Saturday 12 October 2002
Circulation : exceeds 1,300 subscribers
Property and Construction related articles featured on the Internet for the past week brought to you by ASAQS.
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CONSTRUCTION AND DEVELOPMENT NEWS
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Property expert discredits popular view on high gearing
LISTED-property expert and head of Catalyst Gauteng operations Harry Boonzaaier has again discredited the popular view that high gearing was good for shareholder value in property investment vehicles. Addressing the Catalyst property trends conference held in Johannesburg yesterday, Boonzaaier could have unsettled a number of players in the listed property sector who run dangerously high gearing levels.
(©www.bday.co.za)

Innovation enables Paraprop to clinch deals
FINANCIAL engineering enabled property loan stock company Paramount Properties (Paraprop) to acquire high-quality, low-yielding properties without diluting the yield of its unit holders, the company said yesterday.Many deals were botched by the differential between yields of listed property funds and those of the portfolios targeted for acquisitions.
(©www.bday.co.za)

Market conditions worry key players
Combined with rising vacancies, interest rate hike is a recipe for disaster for small, highly geared property investors. Adrenaline levels among many commercial property investors are rising as they watch general market conditions veer towards catastrophe.
(©www.bday.co.za)

Real growth in construction is slowing - bureau
Pretoria - Real growth in the construction industry was slowing down, the Bureau for Economic Research at the University of Stellenbosch said yesterday.
(©www.busrep.co.za)

Surge in industry prompts three deals
HOPE that the depreciation of the rand will give SA-manufactured goods a price-competitive advantage on global markets has spurred industrial sector activity in the northern suburbs of Cape Town and Helderberg.
(©www.bday.co.za)

Airport area designated an IDZ
TRADE and Industry Minister Alec Erwin has designated an area around Johannesburg International Airport as an industrial development zone (IDZ), according to an announcement in a recent Government Gazette.The move will allow work to proceed on the setting up of the industrial development zone. Among the benefits are reduced red tape for businesses operating within the zone.
(©www.bday.co.za)

Johannesburg airport is a large slice of the SA economic pie
JOHANNESBURG International Airport has a significant effect on the economy of Gauteng and the country as a whole, contributing directly and indirectly to gross domestic product (GDP), employment and the tax base.
(©www.bday.co.za)

Further rates hike will hurt building sector - report
An analysis of the latest official statistics pertaining to overall building activity indicates that real growth in the industry is slowing.
(©www.engineeringnews.co.za)

New chemical engineering facility for UCT
Work has begun on a multi-million rand project to construct a new building to house the University of Cape Town’s (UCT) renowned Chemical Engineering department.
(©www.engineeringnews.co.za)

Nearly half Aveng's revenue now from outside SA
AVENG, the largest construction group in SA, is close to achieving its target of generating half of its revenue from operations outside southern Africa. In the past financial year to June 30, the company grew its revenue from 35% to 45%. This was up from 3% in 1998.
(©www.bday.co.za)

Steel price surge endangering fastener exports
The escalating price of steel, with an about 42% increase in just nine months, has not only increased the cost of production, but has also resulted in the cancellation of some export deals, laments Nedschroef Johannesburg MD Peter Swanson.
(©www.engineeringnews.co.za)

Local steel industry is booming
Johannesburg - South Africa's steel and engineering industry was booming, with most sectors' sales growing by between 16 percent and 25 percent in the first half of this year, outgoing Steel and Engineering Industries Federation of SA (Seifsa) president Tony Harris said yesterday.
(©www.busrep.co.za)

Complicated relationship
DOES establishing a joint venture in one market mean two companies cannot compete fairly in another?
That is one of the issues confronting the Competition Commission in its investigation of complaints against steel groups Iscor, Macsteel and Macsteel International BV, their international marketing joint venture.
(©www.bday.co.za)

Drive is on to find suitable beneficiated steel products
THE Stainless Steel Development Association (Sassda) is promoting SA as a potential venue for the manufacture of a large new automotive stainless steel component, which could become an integral part of cars worldwide.
(©www.bday.co.za)

CGT cascade effect takes toll on firms
Recent legal developments are offering some solutions to the complications that arose from the introduction of capital gains tax.
(©www.bday.co.za)

Gorfil adds to growing Fairvest asset base
PROPERTY loan stock company Fairvest was working at full steam to achieve critical mass, Fairvest fund manager Nicky Vontas said at the weekend. His statement came right after the group announced the transfer of a R79,3m property portfolio from a firm called Gorfil Properties to Fairvest's books.
(©www.bday.co.za)

Redefine buys Rand Leases' investment properties
PROPERTY loan stock company Redefine has pulled off a R349,5m acquisition in what appeared to be a tussle-driven transaction with Rand Leases Properties. Announced yesterday, the deal transferred all Rand Leases' investment properties into Redefine, leaving the group only with land development operations.
(©www.bday.co.za)

Acucap in talks with Cenprop over acquisition of two properties
PROPERTY loan stock company Acucap Properties announced yesterday that it was talking to Cenprop about the acquisition of two Cenprop properties, The Mall of Rosebank and JHI House.Cenprop has been negotiating with another property loan stock company, Hyprop, about the acquisition of the same properties.
(©www.bday.co.za)

SADC electricity regulators' unity bid
A REGIONAL association of electricity regulators has been established in a bid to provide a platform for co-operation between independent power regulators within the Southern African Development Community (SADC). The move comes amid growing emphasis on the need to build regulatory capacity in the region across all sectors and to develop harmonised market structures and institutional arrangements.
(©www.bday.co.za)

Mintek plans to nurture SA car parts industry
Agency intends to utilise magnesium. SA's mineral and metallurgical research and development agency Mintek is planning to nurture the emergence of a new local component cluster to feed the ever-expanding automotive industry, based on magnesium.
(©www.bday.co.za)

Global players return with major investments, export opportunities
Development programme remains the key to boom, write Carli Lourens and Larry Claasen. The booming automotive catalytic converter industry says it could go into reverse mode if government continued to phase down benefits gained through the Motor Industry Development Programme (MIDP)
(©www.bday.co.za)

SABS divided into two new units as it restructures
Influence extending to Africa. The restructuring of the SA Bureau of Standards (SABS) into two bodies brings it closer to completing a transformation process that began four years ago. The SABS has been divided into Standards SA (Stansa), that will act as a standards regulator on safety and health issues, and SABS Holdings, a state enterprise that will control the testing facilities and services. Both will answer to the SA National Standards Organisation.
(©www.bday.co.za)

Foreign income increases for CSIR
THE income of the Council for Scientific and Industrial Research (CSIR) from foreign activities has grown 40% to R89m in the 200102 financial year. Foreign business now generates 15% of the research council's external operating income of R493m.
(©www.bday.co.za)

Rail upgrade for Gauteng to ECape
Public Enterprise Minister Jeff Radebe has committed a portion of Transnet's budget for the next 10 years to upgrade rail links between the Eastern Cape and Gauteng to ensure the success of projects like the East London Industrial Development Zone and Coega.
(©www.bday.co.za)

Sexwale welcomes end to uncertainty
Mvelaphanda chairman says that Mbeki has recognised sensitivity of mining sector and shown courage
Tokyo Sexwale, chairman of Mvelaphanda Resources, the first empowerment resources company to list on the JSE Securities Exchange SA, said yesterday that the empowerment charter for the SA mining industry was a milestone in the country's economy.
(©www.bday.co.za)

Engineering privatisation moves ahead
Binding offers for a 26% share in Eskom Enterprises-owned engineering firm Roshcon were expected to be received on September 25, following the receipt of eight non-binding offers on July 24.
(©www.engineeringnews.co.za)

Recommended route to be announced this month
The recommended route alignment of the Gautrain, the proposed speedtrain between the Johannesburg International Airport, Pretoria and Johannesburg, is to be announced by the publication of a draft environmental impact assessment (EIA) on October 21.
(©www.engineeringnews.co.za)

Grintek plans to help Nepad succeed
DEFENCE electronics and telecommunications group Grintek planned to help turn the New Partnership for Africa's Development (Nepad) dream into a reality through partnerships in the rest of Africa, chairman Zoli Kunene said yesterday. His remarks were published in Grintek's 2002 annual report and showed that the company was eyeing the continent as an important area for future expansion.
(©www.bday.co.za)

Wireless Internet with your coffee
South Africa's telecommunications operator Telkom is investigating a new technology that could enable coffee-shop customers, or waiting airport passengers, with properly-equipped laptops or personal digital assistants (PDA), to link up to the Internet without plugging in.
(©www.engineeringnews.co.za)

SAFCEC NEWS

CPAF INDICES – AUGUST 2002
The CPAF Indices for August 2002 have been published by the STATSSA and an amended schedule is available here.
(©www.safcec.org.za)

SHE RISK MANAGEMENT
The SAFCEC Occupational Health & Safety Committee has recently developed a pro-forma report in an attempt to standardise the reporting of Safety, Health and Environmental Risk Management performance. Click here for an example of the report.
(©www.safcec.org.za)

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RETAIL ROUNDUP
BUSINESS INCENTIVES
Cash Grants
Cash Sharing Grants
Competitive Enhancement
Development Finance
Empowerment
Export facilitation
Human resources
Investment incentives
Matching grants
Sectoral
Small, Medium
Social Benefit
Tax Incentives
Technology (research
Tourism

(©www.engineeringnews.co.za)
BUSINESS OPPORTUNITIES

Government Tender Bulletin
Trade by Industry
SA Business Brief
Worldwide telephone directories

 

Edcon snaps up CNA Group for R141m
Edcon, the fashion retail giant that owns Edgars, snapped up 108-year-old news agent and stationery chain CNA Group for R141m last night after a long and hard-fought battle to save the group that was put into liquidation by its creditors two months ago.
(©www.bday.co.za)

Insure in R2.1m turnaround
Insurance Outsourcing Managers Holdings (Insure) has reflected a R2.1-million turnaround from a R1.5-million headline loss in August 2001 to a headline profit of R0.6-million for the half year to the end of August this year.
(©www.bday.co.za)

Agricultural experts want probe of food retailers over high prices
One of the solutions is to investigate competitiveness of food markets at retail level', they say. Agricultural experts this week called for further investigation of food retailers to stem high food prices.
(©www.bday.co.za)

Cosatu wants retailers to hear its voice
Union workers could picket, march. Retailers across the country are facing the wrath of labour federation Cosatu over the escalating food prices.Smarting from a recent poor showing on the antiprivatisation strike, Cosatu said yesterday it was working on a programme of action, which would include pickets and marches, to focus the minds of the people on real causes of food prices.
(©www.bday.co.za)

Offices, shops now also on Property24
Property24 has joined forces with Sapoa Online to add a commercial property search facility to its extensive range of residential property services.
(©www.property24.co.za)

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LOW COST HOUSING NEWS AND LAND ISSUES
 

Housing agency slams new subsidy policy as a radical change
KEY aspects of national housing policy came under fire yesterday from the executive director of the National Urban Reconstruction and Housing Agency. At a conference hosted by the Institute for Housing of SA in East London, Jill Strelitz suggested a forum of housing industry stakeholders to review housing policy.
(©www.bday.co.za)

Farming plan to top agenda
IMPLEMENTATION of SA's sector plan for agriculture will top the agenda at this week's annual meeting of the commercial farmers' union.AgriSA, which represents 40000 commercial farmers, will tell its members this week of the status of the strategic plan a product of government and farmers unions which was approved by President Thabo Mbeki late last year.
(©www.bday.co.za)

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NEWS FROM AFRICA
VIRUS OR HOAX?

In case you've received an e-mail containing a virus warning please check carefully for a real virus or a hoax. Usually e-mail warnings encouraging you to forward the information to all and sundry are hoaxes. You can make sure by visiting the Virus or Hoax? web site.

If you suspect that you have opened an e-mail containing a virus visit the virus information section on Virus or Hoax? The site also links to free virus-removal programs.

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Harare talks to test quiet diplomacy's credibility
Without tangible progress, SADC and Nepad could be facing new pressures. The credibility of SA's "quiet diplomacy" towards Harare will face a test today when SA Foreign Minister Nkosazana DlaminiZuma meets Zimbabwean President Robert Mugabe.
(©www.bday.co.za)

SA to donate maize to UN food programme
Government also offers to mill genetically modified grain.SA IS to donate 100000 tons of maize to the United Nations World Food Programme (WFP) for emergency food assistance in the region. The offer of maize to help supply the six countries in the region facing critical shortages came at last week's Southern African Development Community (SADC) Summit in Luanda.
(©www.bday.co.za)

Botswana plans to float new bond
GABORONE Botswana, Africa's most financially stable country, plans to float a multimillion-pula bond, a move likely to keep corporate advisers' midnight oil burning and boost liquidity in the country's still tiny capital markets.
(©www.bday.co.za)

SA invited to join a new banking sector think-tank
A NEW banking think-tank for Africa, the Middle East and Europe has been launched, aiming to secure participation from more than 100 of the top financial institutions from across the region.The new Financial Industry Council, launched by the UK-based Lafferty Group, will meet biannually for members to debate policy, trends and policy in the banking and financial sector.
(©www.bday.co.za)

Farmers speak out against Mbeki
AGRISA president Japie Grobler yesterday strongly criticised Thabo Mbeki for not condemning the Zimbabwean state's actions on land reform saying this was not reassuring for commercial farmers in SA.Mbeki snubbed AgriSA's invitation for the president to provide clarity on his views on Zimbabwe at its annual congress this year in Somerset West.
(©www.bday.co.za)

Mozambique seeks to privatise LAM airline
Maputo - Mozambique is seeking a buyer for a 51 percent stake in the national airline Linhas Aereas de Mocambique (LAM), a government official said Monday.
(©www.busrep.co.za)

Swaziland Railways to downsize
Mbabane - Swaziland Railways has offered its 600 employees, who have been with the company for over 20 years, early retirement in a bid to cut the workforce in half.The Swaziland Transport and Allied Workers' Union plans to strike if management refuses to negotiate.
(©www.busrep.co.za)

Zambia may secure World Bank loan
Lusaka - The World Bank might give Zambia a loan to buy non-genetically modified maize to help feed nearly 3 million people threatened by famine, agriculture and co-operatives minister Mundia Sikatana said this week.
(©www.busrep.co.za)

Mugabe's next stop may be mines
Harare - Zimbabwe's mines and leading industries are likely to be invaded next, according to a leading Zimbabwean analyst.Speaking at a meeting of the country's Mass Public Opinion Institute, Brian Raftopoulos from the University of Zimbabwe's Institute of Development Studies said that as the country's economy shrinks, war vets were likely to look at other choice targets away from the thousands of farms they had seized already.
(©www.busrep.co.za)

Tanzania approves $20m SAA purchase
Tanzania's government said it has approved a $20 million bid by South African Airways (SAA) for 49% of state-owned Air Tanzania Corporation.SAA was named the sole bidder for the Air Tanzania Corporation (ATC) stake last month, after Kenya Airways withdrew on concerns that the bid would affect its shareholder value.
(©www.engineeringnews.co.za)

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MINING NEWS

NEWS FLASHES FOR ARCHITECTS

The Inland Branch of the Concrete Society of Southern Africa extend an invitation to the members of the Pretoria Institute of Architectutr to attend a presentation by Dr. Graham Grieve, Executive Director of the Cement and Concrete Institute, entitled:

"CUTTING EDGE SPECIFYING - What you really must know about cements"
Aimed especially at architects and consulting engineers, this presentation will clarify some of the existing confusion about the various new cement types currently on the market; what factors to consider when selecting a suitable cement, and what to specify. It will also challenge the industry for more expansive specifying in the future.
Date: Tuesday 8th October 2002
Venue: Auditorium, School of Concrete Technology, Portland Park,
Old Pretoria Road, Halfway House, Midrand
Time: 15h30 for 16h00
Cost: R100 (CSSA members free)
Refreshments after the presentation with the compliments of the Inland Branch of the Concrete Society

Thanks to the PIA for the information drop them a note at admin.pia@saia.org.za

VISIT SAFCEC
Sixty three years constitute two generations. The South African Federation of Civil Engineering Contractors has celebrated over sixty years of being the "midwife" of the development of South Africa. Its members were intimately involved in the creation of the infrastructure that became the envy of our continent. In the same spirit, SAFCEC has prepared itself for the challenges awaiting us in the new millennium.
To catch up on the latest news click here

ProjectPro ...linking vision to reality

ProjectPro® is a South African based organization that specialises in the field of project management.

Visit ProjectPro® today
 

Industry to help raise R100bn for black mining
GOVERNMENT approved an empowerment charter for the mining industry yesterday that requires all mines to be 15% black owned in five years and 26% in 10 years, while industry has agreed to help raise R100bn to help fund the transfer.
(©www.bday.co.za)

New mining charter and the controversial leaked version are like chalk and cheese
Industry empowerment plan seems to be courting favour, though not everyone is optimistic.Barring any last minute glitches, a charter for the SA mining industry, presenting guidelines for empowerment and upliftment in the context of the new Minerals and Petroleum Resources Development Bill, will be approved at a cabinet meeting today.
(©www.bday.co.za)

Charter is a critical milestone for SA
Sector offered pragmatic foundation to resolve critical and competing imperatives.The mining charter constitutes a breakthrough for socioeconomic policy making in SA, even by global standards. The charter has both symbolic and substantive significance.
(©www.bday.co.za)

Diamond industry has to be responsible
INTERNATIONAL diamond mining needed to be a force for good and a key element in the development of countries where diamonds were mined, De Beers chairman Nicky Oppenheimer said this week in Belgium at the Antwerp Diamond Conference. This belief in diamonds as a source of good, said Oppenheimer, was based on De Beers' experience in SA, Botswana, and Namibia.
(©www.bday.co.za)

Mintek aims to build R480m plant at Coega
Project's value would be far-reaching. SA's mineral and metallurgical research and development agency, Mintek, said yesterday that it wanted to build a R480m plant at Coega to produce electrolytic manganese dioxide (EMD), which is used in batteries.
(©www.bday.co.za)

A better charter
MINING industry stakeholders will be struggling to get their teeth mind around the full title of the revised mining charter, now dubbed the "Proposed broadbased socio-economic empowerment charter for the SA mining industry."
(©www.bday.co.za)

Mining groups come out in support of charter
SA's largest mining companies said yesterday that they backed the final draft of the empowerment charter for the mining industry. The charter differs radically from the draft that was leaked in July, and call for 26% of the mining industry, which government values at R750bn, to be empowerment controlled in 10 years.
(©www.bday.co.za)

Mining is about people, not about rocks
Employee buy-in and innovative leadership create a happy environment.
Patrice Motsepe began his business training at the age of six when he would wake early to help his entrepreneurial father.Trained as a lawyer, he shifted to the mining industry, starting his own SA mining company as well as other enterprises. Nobody would give him a loan when he started and so for the first nine months he ran his company from his briefcase.
(©www.bday.co.za)

IDC to present its case on iron-ore deals today
The State-owned Industrial Development Corporation (IDC) will today reveal details about the scope of its intended intervention in a Competition Tribunal hearing regarding the purchase by Anglo American of large stakes in Anglovaal Mining and Kumba Resources.
(©www.miningweekly.co.za)

Russian PGM deal supports market
Russian metals giant MMC Norilsk Nickel's long-term deal to supply world number one car maker General Motors with metals that reduce harmful car exhaust emissions would bring much needed stability to the world metals market, analysts said yesterday.
(©www.miningweekly.co.za)

Iron-ore group endorses charter
Mining group Kumba has endorsed the new empowerment charter.Dr Con Fauconnier, CE of Kumba Resources, describes the Mineral and Petroleum Resources Development Act and its associated socio-economic empowerment charter as a definite milestone and a bold move that is set to change the face of the South African mining and metals industry.
(©www.miningweekly.co.za)

Mining group wins 180 000t Zambia oil deal
A unit of Canadian mining group DiamondWorks has been handed a fresh contract to supply Zambia with 180 000t of crude oil to last the southern African country 150 days, the energy ministry said on Wednesday.
(©www.miningweekly.co.za)

Oppenheimer says gem mining is a force for good
De Beers chairman Nicky Oppenheimer says diamond mining must be a force for good and a key element in the sustainable development of countries where diamonds are found.
(©www.miningweekly.co.za)

Platinum miner in Southern African expansion . . .
Aquarius Platinum (AQP), the Australian- and London- listed mining group, is about to pursue a major expansion drive in South Africa. The mining group is aiming to produce over 800 000 oz/y from its Southern African operations by 2006.
(©www.miningweekly.co.za)

Infrared military technology finds use in mining industry
An East Rand company was commissioned by a UK defence company to develop an explosion detection and suppression system for military applications.
(©www.miningweekly.co.za)

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NEWS FOR ESTATE AGENTS AND HOME OWNERS
THE AGENTS TOOLKIT
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Transfer Fees Guide
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REAL ESTATE TERMS
What is your cooling off right? What is an escape clause and when is something sold "voetstoots"?
Get to grips with terms used in property sales agreements here.

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House building sector buoyant
Cape Town. Building activity in the residential sector had remained buoyant, but the nonresidential sector was struggling. This was reported yesterday by Bureau for Economic Research (BER).
(©www.bday.co.za)

Higher debt costs can trigger repossessions
THE residential property sector could see a rise in repossessions as a result of the interest rate hikes of four percentage points this year, says Realty Executives MD Anthony van der Riet.The interest rate hikes have translated into an increase of about 25% in minimum monthly home loan repayments.
(©www.bday.co.za)

One-stop convenience shop for clients
LEADING originator Mortgage SA will soon launch a life insurance division as it continues to evolve its service offering to clients.Most home-loan clients are obliged by their banks to take out home-loan protection or credit life insurance, and Mortgage SA will focus on getting customers the best deal on these products.
(©www.bday.co.za)

Home businesses and HOAs
The issue of home-based businesses in cluster developments and other gated communities has become a hot topic as improving telephone and Internet technology make it increasingly cost-effective, efficient and practical to work at home.
(©www.property24.co.za)

W Cape expertise available in Gauteng
In response to a growing interest among Gauteng investors in Western Cape properties, Pam Golding Properties has appointed regional property specialist Bev Bloch to a full-time position based at the group's Gauteng offices in Hyde Park, Sandton.
(©www.property24.co.za)

SA sellers should stick to SA pricing
South African home sellers, especially in middle-income suburbs, should concentrate on attracting South African buyers - and price their properties accordingly.
(©www.property24.co.za)

Cape prices rise by 72% in four years
The latest figures from the IEA Western Cape confirm that right now it is almost impossible to make a bad investment in Cape residential properrty, according to a Bill Rawson press release. Thirteen districts, from the Overberg to the West Coast, were surveyed by the former regional chairman, Bill Rawson - and in onl;y one, the Overberg, was there a slight decline in prices over the last three years, In all the other areas average price rises varying from 19 percent to 102 percent were recorded. In the sectional title market, average price rises were from 12 percent to 84 percent, the top performing area being Cape Town's south east suburbs. Established upmarket areas continued to move up fastest on the price scale with Constantiaberg at 102 percent and the Atlantic seaboard 84 percent.
(©Property Professional Online)

Porter for West Cape
Anne Porter has been elected chairman of IEASA Western Cape region and Sanjeev Boyjoonauth vice chairman. Other directors are Achmat Abrahams, Errol King, Joy MacNab. Mark Marks, Carr Newton, John Nurse, Penny Petersen, Bill Rawson, Iona Scholtz and Kevin Wynne.
(©Property Professional Online)

Habitat remains in vogue
In spite of tough trading conditions, Durban's five office Habitat Group reports record inquiries for September with no impact from the surge in interest rates on activity in higher priced suburbs. MD Sipke Beyl says Habitat's Westville franchise continues to produce "remarkable figures" with a record R5million turnover in August.
(©Property Professional Online)

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PROPERTY LINKS
Property24 real estate price indicator Residential property market 2q2002
Building statistics Home loan market share
Household debt Survey of average monthly earnings
National nominal flat rental growth Tourism and migration
Calculators Transfer costs

Consumer Advice

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Colour in architecture
Colour is one of the most important and least understood aspects of our environment. As more architects begin to experiment again with the power of colour, these pages, brought to you by Corus in conjunction with The Architects' Journal, offer a mixture of inspiration and practical advice. It is time to enjoy colour again. And each week we will bring you a feature from this site.
This week: Bright and beautiful?
Britain has a surprisingly strong tradition of colourful buildings
(Note : to view the articles requires a quick registration on the AJ site.)
(©www.aplusj.co.uk)

Calculation and Recovery of Home/Head Office Overhead
When construction is delayed by owner-caused actions, contractors request compensable delay. It is difficult to reach agreement on causes and extent of delay and even tougher to agree on the cost of delay. This is due, in part, to the lack of a single, accepted method of calculating home office overhead. This paper explores nine methods of calculating such damages and shows the results of each. It also discusses the new rules developed by Federal Courts and Boards of Contract Appeals concerning the recovery of “unabsorbed overhead”.
(©www.icoste.org)

Trusts can be traps
THE Natal High Court had recently to determine whether a taxpaying company was liable for secondary tax (Commissioner, SA Revenue Service v Dyefin Textiles). The firm made unsecured long-term loans to a trust to enable the trustee to acquire shares in the company. The loans remained unpaid at the end of the tax year, and revenue declared the loans dividends distributed to the trust. They attracted liability for secondary tax.
(©www.bday.co.za)

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ECONOMIC INDICATORS
 
The indicators as on
Oct 11 2002 12:08 PM
This week
06/10/02
Rand/$
10.4199
10.415
Rand/£
16.2448
16.3026
Rand/€
10.2678
10.1942
R150
12.260%
12.550%
Gold/oz
$316.20
$322.00
Gold index
2698.24
2973.86
JSE All Share
9119.28
9531.48

SA motor sector not impressed by AA claim
Industry says it is wrong to predict a fuel price drop. Cape Town.The Retail Motor Industry (RMI) Organisation has rejected as "outrageous in the extreme" an assertion by the Automobile Association (AA) that the dealer margin added to SA fuel prices is excessive.
(©www.bday.co.za)

'Oil price won't hit Gulf war levels'
SINGAPORE - Oil prices will not reach peak level seen in the 1990-1991 Gulf War in the event of a US military campaign against Iraq, French banking group Societe Generale (SG) says.
(©www.bday.co.za)

UIF back in the black
The Unemployment Insurance Fund (UIF) has recovered from its financial woes, with a current account balance of over R1-billion at the latest count.
(©www.bday.co.za)

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JSE down on extreme volatility
Nervousness about the mining empowerment charter and turbulence on world markets took their toll on the JSE.
(©www.bday.co.za)

We won't just give money
South African mining firms will not simply hand over the R100bn they must raise to help black people enter the crucial mining sector, AngloGold CEO Bobby Godsell has said.
(©www.news24.com)

AA adds flame to the fuel pricing debate
The Automobile Association (AA) has set the cat among the pigeons with a highly critical report on SA's petroleum industry and fuel pricing system. The report is bound to cause consternation among multinational oil companies and petrol station owners alike.
(©www.bday.co.za)

Nedcor announces board changes
The country's biggest banking group in terms of local assets, Nedcor, has announced some changes to its board following a restructuring after the integration of BoE and the delisting of Nedcor Investment Bank Holdings (NIB).
(©www.bday.co.za)

 
ASAQS NEWS
 

Two free programs added in the CUG
Members to the ASAQS closed user group can download two new programs this month.
If you are a regular user of the Internet you are bound to get pesky e-mails that invite you to sex sites or immediate credit facilities. Most of the times you will find it difficult to unsubscribe from these sites. How do they find you? The simple answer is by placing a spy in your computer! Spyware programs are not viruses - so your virus detection system is blind-sided by them - and can gather all sorts of information about your Internet use and dutifully report it back to it's master. Get rid of spyware with this useful little program.

Zoner Draw 3 is an ideal graphics program for a broad range of applications. Use it to create powerful brochures and leaflets, as well as illustrations for documents, business cards, price tags, letterheads, postcards, signs, blueprints, greeting cards, and more. One new feature of the product is the ability to create graphics for Internet presentations, including vector animations.
A similar program will cost you thousands of rand. Downlaod Zoner 3 from the CUG you will be e-mailed a registration number unlocking the program for your use and enjoyment. You can also download a full user manual in PDF format.
Your registration e-mail will contain a link to a download area where you can get templates for calendars, CD-covers and free clip-art. We believe that Zoner Draw 3 will become an irreplaceable aid in your work.
The Zoner Draw package includes:
Zoner Draw 3 - vector graphics editor. Zoner Media Explorer 3 - multimedia files exploring tool. Zoner Viewer 3 - viewer for graphic files.
Sample clipart gallery.
(©www.asaqs.co.za)

Shafted again by Telkom e-mail - a hoax
An e-mail doing the rounds warns readers that Telkom have introduced a "penalty" of 77c per call if the 10 digit dialing procedure is not followed. Your editor contacted Telkom and confirmed that this is just another hoax.

Remember: Visit the ASAQS website for new updates!

New members to the CUG

Lameck Mathebula
Ayodeji Akinkuolie (a new member practicing in Nigeria)
Joyce Vhulahani


Please note : Only paid-up members of the Association of South African Quantity Surveyors are allowed entrance to the CUG. We still receive a number of applications every month from non-members. If you have any questions regarding membership contact Mrs Barbara Morgan on 011-3154140

Also note that your registration to the CUG will remain in force as long as you remain a member of ASAQS and there is no need to register every year. If you have not received an e-mail confirming your registration contact ASAQS.

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DID YOU HEAR ?

Cannibals and Missionaries

Two cannibals meet one day...

The first cannibal says, "You know, I just can't seem to get a tender Missionary. I've baked them, I've roasted them, I've stewed them, I've barbecued them, I've tried every sort of marinade. Just can't seem to get them tender."

The second cannibal asks, "What kind of Missionary do you use?"

The reply, "You know, the ones that hang out at that place at the bend of the river. They have those brown cloaks with a rope around their waist and they're sort of bald on top with a funny ring of hair on their heads."

"Ah, Ha!" the second cannibal replies, "No wonder--those are fryers!"

 
 
 
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