorial management, doesn’t mean everyone should or will. How can we create a place where employees will thrive and grow our organisations?


Simply Communicate Workshops at the Chamber:

Supervisory Skills                7 March 2019
Any first-line manager knows the struggle of leaving the ‘us’ of the team to join the ‘them’ of management. Learn how to handle the transition, manage discipline and performance and motivate your team to greatness.

Customer Service                 3 April 2019
It’s the little things, done relentlessly, every day that will make your company great. Empower your employees to focus on what matters for every customer. 

Further ahead:

Managing Discipline             15 May 2019
Managing Performance         4 June 2019
Managing Change                 24 July 2019

 

Cost per workshop: R730 pp; R685 pp for 3+ delegates. NPOs R645 pp.

To book, or to discuss in-house workshops, contact Ian on 083 321 0699 or ian@simplycommunicate.co.za


 
     
  QUOTE  
     
 
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Laughter is the language that everyone understands. 

Peter Kenyon

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  financial indicators  
     
 
Dollar R14.05 - 0.31%
Pound R18.30 - 0.15%
Euro R15.92 - 0.13%
Yen 0.126804  
Repo 6.75  
Platinum $ 820.50 - 0.36%
Gold $ 1338.35 - 0.13%
Oil $ 66.93 + 0.99%
All Share 55691.58 + 0.90%
Prime 10.25  
 
 

These rates are correct at time of going to press.