...during a period of at least two years. Prepare a report of approximately 3000 words for each market discussing in detail the multiple forces responsible for the trend. Company: The JSE (Johannesburg Stock Exchange) This market is characterized as being a monopoly. Pure monopoly exists when a single firm is the sole producer of a product for which there are no close substitutes (Van Rensburg, 2012, pp 155-158). The JSE is the country’s only regulator of trading of financial instruments. It is also a listed entity and the regulator of the participants who trade in the different markets – further to the JSE playing a dual role as regulator and listed entity, the JSE also clears and settles all trades, this function is normally carried out by an independent Clearing Counter Party (CCP). In 2001, the JSE purchased the ‘South African Futures Exchange’ (SAFEX) making the JSE the sole owner of all the financial exchanges in South Africa. Further to this, in 2009 the exchange purchased the ‘Bond Exchange of South Africa’ (BESA), creating a unique and monopolistic market as compared to other countries around the world. The JSE is also a stakeholder in STRATE-‘Share Transactions Totally Electronic’, furthering the monopolistic structure they have created within the South African structure. JSE Ltd (“JSE”) is licensed as an exchange under the...
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...Banking and Financial Systems SOUTH AFRICA [pic] | | Summary Introduction page 3 I) Executive Summary. page 4 II) The Financial System: page 4 A) The Banking System page 5 B) The Financial Market page 7 III) The Legal Side: page 7 A) Legal Framework page 7 B) Regulatory Oversight page 8 IV) Depository-Taking Institutions. page 9 V) Banking Issues and Challenges Prospect. page 10 Conclusion page 12 Sources page 12 Annexes page 13 Introduction For years ago, South Africa has been facing a lot of racial, political and demographic problems. On the first hand, this country must face these elements and on the other hand it must still working to become a powerful economic country in the world. With this report we are going to develop the Financial System of South Africa which is a key sector in the country. The South Africa Gross Domestic Product is worth 277 billion dollars or 0.45% of the world economy, according to the World Bank. While it contracted 2.80% over the last 4 quarters, the economy was expected to move back into growth in the last quarter of the year and GDP growth of 1.5% is forecast for 2010, rising to 3.2% by 2012. South Africa has a two-tiered economy; one rivaling other developed countries and the other one with only the most basic infrastructure...
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...South African Reserve Bank Working Paper Series WP/13/04 South African Capital Markets: An Overview Shakill Hassan October 2013 South African Reserve Bank Working Papers are written by staff members of the South African Reserve Bank and on occasion by consultants under the auspices of the Bank. The papers deal with topical issues and describe preliminary research findings, and develop new analytical or empirical approaches in their analyses. They are solely intended to elicit comments and stimulate debate. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the South African Reserve Bank or South African Reserve Bank policy. While every precaution is taken to ensure the accuracy of information, the South African Reserve Bank shall not be liable to any person for inaccurate information, omissions or opinions contained herein. South African Reserve Bank Working Papers are externally refereed. Information on South African Reserve Bank Working Papers can be found at http://www.resbank.co.za/Research/ResearchPapers/WorkingPapers/Pages/WorkingPapers-Home.aspx Enquiries Head: Research Department South African Reserve Bank P O Box 427 Pretoria 0001 Tel. no.: +27 12 313-3911 0861 12 SARB (0861 12 7272) © South African Reserve Bank All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without fully acknowledging the author(s) and this...
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...mobile communications company providing a wide range of services including mobile voice, messaging, data and converged services to more than 60 million customers. The Vodacom brand was born in 1993, when few people had yet heard of cell phones, kicking-off with clarity of vision that it continues to sustain. From their roots in South Africa, they’ve grown their mobile operations to include networks in Tanzania, the Democratic Republic of Congo, Mozambique, and Lesotho. Vodacom has more than 7000 employees. Vodacom also offer business managed services to enterprises in various countries across Africa. Vodacom is majority owned by Vodafone, one of the world’s largest mobile communications companies by revenue. Vodacom is listed on the JSE Limited and their head office is based in Johannesburg, South Africa. My role in Vodacom Vodacom is structured into various departments, which include network management where I worked as a RAN specialist. Network management is the operation, administration, maintenance, and provisioning of networked...
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...Agency Theory: A brief Review by N. Waweru The agency theory assumes that there exists a contractual relationship between members of a firm. It recognises the existence of two groups of people; principals or superiors and agents or subordinates. The principals will delegate decision making authority to the agents and expect them to perform certain functions in return for a reward. Both the principals and the agents are assumed to be rational economic persons motivated solely by self-interest but may differ with respect to preferences, beliefs and information (Jensen and Meckling, 1976). The principal/agent relationship can exist throughout any organisation and usually starts from the shareholder-director and ends with the supervisor-shop floor worker (Figure 1.1). In an organisation context, which involves uncertainty and asymmetric information, the agent’s actions may not always be directed to the best interests of the principal. Agents’ pursuit of their self-interest instead of those of the principal is what is called the agency problem (Jensen and Meckling, 1976). To counter this behaviour, the principal may monitor the agents’ performance through an accounting information system. The owner can also limit such aberrant behaviour by incurring auditing, accounting and monitoring costs and by establishing, also at a cost, an appropriate incentive scheme (Jensen and Meckling, 1976). According to Jensen (1998), agency theory seeks to understand: (1) how to assign decision making...
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...Annual Report 2009 Wits Gold Prospecting Rights in the Witwatersrand Basin, South Africa Witwatersrand Basin Johannesburg Carletonville Potchefstroom Goldfield Evander Klerksdorp Klerksdorp Goldfield Potchefstroom N 0 100 Km Welkom Southern Free State Goldfield Wits Gold Prospecting Rights Mining Leases Witwatersrand Basin Basement Rocks Disclaimer Certain statements in this directors’ report may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by use of terms such as “may”, “will”, “should”, “expect”, “believe”, “plan”, “scheduled”, “intend”, “estimate”, “forecast”, “predict”, “potential”, “continue”, “anticipate” or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the timing of the pre-feasibility studies regarding the Company’s Bloemhoek project and De Bron project, the ability of the Company to manage its business risks, the sufficiency of capital to cover exploration and operating expenses, and other related statements are forwardlooking information. Forward-looking information involves known and unknown risks, uncertainties and other important factors that could cause the actual results,...
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...Economy of South Africa - Throughout this article, the unqualified term "dollar" and the $ symbol refer to the US dollar. The economy of South Africa has a two tiered economy; one rivaling other developed countries and the other with only the most basic infrastructure. It is therefore a productive and industrialised economy that exhibits many characteristics associated with developing countries, including a division of labour between formal and informal sectors and an uneven distribution of wealth and income. The primary sector, based on manufacturing, services, mining, and agriculture, is well developed. South Africa's transportation infrastructure is among the best in Africa, supporting both domestic and regional needs. OR Tambo International Airport serves as a hub for flights to other Southern African and International countries. South Africa also has several major ports that make it the central point for most trade in the Southern African region. Economy of South Africa Cape Town CBD Rank Currency Fiscal year Trade organizations Statistics GDP $277.4 billion (2009) (nominal; 32nd) $488.6 billion (2009) (PPP; 25th) 32nd Rand (ZAR) Calendar year WTO, G-20, SACU and others Contents 1 History 2 Sectors 2.1 Telecommunications 2.2 Agriculture 3 Trade and investment 4 Complicating factors 4.1 Human capital flight 4.2 The electrical crisis 5 Economic policy 5.1 GEAR 5.2 Inflation targeting and GDP growth 5.3 Financial policy 6 Environment 7 Social services GDP growth...
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...University of Pennsylvania ScholarlyCommons Department of Physics Papers Department of Physics 7-20-2006 Electrospun Hybrid Organic/Inorganic Semiconductor Schottky Nanodiode Nicholas J. Pinto University of Puerto Rico - Humacao Rosana González University of Puerto Rico - Humacao Alan T. Johnson University of Pennsylvania Alan G. MacDiarmid University of Pennsylvania Suggested Citation: Pinto, N.J., González, R., Johnson, A.T. and MacDiarmid, A.G. (2006). Electrospun hybrid organic/inorganic semiconductor Schottky nanodiode. Applied Physics Letters 89, 033505. © 2006 American Institute of Physics. This article may be downloaded for personal use only. Any other use requires prior permission of the author and the American Institute of Physics. The following article appeared in Applied Physics Letters and may be found at http://dx.doi.org/10.1063/1.2227758 This paper is posted at ScholarlyCommons. http://repository.upenn.edu/physics_papers/205 For more information, please contact repository@pobox.upenn.edu. APPLIED PHYSICS LETTERS 89, 033505 2006 Electrospun hybrid organic/inorganic semiconductor Schottky nanodiode Nicholas J. Pintoa and Rosana González Department of Physics and Electronics, University of Puerto Rico, Humacao, Puerto Rico 00791 Alan T. Johnson, Jr. Department of Physics and Astronomy, University of Pennsylvania, Philadelphia, Pennsylvania 19104 Alan G. MacDiarmidb Department of Chemistry, University of Pennsylvania, Philadelphia...
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...CORPORATE SOCIAL INVESTMENT BUSINESS CONGRESS 2008 Presented by THE HELPING HAND NETWORK CSI Business Congress 2008 Page 1 THE CALL TO DIALOGUE – SOCIAL REFORMATION CONGRESS REPORT & SUPPLEMENT CONGRESS DATE: 1516 JULY 2008 CONGRESS VENUE: SIBAYA CASINO, 1 SIBAYA DRIVE, UMHLANGA, KWAZULU NATAL OVERALL FEEDBACK “For the first time CSI will tread where no man has trod before, and pave the way to the social reformation of South Africa.” The congress has become a reality and manifested a resounding success as we received excellent feedback from delegates who attended this event. The demand of our country has definitely changed from conferencing and workshops to active dialogues and practical outputs. This was accurately displayed when the panel discussions and dialogues superseded the conventional manner of conferencing. There was a remarkable shift from proclamation to accurate application. The CSI Congress has provided a moral order and accurately confronted specifics that will result in the eradication of systems in which the exploitation of resources leads to the poverty of the country. The CSI Congress primarily identified both the theoretical and practical strengths and weaknesses of alternative approaches to measuring freedom, and clarified on which techniques are most suited for building sustainable systems towards excellence and to chart concrete directions for future research that will add value to SA`s sustainable corporate social development. This...
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...THE LEGAL REGULATION OF THE EXTERNAL COMPANY AUDITOR IN POST-ENRON SOUTH AFRICA Hannine Drake THESIS PRESENTED IN FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF LAWS AT THE UNIVERSITY OF STELLENBOSCH Supervisor: Prof A.H. van Wyk March 2009 ii DECLARATION By submitting this thesis electronically, I declare that the entirety of the work contained therein is my own, original work, that I am the owner of the copyright thereof (unless to the extent explicitly otherwise stated) and that I have not previously in its entirety or in part submitted it for obtaining any qualification. Date: 25 February 2009 Copyright © 2009 Stellenbosch University All rights reserved iii ACKNOWLEDGEMENTS In acknowledgement to all who have contributed to this work in some form: writing this thesis would have otherwise been like swimming through mud. To my supervisor, Professor Andreas van Wyk, thank you for your leadership, patience, and academic skill in guiding me through the research process. To Adéle Mulder and Charl Marais, thank you for your continuous insight and perspectives, both academic and otherwise. And finally to Hilda and Gerrie Steyn, who have been absolutely crucial throughout all my years of study, thank you for your indispensable support, in all its forms. iv SUMMARY The worldwide increase of corporate failures on the scale of Enron and WorldCom has sparked a renewed international trend of corporate governance review...
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...able to: 1 Understand what an organization is and why business organizations exist. 2 Define what a manager is and what the management process involves. 3 Explain. 4 Understand the differences between the various levels of management. 5 Understand the three main managerial skills and at what managerial level they are dominant. outline A South African insight: Capitec Bank: Meeting the needs of customers by making banking affordable and accessible. Managers and management l Human needs and wants l What is an organization? l Organizations as systems What managers do l General managerial tasks l Productivity and organizational performance l What is a manager? l What is management? l Scope of management What managers do l Managerial functions Managerial roles Levels of management l First-line managers l Middle managers l Top managers Managerial skills Technical skills Human skills Conceptual skills key terms and concepts Chapter summary Questions for discussion and exercises for competency development 4 Management 3 e A South African insight: Capitec Bank: Meeting the needs of customers by making banking affordable and accessible A savings culture does not exist in South Africa particularly among low-income earners. Two reasons for this are the low savings returns and the high administration costs of having a savings account. The average client incurs fees and costs that exceed the savings returns in an account on an annual basis. Transaction costs are high...
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...NATIONAL SENIOR CERTIFICATE GRADE 12 BUSINESS STUDIES FEBRUARY/MARCH 2013 MEMORANDUM MARKS: 300 This memorandum consists of 28 pages. Copyright reserved Please turn over Business Studies 2 NSC – Memorandum DBE/Feb.–Mar. 2013 NOTES TO MARKERS 1. For marking and moderation purposes, the following colours are recommended: Marker: Senior Marker: Deputy Chief and Chief Marker: Internal Moderator: 2. Red Green Black/Brown/Pink Orange The numbering of Assessment Standards is in accordance with the principle of progression from Grades 10 to 12, e.g. the first Assessment Standard is 12.1.2. Candidates' responses must be in full sentences for SECTIONS B and C. This would depend on the nature of the question. A comprehensive memorandum has been provided but this is by no means exhaustive. Due consideration should be given to an answer that is correct but: • • • • uses a different expression from that which appears in the memorandum. comes from another source. is correct and original. relates to another applicable LO or AS. 3. 4. NOTE: There are no alternative answers for SECTION A. 5. Take due note of other relevant answers provided by candidates and allocate marks accordingly. (In cases where the answer is unclear or indicates some understanding, part-marks should be allocated, for example, one mark instead of the maximum of two marks.) The word 'sub-max' is used to facilitate the allocation of marks within a question or subquestion. The purpose of circling marks (guided by...
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...STOCK EXCHANGES IN INDIA Module Objectives The main objective of this module is to explain the structure of organized exchanges for trading in stocks, commodities and derivatives. The features of derivative instruments like forwards, futures, options and swaps are also described. Module Contents 5.1. Stock Exchanges 5.2. Commodity Exchanges 5.3. Derivatives 5.4. Currency Futures in India 5.1 Stock Exchanges in India 5.1.1 History and Development Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly 200 years ago. The earliest records of security dealings in India are meagre and obscure. The East India Company was the dominant institution in those days and business in its loan securities used to be transacted towards the close of the eighteenth century. By 1830's business on corporate stocks and shares in Bank and Cotton presses took place in Bombay. Though the trading list was broader in 1839, there were only half a dozen brokers recognized by banks and merchants during 1840 and 1850. The 1850's witnessed a rapid development of commercial enterprise and brokerage business attracted many men into the field and by 1860 the number of brokers increased into 60. In 1860-61 the American Civil War broke out and cotton supply from United States of Europe was stopped; thus, the 'Share Mania' in India begun. The number of brokers increased to about 200 to 250. However, at the end of the American Civil War, in 1865, a disastrous slump began (for...
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...PURE GOLD TO BE THE LEADING MINING COMPANY To create value for our shareholders, our employees and our business and social partners through safely and responsibly exploring, mining and marketing our products. Our primary focus is gold and we will pursue value creating opportunities in other minerals where we can leverage our existing assets, skills and experience to enhance the delivery of value. Safety is our first value. We place people first and correspondingly put the highest priority on safe and healthy practices and systems of work. We are responsible for seeking out new and innovative ways to ensure that our workplaces are free of occupational injury and illness. We live each day for each other and use our collective commitment, talents, resources and systems to deliver on our most important commitment ... to care. We are accountable for our actions and undertake to deliver on our commitments. We are focused on delivering results and we do what we say we will do. We accept responsibility and hold ourselves accountable for our work, our behaviour, our ethics and our actions. We aim to deliver high performance outcomes and undertake to deliver on our commitments to our colleagues, business and social partners, and our investors. We treat each other with dignity and respect. We believe that individuals who are treated with respect and who are entrusted to take responsibility respond by giving their best. We seek to preserve people's dignity, their sense...
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...Institutional Structures Institutional Structure of Turkey At a first glance, Turkey has a diversified economy, excellent infrastructure, and a legal and social structure of a developing nation. Proximity to Europe, integration with European markets, the external anchor of the European Union accession, and a lengthy track record of solid economic management and structural reform are the drivers of Turkey’s long-run prospects (World Bank, 2010). Turkey’s high degree of integration with the world economy, through both trade and financial channels, resulted in the country becoming vulnerable to the impact of the global recession, with the economy contracting by 4.7% in 2009. That being said, the economy has now recovered to pre-crisis levels with growth reaching 7% in 2010, shown to be a larger growth than almost all European counterparts. Despite the economic and political expansion in the last 10 years, Turkey’s battle with corruption, unemployment, income inequalities, and the Kurdish problem have been risk factors for any business that considers investing. According to corruption rankings, Turkey was ranked below South Africa, and tied for a spot with Cuba (Transparency International, 2010). Sociopolitical Structure Turkey is a parliamentary democracy with a free market economy. Since legal reforms instituted in 1926, Turkey's judicial system has been based on the Swiss Civil Code, the Italian Penal Code, and the Neuchâtel (Swiss) Code of Civil Procedure. The 1982 Constitution...
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